Is U.S. Losing The Race To Decide The Future Of Money?

September 23, 2021September 23, 2021 Dion Rabouin At TIMEFinance/Economy, Money 0

In cities across China, the country’s central bank has begun rolling out the e-renminbi—an all-digital version of its paper currency that can be accessed and accepted by merchants and consumers without an internet connection, credit or even a bank account. Already having conducted more than $5 billion in e-renminbi transactions, China has opened its digital currency up to foreigners. Next year, when Beijing hosts the Winter Olympic Games, authorities are expecting to let the world test drive its technological achievement.

The U.S., by contrast, is having trouble even concluding its multi-year exploration into the possibility of an e-dollar. In fact, an upcoming Federal Reserve paper on a potential U.S. digital currency won’t take a position on whether the central bank of the United States will, or even should, create one. Instead, Federal Reserve Chair Jerome Powell said in recent testimony to Congress, this paper will “begin a major public consultation on central bank digital currencies…” (Once planned for July, the paper’s release has since been moved to September.)

Once the world leader in digital payments and technological innovation, the U.S. is being outpaced by its top global adversary as well as much of the industrialized and the developing world. The Bahamas recently announced the integration of its digital Sand Dollar into a stock exchange, while Australia, Malaysia, Singapore and South Africa are moving forward with the world’s first cross-border central bank digital currency exchange program led by the Bank for International Settlements (BIS), which is known as the central bank of central banks.

Such developments have been somewhat outshined by El Salvador’s recent decision to make bitcoin a legally accepted currency, which few expect to make significant impact in the payment space. But outside of the cryptocurrency space, nations around the globe are making significant strides in the development of the digital future of money — supported by governments and backed by powerful central banks. Leadership in this space will have implications for more than just payments: geopolitical ambitions, economic growth, financial inclusion and the very nature of money could all be dictated by who leads the charge and how.

“I don’t think the U.S. is aware there is a race”

Digital currencies are the next wave in the “evolution of the nature of money in the digital economy,” Hyun Song Shin, economic adviser and co-leader of the Monetary and Economic Department at the Bank for International Settlements, tells TIME. As more of our world migrates from physical brick-and-mortar to wireless and cloud-based, the way we pay for things is changing as well. A central bank digital currency would operate just like cash, but instead of having to carry it in a physical wallet or put it into a bank account, it would be stored and accessed digitally. Not only could U.S.-backed digital currency facilitate easier, modern banking, it could prove vital in protecting American international influence.

Late to the party, the U.S. is “stepping up its research and public engagement” on digital currencies, the Federal Reserve says, including forming working groups on cryptocurrency and other kinds of digital money, and experimenting with technology that would be central to producing a digital dollar. The Fed’s regional Boston branch is overseeing these efforts with the Massachusetts Institute of Technology on what’s known as Project Hamilton. But the path towards a digital U.S. dollar has met many challenges, skeptics and outright opponents. All while China, and other countries, push forward.

Lagging behind the world

Just how far behind is the U.S. in the development of a central bank-issued digital currency (CBDC)? According to global accounting firm PwC’s inaugural CBDC global index, which tracks various CBDCs’ project status from research to development and production, the U.S. ranks 18th in the world. America’s potential efforts trail countries like Sweden, South Korea and China but also countries like the Bahamas, Ecuador, Eastern Caribbean and Turkey. China, with its government’s hyperfocus on maintaining control and overseeing data, has been working to develop a CBDC for almost a decade.

And the U.S. is probably not close to catching up. Analysts like Harvard economics professor Kenneth Rogoff, who study monetary policy and digital currencies, estimate that the U.S. could be at least a decade away from issuing a digital dollar backed by the Fed. In that time, Rogoff argued in an op-ed earlier this year, the modernization of China’s financial markets and reduction or removal of its currency controls “could deal the dollar’s status a painful blow.”

China has already largely moved away from coin and paper currency; Chinese consumers have racked up more than $41 trillion in mobile transactions, according to a recent research paper from the Brookings Institution, with the lion’s share (92%) going through digital payment processors WeChat Pay and Alipay.

“The reason you could say the U.S. is behind in the digital currency race is I don’t think the U.S. is aware there is a race,” Yaya Fanusie, an Adjunct Senior Fellow at the Center for a New American Security, and a former CIA analyst, tells TIME in an interview. “A lot of policymakers are looking at it and concerned…but even with that I just don’t think there’s this sense of urgency because the risk from China is not an immediate threat.” Not only is the U.S. running significantly behind in the development of a CBDC, we are trailing the rest of the world in digital payments broadly.

Kenya, for example, has almost fully digitized its economy through its digital currency and payment system MPESA, making transactions free and almost instantaneous. India’s Unified Payments Interface (UPI) allows users to transfer money instantly between bank accounts with no cost. Brazil’s PIX facilitates the transfer of money between people and companies in up to 10 seconds. All of these programs work through and are overseen by the countries’ central banks rather than commercial banks or other private companies.

What’s holding the U.S. back?

Critics argue CBDCs are simply a solution in search of a problem and potentially harmful. Many see support from the banking sector as vital to the success of a digital U.S. dollar, however commercial banks in the U.S. have taken a largely adversarial stance. “The proposed benefits of CBDCs to international competitiveness and financial inclusion are theoretical, difficult to measure and may be elusive,” the American Bankers Association said in a statement at a recent congressional hearing on digital currencies. “While the negative consequences for monetary policy, financial stability, financial intermediation, the payments system, and the customers and communities that banks serve could be severe.”

The Bank Policy Institute, which lobbies on behalf of the country’s largest banks, went so far as to argue that neither the Fed nor the U.S. Treasury even has the constitutional authority to issue a digital currency. Commercial banks dominate the U.S. financial system to such a degree that unraveling them would be ostensibly impossible, experts say, they also would be a powerful adversary. Former Goldman Sachs managing director Nomi Prins notes banks have clearly seen the writing on the wall.

“Banks are centralized middlemen with respect to financial transactions,” Prins, author of Collusion: How Central Bankers Rigged The World, tells TIME. “The more popular cryptocurrency or digital currency becomes, the fewer profits the banking system can reap from traditional services and verification methods that allow them to hold, take or use their customers’ money, and the more financial power they stand to lose as a result.” Even disruptive financial technologies like PayPal, Venmo and Zelle work through the banking system, rather than around it, thanks in large part to the banks’ power.

Central bankers also generally have concluded that commercial banks are a necessary piece of a potential CBDC ecosystem, thanks to their pre-existing regulatory guardrails and ability to move money. Top policymakers at the Fed, including influential Vice Chair for Supervision Randal Quarles, have joined the banking industry in arguing that a digital dollar “could pose significant and concrete risks” and that the potential benefits “are unclear.” Fed Governor Christopher Waller said in August he was “skeptical that a Federal Reserve CBDC would solve any major problem confronting the U.S. payment system,” in a recent speech he titled “CBDC: A Solution in Search of a Problem?” Further, there’s no central U.S. authority with direct oversight or responsibility for any of this.

In addition to the Fed, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Federal Trade Commission, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, Office of Thrift Supervision, Financial Stability Oversight Council, Federal Financial Institutions Examination Council and the Office of Financial Research would all have some stake in the development of a digital currency backed by the central bank, to say nothing of state and regional authorities.

“The U.S. has an active congressional debate, which is beneficial and very important,” Federal Reserve Governor Lael Brainard tells TIME in an interview. “But the U.S. also has a diffusion of regulatory responsibility with no single payments regulator at the federal level, which is not as helpful. That diffusion of responsibility is part of what creates the lags that our system is working through.” None of this exists in China where the Chinese Communist Party oversees the central bank, commercial banks and their regulators and is unconcerned with privacy.

How a downgraded dollar could hamstring U.S. influence

An American CBDC could have lasting geopolitical impact and curb a longstanding international effort to reduce reliance on the mighty U.S. dollar. “Why we should care about this is that the U.S. financial system is not intrinsically dominant,” Fanusie says. “Other countries, both allies and adversaries, are sincerely interested in finding ways to decrease their dependence on the dollar.” With the U.S. dollar as the world’s reserve and primary funding currency, the U.S. can restrict access to funding from financial markets, limit countries’ ability to sell their natural resources and hinder or block individuals’ access to the banking sector.

“Other countries, both allies and adversaries, are sincerely interested in finding ways to decrease their dependence on the dollar”

While dollar dominance has rankled much of the world for decades, there has been no suitable replacement for the U.S., with its massive economy, sophisticated banking system and sprawling international presence. China is in the midst of a long-term push to simultaneously grow its financial markets and internationalize its currency. Both have the end goal of allowing China and its allies to limit the ability of the U.S. to enforce its will through economic actions like sanctions. Fanusie wrote in a January report that being the first major economy to roll out a digital currency is “part of China’s geopolitical ambitions.”

However, the renminbi will not become the world’s reserve currency — at least, not any time soon. But what China has done by being in the forefront of CBDC development is put itself in position to take the lead on development and implementation of rules and regulations for digital currencies on a global scale. “While America led the global revolution in payments half a century ago with magnetic striped credit and debit cards, China is leading the new revolution in digital payments,” writes Brookings’ economic studies fellow Aaron Klein.

Why should central banks offer digital currencies?

Over the past decade, digital currencies, including cryptocurrency and “stablecoins,” have sprung up like weeds. Some purport to be just as safe as dollars, but are backed by questionable assets. In a crisis regulators worry they could fluctuate wildly in value or lose their value altogether. Having central banks, which are responsible for the printing and circulation of coins and paper money, issue digital currencies is in part a reaction to this private sector activity, Shin says, “accelerated by the potential encroachment of private digital currencies, and the need to preserve the role of money as a public good.”

“The status quo is not an option”

Notably, a U.S. digital currency could provide benefits to everyday people. It could increase financial inclusion and fix flaws in current payments systems, Shin adds, citing findings of a recent BIS study.

For example, transferring money between U.S.-based bank accounts, even those held by the same person, can take days. The process can be even longer when crossing international borders. Credit and debit card transactions similarly don’t settle for days and come with significant fees for merchants, who sometimes pass them on to customers. CBDCs could grant universal access to the banking sector and quickly facilitate the distribution of paychecks and government funds, reducing the need for costly bank workarounds like check cashing and payday loans.

Championing CBDCs

Brainard has been pushing the Fed to move on a digital currency for years, but there was little urgency from others at the Fed or in Congress. Companies developing their own currencies, consumers investing in cryptocurrency and the COVID-19 pandemic making paper notes anathema to many Americans changed that. Before COVID-19, Facebook’s Libra project (now known as Diem) showed lawmakers and central bankers the potential for a private company to step in and fill the void by effectively minting its own currency that could be spent by users around the world.

“The status quo is not an option,” Diem co-creator David Marcus said at the International Monetary Fund’s 2019 fall meeting. “Whether it’s Libra or something else, the world is going to change in a profound way.” Brainard, for one, has taken notice. “My own thinking is that stablecoins and related private sector initiatives are moving very rapidly, which makes it incumbent on us to move more rapidly,” she tells TIME. “That is why I have been pushing to advance outreach, cross-border engagement, and policy and technology research for several years now.” So-called stablecoins — unregulated digital currencies created by private companies that purport to represent dollars but are completely unregulated — have become a significant worry for lawmakers and shown the importance of considering tying currency to a central bank.

“It’s getting harder and harder for community banks to compete for new customers when big tech companies can afford to spend billions on marketing and technology,” Sen. Sherrod Brown, who chairs the Senate Banking Committee, tells TIME. “But many of these new ‘fintech’ products don’t come with the consumer protections, federal backing or customer service and relationships with the community that small banks and credit unions provide.”

During a hearing on digital currencies in June, Sen. Elizabeth Warren, the ranking member of the Subcommittee on Financial Institutions and Consumer Protection, compared stablecoins to worthless “wildcat notes” that were issued by speculators in the 19th century. Her expert at that hearing, Lev Menand, an Academic Fellow and Lecturer in Law at Columbia Law School, went further in his testimony, calling stablecoins “dangerous to both their users and … to the broader financial system.”

With private companies pushing deeper into the digital currency space, rival countries seeking to seize leadership and a public that is moving further away from physical currency, the U.S. is facing a world in which it may not control or even lead the world’s payment systems. That would make the future of money look very different from the past.

South-South & Triangular Cooperation To Help Achieve UN’s Development Goals

September 15, 2021September 15, 2021 Adel Abdellatif At IPSEconomy, Global 0

The 2021 high-level commemoration of the United Nations Day for South-South Cooperation, organized ahead of the opening of the seventy-sixth session of the United Nations General Assembly, provided an opportunity to discuss Southern solidarity in support of a more inclusive, resilient and sustainable future while effectively responding to the global COVID-19 crisis across the global South. The 2021 United Nations Day for South-South cooperation presented the opportunity for stakeholders to highlight concrete follow-up to the twentieth session of the High-level Committee on South-South Cooperation (HLC), which took place from 1 to 4 June 2021 in New York. “South-South and triangular cooperation must have a central place in our preparations for a strong recovery”, says Secretary-General António Guterres, reminding us that “we will need the full contributions and cooperation of the global South to build more resilient economies and societies and implement the Sustainable Development Goals”.

The General Assembly High-level Committee (HLC) on South-South Cooperation met in June to review progress made in implementing the Buenos Aires Action Plan (BAPA+40) and other key decisions on South-South cooperation. This HLC session considered follow-up actions arising from previous sessions and hosted a thematic discussion on “Accelerating the achievement of the SDGs through effective implementation of the BAPA+40 outcome document while responding to the COVID-19 pandemic and similar global crises”. The HLC hosted 75 member states – including a Head of State and Ministers from around the world – as well as 23 intergovernmental organizations, 25 UN entities, civil society and the private sector. More than 400 people participated during side events which HLC Bureau Members took the lead in organizing on issues of importance to the South.

Deliberations focused on actions arising from the Report of the Secretary-General to the nineteenth session, which proposed concrete ways to enhance the role and impact of the United Nations Office for South-South Cooperation, as well as the key measures taken to improve the coordination and coherence of UN support to South-South cooperation. In terms of important messages and statements, Member States highlighted that COVID-19 has taught the world that South-South development cooperation is critical to an effective response to emergencies.

South-South cooperation was strongly reaffirmed as the means to support countries’ national development priorities, alignment with the SDGs, and the acceleration of achievement toward the 2030 Agenda. South-South cooperation was also recognized as an effective approach to accelerate and deepen the efforts to build back better, healthier, safer, more resilient and sustainable. It was emphasized that over the past decade, the world has witnessed the increase in the scale, scope, and diversity of approaches of South-South and triangular cooperation.

Countries of the Global South have strengthened institutional capacities for cooperation by formulating and implementing national development policies, strategies, and agencies, and by developing information and performance management systems for data gathering, expertise and technology mapping, and impact assessment. With the strengthening of national capacities on South-South and triangular cooperation there is opportunity to collect and exchange evidence of how much South-South and triangular cooperation is being done, how it benefits people, and how to create institutional mechanisms to help countries align South-South collaboration with their national and regional agendas.

As the world fights the COVID-19 pandemic and strives to build back better, international development organizations must offer innovative, timely responses to remain relevant. This includes new forms of coordination based on more “coherent” and “integrated support” capable of unleashing change on the ground. Traditionally, South-South and triangular cooperation has taken place among governments on bilateral terms. As development becomes more dynamic in nature and unprecedented in scale, South-South and triangular cooperation is now used to source innovation from wherever it is.

Also highlighted was that South-South and triangular cooperation is increasingly recognized as an important complement to North-South cooperation in financing for sustainable development. UNOSSC will continue to promote, coordinate and support South-South and triangular cooperation globally and within the UN system. It will also continue to support governments and the UN system to analyse and articulate evolving and emerging trends, dynamics and opportunities in South-South cooperation.

In response to Member States requests, UNOSSC consistently demonstrates strong convening power across the UN system and serves as secretariat of UN Conferences including BAPA+40. UNOSSC has developed research networks at the global level, compiling evidence of good practices in South-South cooperation toward achievement of the SDGs, and created a global network of think tanks on South-South and triangular cooperation. UNOSSC also offers the South-South Galaxy platform for sharing knowledge and brokering partnership. The Office also manages a number of South-South cooperation trust funds and programmes. Given UNOSSC’s mandate to support South-South and triangular cooperation globally and within the UN system, the Secretary-General requested UNOSSC to coordinate the preparation and launch of the UN System-wide Strategy on South-South and Triangulation Cooperation for Sustainable Development with the engagement of the UN Inter-Agency Mechanism for South-South and Triangular Cooperation, and other stakeholders.

The Strategy’s objective is to provide a system-wide policy orientation to UN entities in order to galvanize a coordinated and coherent approach to policy, programmatic and partnership support on South-South and triangular cooperation and increase impact across UN activities at all levels: national, regional and global. Implementation is governed by each entity individually, based on its own mandate and programme of work. UNOSSC is also currently developing its 2022-2025 Strategic Framework. It is an opportunity for the Office to catalyze the use of South-South and triangular cooperation to accelerate the speed and scale of action towards achieving the SDGs.

For example, the Office aims to offer a platform whereby: (i) countries of the Global South can exchange knowledge, develop capacities, and transfer technologies to address their own development priorities as well as coordinate and co-design solutions to shared development challenges; (ii) UN agencies, programs, and funds can strengthen their support to SSTC at the global, regional and country levels. No country is too poor to contribute to South-South cooperation for development, and no country is too rich to lean from the South. All partners have important elements to contribute. So, it follows that triangular cooperation is an important element of our work.

The COVID-19 pandemic has laid bare severe and systemic inequalities. The pandemic has also highlighted the importance of the digital revolution. Building institutional capacity in sub-Saharan Africa and LDCs through South-South and triangular cooperation is essential for countries to fully harness digital transformation and recovery. Triangular cooperation is a flexible platform where partners can mobilize different funding capacities in support of developing countries’ priorities. Triangular cooperation demands horizontality and shared governance approved by all parties. It is based on a clear respect for national sovereignty and the seeking of mutual benefit in equal partnerships.

Recovery from pandemic requires additional support, innovative development solutions and arrangements between public and private sectors. We must facilitate opportunities to expand development cooperation and its processes and to improve the effectiveness of multilateral cooperation. Fostering multi-dimensionality and multi-stakeholders approaches is the way forward to enhance development impact.

During the June HLC Member States highlighted that in the COVID and post-COVID era, the below priority areas for triangular cooperation could be considered: 1) health, 2) data infrastructure, 3) manufacturing capacity and supply chain for relevant medical material and equipment, as well as treatment; 4) solar energy and reducing carbon footprint; 5) a coalition for disaster resilient initiatives; and 6) currency swap arrangements from international financial institutions.

$400-Billion New City In The American Desert Planned

September 15, 2021 Staff ReporterBusiness, Finance/Economy 0

The cleanliness of Tokyo, the diversity of New York and the social services of Stockholm: Billionaire Marc Lore has outlined his vision for a 5-million-person “new city in America” and appointed a world-famous architect to design it. Now, he just needs somewhere to build it — and $400 billion in funding. The former Walmart executive last week unveiled plans for Telosa, a sustainable metropolis that he hopes to create, from scratch, in the American desert. The ambitious 150,000-acre proposal promises eco-friendly architecture, sustainable energy production and a purportedly drought-resistant water system. A so-called “15-minute city design” will allow residents to access their workplaces, schools and amenities within a quarter-hour commute of their homes.

Although planners are still scouting for locations, possible targets include Nevada, Utah, Idaho, Arizona, Texas and the Appalachian region, according to the project’s official website. The announcement was accompanied by a series of digital renderings by Bjarke Ingels Group (BIG), the architecture firm hired to bring Lore’s utopian dream to life. The images show residential buildings covered with greenery and imagined residents enjoying abundant open space. With fossil-fuel-powered vehicles banned in the city, autonomous vehicles are pictured traveling down sun-lit streets alongside scooters and pedestrians.

Another image depicts a proposed skyscraper, dubbed Equitism Tower, which is described as “a beacon for the city.” The building features elevated water storage, aeroponic farms and an energy-producing photovoltaic roof that allow it to “share and distribute all it produces.” The first phase of construction, which would accommodate 50,000 residents across 1,500 acres, comes with an estimated cost of $25 billion. The whole project would be expected to exceed $400 billion, with the city reaching its target population of 5 million within 40 years. Funding will come from “various sources,” project organizers said, including private investors, philanthropists, federal and state grants, and economic development subsidies. Planners hope to approach state officials “very soon,” with a view to welcoming the first residents by 2030.

A new urban model In addition to innovative urban design, the project also promises transparent governance and what it calls a “new model for society.” Taking its name from the ancient Greek word “telos” (a term used by the philosopher Aristotle to describe an inherent or higher purpose), the city would allow residents to “participate in the decision-making and budgeting process.” A community endowment will meanwhile offer residents shared ownership of the land. In a promotional video, Lore described his proposal as the “most open, most fair and most inclusive city in the world.” Lore founded jet.com before selling it to Walmart and joining the retail giant as head of US e-commerce in 2016. He left the company earlier this year, saying that his retirement plans included working on a reality TV show, advising startups and building a “city of the future.”

On Telosa’s official website, Lore explains that he was inspired by American economist and social theorist Henry George. The investor cites capitalism’s “significant flaws,” attributing many of them to “the land ownership model that America was built on.” “Cities that have been built to date from scratch are more like real estate projects,” Lore said in a promotional video for the project. “They don’t start with people at the center. Because if you started with people at the center, you would immediately think, ‘OK, what’s the mission and what are the values?’

BIG’s founder, Danish architect Bjarke Ingels, is meanwhile quoted as saying that Telosa “embodies the social and environmental care of Scandinavian culture, and the freedom and opportunity of a more American culture.” It is not the first new city being planned by Ingels’ firm, which famously installed a ski slope on top of a Copenhagen power plant and has co-designed Google’s new headquarters in London and California. In January 2020, Japanese carmaker Toyota revealed that it had commissioned BIG to create a master plan for a new 2,000-person city in the foothills of Mount Fuji. Although significantly smaller than Telosa, the project, dubbed Woven City, promises autonomous vehicle testing, smart technology and robot-assisted living.

Cash Will Soon Be Obsolete. Will America Be Ready?

September 1, 2021 Eswar Prasad At Brookings InstituteEconomy, Money 0

When was the last time you made a payment with dollar bills?

Some people still prefer to use cash, perhaps because they like the tactile nature of physical currency or because it provides confidentiality in transactions. But digital payments, made with the swipe of a card or a few taps on a cellphone, are fast becoming the norm. To keep their money relevant, many central banks are experimenting with digital versions of their currencies. These currencies are virtual, like Bitcoin; but unlike Bitcoin, which is a private enterprise, they are issued by the state and function much like traditional currencies. The idea is for central banks to introduce these digital currencies in limited circulation—to exist alongside cash as just another monetary option—and then to broaden their circulation over time, as they gain in popularity and cash fades away. China, Japan, and Sweden have begun trials of central bank digital currency. The Bank of England and the European Central Bank are preparing their own trials. The Bahamas has already rolled out the world’s first official digital currency. The end of cash is on the horizon, and it will have far-reaching effects on the economy, finance and society more broadly.

The U.S. Federal Reserve, by contrast, has largely stayed on the sidelines. This could be a lost opportunity. The United States should develop a digital dollar, not because of what other countries are doing, but because the benefits of a digital currency far outweigh the costs. One benefit is security. Cash is vulnerable to loss and theft, a problem for both individuals and businesses, whereas digital currencies are relatively secure. Electronic hacking does pose a risk, but one that can be managed with new technologies. (As it happens, offshoots of Bitcoin’s technology could prove helpful in increasing security.)

Digital currencies also benefit the poor and the “unbanked.” It is hard to get a credit card if you don’t have much money, and banks charge fees for low-balance accounts that can make them prohibitively expensive. But a digital dollar would give everyone, including the poor, access to a digital payment system and a portal for basic banking services. Each individual or household could have a fee-free, noninterest-bearing account with the Federal Reserve, linked to a cellphone app for making payments. (About 97 percent of American adults have a cellphone or a smartphone.) To see how this might help, consider the payments that the U.S. government made to households as part of the coronavirus stimulus packages. Millions of low-income households without bank accounts or direct deposit information on file with the Internal Revenue Service experienced complications or delays in getting those payments. Checks and debit cards mailed to many of them were delayed or lost, and scammers found ways to intercept payments. Central-bank accounts could have reduced fraud and made administering stimulus payments easier, faster and more secure.

A central-bank digital currency can also be a useful policy tool. Typically, if the Federal Reserve wants to stimulate consumption and investment, it can cut interest rates and make cheap credit available. But if the economy is cratering and the Fed has already cut the short-term interest rate it controls to near zero, its options are limited. If cash were replaced with a digital dollar, however, the Fed could impose a negative interest rate by gradually shrinking the electronic balances in everyone’s digital currency accounts, creating an incentive for consumers to spend and for companies to invest. A digital dollar would also hinder illegal activities that rely on anonymous cash transactions, such as drug dealing, money laundering and terrorism financing. It would bring “off the books” economic activity out of the shadows and into the formal economy, increasing tax revenues. Small businesses would benefit from lower transaction costs, since people would use credit cards less often, and they would avoid the hassles of handling cash.

To be sure, there are potential risks to central-bank digital currencies, and any responsible plan should prepare for them. For example, a digital dollar would pose a danger to the banking system. What if households were to move their money out of regular bank accounts and into central-bank accounts, perceiving them as safer, even if they pay no interest? The central bank could find itself in the undesirable position of having to allocate credit, deciding which sectors and businesses deserve loans. But this risk can be managed. Commercial banks could vet customers and maintain the central-bank digital currency accounts along with their own interest-bearing deposit accounts. The digital currency accounts might not directly help banks earn profits, but they would attract customers who could then be offered savings or loan products. (To help protect commercial banks, limits can also be placed on the amount of money stored in central-bank accounts, as the Bahamas has done.) A central-bank digital currency could be designed for use across different payment platforms, promoting private sector competition and encouraging innovations that make electronic payments cheaper, quicker and more secure.

Another concern is the loss of privacy that central-bank digital currencies entail. Even with protections in place to ensure confidentiality, no central bank would forgo the ability to audit and trace transactions. A digital dollar could threaten what remains of anonymity and privacy in commercial transactions—a reminder that adopting a digital dollar is not just an economic but also a social decision. The end of cash is on the horizon, and it will have far-reaching effects on the economy, finance and society more broadly. With proper preparation and open discussion, we should embrace the advent of a digital dollar.

In Kerala Village, Expatriates Join Hands To Set Up Steel Plant

September 1, 2021September 1, 2021 Shaji Philip At The Indian ExpressCommunity, Economy, Immigration 0

After working in Sharjah for 15 years, T C Shiju, 42, returned to his home in Thikkodi village, in Kozhikode district of Kerala, about two years ago. He was exploring investment choices, when he found a viable option in his village itself. With an investment of just Rs 1 lakh, he became a partner in GTF Steel Pipes and Tubes LLP, a novel manufacturing venture set up by expatriates hailing from Thikkodi and its surrounding villages. Set up by the Global Thikkodiyans Forum (GTF) — a social media group of expatriates from Thikkodi floated in 2015 following a looming job crisis in the Middle East – in May 2018, the unit commenced production earlier this month.

This is the first such attempt in the state where expatriates, and returnees, of a village have come together and mobilized capital for a business enterprise of this kind. The total investment of Rs 18 crore was raised from 207 people. Of these, 147 invested only Rs 1 lakh each. The price of a share was fixed at Rs 50,000, and an individual had to invest in at least two shares. There was a cap on the maximum investment as well – Rs 40 lakh per person. “The major highlight of the venture is that a large section of investors are ordinary people who have some small savings, a few lakh rupees, after years of toil in the Gulf. But for an initiative of this type, they would not have been able to be a part of a professional business venture,” said GTF Steels Chairman Mohammed Basheer Nadammal.

“Most of these returnees invest in trade or hotel industry, and then back out after incurring huge losses. Our concern was to make such people a part of a business venture,’’ he said. Ummer Koyilil, 60, returned to Thikkodi village about two years ago, after working in Bahrain for 18 years. “I tried to set up a small business, but it did not materialise,” he said. “I have invested only Rs 1 lakh in this venture. This has given me exposure to a business enterprise. Otherwise, I would have ended up as a small trader,’’ he said. Before deciding to set up a unit to manufacture galvanised iron pipes and tubes, the GTF explored other possibilities, including integrated farming and tourism.

Explaining why they opted to set up the unit, GTF Steels CEO Ishaq Koyilil, also from Thikkodi, said: “As per our analysis, the monthly demand of GI pipes and tubes in Kerala was 40,000 metric tones during pre-Covid. It would be down to 25,000 metric tones now. However, the production in Kerala is only 4,000 metric tones per month. Our monthly production capacity is 3,000 metric tones. We see a huge growth potential, as construction and infrastructure sectors are poised for major growth in Kerala.” None of the partners work in the factory. The recruitment was done in a professional manner, with only qualified, trained workers being selected.

Abdul Latheef, also from Thikkodi, said they wanted to put forward a business and investment model which could be emulated across the state. “This model will help ordinary expatriates to invest their hard-earned savings in viable business ventures. We have 2,000-odd members in the GTF. Only those interested in investing in the steel industry were selected as partners. We are planning other enterprises too, in which others in the forum can invest,’’ he said.

Dubai To Allow Indian Expats With Expired Residence Visa To Return

September 1, 2021 adminEconomy, Immigration, Travel 0

In a move that brings relief to thousands of Indian expats, Dubai announced it will allow them to come back even if their residence visas have expired. Also allowed to return were residence visa holders from Pakistan, Nepal, Nigeria, Sri Lanka, and Uganda. Anyone holding an expired Dubai residence visa now has time to return until November 10. A large number of Indian expats had flown back to the country earlier this year when the second wave of Covid-19 was rampant, and were then unable to return to the UAE as the flights were suspended.

Fly Dubai, the low-cost carrier operating from the emirates, posted on its website: “The GDRFA has extended the expiry date of Dubai-issued UAE resident visas for nationals of India, Nepal, Nigeria, Pakistan, Sri Lanka and Uganda who are stranded outside of the UAE. “This applies to Dubai-issued UAE resident visas which have expired or will expire between April 20, 2021 and November 9, 2021 inclusive.”

However, the airline said that the expiry will not be extended for holders of Dubai-issued visas who have stayed outside of the UAE for more than six months, if they left before October 20, 2020. It was unclear at the moment if the same offer applied to residence visas issued by Abu Dhabi, Sharjah, or other emirates.

The move was later confirmed by the General Directorate of Residency and Foreigners Affairs (GDRFA) to Gulf News. In a statement, the GDRFA said: “The procedure will be done according to certain conditions and procedures including that the beneficiaries must be outside the country since the expiry date of residency between April 20, 2021 and November 8, 2021. GDRFA-Dubai will extend the residency visas until November 9.” Once the expats return with expired visa enter the country, the system will give them a 30-day grace period from the date of entry to change their status and renew their visas. (IANS) Boom! United Airlines Just Bought 15 Supersonic Jets That Fly on ‘Sustainable’ Fuel .The airline plans to buy the Overture jets from Boom Supersonic to make its fleet faster and more sustainable.

United Airlines Plans To Purchase 15 Supersonic Overture Jets From Boom Supersonic

September 1, 2021 Staff ReporterEconomy, Environment, Travel 0

The US airline is the first to announce plans to go supersonic, reviving dreams from the late 1960s when British Airways and Air France offered transatlantic flights aboard the Concorde. Only 20 were built during the aircraft’s 24-year operational life. The Overture, which would seat between 65 and 88 passengers, would cut flight time in half over a conventional commercial airliner, with a top speed of Mach 1.7, or 1,304 mph. A flight from New York to London would take just 3.5 hours, according to Boom, and Los Angeles to Sydney would be about eight hours. Unlike the Concorde, which was neither fuel-efficient nor quiet, the Overture will be designed to be “net-carbon zero,” and will cut emissions, according to Boom, by running on sustainable aviation fuel. The first aircraft is slated to roll out in 2025, fly in 2026 and carry its first passengers by 2029.

“United continues on its trajectory to build a more innovative, sustainable airline and today’s advancements in technology are making it more viable to include supersonic planes,” said United CEO Scott Kirby. “Boom’s vision for the future of commercial aviation, combined with the industry’s most robust route network in the world, will give business and leisure travelers access to a stellar flight experience.” The announcement is not the first of an intended partnership between a supersonic firm and a large aviation company.

Both Flexjet and NetJets announced that they planned to buy business jets from Aerion. The Reno-based company had the fastest, most ambitious rollout of its AS2, while also planning to break ground on a new research and production campus near Orlando sometime this year. Last week, it abruptly said it was shutting down because it couldn’t secure long-term funding. Boom seems to be farther along in its development stages than its former competitor. It rolled out a third-scale demonstrator aircraft, the XB1, last year. Boom CEO Blake Scholl recently told a Congressional panel that it plans to fly it for the first time by the end of 2021 or in early 2022.

Overture will be designed with in-seat entertainment screens, large personal space and contactless technology. “At speeds twice as fast, United passengers will experience all the advantages of life lived in person, from deeper, more productive business relationships to longer, more relaxing vacations to far-off destinations,” said Scholl in announcing the deal. United also has the option to buy 35 more Overtures. Scholl recently said that the Overture represents the first dramatic speed gains in new aircraft since the Concorde. “We see ourselves as picking up where Concorde left off, and fixing the most important things which are economic and environmental sustainability,” he told CNN recently, adding: “Either we fail or we change the world.”

U.S. Crypto Regulation Talks Are Heating Up, With Three Major Themes Emerging Here’s What They Mean For Investors

August 27, 2021August 28, 2021 Ryan Haa At TIMEBusiness, Economy, Money 0

One of the founding principles of cryptocurrency is that it’s decentralized and unregulated. But the U.S. government isn’t too worried about crypto’s founding principles. SEC chair Gary Gensler spoke at the Aspen Security Forum Tuesday, highlighting his view of the SEC’s role in cryptocurrency regulation. Gensler called the current crypto landscape the ‘Wild West’. A few key themes have emerged on the subject of new U.S. cryptocurrency regulation: stopping cryptocurrency crime and tax evasion, stablecoin regulation, and the potential for investment vehicles like crypto ETFs and other funds.

For many crypto enthusiasts, the decentralized nature of digital currencies — which, unlike traditional currencies, aren’t backed by any institution or government authority — is a big draw. But regulatory guidance can help protect investors. “As much as I like the decentralization and the lack of government [involvement], I am glad that they are paying attention because unfortunately with cryptocurrency, there are a lot of scams,” says Kiana Danial, author of “Cryptocurrency Investing for Dummies.” Here’s a rundown of the proposals we’ve seen so far, and how they may affect cryptocurrency investors in the future: Cryptocurrency Crime and Tax Evasion Cryptocurrency regulation is tucked into a provision of the $1 trillion bipartisan infrastructure bill moving through Congress.

The provision would expand the definition of a brokerage to include companies that facilitate digital asset trades — like cryptocurrency exchanges. The change would mean increased tax reporting responsibility to help the IRS track crypto tax evasion. Some lawmakers and industry groups argue that the language of the draft is too broad, according to reporting by the Washington Post. Additionally, SEC Chairman Gensler spoke recently about a need to increase regulation and help prevent more ransomware attacks, like the one that shut down the Colonial Pipeline back in May. The pipeline attack was one of a number of high profile instances of hackers seeking Bitcoin ransoms.

While Gensler didn’t comment on exactly how the SEC planned to help stop these crimes, he did say that the agency would continue to exercise the full extent of its power. “[The SEC] will continue to take our authorities as far as they go,” Gensler said during an appearance at the Aspen Security Forum in Colorado. A recent U.S. treasury report voiced the same concerns as Gensler, saying cryptocurrency “poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”

What Investors Should Know Under the proposed law included in the infrastructure bill, companies that facilitate crypto trades would be required to report tax information about those trades to the IRS (just as brokers of traditional investments like stocks do) starting in the 2024 tax season. “The bill is generally investor-friendly because it makes crypto tax compliance easier for investors,” says Shehan Chandrasekera, CPA, head of tax strategy at CoinTracker.io, a crypto tax software company. “This is because if the bill passes, exchanges will have to issue 1099-B tax forms with cost basis information to investors.”

That means the exchange would provide a record of taxable events on the platform, like how much your Bitcoin was worth when you bought it and when you sell it back into U.S. dollars. Today, only some exchanges report this info. “This will significantly reduce the crypto tax filing burden,” Chandrasekera says. It’s already important to keep your own records of any capital gains or losses on your crypto trades, which you should report on your federal tax returns. But this regulation would make it even more essential, since the IRS would more easily be able to find any cases of tax evasion related to crypto. Stablecoin Regulation Gensler also hinted Tuesday that increased stablecoin regulation could help with the cryptocurrency crime problem, as “the majority of what happens [on cryptocurrency exchanges and platforms] is cryptocurrency to cryptocurrency.” Gensler says that by bypassing the involvement of U.S. dollars in direct crypto-to-crypto trades, bad actors may be more able to evade public policy measures and other sanctions aimed at preventing money laundering or ensuring tax compliance.

PRO TIP

Apart from federal regulation, there have been many state-specific cryptocurrency legislations passed. Know what regulations apply in your state. Stablecoins are a type of cryptocurrency pegged to an existing currency, like USDT (Tether). USDT is tied to the price of the U.S. dollar, so its value is constantly $1. And the SEC isn’t the only agency that’s taken interest. Federal Reserve Chairman Jerome Powell has spoken about stablecoin regulation recently, too, while testifying before the U.S. House Committee on Financial Services earlier this month. Powell said that if stablecoins are going to be a “significant” part of the payments universe, “we need an appropriate regulatory framework, which we frankly don’t have.”

Treasury Secretary Janet Yellen echoed that sentiment recently, coordinating a meeting with the President’s Working Group on Financial Markets to discuss “the rapid growth of stablecoins, potential uses of stablecoins as a means of payment, and potential risks to end-users, the financial system, and national security,” according to a meeting readout. What Investors Should Know Nearly three-quarters of trading on all crypto trading platforms occurred between a stablecoin and some other token in July, Gensler said. While it’s unclear yet what any regulatory action on stablecoins would look like, any regulation could impact investors who hold or use stablecoins as part of their strategy.

Crypto-to-crypto trades often incur lower fees on many exchanges than buying crypto outright in U.S. dollar-to-cryptocurrency transactions, and stablecoins’ low price volatility makes them a potentially better option for purchases than transferring cash each time. But for investors, they’re not as great a store of value as more volatile cryptos like Bitcoin. If you’re investing in crypto looking for long-term growth, experts recommend sticking with more established coins like Bitcoin or Ethereum. In anticipation of any coming guidance, you should also make sure to choose a cryptocurrency exchange that maintains compliance with evolving federal and state regulators in the United States. This includes many established, high-volume U.S.-based exchanges, like Coinbase and Gemini. “I only purchase my cryptocurrency assets from regulated brokers at this point, because we have the luxury of doing so. Of course in other countries they don’t have it, but we do,” says Danial.

Cryptocurrency ETFs While the government considers how to make it harder to use cryptocurrency for illicit activities and tax evasion, there is still no way for Americans to buy into crypto using more traditional investment accounts like those at a Fidelity or a Vanguard. The SEC has yet to approve a cryptocurrency ETF (exchange-traded fund) — despite several proposed funds from different institutions and exchanges — but Gensler revealed on Tuesday that it may be coming. “We do it in the equity market, we do it in the bond markets, people might want it here,” Gensler said. While acknowledging there have already been SEC filings for ETFs, “I anticipate we’ll have some new ones under what’s called the Investment Companies Act — and when combined with other federal laws, the law provides significant investor protections,” he says. The Investing Companies Act requires companies, including mutual funds, to disclose information about their finances and investments on a “regular basis,” according to the SEC.

Until an ETF gets approved, “there’s not really a way to buy a security that closely tracks the price of a specific cryptocurrency,” says Jeremy Schneider, the personal finance expert behind Personal Finance Club. That means the only way for investors to really do that is to buy coins directly from an exchange. While there has been some confusion about whether cryptocurrencies are securities (and under SEC regulation), Gensler made clear that every initial coin offering (ICO) he has seen is a security: “Generally, folks buying these tokens are anticipating profits, and there’s a small group of entrepreneurs and technologists standing up and nurturing the projects … I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.” But Gensler reiterated that the SEC has jurisdiction, and “our federal securities laws apply.”

Cryptocurrency ETFs are not yet available in the U.S., but may offer a way for investors to get into cryptocurrency without having to buy directly from an exchange in the future. If you’re interested in crypto, these funds could help you diversify your holdings across different coins, like a conventional ETF or index fund. But they’re still just as speculative as any crypto investment; if you’re waiting for a Bitcoin ETF because you’re unwilling to take on the risk, you may want to reconsider whether crypto belongs in your portfolio at all. In the meantime, Gensler’s stance that every ICO is a security could mean investors should look to the SEC for protections as regulation becomes more concrete.

Biden Administration Grants Automatic Student Loan Forgiveness To 325,000 Permanently Disabled Borrowers

August 27, 2021August 28, 2021 Danielle Douglas-Gabriel, The Washington PostEducation, Money, Youth 0

The Biden administration moved Thursday (Aug. 19, 2021) to grant 325,000 people who are severely disabled automatic federal student loan forgiveness to the tune of $5.8 billion, setting the stage for reforms to a process that is widely criticized as cumbersome and onerous. “The Department of Education is evolving practices to make sure that we’re keeping the borrowers first and that we’re providing relief without having them jump through hoops,” Education Secretary Miguel Cardona said on a call with reporters Thursday. “I’ve heard from borrowers over the last six months that the processes are too difficult so we’re simplifying it.”

By law, anyone who is declared by a physician, the Social Security Administration or Department of Veterans Affairs to be totally and permanently disabled is eligible to have their federal student loans discharged. The benefit has never been widely publicized, so few have taken advantage. And when they do, many are met with tedious paperwork and requirements. There is a three-year monitoring period in which borrowers must submit annual documentation verifying their income does not exceed the poverty line. The requirement routinely trips up people who wind up having their loans reinstated. To ease the burden, the Biden administration in March waived the paperwork requirement during the coronavirus pandemic, retroactive to March 13, 2020, when President Donald Trump declared a national emergency.

On Thursday, Cardona said the Education Department will indefinitely extend the income waiver. The department will also pursue the elimination of the requirement altogether through the negotiated rulemaking process in October. The federal agency is proposing new rules to provide automatic disability discharges for anyone identified as eligible through data matching initiatives with Veterans Affairs and the Social Security Administration.

In 2016, the Education Department partnered with the two other agencies to identify eligible borrowers. While the department removed the application requirement in 2019 for veterans, it did not do the same for people identified through the SSA match. Only half of the people identified through the SSA match have received the discharge, according to the Education Department. A bipartisan coalition of congressional lawmakers, including Sens. Chris Coons, D-Del., and Rob Portman, R-Ohio, had urged Trump to automatically discharge the debt, much like his administration had done in 2019 for permanently disabled veterans. But the Trump administration failed to act, while hundreds of thousands of disabled borrowers defaulted on their loans.

A Freedom of Information Act request made by the D.C.-based nonprofit National Student Legal Defense Network found over 517,000 individuals as of May had not received relief. Asked about the discrepancy between the May figure and the 325,000 announced Thursday, Ben Miller, a senior adviser at the Education Department, said the older figure likely includes duplicates that may be showing up in multiple matches. He assured the latest figure accounts for all of the borrowers currently on the books.

“Obviously, we anticipate there will be new matches each quarter,” Miller said. “This is not just a one-time action.” Eligible borrowers will receive notice of their approved discharge in September and the department expects cancellation will occur by the end of the year. People who wish to opt-out of forgiveness will be given the opportunity. While borrowers will not be subject to federal income taxes on the canceled debt, they may encounter state taxes. Consumer groups had urged the Biden administration to automatically discharge the federal student loans of eligible borrowers, rather than require them to submit an application for debt forgiveness. Many were disappointed when the Education Department announced the income waiver in March without automating the process. Advocates praised the administration Thursday for stepping up.

“This is a life-altering announcement for hundreds of thousands of student loan borrowers with disabilities,” Dan Zibel, chief counsel at the National Student Legal Defense Network. “Today’s step is another indication that the Department is listening to the voices of student loan borrowers.”

TCS Attrition Rate, 8.63%, Lowest Among IT Giants

August 27, 2021August 28, 2021 Staff ReporterBusiness, Economy 0

TCS reported that its employee headcount crossed the 500,000-mark in the quarter ending June 2021, even though close to 43,000 people left the IT major.Indian IT major Tata Consultancy Services (TCS) reported an 8.6% attrition in the past year, in its results for the first quarter of the 2021-22 financial year.

According to the report, it rose from 7.2% in the previous quarter—ending on March 31, 2021 – even the attrition rate is pegged to be the lowest in the county. IT companies such as Accenture announced their attrition rate for the first quarter of 2021-22 fiscal at 17% against 11% in the year-ago quarter., while Infosys and Wipro’s attrition rates were reported to be 15.2% and 12.1% in the fourth quarter of 2020-21 financial year.

The trend in employee attrition is a concern the IT firms were plagued by. However, TCS reported that its employee headcount crossed the 500,000-mark in the quarter ending June 2021, when the company hit a total workforce of 509,058. In July, TCS announced a 29% rise year-on-year in quarterly profit, powered by higher demand from businesses ramping up digital services during the coronavirus disease (Covid-19) pandemic crisis, Hindustan Times’ sister publication LiveMint reported. The IT giant’s net profit rose to ₹9,008 crore, between April and June, up from ₹7,008 crore a year earlier, while its revenue from operations jumped 18.5% to ₹45,411 crore.

Even as some of the big IT firms were expecting the attrition rate to inch up in the financial quarters to come, riding on the back of a talent war, outgoing employees make direct and indirect impacts on a company and its resources. Industry experts often pointed out that attrition is an important human resources metric that indicates a lot about the direction of a company’s business, as well as the possible problems that need the attention of the HR managers.

One of the major causes behind the strong attrition at TCS is its remuneration, said a Kolkata-based tech analyst who recently left TCS for another major IT firm. “Compared to the industry standards, the remuneration is less when compared with lateral recruits,” the techie told HT, adding, “The effort by TCS to retain an employee after they put in their papers do cut it. It often offers an onsite opportunity to an employee in a bid to retain them but such opportunities do not work, especially when an employee has made up their mind to leave over remuneration concerns, as people want to earn a standard salary staying home.”

Senate’s $3.5 Trillion Budget Proposal Has Plan for Pathway to Citizenship

August 19, 2021August 27, 2021 Staff ReporterBusiness, Economy, Immigration, Nation USA 0

Democrats have passed a $3.5 trillion framework for bolstering family services, health, and environment programs through the Senate early Aug. 11, advancing President Joe Biden’s expansive vision for reshaping federal priorities just hours after handing him a companion triumph on a hefty infrastructure package, according to the Associated Press.

Lawmakers approved Democrats’ budget resolution on a party-line 50-49 vote, a crucial step for a president and party set on training the government’s fiscal might at assisting families, creating jobs and fighting climate change. Higher taxes on the wealthy and corporations would pay for much of it. Passage came despite an avalanche of Republican amendments intended to make their rivals pay a price in next year’s elections for control of Congress.

House leaders announced their chamber will return from summer recess in two weeks to vote on the fiscal blueprint, which contemplates disbursing the $3.5 trillion over the next decade. Final congressional approval, which seems certain, would protect a subsequent bill actually enacting the outline’s detailed spending and tax changes from a Republican filibuster in the 50-50 Senate, delays that would otherwise kill it.

Senate Budget Committee chairman Bernie Sanders, I-Vt., once a progressive voice in Congress’ wilderness and now a national figure wielding legislative clout, said the measure would help children, families, the elderly and working people — and more.

The Senate turned to the budget minutes after it approved the other big chunk of Biden’s objectives, a compromise $1 trillion bundle of transportation, water, broadband and other infrastructure projects. That measure, passed 69-30 with Senate Minority Leader Mitch McConnell among the 19 Republicans backing it, also needs House approval.

Senate Majority Leader Chuck Schumer, D-N.Y., assured progressives that Congress will pursue sweeping initiatives going beyond the infrastructure compromise. The budget blueprint envisions creating new programs including tuition-free pre-kindergarten and community college, paid family leave and a Civilian Climate Corps whose workers would tackle environmental projects.

Millions of immigrants in the U.S. illegally would have a new chance for citizenship, and there would be financial incentives for states to adopt more labor-friendly laws. According to thehill.com, the budget resolution package asks lawmakers to chart a pathway to citizenship for millions of people while investing in border security.

The package does not specify how many people or which groups would be covered by the legislation, instead directing the committee to provide “lawful permanent status for qualified immigrants.” A summary of the bill also states it will provide green cards “to millions of immigrant workers and families.”

House Democrats have floated a plan that would cover not only Dreamers brought to the U.S. as children but also migrant farmworkers, workers deemed essential during the pandemic and those who already hold Temporary Protected Status after being unable to return to their countries, said thehill.com report. In all, Democrats could make around 10 million people eligible for a path to citizenship.

As India Turns 75, Prime Minister Modi Unveils $1.35 Trillion Infrastructure Plan

August 19, 2021August 27, 2021 Staff ReporterCommunity, Economy, Nation India 0

India will soon launch a $1.35 trillion national infrastructure plan that will boost the country’s economy, Prime Minister Narendra Modi announced on August 15 as part of the Independence Day celebrations.

Soon after he unfurled the national flag to mark nation’s 75th Independence Day at the historic Red Fort here, Modi addressed the nation, saying the infrastructure plan will create job opportunities for millions of Indian youth. “It will help local manufacturers turn globally competitive and also develop possibilities of new future economic zones in the country,” he said.

India’s economy, pummeled by the coronavirus pandemic, contracted 7.3% in the fiscal year that ended in March. Economists fear there will be no rebound similar to the ones seen in the U.S. and other major economies.

In his 90-minute speech, Modi also listed his government’s achievements since 2014 and hailed India’s coronavirus vaccination campaign. “We are proud that we didn’t have to depend on any other country for COVID-19 vaccines. Imagine what would have happened if India didn’t have its own vaccine,” he said.

India has given more than 500 million doses of vaccines but its vaccination drive has been marred by its slow pace. About 11% of eligible adult Indians have been fully vaccinated so far.

Modi also said India was committed to meeting targets for the reduction of its carbon footprint. He said his government would invest more in electric mobility, solar energy and “green hydrogen” — which does not emit carbon dioxide — as part of its goal to make India energy independent by 2047.

Modi began his speech by praising India’s athletes who took part in the recently concluded Tokyo Olympics. India won one gold, two silver and four bronze medals at the games.

On Saturday, Modi announced that Aug. 14 will be observed as Partition Horrors Remembrance Day.

In his eighth address to the nation on Independence Day since 2014, Modi said, “There is no dearth of political will in taking up reforms. Today, the world can see that there is no dearth of political will in India. The world is a witness to how India is writing a new chapter of governance,” the prime minister said.

During his nearly one and half hours speech, Modi made several important announcements like the National Hydrogen Mission, Rs 100 lakh crore PM Gati Shakti Infrastructure to make a foundation for holistic infrastructure and admission for girls in ‘Sainik Schools’.

“We are set to present the PM Gati Shakti’s National Master Plan in the near future which will make a foundation for holistic approach in infrastructure construction. During the 75 weeks of Azadi Ka Amrit Mahotsav, new 75 Vande Bharat Express trains will be launched and will connect every corner of the country,” he said.

Talking about Jammu and Kashmir, Modi said that the Delimitation Commission has been formed in J&K and the government is making preparations for Vidhan Sabha elections. “Ladakh, too, is walking its road towards development. On one hand, Ladakh is witnessing the creation of modern infrastructure, while on the other, ‘Sindhu Central University’ is going to make Ladakh a center of higher education,” he said.

In a veiled attack on Pakistan and China, Modi said, “In the post-pandemic time, world will see a new world order with two major challenges – terrorism and expansionism – and India is fighting and effectively responding to both.

“Talking about infrastructure, Modi said, “From new waterways to connecting new places through sea-planes, work is undergoing at rapid speed. Indian Railways, too, is undergoing a change to modernize itself. It is our collective responsibility that we walk ahead in the 75th year of India’s Independence believing in India’s abilities. We have to work together on next-gen infrastructure, world class manufacturing, connecting-edge innovations and new age technology.”

Talking about the agriculture sector, the prime mnister said, “In the next few years, we will have to increase the collective power of India’s small farmers. We have to provide them with new facilities. They must become the nation’s pride.

“It is time we apply scientific research and suggestions in our agriculture sector. We need to reap all its benefits. It will not just provide food security to the nation, but will also increase food production. In this decade, we will have to work dedicatedly to provide a new economy in rural India. Today, we are witnessing our villages getting transformed,” he said.

Modi also listed several key initiatives of his government like the ‘Har Ghar Jal’ Mission in which over 4.5 crore families started receiving piped water within two years of launch of programs.

“In the last seven years, crores of poor have received benefits of several initiatives. The needy have benefited from Ujjwala to Ayushman Bharat and others…Today we see our villages changing rapidly. In the past few years, facilities like road, electricity have reached villages. Today the optical fiber network is providing the power of data to villages,” he said.

In his speech, Modi mentioned that malnutrition has been a barrier in the development of poor women and poor children. “We have, thus, decided to give nutrient-added rice to the poor. By 2024, from ration shops to mid-day meals, all rice being provided to the poor will be fortified,” he said.

The prime minister also lauded the efforts of doctors, nurses, paramedical staff, cleaning workers, and vaccine makers for diligently serving people during the Covid pandemic.

India needs to “hand hold” the disadvantaged sections of society, PM Narendra Modi said during his Independence Day address delivered from the Red Fort on Sunday, highlighting the government’s decision to extend OBC reservations in medical colleges through the all-India quota system and the new constitutional amendment that empowers states to identify OBC beneficiaries.

“We need to provide hand holding to the backward categories… Along with the concern of fulfilling basic needs, reservation is being ensured for Dalits, backward classes, Adivasis and the poor from general category,” he said. “By formulating a law in Parliament, the right to make their own list of OBCs has been given to the states,” he said.

India needs to achieve “saturation”, or 100% coverage, on welfare programs such as bank accounts for the poor, health cover under Ayushman Bharat and Ujjwala scheme.

Yamini Rangan Appointed As CEO Of Hubspot

August 19, 2021 Staff ReporterBusiness, Profile, Women 0

An Indian American tech executive who was the first-ever chief customer officer of HubSpot last year is all set to become the firm’s Chief Executive officer. Yamini Rangan, a longtime San Francisco will be replacing Brian Halligan, who will be stepping down as founding CEO four months after a snowmobile accident forced him to step back from day-to-day involvement in the company. Halligan, CEO for the last 15 years, will become executive chairman.

Rangan will officially take over the role from September 7 onwards. “Yamini has been overseeing day to day operations at HubSpot since March, managing Board meetings, the HubSpot earnings call, and key hiring and growth initiatives, working closely with Dharmesh and the rest of the leadership team. She’s made HubSpot better by being here, and I know that trend will continue with her as CEO,” Halligan wrote.

Rangan joined the company in January 2020 after stints at Dropbox, Workday and SAP. Her strong background in engineering, sales and marketing should prove helpful as she takes over the chief executive role.

Rangan is in fact one of a handful of female tech CEOs in the US, who is the highest-paid executive at the sales and marketing software company last year. She made approximately $13.7 million in total compensation in 2020.

It will be the first time the company, which has suffered past allegations of a frat-house-like culture, has been headed by a woman.

In 2016, a tell-all book by a veteran journalist who worked as a content marketer at the company criticized the culture there as dominated by 20-something employees ensnared in inter-office drama and the presence of “sex cabins.” The book resulted in a scandal that saw top executives terminated and federal investigators brought into the mix.

HubSpot, one of the largest public companies in Massachusetts, was founded in 2006 by Halligan and Dharmesh Shah. “It’s the honor of a lifetime to partner with our founders to write HubSpot’s next chapter,” Rangan said in a statement. “My goal is to make our customers, partners, employees, and investors proud — proud to grow their businesses, careers and futures with HubSpot. Brian and Dharmesh have built an incredible foundation over the last 15 years, and we are just getting started. Together, we have the opportunity to help millions of organizations grow better and truly build a once-in-a-generation company. I couldn’t be more excited for the future of HubSpot’s journey.”

Rangan got her bachelor’s degree in electronics engineering, a master’s in computer engineering, and an MBA from the University of California, Berkeley. In 2019, she was named one of the Most Influential Women in Business by San Francisco Business Times.

Forbes’ 2021 List Of America’s Richest Self-Made Women Has 5 Of Indian Origin

August 19, 2021 Staff ReporterBusiness, Economy, Profile, Women 0

Five Indian American women have been featured on the 2021 Forbes list of America’s Richest Self-made Women, which was released on August 5. The magazine noted that the fortunes of the nation’s richest self-made women soared 31% in the seventh annual ranking to $118 billion, amid a stock market boom.

A record 26 are now billionaires, including pop star mogul Rihanna and 23andMe’s Anne Wojcicki. The Indian Americans on the list include Neha Narkhede, co-founder and former chief technology officer of Confluent; PepsiCo’s former chair and CEO Indra Nooyi; Neerja Sethi, co-founder of Syntel; Reshma Shetty, co-founder of Gingko Bioworks; and Jayshree Ullal, president and CEO of Arista Networks.

Two-thirds of the 100 individuals founded or cofounded a company, Forbes said, 26 are CEOs and 15 are newcomers. The cutoff to make the ranks climbed to $225 million, up from $150 million last year.

Following are the Indian American women on the list, in order of ranking: Jayshree Ullal, who placed 16th on the list, has been president and CEO of Arista Networks, a computer networking firm, since 2008, said Forbes, with a net worth of $1.7 billion. She joined the board of directors of Snowflake, a cloud computing company that went public in September 2020. Ullal owns about 5% of Arista’s stock, some of which is earmarked for her two children, niece and nephew.

Coming in at the 26th place is Neerja Sethi, with a net worth of $1 billion. Sethi cofounded IT consulting and outsourcing firm Syntel with her husband Bharat Desai in 1980 in their apartment in Troy, Michigan, said Forbes. The French IT firm Atos SE bought Syntel for $3.4 billion in October 2018, and Sethi got an estimated $510 million for her stake. Sethi, who had served as an executive at Syntel since 1980, did not join Atos after the acquisition.

Neha Narkhede placed 29th on the Forbes list, with a net worth of $925 million. She is cofounder and former chief technology officer of cloud company Confluent. In 2014, said Forbes, she and two LinkedIn colleagues left to found Confluent, which helps organizations process large amounts of data on Apache Kafka. Having grown up in Pune, Narkhede studied computer science at Georgia Tech and now advises numerous technology startups.

Placing 39th on the list is Reshma Shetty, with a net worth of $750 million. She cofounded Gingko Bioworks, a synthetic biotechnology company, in 2009 with four others, including her husband Barry Canton. According to Forbes, Shetty received a Ph.D. in biological engineering at MIT, where she met Ginkgo Bioworks’ other cofounders.

Ginkgo, named after a dinosaur-era tree, uses data analytics and robotics to speed up the process of discovering and making new organisms. As Covid-19 spread, the company opened its Boston facilities for research into the coronavirus and to ramp up testing for the disease.

PepsiCo’s former chair and CEO Indra Nooyi placed at number 91 on the list, with a net worth of $290 million. She retired in 2019 after 24 years with the company, half of which she spent in the top job. Forbes noted that her fortune stems from stock she was granted while working at PepsiCo. Nooyi joined the board of Amazon in 2019.

India Day Parade in New York Throws Light On Sympathizers of Farmer’s Issue in India

August 19, 2021August 19, 2021 Harbachan Singh, Secretary-General, IOCUSACommunity, Economy, Nation India 0

The India Day Parade held on August 8, 2021 by a local group in Hicksville in Long Island, New York, brought to the fore the issue of the Indian Farmers and their ongoing struggle. Hundreds of Indian Overseas Congress USA members joined by others raised the issue of the Farmer’s agitation in Delhi in the parade. It should be recalled that the Indian government had, essentially in 2020, hastily passed unfair legislation on the marketing of crops that the farmers did not ask for and which would deter them from making a livelihood in marketing their products under the newly legislated conditions.

Since the issue relating to the Farmer’s plight was central to the concerns of the Indian diaspora which had gathered, this prohibition would prevent them from venting their sentiments and showing support to the cause of the farmers, as a result of which it left them no choice but to stay put at the location and voice their bitter disappointment over the unfair and undemocratic imposition of conditions which prevented them from participating in celebrating the joyous occasion of the Independence Day of India while at the same time expressing serious concern on the inaction of the sitting government to resolve the issue.

“Indian Overseas Congress, USA threw its support behind the cause of the protesting farmers in India and objected to the heavy-handed approach of the India Day Parade organizers in Long Island to stifle dissent,” said President Mohinder Singh Gilzian. “This celebration is about freedom, and it is a fundamental right of people to express one’s opinion without fear of repercussions.”

“The Government of India’s stonewalling to the concerns of the farmers is not what one expects from a true democracy,” said George Abraham, Vice-Chairman of the IOCUSA. ” the current government is only interested in protecting the interests of the crony capitalists” Mr. Abraham added.

Secretary-General Harbachan Singh pointed out that after almost ten months of a peaceful demonstration by the farmers in a gathering which is said to be so large and prolonged that it broke not only records in India’s recent history but perhaps the world – way more than 600 people had also lost their lives. Both the demonstrators and their families back home are not only suffering both physically and economically under the Covid-19 pandemic but also acutely enduring the record-breaking severe cold, floods and burning hot weather conditions.”

Chants to the Prime Minister to settle the issues of the farmers were loud and incessant. Even the heavy downpour of rain could not drown out their thunderous voices and their strong punches into the air. At the same time, solemn allegiance to Mother India was repeatedly orchestrated by all with fervent respect and love. Chairman of Punjab Chapter Satish Sharma, President of Punjab Chapter, Gurmit S. Gill, President of Haryana Chapter Amar Singh Gulshan, President of Kerala Chapter Ms. Leela Merat, and other IOCUSA leaders also addressed the gathering.

Indian-Americans Own 60 Percent Of Hotel Industry In U.S.

August 10, 2021November 8, 2022 Ajay GhoshBusiness, Tourism, Travel 0

Accounting for 34,260 hotels across the United States, Indian Americans owned hotels account for 60 percent of all hotels in the U.S., according to a new study conducted by Asian American Hotel Owners Association (AAHOA) in partnership with Oxford Economics, a global leader in forecasting and quantitative analysis. The study analyzed the share of U.S. hotels and rooms owned by the members of AAHOA, which is predominantly made up of Indian-origin hoteliers, hotel operations, hotel guest ancillary spending, capital investment, and indirect and induced impacts supported by AAHOA hotels in other parts of the U.S. economy.

In all Indian Americans own and operate 3.1 million guestrooms, and 2.2 million direct impact jobs. The study’s topline results were presented to AAHOA Members during the general session on the first day of the 2021 AAHOA Convention & Trade Show at the Kay Bailey Hutchison Convention Center Dallas on August 3rd.

“The findings laid out in this new study are a testament to the strength and influence of AAHOA Members and serve as yet another reminder of hotel owners’ vital economic contributions to communities across the nation,” said AAHOA Interim President & CEO Ken Greene. “Guests at AAHOA hotels spend billions of dollars in local economies. AAHOA Members employ as many workers as FedEx and Home Depot – combined, and the 1.1 million employees who work at AAHOA Member hotels earn $47 billion annually. AAHOA Members are the heart and soul of the hospitality industry and will continue to play an essential role in our nation’s economic recovery.”

The study shows that AAHOA supports a total economic impact of: $680.6 billion of business sales (representing revenue plus sales and lodging taxes); 4.2 million jobs with $214.6 billion of wages, salaries and other compensation; $368.4 billion contributed to U.S. GDP; and, $96.8 billion of federal, state and local taxes.

With the ownership of the majority hotel industry, the economic impact and industry influence of AAHOA’s nearly 20,000 Members, is very impressive. “This study gives us the clearest picture to date about the scale, reach, and economic impact that AAHOA Members have in the United States,” said AAHOA Chairman Biran Patel. “It is remarkable how far AAHOA Members have come since the association’s founding in 1989 when a small group of hoteliers banded together to fight discrimination. That commitment to helping hoteliers grow their businesses and realize the American Dream is reflected in the impressive numbers revealed today. We are proud of what our Members have accomplished and remain committed to being the foremost resource and advocate for America’s hotel owners.”

A comprehensive report will soon be made available on the AAHOA website. AAHOA is the largest hotel owners association in the world. The nearly 20,000 AAHOA Members own 60 percent of hotels in the United States. With billions of dollars in property assets and over one million employees, AAHOA Members are core economic contributors in virtually every community. AAHOA is a proud defender of free enterprise and the foremost current-day example of realizing the American dream.

On the third day of the 2021 AAHOA Convention & Trade Show, the association recognized achievement and excellence in the hospitality industry with its annual awards. Winners received their awards on the main stage during the general session. The 2020 award winners are:

AAHOA Award of Excellence: Nanda Patel
Cecil B. Day Community Service Award: Mitesh Jivan
IAHA Independent Hotel of the Year: Hotel Lexen
Outreach Award for Philanthropy: Masudur Khan
Outstanding Women Hotelier of the Year: Priti Patel
Outstanding Young Professional of the Year: Saajan Patel
Political Forum Award for Advocacy: Bijal Patel

“Each year, AAHOA recognizes and honors hoteliers who go above and beyond in service to the hospitality industry,” said Immediate Past Chairman Biran Patel. “During such a challenging year, these individuals made significant contributions to the industry and to AAHOA. We are all honored to highlight their service and commitment to excellence.”

“These awards recognize the best of the best. Following an extremely difficult year for AAHOA Members and the entire industry, these award recipients demonstrate their commitment to excellence in the hospitality industry, regardless of the landscape,” said Interim President & CEO Ken Greene. “Their hard work and dedication does not go unnoticed, and it is through their leadership, grit, and determinations that the industry continues to thrive.”

AAHOA is the largest hotel owners association in the world. The nearly 20,000 AAHOA Members own 60 percent of hotels in the United States. “With billions of dollars in property assets and over one million employees, AAHOA Members are core economic contributors in virtually every community,” the organization said, adding, “AAHOA is a proud defender of free enterprise and the foremost current-day example of realizing the American dream.”

Biden’s New Policy Will Ensure 50% Of Vehicles Sold In US By 2030 Are Electric

August 10, 2021August 19, 2021 Staff ReporterEconomy, Environment, Technology 0

President Biden announced on August 5^th a multistep strategy aimed at rapidly shifting Americans from gasoline-powered cars and trucks toward electric vehicles — a central part of his plan to reduce the pollution that is heating the planet. The new plan targets that half of vehicles sold in the country by 2030 will be battery electric, fuel-cell electric or plug-in hybrid.

Biden signed the executive order at the White House alongside representatives from Ford, GM and Stellantis, and members of the United Auto Workers Union. The automakers are supporting Biden’s new target, announcing their “shared aspiration” that 40-50% of their cars sold by 2030 to be electric vehicles, according to a joint statement from the three automakers.

Speaking from the White House South Lawn in front of four electric vehicles, Biden said the future of America’s car manufacturing “is electric and there’s no turning back. The question is whether we’ll lead or fall behind in the race for the future,” the president added. Throughout Biden’s remarks, he emphasized that a move toward electric vehicles should come with an assurance that those vehicles and the batteries powering them should be made in the US and with union workers.

“There’s a vision of the future that is now beginning to happen, a future of the automobile industry that is electric — battery electric, plug-in hybrid electric, fuel cell electric,” said Mr. Biden, who announced the plan from the South Lawn of the White House before an array of parked electric vehicles, including the Ford F150 Lightning, the Chevrolet Bolt EV and a Jeep Wrangler. “The question is whether we’ll lead or fall behind in the future.”

The Environmental Protection Agency and Department of Transportation also announced Thursday they are reversing a Trump-era rollback of fuel emissions standards. The newly proposed standards from the agencies for light-duty vehicles will be 10% more stringent than the Trump-era rules for 2023 model year vehicles, then becoming 5% more stringent each year through 2026 model year vehicles.

The proposed emissions standard for mileage year 2026 is 52 miles per gallon, up from 43.3 miles per gallon under the Trump administration, which is the current mileage standard. The new standard is also up from 50.8 miles per gallon under the Obama administration rules for mileage year 2026.

The Biden administration’s proposed standard would translate to a label value — what the consumer would see on a new car sticker — of 38.2 mpg. The EPA estimates that implementing these standards would avoid 2.2 billion tons of carbon dioxide emissions through 2050.

With the impacts of a warming planet seen in record droughts, deadly heat waves, floods and wildfires around the globe, scientists say that simply restoring Obama-era climate controls will not be enough.

The agencies also announced a separate set of regulations to reduce greenhouse gas emissions for heavy-duty trucks. The first rulemaking process for trucks is expected to be finalized next year, and will apply to heavy duty vehicles starting with the 2027 mileage year, according to the EPA.

A rapid transition to electric cars and trucks faces several challenges. Experts say it will not be possible for electric vehicles to go from niche to mainstream without making electric charging stations as ubiquitous as corner gas stations. And while labor leaders attended the White House event and referred to Mr. Biden as “brother,” they remain concerned about a wholesale shift to electric vehicles, which require fewer workers to assemble.

Speaking on Wednesday night, a senior administration official echoed Biden’s comments. “This is a paradigm shift,” a senior administration official told reporters on Wednesday. “What we’re hearing across the board is a consensus about the direction where this industry is going, and a coming together around the recognition that this is the moment of truth, not just for climate action for economic action as well.”

Biden has asked Congress for $174 billion to create 500,000 charging stations. An infrastructure bill pending in the Senate includes just $7.5 billion. However, it also provides $73 billion to expand and update the electricity grid, an essential step for carrying power to new auto charging stations. The International Council on Clean Transportation, a research organization, concluded that the nation would need 2.4 million electric vehicle charging stations by 2030 — up from 216,000 in 2020 — if about 36 percent of new car sales were electric.

A second bill, which could move through Congress this fall, could include far more spending on electric vehicles, consumer tax incentives and research. Neither proposal is guaranteed to pass in the closely divided Congress.

There are concerns that ome environmental advocates and lawmakers fear car companies could skirt the standards with loopholes — including allowances for EV makers like Tesla to sell credits to companies that sell gas-guzzling cars, thereby allowing them to meet the standards without electrifying their fleets. “We must guard against the inclusion of legacy loopholes, which may allow for even lower greenhouse gas emissions standards than before,” Democratic Sen. Ed Markey of Massachusetts said in a statement. “We know the highest standards possible are economically feasible and technologically achievable because the automotive industry is already installing them.”

“President Biden has called global warming an existential threat, but these standards won’t protect us,” said Dan Becker, director of the Safe Climate Transport Campaign at the Center for Biological Diversity, in a statement. “The only reason automakers have ever cut pollution is because strong rules forced them to. And these rules won’t.”

The youth climate advocacy group Sunrise Movement sharply criticized Biden’s electric vehicles target, saying it’s not sufficient enough to combat the climate crisis. “Biden cannot think of himself as the climate president with a 50% electric vehicles goal,” Sunrise executive director Varshini Prakash said in a statement. “FDR didn’t set a goal to half win the war, and JFK didn’t set a goal to get halfway to the moon. If we are still selling gas cars in 2030, they’ll be on the road for another 10, 15, 20 years — long after his presidency and well into our already unstable futures.”

Rihanna, A Billionaire, Is the Richest Female Musician

August 10, 2021August 10, 2021 Caitlin Flynn At Yahoo NewsEntertainment, Money, Women 0

It’s official! Forbes has named Rihanna a billionaire, making her the richest female musician and the second wealthiest woman entertainer in the world. The singer, whose real name is Robyn Fenty, is now second only to Oprah in wealth with an estimated net worth of $1.7 billion. Not too shabby!

It was her music that first made her a household name, but according to Forbes, the majority of Rihanna’s net worth comes from her cosmetics brand Fenty Beauty. Rihanna owns 50 percent of the beauty company, which she launched in 2017. Fenty immediately set itself apart by prioritizing inclusivity; it launched with 40 shades of foundation for different skin tones and that number has since grown to 50.

Fenty Beauty was launched in partnership with luxury goods conglomerate LVMH, which is run by the world’s richest person, Bernard Arnault. Upon its launch, Rihanna described Fenty Beauty as her “passion project.” Now, Forbes estimates that a whopping $1.4 billion out of her $1.7 billion fortune comes from the brand. The rest of Rihanna’s net worth is from her lingerie line, Savage x Fenty, and the money she’s earned as a singer and actress.

Fans, including Rihanna’s peers, are celebrating this milestone moment. “[A] BILLI-ON here, a BILLI-ON there- Little Bajan bih w/ green [eyes] – dat bag is a different size,” Nicki Minaj wrote in an Instagram Story.

Fans are eagerly awaiting Rihanna’s next album, which is rumored to be in the reggae genre. Something they can look forward to that’ll arrive far more quickly is the star’s Met Gala look. It’s been confirmed that she’s on the guest list for the star-studded benefit, which is scheduled for next month. Looks like she’ll be one of the richest people at the party.

India’s Chennai Turning into a Data Center Hub

August 10, 2021 Staff ReporterBusiness, Finance/Economy, Technology 0

Tamil Nadu’s capital city Chennai after being the ‘Detroit’ of India for housing several automobile makers is turning out to become a major data center hub. With the central government and Reserve Bank of India insisting on players to have their data stored in India, the data center business is getting a boost.

“With three submarine cable landing stations (one more to come), a comfortable power supply position (data Centre capacity is generally measured in MW), the availability of market and knowledge pool, Chennai is an ideal location,” Nikhil Rathi, CEO and Founder of Web Werks India Pvt Ltd, a major player told IANS.

Adding further he said the Covid-19 lockdown saw huge amount of data traffic and it is growing. Web Werks has signed a Memorandum of Understanding (MOU) with Tamil Nadu government to build a 20MW data Centre here at an outlay of about Rs.700 crore and will have a headcount of 100.

For Web Works, Chennai will be its second largest location in India. The company has its data centers in Mumbai, Pune and Delhi in India. It also has data centers overseas. The Tamil Nadu government is working to come out with a separate policy for data centers to strengthen the ecosystem.

“Most common requirements of data Centre’s pertaining to housing regulations and power are being worked upon to encourage data Centre investments and further downstream investments,” the state government said.

Rathi said all buildings cannot house a data center. The building that houses a data Centre will generally need a higher ceiling. “The buildings are machine specific,” Rathi added.

According to the state government, there are six submarine data cables with a bandwidth of 14.8 Tbps. The rural areas in Tamil Nadu are also well connected with more than 12,524 village panchayats with a minimum scalable bandwidth of 1 Gbps. As per TRAI, Chennai is among the top five service areas in India for broadband subscriptions.

The state government has signed Memorandums of Understanding (MOU) with nine companies for setting up data centers with a total proposed investment of Rs 16,927 crore and employment potential of over 9,000 jobs over the last two years.

National and international companies, including Yotta, Princeton Digital, ST Telemedia, Netmagic and Adani are in the process of setting up their data centers in Chennai. The Ambattur locality in Chennai is the preferred choice for data center companies owing to its favourable geographical conditions and existing data center ecosystem.

Siruseri is the next ideal destination due to the presence of several IT companies, which offers a great market opportunity, the government said. Rathi said there is a good market for data centres in Southern cities like Chennai, Bengaluru and Hyderabad owing to the concentration of IT companies, talent pool.

He said Tamil Nadu has the single window clearance which eases the regulatory clearance process. As per a JLL report, Mumbai and Chennai are expected to drive 73 per cent of the sector’s total capacity addition during 2021-23, while other cities like Hyderabad and Delhi-NCR emerging as new hotspots.

India’s data center sector will require investment of $3.7 billion over the next three years in order to fulfill the 6 million square feet greenfield development, JLL said.

Data centres in Chennai:

Ambattur
STTelemedia Data Center
NTT Netmagic
NTT Netmagic (Upcoming expansion)
Princeton Digital (Upcoming)
ST Telemedia (Upcoming)
Siruseri SIPCOT IT Park
Nxtra site 1
Vodafone
Reliance Jio
Nxtra site 1 (Upcoming)
Adani Group (Upcoming)
Technoelectric (Upcoming)
Mantra Data Centres (Upcoming)
Taramani
Sify.

Was US Money Used To Fund Risky Research Lab In China That Supposedly Is The Origin Of Coronavirus?

August 4, 2021August 5, 2021 Staff ReporterHealth, Money, Science 0

As the debate continues over the origins of the coronavirus, a heated political battle is taking place over virus research carried out in China using US funds. It’s linked to the unproven theory that the virus could have leaked from a lab in Wuhan, the Chinese city where it was first detected.

A report released by Republican lawmakers cites “ample evidence” that the lab was working to modify coronaviruses to infect humans and calls for a bipartisan investigation into its origins.

Republican Senator Rand Paul also alleges that US money was used to fund research there that made some viruses more infectious and more deadly, a process known as “gain-of-function”.

But this has been firmly rejected by Dr Anthony Fauci, the US infectious diseases chief. What is ‘gain-of-function’ research? “Gain-of-function” is when an organism develops new abilities (or “functions”).

This can happen in nature, or it can be achieved in a lab, when scientists modify the genetic code or place organisms in different environments, to change them in some way.

For example, this might involve scientists trying to create drought-resistant plants or modify disease vectors in mosquitoes to make them less likely to pass on infections.

With viruses that could pose a risk to human health, it means developing viruses that are potentially more transmissible and dangerous.

Scientists justify the potential risks by saying the research can help prepare for future outbreaks and pandemics by understanding how viruses evolve, and therefore develop better treatments and vaccines.

Did the US fund virus research in China?

Yes, it did contribute some funds. Dr. Fauci, as well as being an adviser to President Biden, is the director of the US National Institute of Allergy and Infectious Diseases (NIAID), part of the US government’s National Institutes of Health (NIH).

This body did give money to an organization that collaborated with the Wuhan Institute of Virology. That organization – the US-based Eco Health Alliance – was awarded a grant in 2014 to look into possible coronaviruses from bats.

Eco Health received $3.7m from the NIH, $600,000 of which was given to the Wuhan Institute of Virology. In 2019, its project was renewed for another five years, but then pulled by the Trump administration in April 2020 following the outbreak of the coronavirus pandemic.

In May, Dr Fauci stated that the National Institutes of Health (NIH) “has not ever and does not now fund gain-of-function research in the Wuhan Institute of Virology”.

Senator Rand Paul asked Dr Fauci if he wanted to retract that statement, saying: “As you are aware it is a crime to lie to Congress.” Senator Paul believes the research did qualify as “gain-of-function” research, and referred to two academic papers by the Chinese institute, one from 2015 (written together with the University of North Carolina), and another from 2017. One prominent scientist supporting this view – and quoted by Senator Paul – is Prof Richard Ebright of Rutgers University.

He told the BBC that the research in both papers showed that new viruses (that did not already exist naturally) were created, and these “risked creating new potential pathogens” that were more infectious. “The research in both papers was gain-of-function research”, he said.

He added that it met the official definition of such research outlined in 2014 when the US government halted funding for such activities due to biosafety concerns. The funding was paused to allow a new framework to be drawn up for such research.

Why does Dr Fauci reject this charge?

Dr Fauci told the Senate hearing the research in question “has been evaluated multiple times by qualified people to not fall under the gain-of-function definition”. He also said it was “molecularly impossible” for these viruses to have resulted in the coronavirus, although he did not elaborate.

The NIH and Eco Health Alliance have also rejected suggestions they supported or funded “gain-of-function” research in China. They say they funded a project to examine “at the molecular level” newly-discovered bat viruses and their spike proteins (which help the virus bind to living cells) “without affecting the environment or development or physiological state of the organism”.

One of the US scientists who collaborated on the 2015 research on bat viruses with the Wuhan institute, Dr Ralph Baric from the University of North Carolina, gave a detailed statement to the Washington Post.

He said the work they did was reviewed by both the NIH and the university’s own biosafety committee “for potential of gain-of-function research and were deemed not to be gain-of-function”. He also says that none of the viruses which were the subject of the 2015 study are related to Sars-Cov-2, which caused the pandemic in 2020.

Immunovant Receives $200 Million Strategic Investment from Roivant Sciences Proceeds will fund continued development of IMVT-1401 in multiple indications

August 4, 2021 Staff ReporterEconomy, Science, Technology 0

Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for people with autoimmune diseases, today announced that it has received a $200 million strategic investment from Roivant Sciences. Immunovant intends to use the proceeds from this investment to advance the development of IMVT-1401 in multiple indications.

Roivant has purchased 17,021,276 shares of Immunovant’s common stock at a price of $11.75 per share, which purchase has been approved by a special committee of Immunovant directors not affiliated with Roivant. This represents approximately a 15% premium to Immunovant’s 20 trading day volume weighted average price. After giving effect to the investment, Immunovant has a pro forma cash balance of approximately $600 million and Roivant has increased its ownership stake in Immunovant from 57.5% to 63.8%, based on Immunovant’s cash balance and share count as of March 31, 2021.

“We are excited to announce this significant investment by Roivant, which will expedite our development of IMVT-1401 for a wide range of autoimmune disorders,” said Dr. Pete Salzmann, Chief Executive Officer of Immunovant. “Over the next 12 months, we plan to initiate a pivotal trial for myasthenia gravis, resume our trials in WAIHA and TED and initiate at least two additional clinical studies, including another pivotal trial in 2022.”

“Roivant and Immunovant explored a range of possible transactions over the past few months, including a potential acquisition by Roivant of the minority interest in Immunovant, and ultimately agreed on this significant investment in order to support a robust development plan for IMVT-1401 and increase our stake in the company,” said Matt Gline, Chief Executive Officer of Roivant Sciences. “We are incredibly excited about the prospects for IMVT-1401, and we are eager to support Immunovant through this investment. We look forward to continuing to work closely with Dr. Salzmann and the Immunovant management team to help develop IMVT-1401 to maximize benefit for patients with high levels of unmet medical need.”

Immunovant is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies. For more information, visit www.immunovant.com.

Roivant’s mission is to improve the delivery of healthcare to patients by treating every inefficiency as an opportunity. Roivant develops transformative medicines faster by building technologies and developing talent in creative ways, leveraging the Roivant platform to launch ‘Vants’ – nimble and focused biopharmaceutical and health technology companies. For more information, visit www.roivant.com.

Ajay Ghosh Chronicles Journey Of Indian American Physicians In A Book Charting Success Story/Rise Of Indian Americans

July 30, 2021August 5, 2021 Staff ReporterBusiness, Community, Education, Nation India, Profile, Women 0

“WhileIndian American physicians play a critical role, serving millions of patients in the United States, leading the policies and programs that impact the lives of millions today, it has been a long and arduous journey of struggles and hard work to be on the top of the pyramid,” writes Ajay Ghosh, Editor of the www.theunn.com and the Media Coordinator of American Association of Physicians of Indian Origin (AAPI) in a new book, released in New Delhi last month and is due for release in the United States next month.

Edited by the Delhi-based veteran journalist and foreign policy analystTarunBasu, the evocative collection titled, “Kamala Harris and the Rise of Indian Americans,” captures the rise of the Indians in the US across domains by exceptional achievers like Shashi Tharoor, a former UN public servant-turned Indian politician, and top diplomats like TP Sreenivasan and Arun K Singh. Sixteen eminent journalists, business leaders and scholars have contributed essays to the timely and priceless volume, which charts the community’s growing and influential political engagement. The book was released July 15 by New Delhi-based publisher Wisdom Tree and is available in the U.S. via Amazon. Basu describes the book as an “eclectic amalgam of perspectives on the emerging Indian-American story.”

This evocative collection—of the kind perhaps not attempted before—captures the rise of Indian-Americans across domains, by exceptional achievers themselves, like Shashi Tharoor, the ones who have been and continue to be a part of the “rise,” like MR Rangaswami and Deepak Raj, top Indian diplomats like TP Sreenivasan and Arun K Singh, scholars like Pradeep K Khosla and Maina Chawla Singh, and others who were part of, associated with, or keenly followed their stories. “With 100,000 Indian American doctors; over 20,000 Indian American hoteliers; with a growing number of Indian American CEOs employing an estimated 3.5 million people worldwide; with one in three tech startups having an Indian American founder, and one is ten tech workers being of Indian origin, only sky is the limit for the enterprising community,” writes Basu, who is now the president of New Delhi-based think tank Society for Policy Studies, said.

A collector’s item, this eye-opening saga of a diaspora, which is possibly amongst the most successful and enterprising globally, would not only prove to be highly readable and insightful for a wide readership, but also immensely substantive for scholars and people in governance. As a long-time analyst of India’s foreign policy, Basu has tracked international relations across multiple Indian governments, having traveled widely with eight Indian prime ministers.

Basu has maintained a keen interest in the accomplishments of Indians abroad and has kept close touch with the community. The purpose of this anthology of essays edited by him is to bring to the global eye the unfolding saga of four million Indians in the United States. Indian Americans currently are just 1% of the US population but are expected to rise to 2% by 2030. Portraying the rise of the Indian American physicians as a strong and influential force in the United States, Ajay Ghosh chronicling their long journey to the United States and their success story, in a Chapter titled, “Physicians of Indian Heritage: America’s Healers” takes the readers to the times of Dr. AnandibaiJoshi, the first documented physician of Indian origin who had landed on the shores of the United States in 1883.

The arrival of Dr. YellapragadaSubbarow in the early 20^th century, who has been credited with some of the biggest contributions in more than one basic field of science—biochemistry, pharmacology, microbiology, oncology, and nutritional science, portrays the discrimination and injusticesinflicted by the mainstream Medical professionals in the US. The story of the present day “Covid Warriors” who work as frontline healthcare workers treating millions of patients across the nation during the current Covid pandemic, and the thousands of others who lead the cutting-edge research and pioneer modern medical technology to save the lives of critically ill patients around the world, shows to the world, how through hard work, dedication and vision, they have earned a name for themselves as “healers of the world.”

Through the lens of AAPI and its remarkable growth in the past 40 years, Ajay Ghosh, a veteran journalist in the US, who has seen and experienced how the Indian-American physicians have gone beyond their call of duty to meet the diverse needs of the larger American community, by dedicating their time, resources and skills during national disasters and family crises, says, “The importance and high esteem with which physicians of Indian heritage are held by their patients is self-evident, as they occupy critical positions in the healthcare, research and administrative policy positions across America.” Their contributions to the US, to India and to the entire world is priceless, he writes, as “they have made their mark in institutions from Harvard Medical School to Memorial Sloane Kettering Cancer Center to the Mayo Medical Center.”

The Indian American community is the most educated with the highest median income in the US and has excelled in almost every area it has touched―from politics to administration, entrepreneurship to technology, medicine to hospitality, science to academia, business to entertainment, philanthropy to social activism. The election of Vice President Kamala Harris has put the global spotlight like never before on the small but high-achieving Indian-American diaspora.

Highlighting the achievements of Indians in America, Basu, who is the founder-editor of news agency IANS, saidthat the community’s success serves as a ‘model’ for other nations. “A community that has made its mark with its culture of hard work, risk-taking, inclusive attitude, and passion for excellence can only be rising to greater prominence, making them a global diasporic “model community” for other nations whose governments are studying the success stories of the Indian American community with great interest.

“Indian Americans are most talked about because they live in the world’s most powerful and richest nation, a shining exemplar of meritocracy, and yet Indians have excelled in almost every area they touched – public affairs to administration, entrepreneurship to technology, medicine to hospitality, science to academia, business to entertainment, philanthropy to social activism,” Basu explained, highlighting the achievements of Surgeon-General DrVivek Murthy, Virgin Galactic’s SirishaBandla, and Samir Banerjee, who lifted the Wimbledon boys’ singles title recently.

“The nomination — and subsequent election — of the U.S.-born Indian origin Kamala Harris put the media spotlight on the small, but respected and high-achieving Indian American community,” writes Basu in his preface. “It is a fascinating and inspiring story of how an immigrant population from a developing country, with low education levels, became the most educated, highest-earning ethnic community in the world’s most advanced nation in almost a single generation,” he said, noting that Indian Americans have made their mark in almost every field, from the traditional trifecta of science, engineering and medicine, to the arts, academia, philanthropy, and, increasingly, politics.

Veteran journalist Aziz Haniffa wrote a preface, noting that Harris had initially bypassed the radar of the Indian American community at the start of her political career. Shashi Tharoor wrote, noting Harris’s multiple identities. “For the thousands of little Black girls who made ‘My VP Looks Like Me’ T-shirts go viral over the next few days, Harris represented an expansion of their horizons.” “Over the past decade, I watched as, one by one, the world’s most powerful technology titans announced an Indian would be their new CEO,” wrote Rangaswami, a venture capitalist and founder of the Sand Hill Group.

Other contributors for the include: former Indian ambassadors TP Sreenivasan and Arun K. Singh; Deepak Raj, chairman of Pratham USA; businessman Raj Gupta; hotelier Bijal Patel; Pradeep Khosla, Chancellor of UC San Diego; scholar-professor Maina Chawla Singh; Sujata Warrier, Chief Strategy Officer for the Battered Women’s Justice Project; Shamita Das Dasgupta, co-founder of Manavi; and journalists Arun Kumar, MayankChhaya, Suman GuhaMozumder, Ajay Ghosh, VikrumMathur, and LaxmiParthasarathy.

The book is now available at: https://bit.ly/HarrisIA – Amazon India book link, and at https://bit.ly/HarrisIndAm – Amazon USA link

Elon Musk Blames India’s High Import Duties As A Challenge To Bring Tesla

July 30, 2021 Staff ReporterBusiness, Economy, Technology 0

Tesla CEO Elon Musk said that its electric vehicle (EV) company wants to launch cars in India, but the country’s import duties on EVs are “highest in the world by far”. Replying to an Indian YouTuber on Twitter, who asked him to launch Tesla cars ASAP in India, Musk blamed high import rates in the country.

“We want to do so, but import duties are the highest in the world by far of any large country!” he wrote. “Moreover, clean energy vehicles are treated the same as diesel or petrol, which does not seem entirely consistent with the climate goals of India,” he added.

Last year, a report said that India has taken a slew of measures to promote the use of electric cars in the country. The government slashed Goods and Services Tax (GST) on electric vehicles to five per cent from earlier 12 per cent but to protect domestic automakers, it levies 125 per cent duty on imported vehicles.

“I’m told import duties are extremely high (up to 100 per cent), even for electric cars. This would make our cars unaffordable,” Musk earlier said while responding to a tweet from an Indian follower.

Close on the heels of Union Budget providing tax relief for buying electric vehicles, the GST Council in its meeting last year in July cut the tax on electric vehicles (EV) from 12 per cent to 5 per cent, effective August 1, 2019. The twin rate cuts are set to further boost the EV sector. The Budget, last year, had proposed an Income Tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase electric vehicles.

Amazon India Is Shopping To Acquire Inox, Others

July 30, 2021 Staff ReporterBusiness, Economy 0

In A move aimed at diversifying its entertainment business, Amazon India is learnt to be in discussions with multiple players in the film and media distribution segment, including Mumbai-based movie theatre chain Inox Leisure Ltd, for potentially picking up stakes in them, sources told The Indian Express. With its over-the-top (OTT) content business not growing as fast as the company expected — Amazon India launched its OTT platform Prime Video in 2016 — and with movie theatre chains impacted by lockdowns over the last year-and-a-half, Amazon India is said to be looking at acquiring interest in some of these businesses. Inox, a source said, is a likely candidate.

“After the initial growth of the first six months last year, the OTT content business has not grown as fast as the company expected. There are three to four deals in this space being evaluated currently, including some distressed assets. Amazon India is in advanced talks with some of them,” a source close to the development said. Inox Leisure, one of the largest movie theatre chains in the country with 153 multiplexes and 648 screens, has been hit by the pandemic-induced lockdowns across the country. To a specific query on the issue, a spokesperson for Amazon India said, “We do not comment on speculations about what we may or may not do in future”.

Inox Leisure did not respond to a request for comment. On Monday, the movie exhibition company’s share on the BSE ended trading at Rs 302.90, 1.87% higher than its previous close. Inox Leisure, one of the largest movie theatre chains in the country with 153 multiplexes and 648 screens, has been hit by the pandemic-induced lockdowns across the country. For the year ended March 2021, the company posted a net loss of Rs 257 crore, against a profit of Rs 141 crore for 2019-20 (April-March). Around 40 per cent of Inox Leisure’s screens are present in the western part of the country, followed by north, south and east. As of June 30, Inox Leisure’s promoters held 43.63% stake, while 56.23% is public-owned.

The biggest player in the space, PVR Ltd, reported a net loss of Rs 665.64 crore for 2020-21 as against a profit of Rs 131.04 crore in the previous year. PVR has 176 cinemas and 842 screens across the country. Shares of Inox Leisure were at Rs 328.5 on January 28 and traded in the Rs 305-335 range till March 18, after which it started declining and reached a low of Rs 251 on April 19 — when the second surge of Covid-19 peaked. Shares of PVR followed almost a similar trajectory over the period, trading at levels of Rs 1,450 on January 28, and then slipping to Rs 1,015.25 on April 19. As of Monday, PVR’s scrip ended trading at Rs 1,329.90.

In 2019-20, US-based Amazon is learnt to have invested $1.5 billion in its Indian business, bulk of which was pumped into the e-commerce business. Experts tracking the sector pointed out that a major deal by Amazon in the entertainment space could see the company increasing its focus on this side of its business, away from e-commerce, where the company is battling policy changes and large players such as Walmart-backed Flipkart and Reliance Retail. Last year, Amazon began discussions to acquire ailing US-based theatre chain AMC, but the talks reportedly fell through. “In India, the film exhibition market is quite different from the US because the average revenue generated by movie theatres in the US per customer is much higher than in India,” a Gurgaon-based consultant said.

India Among Top 10 Countries In Pharma, Healthcare

July 30, 2021 Staff ReporterBusiness, Health, Technology 0

India is among the top 10 countries in pharma and healthcare sector with exponential growth recorded in the last five years, according to a report by Sagacious IP, a global IP research and consulting firm. The report stated that patents with Indian publication having Indian priority grew from 2,548 in 2015 to 7,399 in 2020. Such numbers are indicative of increased patent filing activity by Indian companies and MNCs with research centers based in India. The pharma and healthcare sector has also seen massive growth in global patent filings in the last five years, from over 24,000 in 2015 to over 1,50,000 in 2020.

In terms of the origin of patent applications in the pharma sector globally, India is among the top 10 countries, followed by Italy, Australia, Taiwan and Sweden. The applications originating from India are majorly filed in the US, European Parliament and APAC region. The top Indian filers who filed patents in India during the last five years (2015-2020) include the Council of Scientific and Industrial Research (CSIR), ITC Life Sciences, Lovely Professional University, Colgate Palmolive (India), Tata Consultancy Services (TCS) Limited, IIT Bombay, Cadila Healthcare, Lupin, Amity University, and Wockhardt Limited, the report said.

CSIR, a research institute, leads in these filings. Among companies, ITC (ITC Life Sciences and Technology Centre) is on top. The report stated that pharmaceutical companies face major challenges dealing with IP rights and the competition provided by the generics. Further, the biggest challenge in developing approved drugs is the long time spent in research and the investments required for the same.

Also, due to increased awareness and digital connectivity, self-medication has been rampant, which does not go down well in terms of returns on R&D and IP investments in drug discovery. Recently, the industry has shown a focus shift towards preventive healthcare and therefore the players must align with this shift. Lastly, stringent guidelines by governments globally and low returns on generics are the other few limiting factors to R&D in this sector.

On a positive side, India is notably a preferred destination and market for healthcare innovation as is evident by global companies securing many of their global patents in India, it said. India is one of the largest manufacturers of generic medicines and vaccines, holding 20 per cent and 62 per cent volume share, respectively. (IANS)

The Brutal Truth About Bitcoin

July 30, 2021 Eswar Prasad At Brookings InstituteBusiness, Finance/Economy 0

Bitcoin, the original cryptocurrency, has been on a wild ride since its creation in 2009. Earlier this year, the price of one Bitcoin surged to over $60,000, an eightfold increase in 12 months. Then it fell to half that value in just a few weeks. Values of other cryptocurrencies such as Dogecoin have risen and fallen even more sharply, often based just on Elon Musk’s tweets. Even after the recent fall in their prices, the total market value of all cryptocurrencies now exceeds $1.5 trillion, a staggering amount for virtual objects that are nothing more than computer code. Are cryptocurrencies the wave of the future and should you be using and investing in them? And do the massive swings in their prices—nearly $1 trillion was wiped off their total value in May—portend trouble for the financial system?

Bitcoin was created (by a person or group that remains unidentified to this day) as a way to conduct transactions without the intervention of a trusted third party, such as a central bank or financial institution. Its emergence amid the global financial crisis, which shook trust in banks and even governments, was perfectly timed. Bitcoin enabled transactions using only digital identities, granting users some degree of anonymity. This made Bitcoin the preferred currency for illicit activities, including recent ransomware attacks. It powered the shadowy darknet of illegal online commerce much like PayPal helped the rise of eBay by making payments easier.

While Bitcoin’s roller-coaster prices garner attention, of far more consequence is the revolution in money and finance it has set off that will ultimately affect every one of us, for better and worse. As it grew in popularity, Bitcoin became cumbersome, slow, and expensive to use. It takes about 10 minutes to validate most transactions using the cryptocurrency and the transaction fee has been at a median of about $20 this year. Bitcoin’s unstable value has also made it an unviable medium of exchange. It is as though your $10 bill could buy you a beer on one day and a bottle of fine wine on another.

Moreover, it has become clear that Bitcoin does not offer true anonymity. The government’s success in tracking and retrieving part of the Bitcoin ransom paid to the hacking collective DarkSide in the Colonial Pipeline ransomware attack has heightened doubts about the security and nontraceability of Bitcoin transactions. While Bitcoin has failed in its stated objectives, it has become a speculative investment. This is puzzling. It has no intrinsic value and is not backed by anything.

Bitcoin devotees will tell you that, like gold, its value comes from its scarcity—Bitcoin’s computer algorithm mandates a fixed cap of 21 million digital coins (nearly 19 million have been created so far). But scarcity by itself can hardly be a source of value. Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.

Despite their high valuations on paper, a collapse of Bitcoin and other cryptocurrencies is unlikely to rattle the financial system. Banks have mostly stayed on the sidelines. As with any speculative bubble, naive investors who come to the party late are at greatest risk of losses. The government should certainly caution retail investors that, much like in the GameStop saga, they act at their own peril. Securities that enable speculation on Bitcoin prices are already regulated, but there is not much more the government can or ought to do.

Bitcoin is not innocuous. Transactions are processed by “miners” using massive amounts of computing power in return for rewards in the form of Bitcoin. By some estimates, the Bitcoin network consumes as much energy as entire countries like Argentina and Norway, not to mention the mountains of electronic waste from specialized machines used for such mining operations that burn out rapidly.

Whatever Bitcoin’s eventual fate, its blockchain technology is truly ingenious and groundbreaking. Bitcoin has shown how programs running on networks of computers can be harnessed to securely conduct payments, within and between countries, without relying on avaricious financial institutions that charge high fees. For migrant workers sending remittances back to their home countries, for instance, such fees are a major burden. Technologies that make payments cheaper, quicker and easier to track would benefit consumers and businesses, facilitating both domestic and international commerce.

The technology is not without risks. Facebook plans to issue its own cryptocurrency called Diem intended to make digital payments easier. Unlike Bitcoin, Diem would be fully backed by reserves of U.S. dollars or other major currencies, ensuring stable value. But, as with its other ostensibly high-minded initiatives, Facebook can hardly be trusted to put the public’s welfare above its own. The prospect of multinational corporations one day issuing their own unbacked cryptocurrencies worldwide is deeply disquieting. Such currencies won’t threaten the U.S. dollar, but could wipe out the currencies of smaller and less developed countries.

Variants of Bitcoin’s technology are also making many financial products and services available to the masses at low cost, directly connecting savers and borrowers. These developments and the possibilities created by the new technologies have spurred central banks to consider issuing digital versions of their own currencies. China, Japan, and Sweden are already conducting trials of their digital currencies.

Ironically, rather than truly democratizing finance, some of these innovations may exacerbate inequality. Unequal financial literacy and digital access might result in sophisticated investors garnering the benefits while the less well off, dazzled by new technologies, take on risks they do not fully comprehend. Computer algorithms could worsen entrenched racial and other biases in credit scoring and financial decisions, rather than reducing them. The ubiquity of digital payments could also destroy any remaining vestiges of privacy in our day-to-day lives. While Bitcoin’s roller-coaster prices garner attention, of far more consequence is the revolution in money and finance it has set off that will ultimately affect every one of us, for better and worse.

Americans With Higher Net Worth At Midlife Tend To Live Longer

July 30, 2021 Northwestern UniversityEconomy, Lifestyle 0

Newswise — EVANSTON, Ill., — One of the keys to a long life may lie in your net worth. In the first wealth and longevity study to incorporate siblings and twin pair data, researchers from Northwestern University analyzed the midlife net worth of adults (mean age 46.7 years) and their mortality rates 24 years later. They discovered those with greater wealth at midlife tended to live longer.

The researchers used data from the Midlife in the United States (MIDUS) project, a longitudinal study on aging. Using data from the first collection wave in 1994-1996 through a censor date of 2018, the researchers used survival models to analyze the association between net worth and longevity. To tease apart factors of genetics and wealth, the full sample was segmented into subsets of siblings and twins. In the full sample of 5,400 adults, higher net worth was associated with lower mortality risk. Within the data set of siblings and twin pairs (n=2,490), they discovered a similar association with a tendency for the sibling or twin with more wealth to live longer than their co-sibling/twin with less. This finding suggests the wealth-longevity connection may be causal, and isn’t simply a reflection of heritable traits or early experiences that cluster in families.

“The within-family association provides strong evidence that an association between wealth accumulation and life expectancy exists, because comparing siblings within the same family to each other controls for all of the life experience and biology that they share,” said corresponding author Eric Finegood, a postdoctoral fellow in the Institute for Policy Research at Northwestern. The researchers also considered the possibility that previous health conditions, such as heart disease or cancer, could impact an individual’s ability to accrue wealth due to activity limitations or healthcare costs — possibly confounding any association between wealth and longevity. To address this, they re-analyzed the data using only individuals without cancer or heart disease. However, even within this sub-group of healthy individuals, the within-family association between wealth and longevity remained.

The study’s senior author is Greg Miller, the Louis W. Menk Professor of Psychology and faculty fellow at the Institute for Policy Research at Northwestern. Co-authors of the study include other Northwestern faculty and trainees (Edith Chen, Daniel Mroczek, Alexa Freedman) as well as researchers from the University of Illinois, Urbana-Champaign; West Virginia University; Purdue University; and the University of Minnesota. “Far too many American families are living paycheck to paycheck with little to no financial savings to draw on in times of need, said Miller. “At the same time, wealth inequality has skyrocketed. Our results suggest that building wealth is important for health at the individual level, even after accounting for where one starts out in life. So, from a public health perspective, policies that support and protect individuals’ ability to achieve financial security are needed.”

NRI Appointed As Vice-Chairman Of Abu Dhabi Chamber Of Commerce

July 30, 2021 Staff ReporterBusiness, Finance/Economy, Profile 0

The crown prince of Abu Dhabi & deputy supreme commander of the UAE Armed Forces, Sheikh Mohamed Bin Zayed Al Nahyan appointed Indian-origin businessman Yusuffali MA as the vice-chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI). The 65-year-old businessman is the only Indian among the 29-member board. Yusuffali is the chairman and managing director of Lulu Group International, a chain of hypermarkets and retail companies which is headquartered in Abu Dhabi, UAE. It was founded in 2000 by Yusuffali in Thrissur district of India’s Kerala.

This is indeed a very proud and emotional moment for me. I am very happy to receive Abu Dhabi’s highest civilian award from the blessed hands of HH Sheikh @MohamedBinZayed, Crown Prince & Deputy Supreme Commander of the UAE Armed Forces. (1/3) pic.twitter.com/G2CmupCDfn Sheikh Mohamed issued a resolution to form a new board of directors for ADCCI, chaired by Abdullah Mohamed Al Mazrouei and prominent Indian businessman Yusuffali MA as the vice-chairman.

ADCCI is the apex government body of all businesses established in Abu Dhabi and functions as a bridge between the government and the business sector. The mission of this governing body is to contribute towards developing and organize the commercial and trade activities in the Emirate of Abu Dhabi, increase the competitiveness capabilities of the companies of the private sector, and expand their opportunities through providing high world-class services which would contribute to realizing sustainable development in the Emirate.

“It is truly a very humbling and proud moment in my life. My sincere gratitude to the visionary leadership of this great country and I will strive to do my best towards justifying the great responsibility entrusted upon me. Apart from working for the growth of Abu Dhabi economy and the larger business community, I will sincerely work towards further boosting the Indo-UAE trade relations”, news reports quoted him as saying. Yusuffali arrived in Abu Dhabi 47 years ago and in April 2021, Sheikh Mohamed honored Yusuffali with ‘Abu Dhabi Awards 2021’, the highest civilian honor for his almost five-decade-long contributions in the fields of economic development and philanthropy.

India Bans Mastercard From Issuing New Cards In Data Storage Row

July 22, 2021 Staff ReporterBusiness, Nation India 0

MUMBAI (Credit/Reuters) -The Reserve Bank of India (RBI) on Wednesday indefinitely barred MastercardInc from issuing new debit or credit cards to domestic customers for violating data storage rules, dealing a blow to the U.S. company in a key market. In a notification, the RBI said Mastercard had not complied with data storage rules from 2018 that require foreign card networks to store Indian payments data “only in India” so the regulator can have “unfettered supervisory access”.

“Notwithstanding lapse of considerable time and adequate opportunities being given, the entity (Mastercard) has been found to be non-compliant with the directions,” the RBI said. Mastercard said it was “disappointed” with the RBI’s decision and that it had provided regular updates on its compliance with the rules since 2018. “We will continue to work with them to provide any additional details required to resolve their concerns,” it said in a statement late Wednesday. The ban takes effect on July 22. The move comes less than three months after India’s central bank barred American Express and Diners Club International, owned by Discover Financial Services, from issuing new cards due to similar violations.

But unlike American Express, which is a relatively small player in India, companies such as Mastercard and Visa have partnered with many Indian banks that offer cards using the U.S. firms’ payments network. In 2019, Mastercard said it was “bullish on India”, announcing $1 billion in investment over the next five years, in addition to its earlier investment of $1 billion from 2014-2019. “It does leave a big vacuum in credit cards and can come as a good opportunity for Visa … Banks will have to start re-negotiating the deals and this will be a blow for Mastercard,” said Ashvin Parekh, an independent financial services consultant.

The RBI’s decision will not impact existing customers of Mastercard, and the company should advise all card issuing banks in India to comply with the order, the RBI added. The RBI directive in 2018 sparked an aggressive lobbying effort from U.S. companies, which said the rules would increase their infrastructure costs and hit their global fraud detection platforms, but the central bank did not relent. The order comes as companies such as Mastercard and Visa also face growing competition from domestic payments network Rupay, which has been promoted by Prime Minister Narendra Modi. In 2018, Mastercard told the U.S. government that New Delhi’s protectionist policies were hurting foreign payment companies, Reuters has previously reported.

Stocks Tumble As COVID-19 Fears Rise

July 22, 2021 Staff ReporterBusiness, Economy 0

Stocks are falling sharply Monday as worries sweep from Wall Street to Sydney that the worsening pandemic in hotspots around the world will derail what’s been a strong economic recovery. The S&P 500 was 1.9% lower in morning trading, after setting a record high just a week earlier. In another sign of worry, the yield on the 10-year Treasury dropped close to its lowest level in five months. It sank below 1.20% as investors scrambled for safer places to put their money. The Dow Jones Industrial Average was down 769 points, or 2.2%, at 33,918, as of 10:17 a.m. Eastern time. The Nasdaq composite was 1.7% lower.

Airlines, hotels and stocks of other companies that would get hurt the most by potential COVID-19 restrictions were taking some of the heaviest losses, similar to the early days of the pandemic in February and March 2020. Mall owner Simon Property Group tumbled 7.8%, and cruise operator Carnival lost 7.5%. The drop also circled the world, with several European markets down nearly 3%, on worries new, more infectious variants of the virus are dragging particularly hard on economies where vaccination rates are low. The price of benchmark U.S. crude, meanwhile, sank more than 5% after OPEC and allied nations agreed on Sunday to eventually allow for higher oil production this year.

Experts are saying Indonesia has become a new epicenter for the pandemic as outbreaks worsen across Southeast Asia. Meanwhile, some athletes have tested positive for COVID at Tokyo’s Olympic Village, with the Games due to open Friday. “The more transmissible delta variant is delaying the recovery for the ASEAN economies and pushing them further into the doldrums,” said VenkateswaranLavanya, at Mizuho Bank in Singapore. Even though vaccination rates are higher in the United States and some other developed economies, the tightly connected global economy means hits anywhere can quickly affect others on the other side of the world.

In Japan, the world’s third-largest economy, the vaccine rollout came later than in other developed nations and has stagnated lately. Japan is totally dependent so far on imported vaccines, and just one in five Japanese have been fully vaccinated. Financial markets have been showing signs of increased concerns for a while, but the U.S. stock market had remained largely resilient. The S&P 500 has had just two down weeks in the last eight. The bond market has been louder in its warnings, though. The yield on the 10-year Treasury tends to move with expectations for economic growth and for inflation, and it has been sinking from a perch of roughly 1.75% in March. It was at 1.19% Monday morning, down from 1.29% late Friday.

Analysts and professional investors say a long list of reasons is potentially behind the sharp moves in the bond market, which is seen as more rational and sober than the stock market. But at the heart is the risk the economy may be set to slow sharply from its current, extremely high growth. Besides the new variants of the coronavirus, other risks to the economy include fading pandemic relief efforts from the U.S. government and a Federal Reserve that looks set to begin paring back its assistance for markets later this year.

Worries about a possible sharp slowdown have particularly hurt stocks whose profits are most closely tied to the strength of the economy. Stocks of smaller companies, for example, have been scuffling since hitting a peak in March even though many reports on the economy still show it’s growing at a very healthy rate. The Russell 2000 index of smaller stocks slumped 2.3% Monday, outpacing losses for their larger rivals on Wall Street. The selling pressure was widespread, with more than 90% of the stocks in the S&P 500 lower. Even Big Tech stocks were falling, with Apple down 3.1% and Mircosoft 1.5% lower. During earlier hiccups for the stock market, investors would often big up such stocks further on expectations they will continue to grow almost regardless of the economy’s strength.

Among the few gainers on Wall Street were potential winners of a return to a stay-at-home economy. Clorox rose 1.2%, and Campbell Soup gained 1%. In Europe, Germany’s DAX lost 2.9%, and France’s CAC 40 fell 2.9%. The FTSE 100 in London slumped 2.6%. In Asia, Japan’s Nikkei 225 lost 1.3%, Hong Kong’s Hang Seng fell 1.8%, South Korea’s Kospi dropped 1%. Australian stocks sank 0.9%.

10% Of Global Population Were Undernourished During Covid

July 16, 2021 Staff ReporterEconomy, Global 0

Nearly one tenth of the global population, between 720 million people and 811 million, were undernourished last year, according to a UN report. Global hunger levels have skyrocketed because of conflict, climate change and the economic impact of the Covid-19 pandemic; and one in five children around the world is stunted, said the report titled, ‘The State of Food Security and Nutrition in the World 2021’ released on Monday. New data that represents the first comprehensive global assessment of food insecurity carried out since the pandemic began, indicates that the number of people affected by chronic hunger in 2020, rose by more than in the previous five years combined, Xinhua news agency reported.

Reversing this situation will likely take years if not decades, according to the World Food Programme (WFP), Food and Agriculture Organization, the International Fund for Agricultural Development, World Health Organization and Unicef. “The pandemic continues to expose weaknesses in our food systems, which threaten the lives and livelihoods of people around the world,” the heads of those agencies wrote in this year’s report. Some 418 million of the undernourished people last year were in Asia and 282 million were in Africa, according to the report.

Globally, 2.4 billion people did not have access to sufficiently nutritious food in 2020 – an increase of nearly 320 million people in one year. The report also highlights how climate change has left communities in developing countries most exposed to hunger – despite the fact that they contribute little to global CO2 emissions. These poorer nations are also the least prepared to withstand or respond to climate change, said WFP’s Gernot Laganda, who added that weather-related shocks and stresses were “driving hunger like never before”.

This suggests that “it will take a tremendous effort for the world to honor its pledge to end hunger by 2030”, the agencies said in a statement, in a call for food production to be more inclusive, efficient, resilient and sustainable. Children’s healthy development has suffered too, with more than 149 million under-fives affected by stunting and 370 million missing out on school meals in 2020, because of school closures during the coronavirus pandemic. Today, 150 million youngsters still do not have access to a school lunch, said WFP, which urged countries to restore these programs and put in place “even better (ones) that give children and communities a future”.

“The (report) highlights a devastating reality: the path to Zero Hunger is being stopped dead in its tracks by conflict, climate and Covid-19,” said WFP Executive Director David Beasley. Children’s future potential “is being destroyed by hunger”, he insisted. “The world needs to act to save this lost generation before it’s too late.” In September, the UN will convene a Food Systems Summit with the objective of launching bold new actions to build healthier, more sustainable and equitable food systems around the world. In the lead-up to this pivotal event, the UN is inviting stakeholders from all sectors, across all food systems, to get involved.

This report presents the first global assessment of food insecurity and malnutrition for 2020 and offers some indication of what hunger might look like by 2030, in a scenario further complicated by the enduring effects of the pandemic. It also includes new estimates of the cost and affordability of healthy diets, which provide an important link between the food security and nutrition indicators and the analysis of their trends. Altogether, the report highlights the need for a deeper reflection on how to better address the global food security and nutrition situation.(IANS)

Neha Parikh Is CEO Of Waze

July 16, 2021 Staff ReporterBusiness, Travel, Women 0

Neha Parikh, the former president of Hotwire and a board member of Carvana, has been named CEO of Waze, the app that leads millions on the road tyo reach their destinations. Parikh replaces Noam Bardin, who stepped down as CEO of the Google-owned navigation service last November after leading the company for 12 years.Neha Parikh, a former president of the travel website Hotwire, comes with a broad experience in the travel and navigation-based industry. Parikh was previously a board member of Carvana, an Israeli online car retailer and stepped down as the CEO of the company after 12 years.

She has also worked as the board member of Tailwind Acquisition Corp. and worked in several positions for nine years at Hotels.com which is a subsidiary of Hotwire and became the youngest and first female president of the company. Parikh started her career in 2000 as a Management Consultant at PricewaterhouseCoopers, which is a multinational professional services network of firms. After working at the company for a year, she worked in several other positions like a business analyst, marketing manager, and demand and growth strategy consultant.

At Hotels.com, which is a subsidiary of Expedia Group, Parikh started as a Product Manager and in her nine-year career in the company, she achieved the position of Senior Vice President. Before starting her career in the field of business and management, Parikh completed her Bachelor of Business Administration from the University of Texas at Austin and her Masters in Business Administration from Northwestern University.

After Parikh was announced as the CEO of Waze, a spokesperson of the company said that as she leads into the future, Parikh will remain hyper-focused on the passionate community of the company, their beloved brand, and the best-in-class products. About joining the company, Parikh said in a statement that she is thrilled to align with a company that puts its customers first as relentless customer focus has been central to her career.

A month before joining Waze as a CEO Parikh shared a post on her Linkedin account announcing that she would be joining the company in a month. Talking about Waze in her post, Parikh said that anyone who knows her well knows that she is a fan of the company as it is about helping other people.

“As Neha leads Waze into the future, she will remain hyper-focused on our passionate community, beloved brand, and best-in-class products,” a spokesperson for the company said. A month before assuming her new role at Waze in June, Parikh shared a post on her LinkedIn account that detailed her inclination for the brand. “Anyone who knows me well knows that I am a (vocal!) Waze superfan both because it 100 percent helps me outsmart traffic but also because at its core, Waze is about people helping other people,” she wrote.

The San Francisco, Calif.-based executive is a veteran of the online hospitality brand Expedia, and has served in a variety of positions at two of the corporation’s subsidiaries: Hotels.com and as Hotwire’s youngest and first female president, according to PTI. Waze, according to the agency, currently has over 140 million active monthly users in more than 185 countries who drive more than 40 billion kilometers every month. The app can give out directions in 56 different languages and employs over 500 people, a significant number of which are based out of Israel.

Parikh first started with Expedia Group in 2008 with Hotels.com, where her responsibilities and expertise spanned product development, customer relationship marketing, pricing and strategy, culminating in her role as senior vice president of global brands for Hotels.com before assuming the role of president of Hotwire in 2017. In addition, Parikh has held marketing and product development roles at Dade Behring (a Siemens healthcare company) and worked as a management consultant at Pricewaterhouse Coopers, LLP. Parikh was also appointed to the board of Carvana, the online car marketplace, in April 2019. She holds a bachelor’s degree in business from the University of Texas at Austin and an MBA from the Kellogg School of Management at Northwestern University.

S&P Reaffirms India’s Long-Term Sovereign Credit Rating, Outlook

July 16, 2021 Staff ReporterBusiness, Economy 0

Global rating agency Standard and Poor’s has affirmed India’s sovereign rating at “BBB-” and maintained a stable outlook on gradual recovery in the economy. India’s recovery will gather pace through the second half of FY22 and into the following year, helping to stabilise the country’s overall credit profile, S&P said in a statement. It, however, warned the country’s fiscal settings were weak, and the deficits would remain elevated over the coming years even as the government undertook some consolidation.

India’s strong external settings help to buffer the risks associated with the government’s high deficits and debt stock. India’s economy is recovering from a deep contraction in FY21 and a subsequent severe second wave of Covid. “We expect real GDP growth to rebound to 9.5 per cent in FY22 on continued. India’s long-term rating was affirmed at ‘BBB-‘ with a stable outlook while the short-term rating was held at ‘A-3’. The stable outlook reflects our expectation that India’s economy will recover following the resolution of the COVID-19 pandemic,” analysts at the rating agency wrote. “And that the country’s strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months”.

S&P said, however, it may lower the country’s ratings if the economy recovers significantly slower than expected from fiscal year 2021/22, or if the general government deficits and associated indebtedness materially exceeds its forecasts. The rating agency said India continued to outperform its peers and it expected economic activity to begin to normalise throughout the rest of the year and the economy to grow 9.5% for the full year after a contraction of 7.3% in 2020/21. “The pace of India’s ambitious COVID-19 vaccination campaign will be crucial to the mitigation of adverse outcomes from future pandemic waves,” analysts wrote.

The agency, however, expects the country’s fiscal position to remain weak and only sees a gradual deficit consolidation over the next three years. S&P said there was a risk that some damage to the real economy from India’s deep economic downturn last year, and the more recent coronavirus outbreak, could be enduring but implementation and acceleration of key reforms could help to address this risk over the next few years.

“The government’s ability to deliver and execute additional economic reforms, especially those that spur investment and job creation, will be important for India’s ability to recover from the economic slowdown,” it said. “Existing vulnerabilities, including a relatively weak financial sector, rigid labour markets, and sluggish private investment, could hamper the economic recovery if not meaningfully addressed”.

Andy Jassy To Be Amazon CEO As Jeff Bezos Steps Down

July 9, 2021 Staff ReporterBusiness, Economy, Technology 0

Amazon CEO Jeff Bezos will leave his post later this year, turning the helm over to the company’s top cloud executive, Andy Jassy, according to an announcement Tuesday. Bezos will transition to executive chairman of Amazon’s board. Bezos, 57, founded Amazon in 1994 and has since morphed the one-time online bookstore into a mega-retailer with global reach in a slew of different categories from gadgets to groceries to streaming. Amazon surpassed a $1 trillion market cap under Bezos’ leadership in January of last year — it’s now worth more than $1.6 trillion.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees. “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”

The company had kept its succession plans quiet, though onlookers speculated that either Jassy or Jeff Wilke, CEO of Amazon’s worldwide consumer business, would be Bezos’ eventual successor. In August Amazon announced Wilke will retire in 2021. Jassy, 53, will become CEO in the third quarter.Jassy joined Amazon in 1997 and has led Amazon’s Web Services cloud team since its inception. AWS continues to drive much of Amazon’s profit. Bezos said he will stay engaged in important Amazon projects but will also have more time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said in his internal announcement. “Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else.” While Bezos’ unquestionable impact on business can’t be understated, Amazon isn’t without its share of controversy. The company has been leveled with criticism over treatment of workers and controlling a monopoly that affects smaller businesses. That said, as Andy Jassy takes over at Amazon, here are some of Bezos’ bigger moments on his way to building a dynasty named after the largest river on the planet. His company is worth nearly $1.8 trillion.

Ransomware By Hackers Impacts Hundreds of US Companies

July 9, 2021 Staff ReporterBusiness, Technology 0

A ransomware attack paralyzed the networks of at least 200 U.S. companies on Friday, according to a cybersecurity researcher whose company was responding to the incident. The attack, first revealed last week, is believed to be affiliated with the prolific ransomware gang REvil and perpetuated through Kaseya, an international company that remotely controls programs for companies that, in turn, manage internet services for businesses. The hackers targeted managed service providers, which often give IT support to small- to medium-size businesses, according to Huntress Labs. By targeting a managed service provider, or MSP, hackers may then be able to access and infiltrate its customers’ computer networks.

Two of the affected managed service providers include Synnex Corp. and Avtex LLC, according to two sources familiar with the breaches. Reached by telephone, Avtex president George Demou told Bloomberg News in a text message on Friday night that “Hundreds of MSPs have been impacted by what appears to be a Global Supply Chain hack.” The REvil gang, a major Russian-speaking ransomware syndicate, appears to be behind the attack, said John Hammond of the security firm Huntress Labs. He said the criminals targeted a software supplier called Kaseya, using its network-management package as a conduit to spread the ransomware through cloud-service providers. Other researchers agreed with Hammond’s assessment. “It’s reasonable to think this could potentially be impacting thousands of small businesses,” Hammond said.

“Kaseya handles large enterprise all the way to small businesses globally, so ultimately, (this) has the potential to spread to any size or scale business,” Hammond said in a direct message on Twitter. “This is a colossal and devastating supply chain attack.” Kaseya announced, it was attacked by hackers and warned all its customers to immediately stop using its service. Nearly 40 of its customers were hacked. Since those Kaseya customers manage hundreds or thousands of businesses, it is unclear how many will fall victim to ransomware over the weekend. But the number’s at least already around 200, said John Hammond, a senior security researcher at Huntress, which is helping with Kaseya’s response. That number expected to rise.

Cybersecurity researcher Jake Williams, president of Rendition Infosec, said he was already working with six companies hit by the ransomware. It’s no accident that this happened before the Fourth of July weekend, when IT staffing is generally thin, he added. “There’s zero doubt in my mind that the timing here was intentional,” he said. The federal Cybersecurity and Infrastructure Security Agency said in a statement late Friday that it is closely monitoring the situation and working with the FBI to collect more information about its impact.

Some cybersecurity experts predicted that it might be hard for the gang to handle the ransom negotiations, given the large number of victims — though the long U.S. holiday weekend might give it more time to start working through the list. CISA urged anyone who might be affected to “follow Kaseya’s guidance to shut down VSA servers immediately.” Kaseya runs what’s called a virtual system administrator, or VSA, that’s used to remotely manage and monitor a customer’s network.

Shorter Workweek Leads To ‘Major Success’

July 9, 2021 Andrea Hsu At NPREconomy, Lifestyle 0

As many people contemplate a future in which they don’t need to commute to offices, the idea of working less altogether also has its appeal. Now, research out of Iceland has found that working fewer hours for the same pay led to improved well-being among workers, with no loss in productivity. In fact, in some places, workers were more productive after cutting back their hours.

Granted, Iceland is tiny. Its entire workforce amounts to about 200,000 people. But 86% of Iceland’s working population has moved to shorter hours or has the right to negotiate such a schedule, according to a report by the Association for Democracy and Sustainability and the think tank Autonomy. This follows two successful trials, involving 2,500 workers, that the report called “a major success.”

The trials were conducted from 2015 to 2019. Workers went from a 40-hour weekly schedule to 35- or 36-hour weekly schedules without a reduction in pay. The trials were launched after agitation from labor unions and grassroots organizations that pointed to Iceland’s low rankings among its Nordic neighbors when it comes to work-life balance. Workers across a variety of public- and private-sector jobs participated in the trials. They included people working in day cares, assisted living facilities, hospitals, museums, police stations and Reykjavik government offices.

Participants reported back on how they reduced their hours. A common approach was to make meetings shorter and more focused. One workplace decided that meetings could be scheduled only before 3 p.m. Others replaced them altogether with email or other electronic correspondence. Some workers started their shifts earlier or later, depending on demand. For example, at a day care, staff took turns leaving early as children went home. Offices with regular business hours shortened those hours, while some services were moved online.

Some coffee breaks were shortened or eliminated. The promise of a shorter workweek led people to organize their time and delegate tasks more efficiently, the study found. Working fewer hours resulted in people feeling more energized and less stressed. They spent more time exercising and seeing friends, which then had a positive effect on their work, they said. One worker quoted in the research cited an increased respect for the individual as a motivating factor. Rather than being seen as machines that work all day, there was recognition that workers have desires and private lives, families and hobbies.

Anant Agarwal Founded & Harvard-MIT Venture Edx, Acquired By 2U For $800 Million In Cash

July 3, 2021 Staff ReporterBusiness, Technology 0

2U, Inc., a global leader in education technology, and edX, a leading online learning platform and education marketplace, announced they have entered into a definitive agreement to join together in an industry-redefining combination that will help power the digital transformation of higher education, expand access and affordability, and usher in a new era of online learning. 2U will acquire substantially all of edX’s assets for $800M in cash. Together, 2U and edX will reach over 50 million learners globally, serve more than 230 partners, and offer over 3,500 digital programs on the world’s most comprehensive free-to-degree online education marketplace.

Proceeds of the transaction will flow to the nonprofit that will continue under the leadership of edX founders Harvard and MIT and will be dedicated to reimagining the future of learning for people at all stages of life, addressing educational inequalities, and continuing to advance next generation learning experiences and platforms. Drawing on insights gained at Harvard, MIT, and other institutions, this organization will develop strategies and partnerships to help close the learning gap.

The transaction will bring together the unique strengths and complementary capabilities of two major forces in online education. 2U is the digital transformation partner of choice for more than 80 of the world’s leading universities and expects to approach $1 billion in yearly revenue by the end of 2021, and edX has built one of the world’s strongest online education brands and largest global communities of learners. Over the past decade, 2U and edX have each built mission-driven organizations grounded in the belief that online education and greater access to the world’s best nonprofit universities can change lives and impact generations to come. The combined scale, reach, capabilities, marketing efficiency, and relationships of 2U and edX will unlock unprecedented opportunities to reach and serve more learners, universities, and employers worldwide.

“2U and edX were founded on a shared vision that online education has the power to expand access, create opportunity, and transform lives,” said 2U Co-Founder & CEO Christopher “Chip” Paucek. “Alongside university partners and contributing faculty, Anant Agarwal and the edX team have built an innovative, respected, and globally recognized destination for online higher education. By combining 2U and edX’s global reach and offerings from free to degree, together we believe we can fully realize our shared vision, meet the growing worldwide demand for online education, and deliver growth and long-term value to shareholders and other stakeholders.”

Fulfilling a commitment to preserve and advance the edX mission, 2U plans to operate edX as a public benefit entity, a class of purpose-driven organizations that balances the interests of shareholders with other stakeholders. 2U has also committed to continuing to fulfill the edX mission by, among other things, guaranteeing affordability through the continuation of a free track to audit courses; protecting the intellectual property rights of faculty and universities that contribute massive open online courses; ensuring that participating colleges and universities may continue under their standing agreements with edX; protecting the privacy of individual data for all learners who use the edX platform; and contributing to the ongoing development of the fully open source and independent platform Open edX, owned by the nonprofit led by MIT and Harvard.

“As edX looks to its next phase of growth and impact, joining forces with 2U marks a major milestone in our evolution,” said Anant Agarwal, Founder and CEO of edX and MIT Professor. “2U’s people, technology, and scale will expand edX’s ability to deliver on its mission of providing access to high-quality education to enable all learners to unlock their potential. Together with our university and institutional partners, we will continue to reimagine education in ways that transform the lives of global citizens and positively impact generations to come.” “Our universities founded edX nearly ten years ago to raise the aspirations for online education and make university courses accessible to learners around the world, and it has been enormously gratifying to watch that vision blossom. Today’s announcement will carry forward this mission on a whole new scale, connecting many more learners with a wider range of high-quality options for content, credentials, and degrees.

With online education rapidly changing, it’s the right moment for this leap of evolution for edX,” said Harvard president Larry Bacow and MIT president Rafael Reif in a joint statement. “At the same time, the nonprofit that emerges from this transaction will enable us and our partners to support innovation that enhances learning for all and, we hope, play a catalytic role in closing the learning gap that exists for far too many.” Unlocking opportunity for learners, universities, and employers worldwide edX and 2U’s combined and complementary portfolios of more than 3,500 offerings from the world’s top universities and corporations will unlock new opportunities for edX’s community of global learners—79% of whom reside outside the U.S.—to accelerate their learning journeys, achieve their career goals, and enrich their lives.

edX offers over 3,000 online programs, including a substantial majority of courses with a free/audit track, Masters and doctorate degrees, Professional Certificates, and MicroBachelors® programs and MicroMasters® programs.
2U powers over 500 online offerings, including short courses, boot camps, professional certificates, and undergraduate and graduate degrees, including over 95 degree offerings in licensure-based disciplines. 2U expects to offer many of these programs directly to learners through the edX.org marketplace.

With the acquisition, 2U’s network will expand to include more than 230 partners—including over 185 nonprofit colleges and universities and 19 of the top 20 ranked universities globally. The combined capabilities of 2U and edX are expected to provide university partners with new opportunities to accelerate online growth and innovation, deliver exceptional student outcomes across the career curriculum continuum, and continue bending back the cost curve of higher education.

edX partners will continue to benefit from edX’s global reach, commitment to research, as well as the open source Open edX platform, while gaining access to 2UOS, 2U’s industry leading, comprehensive tech-enabled services and support in areas like marketing, field placement, career services, and digital learning design.
At the same time, edX’s thriving marketplace will enable current 2U partners to efficiently reach a larger audience of global learners, offer a wider array of offerings to meet changing learner needs, and expand the impact of their institutions.

The transaction will also expand 2U’s enterprise opportunity with edX for Business and edX Online Campus, creating a more robust set of solutions available to 2U and edX’s combined network of enterprise customers. edX for Business complements 2U’s existing array of enterprise offerings designed to close talent gaps, create diverse talent pipelines, and upskill and reskill the global workforce.

edX for Business is an on-demand enterprise training solution with thousands of courses and programs on cutting-edge, workplace-relevant topics utilized by over 1,000 leading companies globally.
edX Online Campus—edX’s enterprise offering designed for universities— supports more than 850 university customers from 72 countries around the world, complementing on-campus education with a rich array of high-quality online courses coupled with data-driven learner insights.

Nonprofit aims to reimagine education, support innovation, and drive inclusion

The nonprofit led by Harvard and MIT will focus on inclusive learning and education. Guided by the efforts and insights from Harvard and MIT research on the dynamics of learning, the nonprofit will collaborate with educational institutions, governments, and other organizations to develop and evaluate new approaches to learning and pedagogy; invest in new learning models that combine the best of online and in-person; promote the adoption of best practices across the education continuum; support innovation in lifelong learning; and advance next generation learning experience platforms, including Open edX. This work will seek to improve educational outcomes and reduce inequities in education by expanding reach to historically underserved communities and preparing all learners for success.

“The transformative power of education is the single best hope for individuals and for society. Through this nonprofit initiative to reimagine learning, Harvard and MIT are uniting to tackle the kind of persistent inequities in education which the pandemic brought so starkly to light,” MIT’s Reif and Harvard’s Bacow said. “Our hope is to tap into what we have learned about digital learning and to push the frontiers of learning toward greater equity and greater impact.”

Across learner ages and stages of life, a learning-and-opportunity gap has revealed itself in variable outcomes for learners and differences in how students engage with digital spaces and tools. The nonprofit will seek out meaningful collaborations and fund initiatives that more effectively serve students from all backgrounds, identifying how to most effectively blend digital tools with in-person support for maximum impact. With these efforts, it aims to advance the field of online education with use-cases for how to meet learner goals in acquiring new skills, increasing their readiness for college, supplementing their in-person training or coursework, and improving employability.

The nonprofit will also support investment in next-generation platforms to continue to advance learning experiences as well as ensure that the Open edX platform is continually improved, remains open source, and powers a vibrant open source community. Following the closing, 2U expects to be a significant contributor of code to the Open edX platform, and the transaction is expected to increase the impact that Open edX can have in supporting learning outcomes around the world. Open edX currently powers approximately 2,400 learning sites worldwide.

As Travel Returns To Normal, United Airlines To Buy 270 New Planes

July 3, 2021November 8, 2022 Staff ReporterBusiness, Tourism, Travel 0

United Airlines is placing a jumbo-sized order of narrow-body aircraft. The company is purchasing 270 new planes from Boeing and Airbus.Last year, U.S. airlines were fighting to survive. Struggling in the depths of the pandemic, they received an infusion of cash and cheap loans from the U.S. government and, between aid packages, furloughed tens of thousands of workers. Business and international flights are still down from pre-pandemic levels, but domestic leisure travel, the kind where single-aisle planes dominate, is roaring back. United is planning for growth and ready to spend billions to get there, though it did not mention a specific price tag on Tuesday.

“It’s a plan that’s a nose-to-tail plan for the future,” United’s Andrew Nocella told reporters on Monday. “And it’s something we’ve actually been working on for many, many years.” The company says this is the biggest jet purchase placed by a U.S. airline in the past decade. (In 2011, American Airlines purchased 460 planes in one fell swoop.) And factoring in the new planes that United had already ordered, the company will get 500 new jets over the next few years. They’re intended to replace some older planes and expand the total size of the fleet, allowing for more daily departures. In addition to adding new planes, United will also be retrofitting every narrow-body plane in its directly operated fleet, a process that will take several years. The retrofits will put more premium seats per aircraft, as well as add seatback entertainment on all seat backs and improve carry-on bag storage.

“It’s really making the gate-checked bags a thing of the past,” promised United’s Toby Enqvist in a call with reporters on Monday. “We’re going to have space for each and every customer’s [carry-on bags] … even on a full flight.” The order will include 200 Boeing planes from the 737 Max series (which returned to service six months ago after nearly two years grounded over a deadly software flaw) as well as 70 Airbus A321neo aircraft. United, perhaps anticipating criticism for planning big investments so soon after requiring taxpayer aid, heavily emphasized the potential positive ripple effects on the U.S. economy from placing this order. The company argued that the purchase will directly create 25,000 new unionized United jobs, while indirectly supporting many more jobs at manufacturers, airports and travel destinations. And the company was adamant that air travel, even the still-depressed international and business travel, would come roaring back.

Richard Aboulafia, an aviation industry analyst with the Teal Group, notes that these kinds of bulk airplane orders aren’t exactly written in stone. Airlines can place a big order but then shift exactly when the planes get delivered (and actually paid for), based on how business is going. “We’re talking about the last of these planes being delivered, if things are great, four or five years hence,” he says. “If they’re not so great, six or seven years hence. If they’re terrible, how about never — does never work for you?” And he noted that now is a reasonable time to place these orders. Borrowing money is cheap, fuel prices are rising, and new planes are more fuel efficient than their predecessors.

Bitcoin Rallies After Dropping Below $30,000 On China Crackdown

June 24, 2021July 3, 2021 Staff ReporterBusiness, Economy 0

Bitcoin recovered from a five-month low on Tuesday, June 22nd in volatile session in which it fell below $30,000, extending losses sparked a day earlier when China’s central bank deepened a crackdown on cryptocurrencies. But its outlook remained tilted to the downside, analysts said. As per Reuters, the world’s largest cryptocurrency dropped to $28,600, its lowest since early January. It was last up 3.7% at $32,802, and remains about 13% higher so far this year.

Bitcoin had fallen below $30,000 for the first time in more than five months, hit by China’s crackdown on the world’s most popular cryptocurrency on June 21st. The digital currency slipped to about $28,890, and has lost about 50% of its value since reaching an all-time high of $64,870 in April. China has told banks and payments platforms to stop supporting digital currency transactions. It follows an order on Friday to stop Bitcoin mining in Sichuan province.

On Monday, China’s central bank said it had recently summoned several major banks and payments companies to call on them to take tougher action over the trading of cryptocurrencies. Banks were told to not provide products or services such as trading, clearing and settlement for cryptocurrency transactions, the People’s Bank of China said in a statement. China’s third-largest lender by assets, the Agricultural Bank of China, said it was following the PBOC’s guidance and would conduct due diligence on clients to root out illegal activities involving cryptocurrency mining and transactions. China’s Postal Savings Bank also said it would not facilitate any cryptocurrency transactions.

Chinese mobile and online payments platform Alipay, which is owned by financial technology giant Ant Group, said it would set up a monitoring system to detect illegal cryptocurrency transactions. The latest measure came after authorities in the southwest province of Sichuan on Friday ordered Bitcoin mining operations to close down. Authorities ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media sites and confirmed by a former Bitcoin miner.

Sichuan, a mountainous region in southwest China, is home to many cryptocurrency mines – basically huge centers with racks upon racks of computer processors, owing to the large number of hydroelectric power plants there. China accounted for around 65% of global Bitcoin production last year, with Sichuan rating as its second largest producer, according to research by the University of Cambridge. “Concerns mount over China’s ongoing clampdown and fears that widespread acceptance of Bitcoin and other digital currencies will be delayed because of concerns about their environmental impact,” noted analyst FawadRazaqzada at trading site ThinkMarkets.

Last month China’s cabinet, the State Council, said it would crack down on cryptocurrency mining and trading as part of a campaign to control financial risks. Some analysts have warned of potential further falls in the price of Bitcoin due to a price chart phenomenon known as a “death cross”, which occurs when a short-term average trendline crosses below a long-term average trendline.

Other cryptocurrencies also fell as investors worried about tougher regulation of digital currencies around the world.Separately, the auction house Sotheby’s said that a rare pear-shaped diamond that is expected to sell for as much as $15m can be bought at an auction next month using cryptocurrencies. It is the first time that such a large diamond has been offered in a public sale with cryptocurrency.

Digital Currencies Are Transforming The Future Of Money

June 24, 2021June 25, 2021 Eswar Prasad and David Dollar At BrookingsBusiness, Economy 0

Digital currencies like Bitcoin often make headlines for the massive swings in their value, but beyond the intrigue of skyrocketing and plummeting prices the rising popularity of cryptocurrencies poses serious questions for financial institutions and monetary policy. Eswar Prasad joins David Dollar for a conversation on the digitalization of money and what digital currencies could mean for the future of cash, international payments, and the strength of the U.S. dollar. Prasad also explains why some central banks have hesitated to introduce digital currencies while others have embraced them.

DAVID DOLLAR: Hi, I’m David Dollar, host of the Brookings trade podcast Dollar & Sense. Today, my guest is Eswar Prasad, an economics professor at Cornell and a senior fellow in the global development wing at Brookings. Eswar has recent op-eds in The New York Times and The Washington Post about digital currencies, and he has a new book coming out in September, “The Future of Money.” So that’s our topic today. Thanks for joining the show, Eswar.

ESWAR PRASAD: Thanks for having me, David. Always a pleasure talking to you.

DOLLAR: So let’s start with Bitcoin because it has gotten so much attention recently with the wild swings in prices. What’s going on with that? Is Bitcoin money? Is Bitcoin the future of money?

PRASAD: So Bitcoin is an interesting form of money. When it was created back in 2009, the objective of its creator or creators—whoever that might be, we don’t know yet—was to create a medium of exchange that could bypass a trusted authority, such as a central bank or a financial institution, and allow people to transact using just their digital identities. This was a very alluring prospect at the time because right after the global financial crisis it seemed like trust was shaken in both central banks and commercial banks as well.

The remaining portion of the interview is available at: https://www.brookings.edu/podcast-episode/digital-currencies-are-transforming-the-future-of-money/?utm_campaign=Brookings%20Brief&utm_medium=email&utm_content=135351819&utm_source=hs_email

US Re-Launches International Entrepreneur Rule, to Help Foreigners Grow a Start-up Company

June 24, 2021 Staff ReporterBusiness, Economy, Immigration 0

The Biden Administration has revived the International Entrepreneur Rule which creates a pathway for foreign entrepreneurs to live in the U.S., with their families, and grow a start-up company. The International Entrepreneur Rule is different from an E-2 investor visa: Indian and Chinese entrepreneurs are not eligible for an E-2 visa, which is limited to citizens of countries with which the U.S. has a qualifying “treaty of commerce and navigation.” Approximately 80 countries throughout the world have such qualifying treaties, but India and China do not.

The program is often mischaracterized as a start-up visa program, but the organization Boundless Immigration explains that only Congress can create a whole new visa category. The rule is based on the Secretary of Homeland Security’s discretionary authority to grant “parole” in special circumstances. In the immigration context, “parole” means temporary permission to be in the United States. Forbes Magazine notes that 3.2 million foreign-born entrepreneurs operate businesses in the U.S., representing nearly 22 percent of all business owners versus just 14 percent of the broader population. They hold disproportionate numbers of patents for new technologies, employ 8 million people and are represented as founders at more than half of all venture-backed “unicorns,” companies valued at over $1 billion.

Despite several Congressional efforts, the U.S. does not have a start-up visa to support foreign entrepreneurs. The International Entrepreneur program was an initiative of the Obama Administration, and began as President Barack Obama ended his tenure in the White House. The Trump Administration attempted to end the program, but a federal court allowed the program to continue. The legal Web site JD Supra reported that only 30 applications were received between 2017 and 2019, and that only one application for international entrepreneur parole was actually approved during that time period.

The Department of Homeland Security announced the re-launch of the International Entrepreneur program May 10, noting: “It will remain a viable program for foreign entrepreneurs to create and develop start-up entities with high growth potential in the United States. The program will help to strengthen and grow our nation’s economy through increased capital spending, innovation, and job creation.”

“Immigrants in the United States have a long history of entrepreneurship, hard work, and creativity, and their contributions to this nation are incredibly valuable,” said Acting USCIS Director Tracy Renaud in a press statement. “The International Entrepreneur parole program goes hand-in-hand with our nation’s spirit of welcoming entrepreneurship and USCIS encourages those who are eligible to take advantage of the program.” In an article written by Caleb Watney, Lindsay Milliken and Doug Rand — co-founder of Boundless Immigration — for the Innovation Frontier Project, the writers used DHS estimates to predict that 2,940 entrepreneurs would avail of the program each year, creating an average of 100,000 to 300,000 new jobs over 10 years.

To qualify for a visa under the program, foreign entrepreneurs must prove that they will provide a “significant public benefit because he or she is the entrepreneur of a new start-up entity in the United States that has significant potential for rapid growth and job creation,” according to the rule, which can be read in its entirety here: https://bit.ly/3gCiYLP. Boundless Immigration explains that the foreign entrepreneur must have a significant ownership stake in the start-up of at least 10 percent, and have an active and central role in its operations.

The start-up must have been formed in the United States within the past five years and demonstrated potential for rapid business growth and job creation. This can be demonstrated by attracting at least $250,000 from qualified U.S. investors, or $100,000 in awards or grants from federal, state or local agencies. Admission into a highly competitive start-up accelerator can also be used as a qualifier.

Entrepreneurs would be granted a two-and-a-half year visa, which can be extended for another two-and-a-half years, if the company meets qualifying criteria. The spouses and children of the entrepreneur are also granted a visa, and spouses are allowed to work. Up to three founders per start-up can apply for a visa under the International Entrepreneur Rule.

Tamil Nadu CM Stalin’s Economic Council Has World’s Top Luminaries

June 24, 2021 Staff ReporterEconomy, Nation India 0

The Tamil Nadu government will constitute an Economic Advisory Council to guide chief minister MK Stalin to chart out a rapid and inclusive economic growth path for the state, said Governor BanwarilalPurohit on Monday, June 21st.A white paper detailing the true state of Tamil Nadu’s finances will be released in July, said Governor BanwarilalPurohit during the first session of the 16th state legislative assembly in Chennai. And it comprises an impressive lineup of leading economic experts from all over the world. We’re talking Nobel laureate Esther Duflo (in pic) of the Massachusetts Institute of Technology (MIT), USA, former RBI governor RaghuramRajan, former chief economic advisor to the central government Dr Arvind Subramanian, development economist Jean Dreze and former Union finance secretary Dr S Narayan as council members.

The council will provide general guidance on economic and social policy, social justice and human development-related issues, and in matters related to equal opportunities for women and well-being of underprivileged groups.It will also make suggestions to boost growth, employment and productivity across all sectors, as well as act as a sounding board for ideas that might resolve roadblocks to development. As the first step towards bringing down the overall debt burden and improving fiscal position, a white paper detailing the true state of the state’s finances would be released in July so that the people are fully informed.

The Tamil Nadu government will form an economic advisory council comprising Nobel laureate Esther Duflo of the Massachusetts Institute of Technology (MIT), USA, and former Reserve Bank of India governor RaghuramRajan, to advise the chief minister. The other members of the council will be former chief economic advisor to the central government Arvind Subramanian, development economist Jean Dreze and former Union finance secretary S Narayan, Governor BanwarilalPurohit announced in his ceremonial address during the first session of the 16th state legislative assembly in Chennai on Monday.

“Based on the recommendation of the council, the government will revitalise the state’s economy and ensure that benefits of economic growth reach all segments of society,” Purohit said. He said the government will focus on improving the fiscal position and bringing down the debt burden. A white paper detailing the true state of Tamil Nadu’s finances will be released in July. During the first session of the 16th state legislative assembly in Chennai. The governor said while the Tamil Nadu government under MK Stalin would maintain a cordial relationship with the Union government, it would still fight for the rights of states.

The government has constituted a committee chaired by Justice AK Rajanto to study the adverse effects of the National Eligibility Cum Entrance Test (NEET) on socially and educationally backward students, the governor said. Purohit announced that ‘Singara Chennai 2.0’ programme would be launched to provide world-class infrastructure and services in Greater Chennai Corporation. He also said the government would ensure speedy completion of phase two of metro rail.

Governor said the availability of medical infrastructure including oxygen beds has been substantially enhanced on a war-footing. “The Tamil Nadu government will urge the Union government to make necessary laws and amendments to grant Indian citizenship to Tamil refugees from Sri Lanka,” the governor said. He said the government is committed to transparency and accountability in temple management. “A state-level advisory committee for all major Hindu temples will be constituted to enhance the facilities for devotees, improve the maintenance of temples and to advise on related issues,” he said.

He added that the reservation policy of the state is 100 years old and has stood the test of time, delivering true social justice. “The 69% reservation currently available in Tamil Nadu will be continued and protected.” Purohit concluded his speech by saying DMK-led government will be a people’s government and not the party’s.

Big Diamond Found InBotswana, Could Be World’s 3rd Largest

June 24, 2021 SELLO MOTSETAEconomy 0

GABORONE, Botswana (AP) — A huge diamond weighing more than 1,000 carats, which could be the third-largest mined in history, has been discovered in the southern African country of Botswana.The high-quality gemstone weighing 1,098.3 carats was unearthed earlier this month in the Jwaneng mine owned by Debswana, the mining company jointly owned by the Botswanan government and the De Beers Group.

“With the recent introduction of a modern, state-of-the-art large diamond pilot plant, I have every hope that we will be able to recover more large diamonds,” said Lynette Armstrong, Debswana’s acting managing director. “This by all standards is a great metallurgical achievement, to recover a diamond of this size intact through our conventional ore processing plant,” she said.

The large diamond — 73 millimeters long, 52 millimeters wide and 27 millimeters thick — is the largest gem-quality diamond found in Debswana’s mines in the company’s more than 50-year history, she said. Diamonds were discovered in Botswana in 1967 and Debswana was formed in 1969. The most recent large diamond found at Jwaneng mine was a stone weighing 446 carats in 1993, she said.

“The first sighting of the stone was on the first of June by our colleagues KefentseOrakeng and PhodisoSelaledi when it was processed in the Aquarium plant. This sighting was confirmed three days later in the sort house on June 4th by a team led by WapulaGaolatlhe,” said Armstrong. The big diamond is good news for Botswana’s beleaguered economy which has experienced a significant downturn during the COVID-19 pandemic. Diamonds account for about two-thirds of Botswana’s export earnings.

Bill Introduced Allowing Doctors on J-1 Visas to Stay Longer in Rural Communities

June 18, 2021 Staff ReporterEconomy, Immigration, Nation USA 0

U.S. Senators Amy Klobuchar, D-Minnesota; Susan Collins, R-Maine; Jacky Rosen, D-Nevada; and Joni Ernst, R-Iowa have reintroduced bipartisan legislation to increase the number of doctors able to work in rural and medically underserved communities, Klobuchar’s office said in a news release. The Conrad State 30 and Physician Access Reauthorization Act would allow international doctors to remain in the U.S. upon completing their residency under the condition that they practice in areas experiencing doctor shortages. Senator Angus King (I-ME) is an original co-sponsor along with Senators John Thune (R-SD), Jeff Merkley (D-OR), Shelley Moore Capito (R-WV), Chris Coons (D-DE), and Roy Blunt (R-MO).

“We must provide opportunities for American-trained and educated physicians to remain in the country and practice in areas where there is an unmet need for quality care,” said Senator Collins. “By expanding access to health care in our rural and underserved communities, this bipartisan bill would promote healthier lives and ensure that families across the country receive the health care they deserve.”

“Over the last 15 years, the Conrad 30 program has brought more than 15,000 physicians to underserved areas, filling a critical need for quality care in our rural communities – a need that was highlighted during the coronavirus pandemic,” Klobuchar said in a statement. “Our bipartisan legislation would allow doctors to remain in the areas they serve, improving health care for families across the nation while retaining talent trained and educated here in the United States,” she added.

At the beginning of the coronavirus pandemic, Klobuchar led a bipartisan group of 19 senators and 29 members of the House in a letter to U.S. Citizenship and Immigration Services calling on the administration to waive restrictions that prevent doctors on certain employment-based visas from providing medical services in rural areas. She also led a letter to USCIS with 24 senators and 13 members of the House, urging the administration to resume premium processing for doctors seeking employment-based visas.

“The American Medical Association strongly supports this bill that would ensure all patients, regardless of where they live, have adequate opportunities to be treated by skilled physicians in their local communities,” said Dr. Susan R. Bailey, President of the American Medical Association. “The COVID-19 pandemic has shown the importance of rural and underserved areas having sufficient access to physicians and quality health care. Strengthening the Conrad 30 program is a vital part of making access happen.”

“Now more than ever, the U.S. must offer incentives and opportunities to trained physicians to work in areas of the country where we desperately need more excellent healthcare providers. The Conrad State 30 and Physician Access Reauthorization Act is a bipartisan effort to begin tackling our national physician shortfall, with a targeted focus on our rural and underserved area,” said Kristie De Peña, Vice President of Policy at The Niskanen Center.

“The latest extension of the Conrad State 30 Program will expire later this year, which is why we urge action to extend this critical program. Without timely reauthorization, patient access to care in the many communities that have benefited from these physicians may be threatened,” said Stacey Hughes, Executive Vice President of the American Hospital Association. “We also support the program improvements contained in the Conrad State 30 and Physician Access Reauthorization Act as part of this extension and stand ready to work with you and your colleagues to move this legislation forward.”

“NRHA applauds Senators Klobuchar, Collins, Rosen, and Ernst for reintroducing the Conrad State 30 and Physician Access Reauthorization Act. Rural Americans face greater health care workforce shortages than their urban counterparts, so we are proud to support this bill, which will help support the recruitment of physicians and the delivery of vital health care services in rural America,” said Carrie Cochran-McClain, Chief Policy Officer at the National Rural Health Association.

“Many highly trained hospitalists are immigrants and as COVID-19 has proven, they are crucial to our healthcare system, particularly in rural and underserved communities. The Society of Hospital Medicine (SHM) strongly supports the Conrad State 30 and Physician Access Reauthorization Act to help ensure these communities have the healthcare workforce necessary to care for the patients who need them,” said Eric Howell, MD, MHM, CEO of the Society of Hospital Medicine.

Currently, doctors from other countries working in America on J-1 visas are required to return to their home country for two years after their residency has ended before they can apply for another visa or green card. The Conrad 30 program allows doctors to stay in the United States without having to return home if they agree to practice in an underserved area for three years. The “30” refers to the number of doctors per state that can participate in the program.

This legislation extends the Conrad 30 program for three years, improves the process for obtaining a visa, and allows for the program to be expanded beyond 30 slots if certain thresholds are met, while protecting small states’ slots. The bill also allows the spouses of doctors to work and provides worker protections to prevent the doctors from being mistreated. A version of the bill was included as an amendment in the comprehensive immigration bill that passed the Senate in 2013. The bill has received the endorsement of the Federation of American Hospitals, American Medical Association, the Niskanen Center, the American Hospital Association, the National Rural Health Association, the Association of American Medical Colleges, and the Society of Hospital Medicine.

Eagle Act 2021 Gives Hope To Indians Stuck In Green Card Backlog

June 18, 2021 Staff ReporterEconomy, Immigration 0

The Equal Access to Green cards for Legal Employment HR 3648 or the EAGLE Act 2021, introduced by Congresswoman Zoe Lofgren and Rep John Curtis, giving Equal Access to Green Cards for Legal Employment in the United States, is a welcome measure that is expected to do away with the seven percent per-country cap on employment-based immigrant visas. Considered to be a relief for tens of thousands of Indian nationals stuck in Green Card limbo, a bipartisan legislation introduced in the House of Representatives aims to remove per-country limit on employment-based green cards. He gives these pointers explaining the bill’s advantages

According to experts, getting out of the backlog will provide them a chance to change jobs, to start their own companies, to make investments and a freedom from the bondage of their organization rules specially on changing jobs, promotions, etc. So, it may be worth a try to push for the bill and hope for the best.EAGLE Act of 2021 phases out seven percent per-country cap on employment-based immigrant visas. It also raises per-country cap on family-sponsored visas to 15 percent. While skepticism remains on whether this bill has the potential to become a law or would change the landscape of the green card backlog anytime soon, some immigration experts believe that a good bill is better than no bill.

San Francisco Bay Area-based Prashant Prasad, a volunteer for Immigration Voice, a grass roots organization representing the high skilled immigrants in the US, explains why the current bill may be good news. He says, “We started advocating for a simple bill which would remove the per country caps for employment based green cards many years ago. The primary purpose of this was to ensure that employment based green cards are given on a first come first served basis.

As per experts, here is how, the Act will benefit:

Professional

Today about 80% of the people are not able to or do not change jobs because of the fear of starting the green card process all over again as it can take anywhere from 1.5 years to 4 years after most job changes.
The increased restrictions on H-1B holders, means that people who have been here for many years and may well be experts in their areas, fear that their visas may not renewed for some flimsy reasons, as has been the case for the last few years.
Losing a job for an H-1B visa holder means one has to find a job within 45 days (60 days today, but 15 days are required for LCA processing and H-1B filing) otherwise they have to leave the country with family.
Many companies do not hire H-1Bs, due to restrictive company policies in recent years driven by the ever increasing restrictions on H-1Bs in the previous Trump regime.

Hence, when I switched jobs just before Covid impacted this company, the entire team of about 8-9 people, who were recently hired, had to look for new jobs. While I was lucky to land a job within the available timeframe, many of the companies for whom I was a perfect fit and wanted to hire me, could not do so, because they were not hiring H-1Bs.

Ambitions get impacted as a majority of people just sacrifice career growth for the safety and stability of their jobs and hence the family.

Personal

It is a big disruption. If one has to move their family back to India especially with kids who have grown up in America and do not deserve an abrupt change.
My daughter came here when she was one year old and hence will not be covered by my green card process when she turns 21.

Even though she has grown up here, studied here, identifies with the school system here, has her friends here, I am worried that she will age out if I don’t get my green card before she turns 21. My priority date is 2014 and if no change happens in the law, I will probably not get a green card in another 20-25 years. There are many like me who live with the fear of kids aging out of the system.

I studied at a college which is ranked among the best for entrepreneurship and I was very enthused to start an entrepreneurial venture of my own, while still in college.

However, being on H-1B has more or less killed that dream, as we always have the visa situation at the back of our minds. The bill if implemented will solve this problem for many.

My wife, who herself is a M. Tech (Computer Science) and used to work in India, could not start working here for many years, until the H-4 EAD regulation came into effect.

Staying in a place where technology jobs are in abundance but unable to even try for one, was a very painful situation for her. H-4 EAD holders have been fighting a brave battle in the country from sacrificing careers to long wait for work permits. They do deserve a better deal than the current one.

Issues like delaying decisions to buy a house, deferring international travel, in the last few years due to challenges with H-1B stamping etc. are also a major reason why H-1Bs are leading uncertain lives in America.

Basmati Rice Ownership Shared By India, Pak

June 18, 2021 Staff ReporterBusiness, Culture 0

In a rare agreement between two arch-rivals India and Pakistan, which have a history of long-time rivalry with disputes on every front from sea to land, exporters from both sides of the border have mutually agreed to share the ownership of the regions prized Basmati rice, a solution considered the most workable to reach the European markets. “There has to be a joint ownership, which is a logical solution to the dispute,” said Faizan Ali Ghouri, a Pakistani rice exporter.The fight between India and Pakistan over the claim of the origin of Basmati rice has a long history, as this variety is produced largely on both sides of the border.

India has filed a claim in the European Union (EU) seeking a geographical indication (GI) tag for Basmati rice. Pakistan, on the other hand, has opposed India’s claim and has filed a request for a protected GI tag.“There is no logic in both countries’ claim for the sole exclusivity of Basmati rice. Although its origin is Pakistani Punjab, it is grown in both sides of the border. Therefore, a joint ownership is the only viable solution to the long-standing dispute,” said Ghouri.“The EU buyers also prefer joint ownership of the rice variety as they want to keep both New Delhi and Islamabad on board in terms of commodity exports,” he added.

Ghouri’s views were seconded by Ashok Sethi, the director of Punjab Rice Millers Export Association in India, who also suggested that both the countries should jointly protect the Basmati heritage.“India and Pakistan are the only two countries which produce Basmati in the world. Both should jointly work together to save the heritage and protect the GI regime of the rice,” said Sethi.It is pertinent to mention that EU had recognised Basmati as a joint product of India and Pakistan in 2006.

Both Pakistan and India make good money from their respective exports of Basmati rice. Pakistan annually earns $2.2 billion, while India makes about $6.8 billion from Basmati exports.“Both countries export Basmati rice. India, in its application to the EU, has never stated that it is the only Basmati producer in the world,” insisted Vijay Sethi, a New Delhi-based exporter.While both sides still have their own historical details on the origin of Basmati, it is rare to see two arch-rivals, who are not ready to come to the table for talks until their demands are met, come down to a mutual agreement.

Pakistan demands India to reverse its August 5, 2019 decision that changed the special status of the erstwhile state of Jammu and Kashmir and bifurcated it into two Union Territories by abrogating Articles 370 and 35A, as a benchmark to make way for dialogue and address other issues between the two countries.India, on the other hand, demands Pakistan to stop cross-border terrorism and take decisive action against terror elements, which it claims, enjoy the support of the establishment. (IANS)

New B2B Tech Platform For Artisans From India

June 18, 2021 Staff ReporterBusiness, Culture 0

(New York, NY – June 15, 2021) Currently, small businesses in the U.S. and Canada are unable to source products directly from India, due to high minimum order quantities (MOQs), trust & reliability issues and, now, strict travel restrictions in place post-COVID.

ENTER…BlueRickhsaw.com (BR), a highly-curated, digital, B2B, wholesale export platform launched in March, connecting verified small businesses, weavers and artisans across India to small and mid-size retailers, mom-and-pop shops and boutique stores in North America, all in an effort to promote lucrative, cultural exchange and accessibility across borders.

BR will serve as THE ONLY tech platform on which smaller retailers can personally select products from verified suppliers across various categories with minimum MOQs (in most cases, just ONE product per style). Since most sellers and buyers are unable to produce or procure volumes during these uncertain times, BR serves as the perfect matchmaking service for these small-to-mid-size businesses looking for alternative avenues.

Founded by fashion designer and entrepreneur, AkshayWadhwa, who was named one of the top ten designers of Vancouver Fashion Week in 2016 and covered in British Vogue, BR came into existence after multiple rejections from American retailers, when Wadhwa went knocking on their doors for some face time. Wadhwa realized he was not being taken seriously as an Indian designer because retailers had previous negative experiences with reliability and timely deliveries from Indian manufacturers. Banking on the untapped potential of the Indian artisan market in a highly dysfunctional infrastructure, Wadhwa, then, created Blue Rickshaw to provide international opportunities to undiscovered and unexposed talent, everyone from small weavers to artisans to manufacturers, to make their products available across the world through a transparent ecosystem.

To make his dream a reality, Wadhwa joined hands with Co-Founder Krishan Chandak, whose 23 years of experience in technology and leadership resulted in the formation of the B2B platform, which has been built from the ground-up with a focus on artificial intelligence, machine learning and predictive filtering of products, so that buyers can ultimately purchase an item in less than 30 seconds.

The long-term vision of BR is to help the small manufacturers, weavers and artisans of India expand in the international market without having to make investments in promotion or travel, while enabling retailers across North America create an inventory-free model to sell directly to their customers without having to invest in purchasing minimum orders.

Other platforms like Etsy or Amazon are either seller-centric or buyer-centric, whereas Blue Rickshaw caters to both segments equally by espousing the values of trust, transparency and timeliness as part of its core philosophy, making it the new leader in tech-based, B2B wholesale export. “We just want to help small businesses get back on their feet, post-pandemic,” says Wadhwa. To learn more about the BlueRickshaw story, please click HERE.

The Ongoing Urban ExodusTo Impact Home Prices

June 18, 2021June 18, 2021 University of California, IrvineBusiness, Community, Economy 0

Newswise — Many employees have come to prefer working from home after being forced to do so more than a year ago when the pandemic started. By some estimates, at least one-quarter of employees will still be working remotely multiple days a week at the end of 2021. For those whose jobs allow it, being untethered from the office might mean moving farther away from it – by a few miles or a few hundred.

The National Bureau of Economic Research recently published a white paper by Jan Brueckner, UCI Distinguished Professor of economics, and his colleagues Matthew Kahn and Gary Lin at Johns Hopkins University considering the possible effects that ongoing remote work may have on housing markets, especially in the more densely populated and pricey urban areas. Brueckner shares his insights here.

You suggest that as more people have the opportunity to work from home, we’ll see people move either farther into suburbia or to entirely different, less expensive cities. Why? If workers can keep their well-paying jobs and move to a cheaper city, their incomes will go further. However, such a move might entail a sacrifice of amenities (good weather, etc.) that would need to be considered. For those workers who remain in their original city, the reduction in commuting costs due to working from home (going to the office only once a week, say) makes the suburbs – where housing is cheaper on a per-square-foot basis – more attractive than before. As a result, working from home may lead to greater suburbanization.

What cities might we expect to be most affected by these shifts?
We would expect to see impacts in expensive cities with large shares of white-collar jobs that pay well and allow working from home. Such cities would include New York, San Francisco, Boston and Seattle. We expect people to move out of these cities – either into outlying suburban areas or to entirely different cities or even states.

So … it could become affordable to live in San Francisco again?
Possibly.

On the flip side, where do you expect to see people flock to?
We’ve heard in the media about migration from California to Austin, Texas, which is relatively cheap and offers less of an amenity sacrifice compared to coastal locations. The same is true for Boise, Idaho, which is in the news a lot. Migration data a few years hence will give a more complete picture.

Is this going to mean more gentrification in some cities?
In one sense, it’s exactly the reverse. The prediction is that many well-paid residents will be leaving the country’s premier cities, allowing more room for the less affluent. Gentrification may increase in the receiving cities as immigrants arrive, but gentrification pressure is lower in many of these places and thus less of a concern for poorer central city residents.

You mention that “the economy still has a long way to go before reaching the new predicted equilibrium.” What kind of time horizon do you envision?
If our predictions are correct, we’d expect these changes to be complete within a decade. There are a number of caveats, however. Our predictions assume that CEOs will tolerate remote work from another city and not penalize those who do it. The Wall Street Journal, however, recently ran a story that casts doubt on this assumption. The issue partly hinges on whether remote workers can maintain their productivity, a concern discounted by some media reports saying that workers feel more productive remotely. A further question involves integration of new employees into an organization that relies on remote work. New employees may have trouble forging bonds and creating a rapport with their colleagues.

As we approach this new equilibrium, what are some other changes we can expect to see?
Intercity relocation will depress house prices and rents in cities that lose population while raising them in the receiving cities. Intracity relocation will push prices up in the suburbs. These changes will, in turn, affect property tax revenues across and within cities.

Colonial Pipeline CEO Defends Paying Ransom Amid Cyberattack

June 10, 2021 Staff ReporterEconomy, Technology 0

Colonial Pipeline CEO Joseph Blount made no apologies for his decisions to abruptly halt fuel distribution for much of the East Coast and pay millions to a criminal gang in Russia as he faced down one of the most disruptive ransomware attacks in U.S. history.Blount said he had no choice, telling senators uneasy with his actions that he feared far worse consequences given the uncertainty the company was confronting as the attack unfolded last month. “I know how critical our pipeline is to the country,” Blount said, “and I put the interests of the country first.”

His testimony to the Senate Homeland Security Committee on the May 7 cyberattack provided a rare window into the dilemma faced by the private sector amid a storm of ransomware attacks in which overseas hackers breach a company’s network and encrypt their data, demanding a ransom to release it back to them.

Georgia-based Colonial Pipeline, which supplies roughly half the fuel consumed on the East Coast, temporarily shut down its operations on May 7 after a gang of criminal hackers known as DarkSide broke into its computer system. The Justice Department has recovered the majority of a multimillion-dollar ransom payment to hackers after a cyberattack that caused the operator of the nation’s largest fuel pipeline to halt its operations last month, officials said Monday.The operation to recover the cryptocurrency from the Russia-based hacker group is the first undertaken by a specialized ransomware task force created by the Biden administration Justice Department, and reflects what US officials say is an increasingly aggressive approach to deal with a ransomware threat that in the last month has targeted critical industries around the world.

“By going after an entire ecosystem that fuels ransomware and digital currency, we will continue to use all of our tools and all of our resources to increase the costs and the consequences of ransomware attacks and other cyber-enabled attacks,” Deputy Attorney General Lisa Monaco said Monday at a news conference announcing the operation.The 63.7 bitcoin ransom — a favored currency of hackers because of the perception that it is more difficult to trace — is currently valued at $2.3 million. “The extortionists will never see this money,” said Stephanie Hinds, the acting US attorney for the Northern District of California, where the seizure warrant was filed.

U.S. authorities tell companies not to pay the ransom, arguing the crooks may not provide the keys to unencrypt the data and that the payments will encourage future attacks and help sustain criminal networks typically based in Russia and Eastern Europe. Blount chose to disregard that advice within the first 24 hours of the attack and paid the equivalent of $4.4 million in bitcoin to retrieve the company’s data. U.S. officials said Monday they had recovered much of the payment.“I made the decision to pay, and I made the decision to keep the information about the payment as confidential as possible,” Blount said. “It was the hardest decision I’ve made in my 39 years in the energy industry.”

The company, he said, had to act fast as it worked feverishly to determine whether the criminal gang had compromised the operational systems or physical security of the 5,500-mile pipeline — and to try to avoid a more sustained shutdown.Asked how much worse it would have been if the company hadn’t paid to get its data back, Blount said, “That’s an unknown we probably don’t want to know. And it may be an unknown we probably don’t want to play out in a public forum.”His appearance before the Senate comes as lawmakers consider possible measures to address the ransomware attacks that have been launched against thousands of businesses as well as state and local government agencies.

“We’ve got to recognize these ransomware attacks for what they are. It’s a serious national security threat,” said Sen. Rob Portman, a Republican from Ohio. “Attacks against critical infrastructure are not just attacks on companies. They are attacks on our country itself.”Already, the Justice Department and FBI have established a task force to deal with ransomware with some success, including managing to seize 85% of the bitcoin that Colonial paid as ransom. But many of the criminals behind the attacks are beyond their reach in Russia or other countries that will not extradite suspects to the U.S.The Biden administration has also made ransomware, and cybersecurity more broadly, a national priority in the wake of a series of high-profile intrusions.

Last month, the administration issued new regulations for the pipeline industry, requiring companies to conduct cybersecurity assessments and immediately report any breaches to the federal government. The industry has until now operated under voluntary guidelines.Blount disputed a media report that his company had refused to participate in one of the voluntary assessments, conducted by the Transportation Security Administration, earlier this year, saying it had merely been delayed because of COVID-19 and other issues. “That was quite a shock to me,” he said of the account.

The attack on Colonial Pipeline — which supplies roughly 45% of the fuel consumed on the East Coast — has been attributed to a Russia-based gang of cybercriminals using the DarkSide ransomware variant, one of more than 100 variants the FBI is currently investigating. The attack began after hackers used a company virtual private network that was no longer in active use, Blount said.“The ransomware attack on Colonial Pipeline affected millions of Americans, ” said Sen. Gary Peters, a Michigan Democrat. “The next time an incident like this happens, unfortunately, it could be even worse.”

Blount said the Georgia-based company began negotiating with the hackers on the evening of the May 7 attack and paid a ransom of 75 bitcoin — then valued at roughly $4.4 million — the following day. The hack prompted the company to halt operations before the ransomware could spread to its operating systems.The encryption tool the hackers provided the company in exchange for the payment helped “to some degree” but was not perfect, with Colonial still in the process of fully restoring its systems while working with consultants to assess the damage and improve cybersecurity, Blount said.

It took the company five days to resume pipeline operations. What took place in that time illustrated why they needed to quickly pay the ransom, he told the lawmakers.“We already started to see pandemonium going on in the markets, people doing unsafe things like filling garbage bags full of gasoline or people fist-fighting in line at the fuel pump,” he said. “The concern would be what would happen if it had stretched on beyond that amount of time.”

Cloudgen, A Tech Firm Admits To H1-B Visa Fraud Involving Indians

June 10, 2021 Staff ReporterBusiness, Immigration, Technology 0

A technology company has admitted to committing fraud to bring Indians on the coveted H1-B visas to the US, according to a federal prosecutor. JomonChakkalakkal, the corporate representative of Cloudgen, made the admission before a federal court in Houston, Texas, on behalf of the company on May 28, said acting federal Prosecutor Jennifer B. Lowery.

The prosecutor’s office in a news release circulated on Monday described the scam as a “bench and switch” ruse. It said that under the scam, in order to obtain the H1-B visas, Cloudgen submitted “forged contracts” showing that third companies had work for the persons it wanted to bring over.But once the employees came to the US there was no job for them and they were housed in different locations across the US, while Cloudgen would try to find work for them, according to the office.

“Such action gave Cloudgen a competitive advantage by having a steady ‘bench’ or supply of visa-ready workers to send to different employers based on market needs when the true process actually takes some time. Once workers had obtained new employment, the ‘switch’ would occur when the new third-party company filed immigration paperwork for the foreign workers,” the prosecutor’s office said. Cloudgen took a percentage of the worker’s salary, which amounted to nearly $500,000 from 2013 to 2020 when the scam took place, it said.

Chief Judge Lee Rosenthal of the Southern Texas federal court is to impose a sentence in September and it could be a fine of as much as $1 million and probation for five years.The prosecutor’s office said that Cloudgen was based in Houston, but on its website, the company lists an address in Manassas in Virginia. It also shows offices in Hyderabad, Canada and Romania. Chakkalakkal is described on the website as the senior vice president for sales.

‘Illegal’ Leak Of WealthiestTax Information Reveals Tax Havens Used

June 10, 2021 Staff ReporterBusiness, Economy 0

Amazon founder Jeff Bezos paid no income tax in 2007 and 2011. Tesla founder Elon Musk’s income tax bill came to zero in 2018. And financier George Soros went three straight years without paying federal income tax, according to a report from the nonprofit investigative journalism organization ProPublica. Overall, the richest 25 Americans pay less in tax — 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, ProPublica found.

An anonymous source delivered to ProPublica reams of Internal Revenue Service data on the country’s wealthiest people, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. ProPublica compared the tax data it received with information available from other sources. It reported that “in every instance we were able to check — involving tax filings by more than 50 separate people — the details provided to ProPublica matched the information from other sources.’’

Using perfectly legal tax strategies, many of the uber-rich are able to whittle their federal tax bills down to nothing or close to it. Soros went three straight years without paying federal income tax; billionaire investor Carl Icahn, two, ProPublica finds. The findings are sure to heighten the national debate over the vast and widening inequality between the very wealthiest Americans and everyone else. ProPublica reports that the tax bills of the rich are especially low when compared with their soaring wealth — the value of their investment portfolios, real estate and other assets.

The Biden administration said it is investigating how tax information from several of the world’s richest people — including Jeff Bezos, Elon Musk and Warren Buffett — was leaked to the public. “The unauthorized disclosure of confidential government information is illegal,” said Treasury spokeswoman Lily Adams. “The matter is being referred to the Office of the Inspector General, Treasury Inspector General for Tax Administration, Federal Bureau of Investigation, and the US Attorney’s Office for the District of Columbia, all of whom have independent authority to investigate.”

The investigation comes after a report that showed new information from a trove of never-before-seen IRS records. Earlier Tuesday, ProPublica reported on exclusively obtained IRS documents which showed how the likes of Bezos, Musk, Buffett, Bill Gates, George Soros, Mark Zuckerberg and Michael Bloomberg have legally avoided paying income tax.”Any unauthorized disclosure of confidential government information by a person of access is illegal and we take this very seriously,” White House press secretary Jen Psaki told reporters during Tuesday’s briefing.

Psaki also reiterated the Biden administration’s stance on having wealthy Americans pay more taxes to fund the President’s proposals. “I’m not going to comment on specific unauthorized disclosures of confidential government information. I can tell you that, broadly speaking ,we know that there is more to be done to ensure that corporations, individuals who are at the highest income are paying more of their fair share. Hence, it’s in the President’s proposals, his budget and part of how he’s proposing to pay for his ideas,” Psaki said.

Five Myths About Cryptocurrency

June 10, 2021June 10, 2021 Eswar Prasad At Brookings InstituteBusiness, Economy 0

Bitcoin, the original cryptocurrency, was launched in 2009. Today, there are thousands of cryptocurrencies with a total value of about $2 trillion. The surge in their prices earlier this year minted tens of thousands of cryptocurrency millionaires—at least on paper. Cryptocurrencies might turn out to be a massive speculative bubble that ends up hurting many naive investors. Indeed, many cryptocurrency fortunes have already evaporated with the recent plunge in prices. But whatever their ultimate fate, the ingenious technological innovations underpinning them will transform the nature of money and finance.

Myth No. 1

A cryptocurrency is real money that can be used for payments.

Cryptocurrencies such as bitcoin and Ethereum were designed as a way to make payments without relying on traditional modes such as currency notes, debit cards, credit cards or checks. The bitcoin white paper, which set off the cryptocurrency revolution, envisions an electronic payment system that allows “any two willing parties to transact directly with each other without the need for a trusted third party,” cutting governments and banks out of the financial loop. The website Pymnts claims, “Blockchain IS the future of the payments industry,” a reference to the computational technology that undergirds cryptocurrencies.

In fact, it has become very expensive and slow to conduct transactions using cryptocurrencies. It takes about 10 minutes for a bitcoin transaction to be validated, and the average fee for just one transaction was recently about $20. Ethereum, the second-largest cryptocurrency, processes transactions slightly faster but also has high fees.

Moreover, wild swings in the values of most cryptocurrencies make them unreliable as a means of payment. In late April, the price of a Dogecoin was 20 cents. It tripled in the next two weeks and then fell to half that peak value ten days later. It is as though a $10 bill could buy you just a cup of coffee one day and a lavish meal at a fancy restaurant just a few weeks later. Even on a calmer, more typical day, the value of a major cryptocurrency such as Ethereum might fluctuate by 10 percent or more, making it too unstable to be practical. Recently, Elon Musk announced that Tesla would no longer accept bitcoin as a form of payment, reversing a policy it had implemented earlier in the year. The value of a single coin almost immediately plummeted. A Chinese crackdown on cryptocurrencies then briefly took another one-third off the price in just one day.

Myth No. 2

Cryptocurrencies are a good investment.

Investment funds in bitcoin and other cryptocurrencies have proliferated. Even major banks such as Goldman Sachs and Morgan Stanley are getting into the game. And you would certainly have made a fantastic return if you had bought any of the major cryptocurrencies last year. A typical article in the Motley Fool debates not whether cryptocurrencies are a good investment but “which one is right for you.” The website Business Mole claims: “Even with adjustments made, Bitcoin and Ethereum are very profitable. It’s simple.”

But beware. Part of the allure seems to be that, like gold, the supply of most cryptocurrencies is tightly controlled (by the computer programs that manage them). For instance, about 18.5 million bitcoin have been created so far, and there will eventually be a maximum of 21 million bitcoin. This is a cap set by the computer program that manages the supply of the currency.

Scarcity by itself is not, however, enough to create value—there has to be demand. Since cryptocurrencies cannot easily be used to make most payments and have no other intrinsic uses, the only reason they have value is because many people seem to think they are good investments. If that changed, their value could quickly drop to nothing.

Myth No. 3

Bitcoin is fading. Meme coins are the future.

Bitcoin is now seen as the granddaddy of cryptocurrencies, and investors (or speculators, more precisely) are piling into other cryptocurrencies such as Dogecoin. In 2019, Investopedia claimed that bitcoin was “losing its power as the driving force of the cryptocurrency world.” “Bitcoin And Ethereum Are Being Left In The Dust ByDogecoin,” reads a recent Forbes headline.

Dogecoin and other such cryptocurrencies, which are simply built around memes (Dogecoin, with its ShibaInu dog mascot, references the “doge” meme), don’t even make a pretense of being usable in financial transactions. And there is no clear constraint on the supply of these coins, so their prices surge or crash on random events such as tweets from Musk. The valuations of meme currencies seem to be based entirely on the “greater fool” theory—all you need to do to profit from your investment is to find an even greater fool willing to pay a higher price than you paid for the digital coins.Bitcoin’s technology does seem outdated compared with some of the newer cryptocurrencies that enable greater anonymity for users, faster transaction processing and more sophisticated technical features that facilitate automatic processing of complex financial transactions. For all its flaws, however, bitcoin remains dominant: It accounts for nearly half of the total value of all cryptocurrencies.

Myth No. 4

Cryptocurrencies will displace the dollar.

Morgan Stanley’s chief global strategist, Ruchir Sharma, has argued that bitcoin could end the dollar’s reign—or at least that the “digital currency poses a significant threat to [the] greenback’s supremacy.” A Financial Times headline proposes, even more ominously, that “Bitcoin’s rise reflects America’s decline.”Cryptocurrencies are not backed by anything other than the faith of the people who own them. The dollar, by contrast, is backed by the U.S. government. Investors still trust the dollar, even in hard times. As one illustration, domestic and foreign investors continue to eagerly snap up trillions of dollars in U.S. Treasury securities even at low interest rates.

New cryptocurrencies called stablecoins aim to have stable values and therefore make it easier to conduct digital payments. Facebook plans to issue its own cryptocurrency, called Diem, that will be backed one for one with U.S. dollars, giving it a stable value. But the value of stablecoins comes precisely from their backing by government-issued currencies. So while dollars might become less important in making payments, the primacy of the U.S. dollar as a store of value will not be challenged.

Myth No. 5

Cryptocurrencies are just a fad and will fade away.

Warren Buffett has compared cryptocurrencies to the 17th-century Dutch tulip craze, while Bank of England Governor Andrew Bailey cautioned, “Buy them only if you’re prepared to lose all your money.” Economist NourielRoubini called bitcoin “the mother or father of all scams” and even criticized its underlying technology.

Cryptocurrencies may or may not persevere as speculative investment vehicles, but they are triggering transformative changes to money and finance. As the technology matures, stablecoins will hasten the ascendance of digital payments, ushering out paper currency. The prospect of competition from such private currencies has prodded central banks around the world to design digital versions of their currencies. The Bahamas has already rolled out a central bank digital currency, while countries like China, Japan and Sweden are conducting experiments with their own official digital money. The dollar bills in your wallet—if you still have any—could soon become relics.

Even transactions such as buying a car or a house could soon be managed through computer programs run on cryptocurrency platforms. Digital tokens representing money and other assets could ease electronic transactions that involve transfers of assets and payments, often without trusted third parties such as real estate settlement attorneys. Governments will still be needed to enforce contractual obligations and property rights, but software could someday take the place of other intermediaries, including bankers, accountants and lawyers.

Economic Toll Of Climate Crisis ‘Will Be Like Two Pandemics A Year’

June 10, 2021June 10, 2021 Staff ReporterEconomy, Environment 0

The world’s biggest industrialized economies will shrink by twice as much as they did during the coronavirus pandemic if they do not tackle rising greenhouse gas emissions, according to research. Oxfam and the Swiss Re Institute have warned that the G7 countries will lose 8.5% of GDP a year, the equivalent of nearly $5tn, within 30 years if temperatures rise by 2.6C (36.68F), as they are predicted to. During Covid-19, G7 economies shrank by an average of about 4.2%. The research forecasts economic losses from the climate crisis by 2050 would be roughly equivalent to enduring a similar crisis to the pandemic twice a year, reports the environment correspondent Fiona Harvey.

According to Oxfam’s analysis of research by the Swiss Re Institute, human and economic impact on low-income nations will be much worse. Oxfam warned on Monday that the loss in GDP is double that of the COVID-19 pandemic, which already caused G7 economies to shrink by an average of 4.2%.The worst affected country in the G7 would be Italy, which stands to lose 11.4%. The US would be hit with a 7.2% loss by 2050, with Japan set to lose 9.1%, Germany 8.3%, France 10%, and Canada 6.9%. The UK economy would lose 6.5% a year by 2050 on current policies and projections, compared with 2.4% if the goals of the Paris climate agreement are met.

Although economies are expected to recover from the short-term effects of the current health crisis, the effects of climate change will be seen every year, the research said. Oxfam is calling on G7 leaders, who are meeting in the UK later this week, to reduce carbon emissions more quickly and steeply.Danny Sriskandarajah, Oxfam GB chief executive, called on the UK to “strain every diplomatic sinew” to drive more climate ambition from fellow G7 nations at the upcoming G7 summit. “The UK government has a once-in-a-generation opportunity to lead the world towards a safer, more liveable planet for all of us,” he said.

Swiss Re modelled how climate change is likely to affect economies through gradual, chronic climate risks such as heat stress, impacts on health, sea level rise and agricultural productivity. All of the 48 nations in the study are expected to see an economic contraction, with many countries predicted to be hit far worse than the G7.The data showed that by 2050, India, which was invited to the G7 summit, is projected to lose 27% from its economy, while Australia, South Africa and South Korea are projected to lose 12.5%, 17.8%, and 9.7% respectively.The Philippines is projected to lose 35% and Colombia is projected to lose 16.7%.It follows a recent study by the World Bank that suggested between 32 million and 132 million additional people will be pushed into extreme poverty by 2030 as a result of climate change.

Oxfam added that G7 governments are also collectively failing to deliver on a pledge to provide $100bn per year to help poor countries respond to climate change. Only two G7 countries have said they will increase climate finance from current levels. France decided to maintain its current level of climate finance while Canada, Germany, Japan and Italy have yet to state their intentions, the charity said,Oxfam estimates their current commitments amount to $36bn in public climate finance by 2025, with only a quarter ($8-10 billion) of that for adaptation. “The economic case for climate action is clear ―now we need G7 governments to take dramatic action in the next nine years to cut emissions and increase climate finance,” Max Lawson, head of inequality policy at Oxfam, said.

“The economic turmoil projected in wealthy G7 countries is only the tip of the iceberg: many poorer parts of the world will see increasing deaths, hunger and poverty as a result of extreme weather. This year could be a turning point if governments grasp the challenge to create a safer more liveable planet for all.”All G7 governments have unveiled new climate targets ahead of the UN COP26 climate summit in November, with most falling short of what is needed to limit global warming below 1.5°C. The projections used in this press release assume high stress factors and global warming of 2.6°C by mid-century, which is a level of warming that could be reached based on current policies and climate pledges from all countries.

The conference, which is being held between 1 and 12 November, will be the largest summit the UK has ever hosted. It will have dozens of world leaders in attendance and bring together representatives from nearly 200 countries, including experts and campaigners.It was originally scheduled for November 2020 but was delayed by a year due to the coronavirus pandemic. It has been described as the most significant climate event since the global Paris Agreement was secured in 2015.

Jerome Haegeli, group chief economist at Swiss Re, said: “Climate change is the long-term number one risk to the global economy, and staying where we are is not an option – we need more progress by the G7. That means not just obligations on cutting CO2 but helping developing countries too, that’s super-important.” He also added that vaccines for COVID-19 were also a key way to help developing countries.

India May Have Lost 3% Of Its GDP Due To Global Warming

June 10, 2021 Staff ReporterEconomy, Environment 0

Titled The Costs of Climate Change in India, the report states that India is already experiencing the consequences of 1 degree C of global warming. India may have already lost 3% of its gross domestic product (GDP) on account of global warming of 1 degree Celsius over pre-industrial levels, and risks losing 10% of its GDP in the extreme scenario of a 3 degree Celsius increase, which would lead to a rise in sea levels, a decline in agricultural productivity, and increased health expenditure, according to a report by London think tank ODI.

Some of the studies cited by the report make direr predictions. Citing a research paper published last year by Oxford Economics, and authored by economist James Nixon, the ODI report says India’s GDP would currently be around 25% higher were it not for the costs of global warming, and predicts that, with 3 degree C of warming it is likely to be 90% lower by the end of the century than it would have been otherwise.

“India is already feeling the costs of climate change, with many cities reporting temperatures above 48 degree C in 2020 and a billion people facing severe water scarcity for at least a month of the year. If action is not taken to cut emissions to limit the global temperature rise to 1.5 degree C, the human and economic toll will rise even higher,” said Angela Picciariello, senior research officer at ODI. Average temperatures across India rose by 0.62 degree C over the last 100 years, rising at a slower rate than the global average, but the impact of the climate crisis is felt almost every year. Between 1985 and 2009, western and southern India saw 50% more heatwave events than in the previous 25 years.

ODI researchers recommend that India set more ambitious CO2 emission mitigation targets. “First, higher levels of global warming will have devastating human and economic costs. Second, a more climate-smart development trajectory would potentially yield a range of benefits, including cleaner air, higher rates of job creation and greater energy, food and water security. These considerations are shifting domestic narratives around climate change policy, including high-level debates about whether or not to commit to carbon neutrality by mid-century.”

“Stronger emission targets do not need to compromise India’s development aspirations,” the report added. ODI recommends ending public support for coal and improving the performance of electricity distribution systems, supporting economic diversification in regions that heavily depend on coal for jobs and revenues, and focusing on clean energy generation which could create millions of jobs.“Climate disasters can reverse the progress that has been made on reducing poverty and disrupt the lifelines of a growing economy… Investing in green sectors like renewable energy, public transport and land restoration can create new jobs, stimulate economic growth. It can lead to massive savings in fuel costs,” said UlkaKelkar, director, Climate Program at World Resources Institute.

Tech Giants Offer Signing In Bonuses To New Employees

June 10, 2021 Staff ReporterBusiness, Economy, Technology 0

America’s stores are having trouble bringing on staff to meet growing demand from customers as the US economy regains steam. So they’re turning to an incentive less commonly deployed in the retail industry: sign-on bonuses for new hires.Amazon (AMZN), Ollie’s Bargain Outlet (OLLI), Tops Markets supermarket chain, Sheetz convenience stores and many smaller stores are offering such one-time payments to sweeten job offers to new workers. Sign-on bonuses can be more attractive for some employers than raising wages because bonuses are not permanent and ultimately cheaper, said Andrew Challenger, vice president at executive outplacement firm Challenger, Gray & Christmas.

Executive search firm Korn Ferry found in a survey of more than 50 major US retailers in late April that 94% said they were having difficulty filling vacant roles. Twenty-nine percent said they had implemented a sign-on bonus to help in hiring, while 32% said they had a referral program.”Historically, stores have not had to do sign-on bonuses,” said Craig Rowley, senior client partner at Korn Ferry specializing in retail. “In the past, there were always enough people applying for jobs. It tells you how needy retailers are for staff,” he said.

Companies are searching for workers as growing numbers of vaccinated Americans head back to stores. There were 878,000 job openings in the US retail sector in March, a 53% increase from the same month last year, according to the latest data from the Bureau of Labor Statistics. In the warehouse and transportation sector, there were 348,000 open jobs in March, a 5% increase from a year ago. Retailers are adding more warehouse and delivery jobs as online shopping becomes more widespread.Economists, labor experts and companies say the reasons for the hiring challenges are varied, but they include difficulties workers are having finding child and family care, health and safety concerns among the workforce, and expanded unemployment benefits.Companies hope bonuses will help them meet staffing needs and continue growing.

‘A cherry on top’Amazon announced in May that it is hiring 75,000 people in warehouse and transportation jobs and offering sign-on bonuses of up to $1,000 in many locations. The company also said the jobs offer an average pay of over $17 an hour, higher than the company’s $15 minimum wage.Amazon employees has offered higher sign-on bonuses for some hourly positions, too.

Robin Ray Buscaino, 22, lost his job in 2020 at a restaurant in Colton, California, and was unemployed for a year. He started working at an Amazon regional air hub in San Bernardino, California, loading and unloading cargo from planes for $16.40 an hour. Buscaino said the $3,000 bonus Amazon was offering for the job was a deciding factor in his decision to work there. “The bonus was a cherry on top,” he said. Other places he was looking at weren’t able to match it.

Are unemployment benefits causing working shortages? Here’s what we know.

Ollie’s Bargain Outlet is giving $1,000 sign-on bonuses to staff 200 open jobs at its distribution centers. Sheetz is offering $500 bonuses for store workers and $1,000 for shift supervisors to fill 50 jobs. Tops Markets, a supermarket chain in the Northeast, is handing out $2,000 bonuses to hire around 100 workers in its distribution center.Customer demand is “up all over the country,” said Tom Kuypers, a spokesperson for Ollie’s. “We need people for our distribution centers” to meet it.

Ollie’s implemented the $1,000 bonus last month, and Kuypers said he thinks it helped make the company more competitive in hiring and increased the number of applicants.Grocery stores saw a surge in business last year, and many are still are looking to hire more staff. Clint Woodman, the president of Woodman’s Markets, an employee-owned supermarket chain with 18 stores in Wisconsin and Illinois, said the company needs to hire 600 workers to give a breather to its current employees, many of whom are working overtime.The company last week began offering up to $1,500 bonuses for new full-time workers and $500 employee referral bonuses. “We’re certainly hoping that it has a big effect so we can provide the service that our customers are used to,” he said.

Arun Venkataraman Nominated as Director General for Foreign Commercial Service in Commerce Department

June 3, 2021 Staff ReporterEconomy, Profile 0

President Joe Biden announced the nomination of Arun Venkataraman to serve as Director General of the U.S. Foreign Commercial Service and Assistant Secretary for Global Markets in the Department of Commerce on May 26th.

Venkataraman currently serves in the administration as Counselor to the Secretary of Commerce, advising the department on trade and other international economic matters. The Indian American attorney also served in the Obama administration as the first-ever director of policy at the Department of Commerce’s International Trade Administration. In that role, he helped shape the U.S. government’s responses to critical challenges faced by firms in the U.S. and in markets around the world, including China and India, according to a White House statement announcing the nomination.

These challenges included excess capacity in the global steel and aluminum industries; online piracy and counterfeiting; improper application of competition laws; unjustified limitations on data flows; and national security-based restrictions on goods, services and technology, according to his profile on the Steptoe and Johnson LLP Web site.In this role, Venkataraman also led the International Trade Administration’s efforts to conclude negotiations on the Trans-Pacific Partnership and secure passage of Trade Promotion Authority legislation.

In the Obama administration, Venkataraman also served in the Office of the US Trade Representative, where he led the development and implementation of U.S.-India trade policy as the director for India, for which he received the agency’s Kelly Award for outstanding performance and extraordinary leadership.Before joining USTR, Venkataraman was a legal officer at the World Trade Organization, advising the organization on a wide range of issues raised in appeals of trade disputes between countries. In the Obama administration, Venkataraman also served as Associate General Counsel, representing the United States in litigation before the World Trade Organization and in negotiations on international trade agreements.

The Tufts University alumnus — who received his J.D. from Columbia Law School and earned a Master of Arts in Law and Diplomacy from the Fletcher School of Law and Diplomacy — has over 20 years of experience advising companies, international organizations and the U.S. government on international trade issues. Before joining the Biden-Harris administration, Venkataraman was a senior director at Visa, leading global government engagement strategy on a range of international policy issues including digital economy, trade, tax and sanctions.

He previously served as trade and investment policy advisor at Steptoe & Johnson LLP, where he counseled multinational firms and other organizations on e-commerce, intellectual property rights, and U.S. and foreign trade policies. “Arun’s extensive experience across all facets of trade policy-making — domestic and international, negotiation and litigation, legislation and executive action — underpins the unique perspective and creative solutions he offers clients,” reads his Steptoe & Johnson profile. Venkataraman began his career as a law clerk for Judge Jane A. Restani at the U.S. Court of International Trade.

Amartya Sen Receives Spain’s Top ‘Princess of Asturias’ Award

June 3, 2021 Staff ReporterEconomy, Profile 0

Amartya Kumar Sen, an Indian economist and philosopher who studied the causes of famines, will be recognized with this year’s Princess of Asturias award in the social sciences category, the Spanish foundation behind the prizes announced May 26.The 87-year-old Sen has devoted his career to studying poverty and theories of human development. His 1981 essay on “Entitlement and Deprivation” famously proved that the greatest famines in history took place when food was available but some groups couldn’t access it.

Sen’s theories on a person’s capacity, interacting with the concept of “positive freedom,” or absence of interference, have been incorporated into different social science disciplines and inspired U.N. development plans. Amartya Sen is Thomas W. Lamont University Professor, and Professor of Economics and Philosophy, at Harvard University and was until 2004 the Master of Trinity College, Cambridge. He is also Senior Fellow at the Harvard Society of Fellows. Earlier on he was Professor of Economics at Jadavpur University Calcutta, the Delhi School of Economics, and the London School of Economics, and Drummond Professor of Political Economy at Oxford University.

Amartya Sen has served as President of the Econometric Society, the American Economic Association, the Indian Economic Association, and the International Economic Association. He was formerly Honorary President of OXFAM and is now its Honorary Advisor. His research has ranged over social choice theory, economic theory, ethics and political philosophy, welfare economics, theory of measurement, decision theory, development economics, public health, and gender studies. Amartya Sen’s books have been translated into more than thirty languages.

Amartya Sen’s awards include Bharat Ratna (India); Commandeur de la Legion d’Honneur (France); the National Humanities Medal (USA); Ordem do MeritoCientifico (Brazil); Honorary Companion of Honour (UK); the Aztec Eagle (Mexico); the Edinburgh Medal (UK); the George Marshall Award (USA); the Eisenhower Medal (USA); and the Nobel Prize in Economics.“His entire intellectual career has contributed in a profound and effective way to promoting justice, freedom and democracy,” the Princess of Asturias award jury wrote in a statement.Sen won the Nobel Memorial Prize in Economic Sciences in 1998.

The 50,000-euro award ($61,000) is one of eight prizes, including in the arts, communications and sports, handed out annually by the Asturias Princess Foundation, which is named for Spanish Crown Princess Leonor. The awards are among the most prestigious in the Spanish-speaking world. An awards ceremony typically takes place in October in the northern Spanish city of Oviedo.

India’s GDP Plunges By 7.3%

June 3, 2021 Staff ReporterEconomy 0

The Covid-induced volatility heavily dented India’s economy in the last fiscal as its growth rate plunged (-) 7.3 per cent in FY 2020-21. Though not comparable, the GDP had grown by 4 per cent in 2019-20.Accordingly, the pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, which suffered a GDP contraction of 24.4 per cent. It was only on June 1, 2020 that the partial unlock measures were implemented.

However, pent-up demand and gradual opening up of economic activities arrested any other economic pitfall. Nonetheless, the devastating impact on consumer services, urban demand and rising commodity prices had more or less painted a grim economic picture for FY21.The data furnished by the National Statistical Office (NSO) showed that real GDP or Gross Domestic Product at constant (2011-12) prices in 2020-21 attained a level of Rs 135.13 lakh crore, as against the ‘first revised estimate’ of GDP for the year 2019-20 of Rs 145.69 lakh crore.

On the other hand, on sequential basis, India’s economy grew during the fourth quarter, which ended on March 31, 2021, by 1.6 per cent.“‘GDP at Constant (2011-12) Prices in Q4′ of 2020-21 is estimated at Rs 38.96 lakh crore, as against Rs 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6 per cent,” according to the GDP estimates released by the Central Statistics Office (CSO).

Besides, the CSO said: “There was a sharp spike from Rs 2.27 lakh crore in BE 2020-21 to Rs 5.95 lakh crore in the revised Estimates for the major subsidies (especially food subsidies) of Centre, presented in Budget 2021-22, in RE 2020-21.”“Revised provision of subsidies of Centre has been considered after adjusting for arrears of previous years and repayment or prepayment of loans, as per information received from Ministry of Finance,” it said.In terms of quarterly Gross Value Added (GVA), the NSO data showed a year-on-year rise of 3.7 per cent from 1 per cent in Q3FY21. The GVA includes taxes, but excludes subsidies.

On a sequential basis, Q4 GVA for 2020-21 from the agriculture, forestry and fishing sectors grew 3.1 per cent, against 4.5 per cent in the preceding quarter of 2020-21.The GVA from the manufacturing sector grew 6.9 per cent, as compared to a growth of 1.7 per cent in Q3FY21.Furthermore, mining and quarrying contracted (-)5.7 per cent from (-)4.4 per cent in Q3FY21, while construction activity plunged by 14.5 per cent from 6.5 per cent.

The GVA growth rate of ‘electricity, gas, water supply & other utility services’, ‘trade, hotels, transport, communication and services related to broadcasting’ and ‘public administration, defence and other services’ also increased during this period.Another key growth gauge — Gross Fixed Capital Formation — which underscores the overall acquisition of produced assets in the economy, is estimated to have declined to 10.8 per cent in FY21 at constant (2011-2012) prices.

On yearly basis, the only component that showed growth in FY21 is the government’s final consumption expenditure which grew at 2.9 per cent.The other major components, namely private final consumption expenditure (PFCE), contracted by 9.1 per cent in FY21.“Benefitting from the broad-based surge in volumes, India’s economic growth improved in Q4 FY2021, although the impact of the low base related to the onset of the nationwide lockdown can’t be written off,” said Aditi Nayar, Chief Economist, ICRA.

“Nevertheless, as expected, the Indian economy firmly averted the double dip contraction that had been insinuated by the previously released advance estimates for FY2021,” Nayar said.According to Sunil Kumar Sinha, Principal Economist, India Ratings & Research: “On the supply side, agriculture, as expected, grew at a robust 3.6 per cent in 4QFY21 and 3.6 per cent in FY21. However, the more heartening numbers came from the industrial sector which though contracted by 7 per cent in FY21, its various segments, except mining, witnessed accelerated growth momentum in 4QFY21.

“We must not, however, overlook the fact that a large part of the turnaround witnessed in 3QFY22 and 4QFY22 will get a push back in 1QFY22 due to the second wave of Covid, but the YoY numbers may still look good due to extremely low base of 1QFY21.”

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: “As expected, agriculture has recorded a healthy GVA growth of 3.6 per cent in FY21 with all the other industrial and service sectors witnessing significant contraction under the severe impact of Covid.“Contact intensive activities such as trade, hotels and transports have recorded a deep contraction of 18.2 per cent given the disruptions and the demand disruption created by the pandemic.” (IANS)

Has India’s Central Bank Changed Its Mind About Cryptocurrencies?

June 3, 2021June 3, 2021 Niharika SharmaAt QUARTZBusiness, Economy 0

After years of outright dislike for cryptocurrencies, India’s central bank appears to have had a change of heart. On May 31, the Reserve Bank of India (RBI) told banks and other financial institutions in the country that they should not cite its 2018 circular that barred them from dealing with cryptocurrencies while cautioning customers against virtual coins. The 2018 circular was struck down by the Supreme Court in March 2020, which made it invalid.

“It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies… by referring to the RBI circular dated April 06, 2018 (pdf). Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the supreme court,” the latest RBI circular read.

The cryptocurrency ecosystem in India is interpreting the RBI’s stance as a support for the industry. “This is positive news for the entire crypto industry—businesses, stakeholders, and investors. Investing in crypto has always been 100% legal in India and the new RBI circular clearly confirms the right to do business with crypto firms,” said AvinashShekhar, Co-CEO at ZebPay.

RBI’s cryptocurrency stance

India’s central bank as well as the country’s government have never supported virtual coins. Besides the 2018 circular that nearly stifled the cryptocurrency ecosystem in India, RBI has time and again issued warnings against investments into bitcoins and other virtual coins.

In 2017, India’s then-finance minister ArunJaitley had said the government “does not recognise Bitcoin as legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payments system.”But the central bank perhaps thought it ethical to warn banks against illegally quoting an outdated circular.

RBI’s recent statement came after several leading Indian banks, including the State Bank of India and HDFC Bank, sent emails to their customers warning them against the use of cryptocurrency. The banks cited RBI’s 2018 circular in these emails stating that users who deal in virtual currencies may face account suspension.There have also been reports that WazirX, India’s largest cryptocurrency bourse, faced many issues with financial transactions with its banking partners due to the confusion related to the RBI’s earlier notification.

“The crypto industry has been facing a lot of issues when it comes to using formal banking channels for trades and this circular will clear the air. RBI’s stance on crypto asset trading was not changed since the supreme court order in March 2020 and it was highly unpleasant to see banks pulling the plug on crypto exchanges which impacted millions of investors across the country,” said ShivamThakral, CEO of BuyUcoin, a Delhi-based cryptocurrency exchange.

Indian Medical Association Seeks FIR Against Ramdev

June 3, 2021 Staff ReporterBusiness, Community, Health 0

The Indian Medical Association (IMA) has now filed a police complaint in Delhi and sought that an FIR be registered against Patanjali boss Ramdev. Signed by IMA General Secretary DrJayeshLele, the complaint states that Ramdev, along with his associates “operated in furtherance of their illegal and dishonest intention with a view of obtaining wrongful gain and consequently causing wrongful loss to the medical fraternity and general public in large”, adding that “The accused has committed cognizable offences and are liable to be prosecuted under all applicable and relevant provisions of the law, including Section 3 of the Epidemic Diseases Act 1897.”

The IMA has sought a “police investigation” saying it is needed to reveal who the other persons involved with Ramdev in the “conspiracy of making scurrilous and malicious statements in public and obtaining unjust gains from the promotion of unproved and unapproved treatment methods”. The medical association has sought that an FIR be registered against Ramdev under the Epidemic Diseases Act, 1897, Disaster Management Act, 2005, Indian Penal Code, 1860.

Meanwhile, the right-wing digital teams have spent an entire day targeting Prof. Dr. J.A. Jayalal, the National President IMA, accusing him of promoting Christianity by selectively quoting from an interview given to a magazine. DrJayal issued a video statement denying such accusations.

The Indian Medical Association’s (IMA) Uttarakhand branch has already slapped a defamation notice of Rs 1,000 crore upon Ramdev, who was most recently seen and heard in a video circulated on social media, claiming that allopathy was a “stupid science” and medicines being used to treat Covid-19 patients, including Remdesivir, Faviflu, and other drugs approved by the Drugs Controller General of India (DCGI), had have failed to do so. The IMA’s police complaint comes after another video clip of Ramdev surfaced where he says no one can dare to arrest him. The IMA’s Uttarakhand state unit, Dr Ajay Khanna told the media that the association had also been sent to the state Chief Minister and Chief Secretary.

‘Born Digital’ Indian Workers Want 4-Day Week Amid Pandemic

June 3, 2021 Staff ReporterEconomy, Technology, Youth 0

More than three in four young Indian workers believe that employers should offer the opportunity to work a four-day week to promote employee well-being post-pandemic, a new report said on Wednesday.Made up of millennials (born 1981 to 1996) and Generation Z (born after 1997) workers, the ‘Born Digital’ are the first generation to grow up in an entirely digital world, and now account for most of the global workforce.

According to the report by desktop virtualisation leader Citrix, ‘Born Digital’ employees in India (76 per cent) prefer to retain a remote or hybrid work model post-pandemic.Nearly 86 per cent of ‘Born Digital’ employees in India believe that the pandemic has shown that their organisation needs to invest more in digital technology, compared to 16 per cent of business leaders.

“These young employees are different from previous generations in that they have only ever known a tech-driven world of work,” said Donna Kimmel, Executive Vice President and Chief People Officer, Citrix.“To shore up their future business success, companies must understand their values, career aspirations and working styles and invest in their development,” Kimmel said in a statement.

A striking 90 per cent of ‘Born Digital’ in India expect employers to have a better understanding of family commitments, compared to the global average of 74 per cent.Also, 92 per cent of ‘Born Digital’ workers in India say they would prioritise employee well-being as they advance in their career.

“Younger workers in India are most focused on career stability and security (94 per cent), opportunities for additional qualifications, training, or re-skilling (93 per cent), and access to quality workplace technology (92 per cent),” the Citrix findings showed.Leaders in the country, on the other hand, think young workers prioritise a competitive remuneration package and job satisfaction over all other work factors.

“Successfully attracting and retaining the Born Digital will require organisations to invest in the work model and tools to create the flexible, efficient and engaged work environment that this next generation of leaders craves and thrives in,” said Tim Minahan, Executive Vice President of Business Strategy, Citrix. (IANS)

China Allows 3 Kids Per Couple

June 3, 2021June 3, 2021 Staff ReporterEconomy, Global, Lifestyle 0

China’s ruling Communist Party has said, it will ease birth limits to allow all couples to have three children instead of two in hopes of slowing the rapid aging of its population, which is adding to strains on the economy and society.The ruling party has enforced birth limits since 1980 to restrain population growth but worries the number of working-age people is falling too fast while the share over age 65 is rising. That threatens to disrupt its ambitions to transform China into a prosperous consumer society and global technology leader.

A ruling party meeting led by President Xi Jinping decided to introduce “measures to actively deal with the aging population,” the official Xinhua News Agency said. It said leaders agreed ”implementing the policy of one couple can have three children and supporting measures are conducive to improving China’s population structure.”Leaders also agreed China needs to raise its retirement age to keep more people in the workforce and improve pension and health services for the elderly, Xinhua said.

Restrictions that limited most couples to one child were eased in 2015 to allow two, but the total number of births fell further, suggesting rule changes on their own have little impact on the trend.Couples say they are put off by high costs of raising a child, disruption to their jobs and the need to look after elderly parents.Comments on social media Monday complained the change does nothing to help young parents with medical bills, low incomes and grueling work schedules known popularly as “996,” or 9 a.m. to 9 p.m. six days a week.

“Every stage of the problem hasn’t been solved,” said a post on the popular Sina Weibo blog service signed Tchaikovsky. “Who will raise the baby? Do you have time? I go out early and get back late. Kids don’t know what their parents look like.”Another, signed Hyeongmok, joked bitterly: “Don’t worry about aging. Our generation won’t live long.”

China, along with Thailand and some other Asian economies, faces what economists call the challenge of whether they can get rich before they get old.The Chinese population of 1.4 billion already was expected to peak later this decade and start to decline. Census data released May 11 suggest that is happening faster than expected, adding to burdens on underfunded pension and health systems and cutting the number of future workers available to support a growing retiree group.

The share of working-age people 15 to 59 in the population fell to 63.3% last year from 70.1% a decade earlier. The group aged 65 and older grew to 13.5% from 8.9%. The 12 million births reported last year was down nearly one-fifth from 2019.About 40% were second children, down from 50% in 2017, according to Ning Jizhe, a statistics official who announced the data on May 11.

Chinese researchers and the Labor Ministry say the share of working-age people might fall to half the population by 2050. That increases the “dependency ratio,” or the number of retirees who rely on each worker to generate income for pension funds and to pay taxes for health and other public services.Leaders at Monday’s meeting agreed it is “necessary to steadily implement the gradual postponement of the legal retirement age,” Xinhua said.It gave no details, but the government has been debating raising the official retirement ages of 60 for men, 55 for white-collar female workers and 50 for blue-collar female workers.

The potential change is politically fraught. Some female professionals welcome a chance to stay in satisfying careers, but others whose bodies are worn out from decades of manual labor resent being required to work longer.The fertility rate, or the average number of births per mother, stood at 1.3 in 2020, well below the 2.1 that would maintain the size of the population.

China’s birth rate, paralleling trends in other Asian economies, already was falling before the one-child rule. The average number of children per Chinese mother tumbled from above six in the 1960s to below three by 1980, according to the World Bank.Demographers say official birth limits concealed what would have been a further fall in the number of children per family without the restrictions.The ruling party says it prevented as many as 400 million potential births, averting shortages of food and water. But demographers say if China followed trends in Thailand, parts of India and other countries, the number of additional babies might have been as low as a few million.

Indian Origin Reuben Brothers Are 2nd Richest In UK

June 3, 2021 Staff ReporterBusiness, Economy 0

The Sunday Times, UK, reported this year’s Rich List that identifies a record 171 UK billionaires — 24 more than in 2020. That is the biggest jump in the 33 years The Sunday Times has been tracking the fortunes of the UK’s most affluent people. The combined fortunes of the billionaires in this Rich List grew by nearly 22 per cent to 597.269 billion pound.The richest person on the list is Sir Len Blavatnik, a Ukrainian-born businessman who made his money from energy and aluminium groups in the former Soviet Union. He earlier topped the list in 2015.

Mumbai born brothers David and Simon Reuben were listed as Britain’s second-wealthiest, with a combined fortune of 21.5 billion pound.Indian steel magnate Lakshmi Mittal climbed up in the list from No.19 last year to No.5 this year, Mittal, has seen net increase by 7.899 billion to 14.68 billion pound.

Srichand and Gopichand Hinduja and family have fallen in the rankings from No.1 in 2019, to No.2 in 2020, down to No.3 this year. The family’s net increased by 1 billion, to 17 billion pound.Chronicle Live UK reported would-be Newcastle United owners David and Simon Reuben’s fortune has risen by an astonishing 5 billion during the last year as they maintained their place as the second richest people in the UK.

The Reubens would only be part owners of United in the deal proposed by Amanda Staveley but their wealth, combined with that of Saudi PIF, would make Newcastle financial powerhouses if the deal can be resurrected through either arbitration or various court cases.The Times reported the Reubens as going on a “spending spree” during the last year, snapping up buildings at far below market value. They spent $150million on Manhattan hotel The Surrey — and have “snapped up undervalued hotels and other properties”, in particular in the US. (IANS)

Dr. Manju Sheth’s Candid Conversation With Panera Bread CEO, Niren Chaudhary

May 27, 2021June 3, 2021 Staff ReporterBusiness, Profile, Women 0

With an impressive track record of establishing brands and leading companies around the world, Niren Chaudhary leads Panera Bread as CEO with passion since May 2019. In an exclusive interview With Dr. ManjuSheth, Mr. Chaudhary talks about his personal life story, inspiration, interests, how Panera leads food industry during the pandemic, and on ways to make global brands succeed in India.Watch The Interview Online at: https://youtu.be/8CEPgSpKzRE

Niren Chaudhary believes in leading with compassion and channeling pain into purpose. His philosophy to live each day to its fullest is inspired by his daughter Aisha who lived each day of her life fully and with gratitude till she passed away in 2015 at the age of 18.

Her life has been made into a powerful movie called ‘Sky is Pink’ with Priyanka Chopra Jonas , Farhan Akhtar and ZairaWasim playing lead roles. The movie is now streaming on Netflix. It was inspiring to share Niren’s journey on Chai with Manju. His input in the food and hospitality industry were very insightful including leading Panera profitably in tough Covid times. His advice to those looking to invest in India is worth a watch. His emotional appeal to donate bone marrow to save lives is important as Indian lag behind and his daughter’s life would have been saved with a timely bone marrow donation I loved his three step recipe to make dreams come true and to live life fully describing life as an unfinished painting.

When it comes to food retail industry, Panera CEO Niren Chaudhary has established himself as an undisputed leader of corporate leadership on a global scale. Mr. Chaudhary joined Panera from Krispy Kreme Doughnuts, Inc., where he served as Chief Operating Officer and President of the International Division. Prior to that, he spent 23 years at Yum! Brands in a number of positions, including serving as President of Yum! India, and most recently in the role of President of KFC Global, where he was responsible for 5,000 stores in 50 countries with $5 billion in revenue.

He holds a bachelor’s degree in Economics from St. Stephen’s College in Delhi, an MBA in marketing from the University of Delhi, and also completed the Advanced Management Program at Harvard Business School.One of the best parts of the interview with Dr. Manju Shethwas to watch him sing. Music plays a huge role in his life. Indeed, he is a rockstar CEO.

A physician by profession, having a passion for media and commitment to serve the larger humanity, with special focus on women’s empowerment, Dr. Manju Sheth is a Board Certified Internist, currently serving patients at Beth Israel Lahey Hospital.in the Boston Region in Massachusetts. Dr. Sheth is the co-founder and CEO of INE MultiMedia, a non-profit organization devoted to promoting and supporting charitable organizations, art, culture, education and empowerment through workshops, seminars and multimedia. Dr. Sheth is known to be a natural storyteller her popular “Chai with Manju” celebrity series is one of the most read news features in the New England region, where she featured celebrities and spiritual leaders such as Sadhguru, Sri Sri Ravi Shankar, the Kennedys and the like.Watch the live Interview Dr. Manju Sheth had with https://youtu.be/8CEPgSpKzRE

Sonal Shah-Led Asian American Foundation Raises $1 Billion to Fight Anti-Asian Hate

May 27, 2021June 3, 2021 Staff ReporterBusiness, Community, Women 0

Today’s historic announcement should send a clear signal to the 23 million AAPIs living in this country that TAAF and our AAPI Giving Challenge partners are here to upend the status quo in favor of a better, brighter future for AAPI communities.

Asian American Foundation, led by an Indian American, Sonal Shah along with prominent Asian American business leaders, launched less than a month ago, has raised more than $1 billion to support Asian American and Pacific Islander communities.The Asian American Foundation (TAAF) announced of the historic and impressive fund raising success story, after President Joe Biden signed legislation aimed at curtailing the rise in hate crimes against Asian American and Pacific Islander communities in the United States.

“TAFF was founded to close critical gaps of support for Asian Americans and Pacific Islanders and end the longstanding underinvestment in our communities,” said Shah, who previously served as a deputy assistant to former President Barack Obama. “Today’s historic announcement should send a clear signal to the 23 million AAPIs living in this country that TAAF and our AAPI Giving Challenge partners are here to upend the status quo in favor of a better, brighter future for AAPI communities.”

Sonal Shah, the foundation’s president, and TAAF board members were at the White House, where they briefed administration officials, including domestic policy adviser Susan Rice. They discussed how the foundation plans to spend the $1.1 billion in donations to fight back against hate crimes directed at these communities, according to a statement from the foundation. Biden and Vice President Kamala Harris dropped by the meeting to express their support, the foundation said.

The foundation had previously announced that it had raised $300 million from its board members and other donors. More donors have since pledged contributions to its “AAPI Giving Challenge,” an initiative to bring additional funding to Asian American and Pacific Islander organizations that have traditionally been neglected in philanthropy.

The Asian American Foundation has said its giving will focus on supporting organizations and leaders measuring and challenging violence against Asian American and Pacific Islanders; developing a common data standard that tracks violence and hate incidents; and helping create K-12 and college curriculums that “reflect the history of Asian American and Pacific Islanders as part of the American story.”

Members of the foundation’s advisory council, including CNN host Lisa Ling and actor Daniel Dae Kim, virtually joined the White House meeting alongside representatives from donors, including Mastercard and the MacArthur Foundation.Separately, TAFF is producing a TV special designed to expand support for Asian American and Pacific Islander communities. The program, called “See Us Unite for Change — The Asian American Foundation in service of the AAPI Community,” aired May 21 on multiple channels, including MTV, BET, VH1 and Comedy Central.

Sonal Shah is a Professor at Georgetown University, and was the Founding Executive Director of the Beeck Center for Social Impact + Innovation (2014-20).Sonal served as Deputy Assistant to the President for President Obama and founded the White House Office of Social Innovation and Civic Participation. She has extensive experience in the public sector including as an international economist at the Department of Treasury, setting set up the central bank in Bosnia, working post conflict reconstruction in Kosovo, and implementing poverty reduction strategies in Africa and financial crises in Asia and Latin America.

She has extensive private sector experience. At Google, Sonal led technology initiative for civic voice and investing for impact as the head of Global Development Initiatives. At Goldman Sachs, she developed the environmental strategy and ran the initiatives, including investing clean technologies at Goldman Sachs.One of Sonal’s most proud accomplishments is working with her siblings to create a non-profit, Indicorps, to build a new generation of socially conscious global leaders. Indicorps created the service movement in India inspiring and incubating new social enterprises like Teach for India and Sarvajal.

Sonal serves on the boards of Oxfam America, the UBS Optimus Foundation, the Case Foundation Non Profit Finance Fund, Voto Latino, and The Century Foundation. She also serves as an adviser to the Democracy Fund and is coordinating the Initiative on Tech & Society at Georgetown University.

Dr. Kiran Patel Invests In Mumbai-Based EV Charging Startup

May 27, 2021 Staff ReporterBusiness, Finance/Economy, Profile 0

An eminent Indian-American cardiologist and philanthropist, has raised more than $15mn in Series A funding for a Mumbai-based electric vehicle charging solutions company, Magenta EV Solutions. Besides being a cardiologist, Dr. Kiran Patel is a billionaire and a serial entrepreneur.

“My wife and I have always believed in building a legacy by partnering with companies who are passionate in making this planet better for the next generation. I met the Magenta team over lunch when I was in India and within minutes into the discussion, I felt I found a team who are as passionate as I am, to bring about a difference,” Dr. Patel said.

Founded by Maxson Lewis and Darryl Dias, Magenta was Incorporated in 2017, and in the last three years, it has established itself as a key player in the EV charging market under the ChargeGrid brand. The company aims to have a share of 30% in the Indian EV charging market, which it estimates to be 3000 GW.hr by 2030.Seed funded by HPCL and incubated by Shell, ChargeGrid is also backed by the Microsoft Startup Program to further boost its advanced technology platform. At present, Magenta has operations in more than 10 cities.

“With Dr. Kiran Patel coming aboard, Magenta would be exposed to global markets, backed by financial and strategical management bandwidth. Dr. Patel has been investing and supporting start-ups and early-stage businesses in India and across the globe and mentor them through their scale-up journey,” said the company in a statement. It further added that Pantomath Capital Advisors Private Limited is the sole investment banker to Magenta for the transaction.In 2018, Hindustan Petroleum Corporation Ltd invested in Magenta Power, as it plans to get into the electric vehicle charging business in the future.

“Magenta provides end-to-end hardware, software, installation, operations and maintenance of electric vehicle charging solutions. Magenta will expand its product line with new streetlamp integrated EV charger, one of many new innovative products currently under development,” said the company in the above-mentioned statement.Lack of charging stations has been one of the biggest impediments for adoption of electric mobility in the country and startups like Magenta are playing a crucial role in developing low-cost chargers which can be deployed in different parts of the country.

The Indian government in collaboration with manufacturers of electric vehicles and charging devices has been developing a low-cost charging device for electric two and three-wheelers which is expected to help push the adoption of such vehicles in the coming years.The Narendra Modi government has been urging vehicle manufacturers to develop and manufacture electric vehicles to reduce vehicular emissions and curb oil imports. The union government has also been incentivizing the purchase of such zero-emission vehicles and setting up of changing devices through the second phase of the Faster Adoption and Manufacturing Electric and Hybrid vehicle (FAME) scheme.

Dr. Patel has generously contributed his fortune for several noble causes in India, his country of origin, the United States, his adopted country, and Zambia, the country of his birth. Dr. Patel is also the Chairman and President of Optimum Healthcare, Inc.All philanthropic campaigns, contributions and projects have resulted from his passion for health, education and charity. That’s why he has also commissioned Drs. Kiran and Pallavi Global University, a 120-acre institute under construction in India.Sharing his own experiences of investing in the state of Gujarat and in the United States, Dr. Patel, said, with the state requiring more trained personnel to support the growing needs, he is willing to establish a Medical College in Rajasthan.

Dr. Patel, a very soft spoken physician of Indian origin, said the projects combine his passions for health education and charity. In his first venture in running a university, he hopes to fulfill a need for competent doctors in the area while also educating generations of physicians who can serve in underprivileged areas across the globe.Dr. Patel had purchased the former Clearwater Christian College property with a goal of developing an osteopathic medical school in his home-state, Florida. The Indian American physician closed on the $12 million purchase of the 25-acre campus overlooking Old Tampa Bay at the west end of the Courtney Campbell Causeway.

Big Tech Firms Seek Creative Ways To Deal With Hybrid Work Paradox

May 27, 2021 Staff ReporterBusiness, Economy, Technology 0

Admitting that hybrid work paradox is here to stay amid the pandemic, Microsoft CEO Satya Nadella has outlined a detailed approach about how his company is going to tackle the biggest shift to global workplace that requires a new operating model, spanning people, places and processes.

As some countries open and others like India and Brazil face their worst pandemic days, Nadella said that every organization’s approach will need to be different to meet the unique needs of their people. “According to our research, the vast majority of employees say they want more flexible remote work options, but at the same time also say they want more in-person collaboration, post-pandemic. This is the hybrid work paradox,” Nadella said in a blog post.He outlined three areas for Microsoft for hybrid work.

“First, we are moving all employees off corporate networks and taking an internet-first approach. An internet-first approach reduces exposure and gives employees a consistent experience whether they are at home or in the office,” Nadella informed.

“Second, at home, we are asking all employees who continue to work remotely, either full or part time, to run a test of their home networks to ensure they are secure”.

He then emphasized on device security. “All corporate resources will be managed so that you have secure, trusted access. Whether employees are at home or in the office, we will require that every mobile device that needs to access corporate resources is managed. This includes a company-wide rollout of Microsoft Defender for Endpoint,” Nadella noted.
On people, Microsoft said it is prioritizing three things: social capital, knowledge capital and human capital. “The second area that will undergo transformation is places. In this new era of hybrid work, we will no longer rely solely on shared physical location or a campus to collaborate, connect, or build social capital. But that doesn’t mean physical places and spaces aren’t important. They will just need to be re-imagined,” the Microsoft CEO explained.
Every business process will be impacted by the move to hybrid, and every business function will need to transform. “From product development and manufacturing, to marketing, sales, customer service, and facilities, HR, and IT, every business process will need to be adjusted,” he added.

Reiterating that his home country India as well as Brazil are going through their most difficult moments of the pandemic, Alphabet and Google CEO SundarPichai has laid down a detailed roadmap on how the future of work will unfold for millions across the globe.Kicking off the I/O Developers Conference from the Mountain View campus late on Tuesday, Pichai said that Covid-19 has deeply affected the entire global community over the past year and continues to take a toll.

“Places such as Brazil, and my home country of India, are now going through their most difficult moments of the pandemic yet. Our thoughts are with everyone who has been affected by COVID and we are all hoping for better days ahead,” he stressed.Pichai said that the company continues to build a more helpful Google, for everyone.
“One of the biggest ways we can help is by reimagining the future of work. Over the last year, we’ve seen work transform in unprecedented ways, as offices and coworkers have been replaced by kitchen countertops and pets,” he noted.

“Many companies, including ours, will continue to offer flexibility even when it’s safe to be in the same office again. Collaboration tools have never been more critical, and today we announced a new smart canvas experience in Google Workspace that enables even richer collaboration,” Pichai told the virtual audience of over 2,00,000 people.
He informed that there are 150 million students and educators learning virtually over the last year with Google Classroom.“Other times it’s about helping in little moments that add up to big changes for everyone. For example, we’re introducing safer routing in Maps. This AI-powered capability in Maps can identify road, weather and traffic conditions where you are likely to brake suddenly; our aim is to reduce up to 100 million events like this every year,” he said.

Stressing on the role of AI, Pichai said the company has used the technology to improve the core Search experience for billions of people by taking a huge leap forward in a computer’s ability to process natural language. “Yet, there are still moments when computers just don’t understand us. That’s because language is endlessly complex: We use it to tell stories, crack jokes and share ideas ï¿½ weaving in concepts we’ve learned over the course of our lives. The richness and flexibility of language make it one of humanity’s greatest tools and one of computer science’s greatest challenges,” Pichai elaborated.He then introduced latest research in natural language understanding: LaMDA.

LaMDA is a language model for dialogue applications. It’s open domain, which means it is designed to converse on any topic.“We’re focused on ensuring LaMDA meets our incredibly high standards on fairness, accuracy, safety and privacy, and that it is developed consistently with our AI Principles,” he added.

Several years ago, Google kicked off a project called Project Starline to use technology to explore what’s possible.Using high-resolution cameras and custom-built depth sensors, it captures your shape and appearance from multiple perspectives, and then fuses them together to create an extremely detailed, real-time 3D model.

“The resulting data is many gigabits per second, so to send an image this size over existing networks, we developed novel compression and streaming algorithms that reduce the data by a factor of more than 100,” said Pichai. (IANS)

Home Prices Across US Hit High

May 27, 2021 Staff ReporterBusiness, Economy 0

Home prices in the US continued to climb in April, reaching new highs and rising at the fastest pace on record. The median sale price was a record $341,600 in April, according to a report from the National Association of Realtors. It was the highest median price since NAR began tracking this data in 1999. The median price, which includes existing single-family homes, townhomes, condominiums and co-ops, was up a record 19% from a year ago.

Looking only at single family homes, prices were up 20% from last year, the fastest price appreciation since NAR began tracking those prices in the early 1970s. Homes are selling in a record fast 17 days, according to NAR, and an overwhelming 88% of homes sold in April were on the market for less than a month. Stiffer competition, especially from a growing number of all-cash buyers, is squeezing many first-time buyers out of the market.

“First-time buyers in particular are having trouble securing that first home for a multitude of reasons, including not enough affordable properties, competition with cash buyers and properties leaving the market at such a rapid pace,” said Lawrence Yun, NAR’s chief economist.

Much of that price gain was propelled by competition. For every listing, there were an average of five offers, according to Yun. And a quarter of all buyers are making all cash offers, up from 23% in March and just 15% a year ago. The price gain and increase in all-cash offers is no surprise given the imbalance of supply and demand, said Joel Kan, Mortgage Bankers Association’s associate vice president of economic and industry forecasting.”In the short-term, inventory shortages will persist,” he said. “The insufficient level of inventory amidst fierce competition is putting upward pressure on home prices in most parts of the country.”

Low inventory is limiting sales

While more inventory came on the market in April compared to March, by the end of April total housing inventory was down 21% from one year ago, and still sits at near-record lows.The low inventory of homes continues to not only push prices higher but is also bringing the number of sales down, according to the report.Sales dropped 2.7% in April from March, the third straight month of decline.But don’t start thinking the market is cooling off, said Yun. Demand is still strong.

“Despite the decline, housing demand is still strong compared to one year ago, evidenced by home sales from this January to April, which are up 20% compared to 2020,” said Yun.Sales were up 34% from a year ago, but comparing last month with April 2020 is a bit distorted. By April of last year, many parts of the country were shut down because of the pandemic and real estate transactions came to a near standstill.But the seasonally-adjusted annual rate of 5.85 million homes sold in April is 11% above the annualized rate for April of 2019.

Yun said that if there were 20% more homes available, real estate agents could sell 20% more homes, it is the low inventory that is holding sales back.

“Bringing supply and demand into a better balance is still months away, and perhaps several years away, due to high prices and a reluctance to move by some homeowners due to Covid 19,” said Robert Frick, corporate economist at Navy Federal Credit Union.

“High prices not only slow sales, but they make downsizing difficult for many older Americans who were looking forward to making a big profit on the sale of their existing home and moving into a cheaper, downsized home,” Frick said. “High housing prices have spread to many more cities around the country, and that’s making downsizing to a smaller home not the financial slam-dunk it was even a couple years ago.”

Buyers getting squeezed out

Yun anticipates the housing market will normalize a bit as the year progresses, especially as more supply becomes available.”We’ll see more inventory come to the market later this year as further Covid-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes,” said Yun. “The falling number of homeowners in mortgage forbearance will also bring about more inventory.”

In addition, home builders are building, although US Census Bureau data from earlier this week showed residential housing starts have begun to slow because of challenges in the cost and availability of building materials.But even as more supply comes in to meet the high demand, that demand may cool as some buyers become frustrated.”Some of the buyers will be squeezed out because high home prices are hurting affordability,” said Yun.

In addition, mortgage rates, which have been at record lows, are trending up, with Yun forecasting rates will reach 3.5% by year’s end.”The general direction is toward more claiming of the market from its current frenzy,” said Yun.

AIR INDIA’s 4.5 Million Customers’ Personal Data Hacked

May 27, 2021November 8, 2022 Staff ReporterBusiness, Tourism, Travel 0

Air India has admitted to a massive data breach that compromised the personal data of about 4.5 million passengers. The hackers were able to access 10 years’ worth of data including names, passport and credit card details from the Atlanta-based SITA Passenger Service System, Air India said in a statement on May 21.It disclosed the scale of the breach nearly three months after it was first informed by the IT provider.The breach that happened in late February had compromised the data of some major global airlines, too. SITA at that time had said that Singapore Airlines, New Zealand Air and Lufthansa were among those affected.

Air India said almost 4.5 million passengers globally were affected in the “highly sophisticated” attack but did not specify how many of them were its travelers. It said no password data was breached during the attack and that the company was investigating.The breach, confirmation of which comes two months after SITA’s Passenger Service System (PSS) was hacked, affected customers who registered between August 2011 and late February 2021, Air India said in a statement. Compromised data includes customers’ name, data of birth, contact information, passport information, frequent flyer data and credit card data, although CVV/CVC numbers weren’t included.
Password weren’t accessed by the hackers, Air India added, although it’s urging all customers to change their passwords as a precaution.

The airline said it first learned of the incident on February 25, but only learned the identities of affected passengers on March 25 and May 4.The company said it recommended in an email to its customers that they should change their account passwords as a precaution.

Air India started as a mail carrier in 1932 before gaining commercial popularity. It has been incurring losses since its 2007 merger with a state-owned domestic carrier, Indian Airlines. The debt-laden carrier is currently in the process of finding new buyers.

BAPS Temple In New Jersey Alleged To Have Exploited Workers

May 19, 2021May 27, 2021 Staff ReporterCommunity, Economy, Religion 0

A lawsuit filed in federal court alleges that more than 200 workers — many or all of whom don’t speak English — were coerced into signing employment agreements in India to build expansion of the largest Hindu Temple by BAPS in the US on the 100-acre site in New Jersey

A lawsuit filed in federal court last week alleges the builders of a New Jersey Hindu temple — considered to be one the largest in the United States — lured workers from India, worked them nearly 90 hours per week and paid them around $1.20 per hour.

The lawsuit accuses the leaders of the Hindu organization known as BochasanwasiAksharPurushottam Swaminarayan Sanstha, or a Hindu sect known as BAPS, and the leaders who run the Robbinsville temple and its construction. The temple opened in 2014 and is constructed entirely of Italian marble that was sculpted in India and completed on site off Route 130 in Robbinsville. The ongoing construction on the BAPS Temple in Robbinsville began in 2010, and the site has caught the attention of state and federal authorities in recent years.

BAPS has been accused of human trafficking and wage law violations. An FBI spokesperson confirmed that agents were at the temple on “court-authorized law enforcement activity,” but wouldn’t elaborate. One of the attorneys who filed the suit said some workers had been removed from the site May 11.The lawsuit has been filed a month after New Jersey labor authorities halted work by a contractor at the Robbinsville temple and at a BAPS temple in Edison. The new lawsuit is a proposed class action complaint, alleging around 200 workers on religious immigration visas endured forced manual labor for the ongoing construction and expansion of the religious property on the 100-acre site.

The lawsuit says more than 200 workers — many or all of whom don’t speak English — were coerced into signing employment agreements in India. They traveled to New Jersey under R-1 visas, which are meant for “those who minister, or work in religious vocations or occupations,” according to the lawsuit.When they arrived, the lawsuit says, their passports were taken away and they were forced to work at the temple from 6:30 a.m. to 7:30 p.m. with few days off, for about $450 per month, a rate that the suit said came out to around $1.20 per hour. Of that, the workers allegedly only received $50 in cash per month, with the rest deposited into their accounts in India.

The lawsuit said workers lived in a fenced-in compound where their movements were monitored by cameras and guards. They were told that if they left, police would arrest them because they didn’t have their passports, the suit said. The lawsuit names Patel and several individuals described as having supervised the workers. It seeks unpaid wages and unspecified compensatory and punitive damages

According to the lawsuit, the exploited workers were Dalits — members of the lowest step of South Asia’s caste hierarchy. D.B. Sagar, president of the Washington-based International Commission for Dalit Rights, told The Associated Press that Dalits are an easy target for exploitation because they’re the poorest people in India. “They need something to survive, to protect their family,” Sagar — a Dalit himself — said, adding that if the allegations in the lawsuit are true, they amount to “modern-day slavery.”

BAPS CEO Kanu Patel, who is named as a defendant in the lawsuit, told The New York Times, “I respectfully disagree with the wage claim.” A spokesperson for the organization, Matthew Frankel, told The Associated Press that BAPS was first made aware of the accusations early Tuesday morning. “We are taking them very seriously and thoroughly reviewing the issues raised,” he said.

BAPS is a global sect of Hinduism founded in the early 20th century and aims to “preserve Indian culture and the Hindu ideals of faith, unity, and selfless service,” according to its website. The organization says it has built more than 1,100 mandirs — often large complexes that essentially function as community centers. BAPS is known for community service and philanthropy, taking an active role in the diaspora’s initiative to help India amid the current COVID-19 surge. According to the website for the Robbinsville mandir, its construction “is the epitome of volunteerism.”“Volunteers of all ages have devoted their time and resources from the beginning: assisting in the construction work, cleaning up around the site, preparing food for all the artisans on a daily basis and helping with other tasks,” the website says. “A total of 4.7 million man hours were required by craftsman and volunteers to complete the Mandir.”

The case was filed on behalf of five men described in the court papers as Dalits from Rajasthan, who had worked at the Shri Swaminarayan Mandir in Robbinsville.Their 42-page case document, alleges that they were made to work at the temple for more than 12 hours a day, seven days a week with days off only occasionally for which they were paid less than $1.20 an hour – an amount far less than the state minimum wage that was $10 in 2019 and $11 in 2020.Their court papers, however, say that they were instructed while applying for their visa to tell the U.S. embassy staff that they were going to the U.S. for “volunteer work at the temple” and “would be performing the work as a service to the deities” even though they assert that they were not members of BAPS.

According to the court document, although they came to the U.S. with an R-1 visa, which is granted to missionaries and religious workers, they did not perform any religious work and instead were made to do “dangerous” manual work at the temple. The men filing the case are Mukesh Kumar, Keshav Kumar, Devi Laal, Niranjan, Pappu, and Brajendra.The New York Times reported that BAPS spokesperson Lenin Joshi said, “We are naturally shaken by this turn of events and are sure that once the full facts come out, we will be able to provide answers and show that these accusations and allegations are without merit.”

Indian American Business Leaders Named To Global Task Force OnPandemic

May 19, 2021 Staff ReporterBusiness, Economy 0

The U.S. Chamber of Commerce May 5 announced the formation of the Global Task Force on Pandemic Response, which includes numerous Indian American company executives. The public-private partnership will provide immediate assistance to India and will assist in coordinating relief to respond to COVID-19 surges, according to the news release.

Among the members of the taskforce include Alphabet Inc. chief executive SundarPichai, Adobe Systems CEO Shantanu Narayan, Deloitte CEO PunitRenjen, FedEx chief operating officer and director Raj Subramaniam, IBM chair and CEO Arvind Krishna, and VMware chief operating officer Sanjay Poonen.The group also includes Apple CEO Tim Cook, PepsiCo CEO Ramon Laguarta and Mastercard CEO Michael Miebach, among others. The Task Force will coordinate a coalition of corporations, non-profits and individual efforts to organize relief where it is needed most.

The task force is working with the Chamber’s U.S.-India Business Council and the U.S.-India Strategic Partnership Forum to take three immediate actions to help address the COVID-19 surge in India.Sourcing, shipping and delivering 1,000 Puritan Bennett ventilators desperately needed by healthcare facilities across India. The first ventilators procured by the U.S. Chamber of Commerce Foundation have arrived, with all remaining ventilators expected to arrive by June 3. Medtronic will manufacture the ventilators and handle end-to-end shipping, installation and ongoing and virtual training, the release said.

It is also delivering 25,000 oxygen concentrators to India by the end of May, with transportation support from FedEx, it said. Additionally, it is creating the chief human resources officer India Action Group to provide ideas and practical information to CHROs to help their people in India.

The Global Task Force on Pandemic Response was launched to provide a unified platform for businesses to mobilize and deliver resources to assist COVID-19 efforts in areas of the highest need around the world, the release said.Initial efforts will focus on the pressing need for support in India, with more than 400,000 cases reported on May 1 alone. Through its Steering Committee, the Task Force will work to concentrate efforts where corporate support will be most beneficial, with additional countries to be determined in consultation with the U.S. government, the chamber adds.

The Global Task Force is working in close collaboration with U.S. and Indian government officials to share information and coordinate efforts. This includes regular briefings with the Modi and Biden Administrations, U.S. Congress, U.S. State Department and the U.S. Agency for International Development.

The coalition of leading companies, non-profits and associations that have come together to support these actions include Accenture, Adobe, Amazon, American Express, Amway, Apple, Applied Materials Foundation, Bank of America, BCG, Citi, David & Carol Van Andel Family Foundation, Dell, Deloitte, Dow, Ernst & Young, Emerson, Facebook, FedEx, Goldman Sachs, IBM, Intel, Johnson & Johnson, John Chambers Foundation, Johnson Controls, JP Morgan Chase & Co, KKR, Lockheed Martin, Mastercard, McCormick & Company, McKinsey & Company, Medtronic, Merck, Microsoft, Nasdaq, Newsweek, PepsiCo, Pfizer, Qualcomm Foundation, Raytheon Technologies, the U.S. Chamber of Commerce Foundation, VIAVI Solutions, VMware, Walmart and Zoom.

USCIS Temporarily Suspends Biometrics Requirement For Certain Form I-539 Applicants

May 19, 2021 Staff ReporterEconomy, Immigration, Travel 0

Effective May 17, 2021, U.S. Citizenship and Immigration Services will temporarily suspend the biometrics submission requirement for certain applicants filing Form I-539, Application To Extend/Change Nonimmigrant Status, requesting an extension of stay in or change of status to H-4, L-2, and E nonimmigrant status.

In a May 13, 2021, notification (uscis.gov), the agency said it will allow adjudications for those specific categories to proceed based on biographic information and related background checks, without capturing fingerprints and a photograph.This suspension will apply through May 17, 2023, subject to affirmative extension or revocation of the suspension period by the USCIS director.

This temporary suspension will apply to applicants filing Form I-539 requesting the following:

Extension of stay in or change of status to H-4 nonimmigrant status;
Extension of stay in or change of status to L-2 nonimmigrant status;
Extension of stay in or change of status to E-1 nonimmigrant status;
Extension of stay in or change of status to E-2 nonimmigrant status (including E-2C (E-2 CNMI Investor)); or
Extension of stay in or change of status to E-3 nonimmigrant status (including those selecting E-3D).
This suspension will apply only to the above categories of Form I-539 applications that are either:
Pending as of May 17, 2021, and have not yet received a biometric services appointment notice; or
New applications postmarked or submitted electronically on or after May 17, 2021.

However, the agency clarified that it retains discretion on a case-by-case basis to require biometrics for applicants who meet the criteria above, and any applicant may be scheduled for an application support center (ASC) appointment to submit biometrics.Nevertheless, it said that Form I-539 applicants who have already received a biometric services appointment notice should still attend their scheduled appointment.

Effective May 17, 2021, Form I-539 applicants meeting the criteria above are not required to submit the $85 biometric services fee for Form I-539 during the suspension period. USCIS will return a biometric services fee if submitted separately from the base fee. For more details visit uscis.gov/news/In another notification, U.S. Citizenship and Immigration Services announced that the Department of Homeland Security is withdrawing a 2018 notice of proposed rulemaking that proposed to remove the International Entrepreneur program from DHS regulations.

The International Entrepreneur (IE) parole program, first introduced in 2017, will remain a viable program for foreign entrepreneurs to create and develop start-up entities with high growth potential in the United States. The program will help to strengthen and grow our nation’s economy through increased capital spending, innovation, and job creation.

Today’s announcement is consistent with President Biden’s Executive Order 14012: “Restoring Faith in Our Legal Immigration Systems and Strengthening Integration and Inclusion Efforts for New Americans.” The executive order requires the secretary of homeland security to “identify any agency actions that fail to promote access to the legal immigration system.”

The initial IE final rule was published on Jan. 17, 2017, and was scheduled to take effect on July 17, 2017. This final rule guided DHS in the use of its parole authority to grant a period of authorized stay, on a case-by-case basis, to foreign entrepreneurs who demonstrate that their stay in the United States would provide a significant public benefit through the potential for rapid business growth and job creation.

Prior to the effective date, DHS published a final rule to delay the implementation date of the IE final rule to March 14, 2018. This allowed DHS additional time to draft and seek public comments on a proposal to rescind the IE final rule. However, in December 2017, a federal court vacated the delay, requiring USCIS to begin accepting international entrepreneur parole applications consistent with the IE final rule. Since then, the program has been up and running, and USCIS continues to accept and adjudicate applications consistent with existing DHS regulations.

Under the IE program, parole may be granted to up to three entrepreneurs per start-up entity, as well as their spouses and children. Entrepreneurs granted parole are eligible to work only for their start-up business. Their spouses may apply for employment authorization in the United States, but their children are not eligible for such authorization based on this parole. Additional information on eligibility and how to apply is available on the International Entrepreneur Parole page. USCIS will plan information sessions and other outreach activities to ensure foreign entrepreneurs are aware of this opportunity and how to pursue it.

Colonial Pipeline Paid Hackers $5M In Ransom

May 19, 2021 Staff ReporterBusiness, Finance/Economy 0

Colonial, a major US fuel pipeline has reportedly paid cyber-criminal gang DarkSide nearly $5m (£3.6m) in ransom, following a cyber-attack.Colonial Pipeline suffered a ransomware cyber-attack over the weekend and took its service down for five days, causing supplies to tighten across the US.CNN, the New York Times, Bloomberg and the Wall Street Journal all reported a ransom was paid, citing sources. Colonial said last week that it would not comment on the issue. Japanese consumer tech giant Toshiba also reported its European division in France had been hit by the same cyber-criminal gang.

Following the cyber-attack, Colonial announced it would resume operations on Wednesday evening, but warned that it could take several days for the delivery supply chain to return to normal.The 5,500-mile (8,900km) pipeline usually carries 2.5 million barrels a day on the East Coast. The closure saw supplies of diesel, petrol and jet fuel tighten across the US, with prices rising, an emergency waiver passed on Monday and a number of states declaring an emergency.

The average price per gallon hit $3.008 (£2.14) – the highest level seen since October 2014, according to the Automobile Association of America.US President Joe Biden reassured motorists that fuel supplies should start returning to normal this weekend, even as more filling stations ran out of gasoline across the Southeast. According to reports, Colonial had said initially it would not be paying the ransom demanded by the hackers.

Toshiba Tec France Imaging System, which is part of Toshiba, said it was hit by a similar cyber-attack by DarkSide on May 4th. However, the firm emphasized that no leaks of data had been detected and that only a minimal amount of work data was lost during the event.

It said it had put protective measures in place immediately after the attack.In light of a sharp increase in ransomware cyber-attacks during the pandemic, on Thursday President Biden signed an executive order to improve US cyber-defences. Earlier in the week, he said that although there was no evidence that the Kremlin was involved, there was evidence to suggest that the DarkSide gang of hackers was based in Russia.

The news that Colonial Pipeline paid these criminals is a major blow to President Biden. Only this week he signed a long-awaited executive order to beef up federal cyber-security and, in turn, make the US more secure from future attacks. These efforts have, in the view of some in the cyber-security world, been completely undermined.How can the Biden administration encourage corporations to spend millions securing their computer networks from attack when they’ve just witnessed Colonial, under the glare of the public eye, cave in to criminal demands and pay their way out of trouble?

The news will swell the ranks of those in the security world who want ransomware payments banned. But with companies, jobs and sometimes lives put at risk when ransomware hits, it is a tough call for policymakers.The potential silver-lining in this case comes from reports that even after Colonial paid the hackers, the criminals were so slow to help the company that pipeline staff got to work on recovery themselves.

The DarkSide hacker crew can no longer claim that they can restore victims services quickly and this may make others question whether or not to give in to their demands.’Our goal is to make money’

Cyber-security firms told the BBC that DarkSide operates by infiltrating an organisation’s computer network and stealing sensitive data.Typically, a day later the hackers will make themselves known, announcing that they have encrypted all the data in the network and are prepared to leak it onto the internet and delete it, if they are not paid a ransom by a certain deadline.

DarkSide operates by making the software used to execute this attack and then training affiliates to use it, who then give the gang a cut of the ransoms they take.Following concerns the Colonial cyber-attack was caused by nation-state hackers with a political motive, DarkSide posted on its website: “Our goal is to make money and not creating problems for society.”

The group also indicated it had not been aware that Colonial was being targeted by one of its affiliates and intended to “introduce moderation and check each company” its partners want to encrypt, “to avoid social consequences in the future”.On Friday, Reuters reported that DarkSide’s website on the dark web was no longer accessible.Colonial Pipeline’s website also continues to be offline.

Elon Musk Says, Tesla Will Not Accept Bitcoin For Transactions

May 19, 2021 Staff ReporterBusiness, Environment, Finance/Economy 0

Tesla has suspended customers’ use of bitcoin to purchase its vehicles, Tesla’s billionaire CEO said last week, citing concerns about the use of fossil fuel for bitcoin mining.Elon Musk said the company had suspended use of bitcoin for purchase of its electric vehicles, citing fears about the world’s biggest cryptocurrency’s “rapidly increasing use of fossil fuels”.

The company started accepting bitcoin in March. Musk tweeted that they plan to start using it again “as soon as mining transitions to more sustainable energy”. Following the tweet, bitcoin fell nearly 17% – its lowest point since the beginning of March. “We are also looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction,” Musk said.

How does bitcoin use fossil fuels? Bitcoin mining – the process by which the currency is created using high powered computers that compete to solve complex mathematical puzzles – is powered by electricity generated by fossil fuels, especially coal. At current rates, it is using approximately the equivalent amount of energy each year as the Netherlands did in 2019.

At current rates, such bitcoin “mining” devours about the same amount of energy annually as the Netherlands did in 2019, the latest available data from the University of Cambridge and the International Energy Agency shows.

Edward Moya, a senior market analyst at currency trading firm OANDA, said that Musk was getting ahead of investors focused on sustainability.

“The environmental impact from mining bitcoins was one of the biggest risks for the entire crypto market,” Moya said. “Over the past couple of months, everyone disregarded news that bitcoin uses more electricity than Argentina and Norway.”

Chris Weston, head of research at broker Pepperstone in Melbourne, said Musk’s reaction was a blow to bitcoin but an acknowledgement of the currency’s carbon footprint. “Tesla has got an image of being environmentally friendly and bitcoin clearly is the opposite of that,” Weston said.

Reliance Is One Of The Fastest Growing Retailer In The World

May 12, 2021 Staff ReporterBusiness, Economy 0

Reliance Retail ranks 53rd in the list of Global Powers of Retailing by Deloitte, improves from 56th earlier. It remains the 2nd fastest growing retailer in the world despite the base effect of being No.1 last year.

Reliance Retail features consecutively for the 4th time in the list of Global Powers of Retailing and World’s Fastest Retailers. Reliance Retail, last year’s Fastest 50 leader, dropped to second place. The company recorded YoY growth of 41.8%, driven primarily by a 13.1% increase in the number of stores in its consumer electronics, fashion and lifestyle and grocery retail chains, to 11,784 stores across 7,000 plus towns and cities in India at fiscal year end.

E-commerce is a second growth driver, through both digital commerce (B2C) and B2B. The company is partnering with WhatsApp to further accelerate Reliance Retail’s digital commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp.

Reliance Retail acquired the 29 stores of Shri Kannan Departmental Store at the end of FY2019 and in August 2020 announced it would acquire Future Group’s retail, wholesale and logistics units for $3.4 billion.

When fully approved, the deal will almost double Reliance Retail’s store space.82 Reliance Retail also made two e-commerce acquisitions in 2020, buying Vitalic Health and its online pharmacy platform Netmeds in August, and a 96% stake in online home decor company UrbanLadder in November.

Walmart has led the list of the world’s Top 250 global retailers for over 20 years. The company registered YoY FY2019 retail revenue growth of 1.9%, fueled mainly by growth in comparable store sales in the United States.

Amazon becomes the number two global retailer, pushing Costco down to third place. Top 10 retailers focus on core markets, withdrawing from some international markets There were no new entrants to the Top 10 list in FY2019, which continues to be dominated by players based in the United States. The only mover was Amazon, which has risen in the rankings every year since its entry in tenth place in FY2015. (IANS)

Telemedicine Market to Reach US$ 202.8 Billion by 2027 Globally

May 12, 2021 Staff ReporterBusiness, Economy, Health, Technology 0

A comprehensive overview of the Telemedicine market is recently added by UnivDatos Market Insights to its humongous database. The Telemedicine market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Telemedicine market. The Telemedicine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Telemedicine market at the global and regional level. Global Telemedicine Market is expected to grow at a CAGR of 18.5% during the forecast period of 2021-27.
Market Overview

Telemedicine is the distribution of healthcare facilities, anywhere distance is a perilous aspect. It is provided by health care professionals via technologies. This information is converted for the diagnosis, treatment, prevention of disease or injuries through research and evaluation, and at last, the results are provided to patients. For instance, in 2016, Maryland, Frederick Memorial Hospital’s virtual healthcare podium amplified the rate of patient care by 50%. Also, as per the Virtual Care blog, Telemedicine contributes almost one-fourth of the health IT market, which was about USD 15.6 billion in 2014 and it upsurged to nearly USD 20 billion by 2019. Moreover, the patients and healthcare professionals are shifting towards telemedicine due to their ease of operations, cost and time savings, etc.

Telemedicine gives a progressive outlook for the preservation of records and documentation of patient’s health. It minimizes the possibility of missing out on any advice from doctors or other healthcare professionals. Owing to this, the doctors have an exact document of the advice provided by them through teleconsultation. This provides legal protection to both the parties including the patient and healthcare professionals. Furthermore, according to the American Journal of Accountable Care, the routine of telemedicine permits improved long-term care of administration and patient gratification. In addition, the Geisinger Health-Plan study stated that the execution of a telemedicine program produced about 11% in cost savings. This directs the arrival of more investment in telemedicine.
COVID-19 Impact

The sudden outburst of the COVID-19 pandemic has fetched the entire world to a stoppage. As hospitals are getting occupied with COVID-19 cases, the burden on healthcare staff witnessed a significant rise. Currently, Telemedicine has appeared as a defendant in the combat against the COVID-19 pandemic. The majority of the patients are using virtual visit facilities for their safety. For instance, Teladoc Health Inc. reported a 60% intensification in the number of virtual sessions and reached 2 million in just three months from January to March 2020, compared to the fourth quarter of 2019. Also, according to the Vidyo Telehealth Adoption Survey 2019, 46% of surveyed health care benefactors (hospitals and clinics) practice live videoconferencing, and 41% practice Remote Patient Monitoring for medical care. The Store-and-Forward province is third with 26%. These statistics indicate that virtual assessments are likely to become a more promising part of patient care.

Telemedicine Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
The Tele-consulting segment generated more than 45% revenue in 2020. The market is expected to grow at a significant rate during the forecast period as it allows patients to have an appointment with experts at any time, without any waiting period.
Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Telemedicine market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Telemedicine market?
Which factors are influencing the Telemedicine market over the forecast period?
What are the global challenges, threats, and risks in the Telemedicine market?
Which factors are propelling and restraining the Telemedicine market?
What are the demanding global regions of the Telemedicine market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs
For more informative information, please visit us @ https://univdatos.com/report/telemedicine-market-current-analysis-and-forecast-2021-2027

About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

Indian Students To Benefit As Canada Offers Residency To 90,000

May 12, 2021May 12, 2021 Staff ReporterEconomy, Immigration, Youth 0

Indian students will be the major beneficiaries of Canada’s new one-time immigration program which opened for applications last week. Under the program, over 90,000 international students and temporary essential workers, already in Canada, will be given permanent residence (PR).

Under it, 40,000 international students, 30,000 temporary workers in selected essential occupations and 20,000 temporary workers in health care will get permanent residence. To be eligible, international students must have completed a post-secondary programme in Canada in the last four years.

Foreign workers must have at least one year of Canadian work experience in a health care profession or another pre-approved essential occupation. Indian students will benefit proportionately more than others as they – numbering 220,000 last year – make up more than a third of all foreign students currently in Canada. Before the pandemic closed international travel, Canada had planned to admit 341,000 immigrants in 2020.

The new PR program aims at making up for the shortfall in immigration numbers in 2020 by prioritizing those already in Canada. Moreover, a record 401,000 new immigrants will be admitted in 2021.

Highlighting the significance of Wednesday’s programme, Immigration minister Marco Mendicino said, “The pandemic has shone a bright light on the contributions of newcomers in essential jobs, as we have recognized the caregivers, cooks and cashiers as our everyday heroes. With this new pathway, we are recognizing their key role in our economic recovery, allowing them to set down roots in Canada and help us build back better. Our message to them is simple: your status may be temporary, but your contributions are lasting-and we want you to stay.” (IANS)

US Mortgage Rates Down Slightly; 30-Year At 2.96%

May 12, 2021 Staff ReporterBusiness, Community, Economy 0

Mortgage rates fell slightly this week, marking their third straight week below 3% amid signs of the recovering economy’s strength. Mortgage buyer Freddie Mac reported Thursday that the average for the benchmark 30-year home-loan rate eased to 2.96% from 2.98% last week. At this time last year, the long-term rate was 3.26%. The rate for a 15-year loan, popular among those seeking to refinance, slipped to 2.30% from 2.31% last week.

Lower rates are always good news for potential homebuyers and homeowners looking to refinance. But just how much is a .1% drop worth if you’re in the market for a new mortgage?

About $16 a month — that’s how much you could save for every reduction of .1% in the mortgage rate, according to data from NextAdvisor’s home affordability calculator. For a 30-year fixed rate $300,000 mortgage, each .1% drop would save about $6,000 in interest over the life of the loan.

These can be helpful figures to keep in mind, especially as rates continue to be volatile. Mortgage rates have gone up or down by 0.05% or more in 7 of 15 weeks so far in 2021, according to Freddie Mac’s weekly rate survey. Rates are just one factor to consider when deciding if it makes sense to buy a home or refinance a current mortgage, but it’s good to know the numbers when you follow the movement week to week.

Experts expect mortgage rates will increase this year. If you delay refinancing, or are in the market for a new home, steadily increasing rates can make a big impact to your bottom line over time.

Let’s say you’re considering a 30-year $300,000 mortgage. As of this week, 30-year mortgage rates are averaging 3.04%. Here’s what it would cost if we saw four increases of at least 0.05%, which we’ve already seen five times this year:

Loan Term	Loan Amount	Mortgage Rate	Payment	Total Interest
30 Years	$300,000	2.99%	$1,263	$154,793
30 Years	$300,000	3.04%	$1,271	$157,732
30 Years	$300,000	3.09%	$1,279	$160,689
30 Years	$300,000	3.14%	$1,287	$163,664
30 Years	$300,000	3.19%	$1,295	$166,658
30 Years	$300,000	3.24%	$1,303	$169,671

Each 0.05% interest rate uptick increases your monthly payment by approximately $8 and adds nearly $3,000 in interest over the full 30-year loan term. You can run these numbers on a new mortgage of any amount using our mortgage calculator, by changing the rate in increments of .05%.

Of course, any decrease of .05% or more will decrease your payment and interest with a new mortgage, though that’s only happened in 2 of 15 weeks so far this year. While experts don’t expect to see a long-term trend of decreases, every .05% drop saves you $8 per payment, and nearly $3,000 interest over the life of the loan.

When mortgage rates go up or down, it typically has a bigger impact on whether or not it makes sense to refinance. Lower rates make it easier to save money by lowering your monthly payment without extending your mortgage’s repayment term. As interest rates rise, it makes sense for fewer people to refinance because it’s harder to offset the upfront costs if you’re saving less month to month.

For a homebuyer, there are more considerations that impact the cost of purchasing a home than just your mortgage rate. As rates increase, buyers are more likely to offer less or look for lower-priced homes. And the opposite is true when mortgage rates drop. We’ve seen historically low mortgage rates, along with low housing inventory, combine to create a surge in home prices in recent months.

3 Things to Know, Regardless of Where Mortgage Rates Are

You may not have any control over the market forces that influence mortgage rates, but regardless of where rates move there are a few things you should always do before you apply for any type of mortgage, whether to buy or refinance.

1. Do the math

When you refinance an existing mortgage, the main goal is typically to save money, usually by securing a smaller monthly payment or saving on interest with a shorter loan term or lower interest rate. But a mortgage refinance costs money, usually 3% to 6% in upfront closing costs. So you should be sure you’ll be in the house long enough to offset those fees. For example, if your refinance fees are $9,000 and you’re saving $200 a month, it will take 45 months – almost 4 years – to save enough to offset the cost of refinancing.

With a home purchase, you need to make sure the monthly payment you’re committing to is affordable. The bank might be willing to lend you far more than what can comfortably fit into your budget. Depending on the type of mortgage, a lender may allow you to have a debt-to-income ratio (DTI) of over 50%. But your DTI doesn’t factor in every monthly expense and it’s also based on your gross monthly income, or what you make before taxes. So groceries, gas, and taxes won’t increase your DTI, but you still have to pay them every month. A good rule of thumb is your total debts shouldn’t account for more than 36% of your pre-tax monthly income.

2. Don’t try to time the market

Mortgage rates vary from one moment to the next and from lender to lender. Even if economic indicators can give us a good idea of the prevailing mortgage rate trends, there is no way to accurately know where they’ll move from day to day or week to week.

So don’t bother stressing about whether or not you’re getting the best rate ever. If now is the right time to buy a house and the payments will be affordable in the long-term, then go for. And if the numbers make sense for you to refinance, then don’t hesitate because you’re concerned that rates might decrease tomorrow.

3. Do look at your overall financial situation

Refinancing or buying a home aren’t decisions made in a bubble. So you need to take a broad view of your finances. Refinancing may save you hundreds a month, but would it be better to take the money you’re putting toward the closing costs and pay off your high-interest credit card debt? If you’re looking to buy your own place, how long do you plan to live there? If you need to move cities in two or three years, purchasing a home may not be the best move. The cost of taking out a mortgage and moving into a new home are likely to outweigh the potential gains in equity, which are typically small the first few years of home ownership.

Roivant Sciences & MAAC to Combine and Create Publicly Traded Leader in Biopharma and Health Technology

May 5, 2021 Staff ReporterBusiness, Science, Technology 0

Roivant Sciences, a biopharmaceutical and healthcare technology company, and Montes Archimedes Acquisition Corp. (Nasdaq: MAAC), a special purpose acquisition company sponsored by Patient Square Capital, today announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, outstanding shares and warrants of MAAC will be exchanged for newly issued shares and warrants of Roivant Sciences, which is expected to be listed on Nasdaq under the new ticker symbol “ROIV.”

The transaction is expected to deliver up to $611 million of gross proceeds to fund discovery and development programs. This includes up to $411 million currently held in MAAC’s trust account, as well as a concurrent $200 million common stock private investment in public equity (“PIPE”) priced at $10.00 per share. New institutional and strategic investors and existing Roivant shareholders have committed to participate in the PIPE, including Fidelity Management & Research Company LLC, Eventide Asset Management, Suvretta Capital, Palantir Technologies, RTW Investments, LP, Viking Global Investors, Sumitomo Dainippon Pharma, and SB Management, a subsidiary of SoftBank Group Corp. Proceeds are expected to extend the company’s operating runway through mid-2024.

Patient Square Capital and key Roivant equity holders and management have agreed to long-term lockups, with at least 50% of their holdings locked up for three years. In addition, Patient Square Capital has agreed to convert an additional 30% of its shares of MAAC to earn-out shares subject to performance vesting thresholds: 20% of its shares will vest at $15.00 per share and 10% will vest at $20.00 per share for 20 of 30 trading days within five years of closing.

Jim Momtazee, Managing Partner of Patient Square Capital, will join Roivant’s board of directors. Prior to founding Patient Square Capital, Mr. Momtazee was a 21-year veteran of KKR where he helped form its health care investment team 20 years ago and ran that team for over a decade.

“Roivant is at the cutting edge of using technology to discover and develop transformative medicines for a wide range of serious diseases, and in a very short time they have established a remarkable track record of building subsidiaries that have run successful registrational clinical trials for approved medicines,” said Mr. Momtazee. “I first met the company in 2015 and have watched its growth over the last 6 years with admiration. Based on our extensive due diligence spanning the last 5 months, I look forward to a long-lasting partnership with one of the most exciting and innovative companies in the life sciences industry.”

Roivant will continue to operate under its current management team led by Chief Executive Officer Matthew Gline. Roivant founder Vivek Ramaswamy will continue to serve as Executive Chairman.

“I look forward to the next chapter of Roivant’s growth by beginning our life as a public company with an exceptionally strong and diverse base of long-term investors,” said Mr. Gline. “We look forward to continuing to deliver important medicines to patients through our development engine and our rapidly growing drug discovery capabilities spanning multiple therapeutic areas and modalities.”

The boards of directors of both Roivant and MAAC have unanimously approved the proposed transaction. Completion of the transaction, which is expected in the third quarter of 2021, is subject to approval of MAAC shareholders and the satisfaction or waiver of certain other customary closing conditions. A link to investor presentation materials is included below.

Pope Francis Decrees Strict Financial Rules For Church Leaders

May 5, 2021 Staff ReporterBusiness, Religion 0

Pope Francis has issued a decree aimed at financial transparency in the church, requiring a strict limit on the value of gifts that cardinals and managers can receive and requiring them to disclose their investments to ensure they are in line with Catholic doctrine.

The new mandate, which comes in the form of an apostolic letter, comes amid a major ongoing investigation into alleged financial corruption in the Vatican, something Francis has preached about cleaning up since becoming pontiff in 2013.

The new rules are aimed at ending what some refer to as the Vatican’s “envelope” culture.

“[A]ccording to Scripture, fidelity in small things is related to fidelity in important ones,” Francis wrote in the letter, referencing Luke 16:10 that “just as being dishonest in matters of little consequence is also related to being dishonest in important matters.”

Among the pope’s new provisions are a prohibition on Vatican employees receiving “work-related gifts” with a value of over 40 euros ($49) — a move aimed at limiting the practice of cardinals and Vatican monsignors receiving checks from fellow clerics to supplement their relatively modest salaries.

The National Catholic Register writes: “These gifts have been blamed for contributing to corruption in the Church when they were used between high-level Church officials to seek favors, most notably in cases like that of ex-cardinal Theodore McCarrick.”

McCarrick, the former archbishop of Washington, D.C., was dismissed by Francis in 2019 after a church tribunal found him guilty of “solicitation in the Sacrament of Confession and sins against the Sixth Commandment with minors and with adults, with the aggravating factor of the abuse of power.”

McCarrick was known for giving checks to Vatican officials, leading to speculation on whether it affected the handling of allegations against him, which were known at the top levels of the church for decades. However, an internal Vatican investigation in 2020 found that in the case of McCarrick, there was no evidence that “customary gift-giving and donations impacted significant decisions made by the Holy See.”

In another case, a 2019 investigation by the U.S. church found that Bishop Michael J. Bransfield of West Virginia — who had been the subject of “credible” accounts of sexual misconduct involving adults — sent checks totaling hundreds of thousands of dollars over more than a decade to fellow clerics, including two U.S. cardinals. He then repaid himself out of church funds. Bransfield later repaid the money and offered a public apology.

The latest Vatican regulations also stipulate that cardinals, as well as senior managers and administrators whose jobs require handling money, must affirm in writing that they have never been convicted of a crime and they are not under investigation for such offenses as money laundering, corruption, fraud, exploitation of minors or tax evasion.

In the declaration, managers and cardinals must also affirm that they are not holding funds in offshore tax havens nor have investments that run counter to church doctrine. The declaration must be reaffirmed every two years.

World Military Spending Rises to a Hefty $2.0 Trillion Despite UN Pleas for Cutbacks

April 28, 2021 Thalif DeenBusiness, Economy, Global 0

UNITED NATIONS, Apr 26 2021 (IPS) – The United Nations– which is desperately seeking funds to help developing nations battling a staggering array of socio-economic problems, including extreme poverty, hunger, economic inequalities and environmental hazards– has continued to be one of the strongest advocates of disarmament.

The world body has relentlessly campaigned for reduced military spending in an attempt to help divert some of these resources into sustainable development and humanitarian assistance.

But according to a new report released April 26 by the Stockholm International Peace Research Institute (SIPRI), world military expenditure rose to nearly $2 trillion in 2020, an increase of 2.6 percent, in real terms, from 2019.

The COVID-19 pandemic, which brought the world to a virtual standstill for the last 14 months, apparently has had no impact on military spending.

Ironically, four of the five biggest spenders were permanent members of the UN Security Council (UNSC), namely the US, China, Russia and UK. The fifth biggest spender was India, currently a non-permanent member of the UNSC.

Military spending by China, which is currently in a new Cold War with the US, grew for the 26th consecutive year.

The latest figures of rising arms expenditures by some of the big powers makes a mockery of the UN’s longstanding pleas for cutbacks and diversion of funds from the military into sustainable development.

William D. Hartung, Director, Arms and Security Program at the Washington-based Center for International Policy told IPS: “At a time when a global pandemic, climate change, and racial and economic injustice pose the greatest risks to human lives and livelihoods, the increase in global military expenditures in 2020 marks a dismal failure by policymakers across the world to address the most urgent challenges we face”.

He argued that even a fraction of. the nearly $2 trillion spent on the military last year could have gone a long way towards sustainable investments in public health, environmental protection, and combating inequality. “World leaders can and must do better,” said Hartung.

The UN Office for Disarmament Affairs (UNODA) points out that over the past century, governments have sought ways to reach a global agreement on reductions in military expenditures. Various proposals were discussed in the League of Nations, and later in the UN. Early proposals in the UN focused on reducing the expenditures of States with large militaries, and on freeing up funds for development aid.

“But proposals for cutting military spending did not materialize,” says UNODA. However, they led to the development of the UN Standardized Instrument for Reporting Military Expenditures in 1981—later renamed United Nations Report on Military Expenditures (MilEx)—under which countries are encouraged to report on their military expenditures.

Dr. Natalie J. Goldring, a Senior Fellow and Adjunct Full Professor with the Security Studies Program in the Edmund A. Walsh School of Foreign Service at Georgetown University, told IPS “the latest military spending data from SIPRI are difficult to reconcile with the reality of the world we live in today”.

In a year in which the global community was dealing with the horrors of the Covid-19 pandemic, SIPRI’s data show that military spending continued unabated. Military spending increased in nine of the 10 countries with the highest military expenditures, she pointed out.

Even though the global economy as measured by global gross domestic product (GDP) decreased by 4.4 percent, she said, global military spending increased 2.6 percent over the year. Global military spending is going in exactly the wrong direction.

“Unfortunately, the United States continues to lead the world in military spending, accounting for 39 percent of the global total,” said Dr Goldring, who is Visiting Professor of the Practice in Duke University’s Washington DC program and also represents the Acronym Institute at the United Nations on conventional weapons and arms trade issues.

According to SIPRI’s data, that’s more than the rest of the top 10 military spenders combined. And It’s more than twice the total of the countries which are most commonly perceived by US policymakers as its main military competitors, Russia and China, she added.

Dr. Alon Ben-Meir, professor of international relations at the Center for Global Affairs at New York University, told IPS it is indeed ironic that four of the five permanent members of the UNSC are the largest military spenders.

“The more ironic problem is the fact that all of these countries spend a small fraction of these amounts on social programs, which explains to a great extent the growing poverty in all of these countries”. Needless to say, he noted, the key to reducing military budgets is directly connected to the level of tension between the various countries.

“I do not expect any serious discussion about world disarmament unless many of the consuming conflicts are resolved, and in particular the growing, rather than diminishing, tension between the United States, Russia, and China,” Dr Ben-Meir declared.

‘The recent increases in US military spending can be primarily attributed to heavy investment in research and development, and several long-term projects such as modernizing the US nuclear arsenal and large-scale arms procurement,’ said Alexandra Marksteiner, a researcher with SIPRI’s Arms and Military Expenditure Programme.

Meanwhile, China’s military expenditure, the second highest in the world, is estimated to have totalled $252 billion in 2020. This represents an increase of 1.9 per cent over 2019 and 76 per cent over the decade 2011–20. China’s spending has risen for 26 consecutive years, the longest series of uninterrupted increases by any country in the SIPRI Military Expenditure Database.

In an open letter to Secretary-General Antonio Guterres last September, the Berlin-based International Peace Bureau called for world disarmament and the reduction of global military spending. “We write to you on behalf of the International Peace Bureau and more than 11.000 signatories to express our support for your call for a global ceasefire. We would also like to emphasize the need for (nuclear) disarmament and the reallocation of money from the military to healthcare, social, and environmental needs – to the fulfilment of the Social Development Goals.”

This pandemic has also made clear that states need to re-prioritize their spending. While many of the problems raised by the pandemic could have been at least partially solved, it was the lack of funding which hindered it, the letter declared.

Last month, the United Nations was hoping to raise soma $3.85bn from more than 100 governments and donors at a virtual pledging conference. The funds were meant to avert widespread famine in the world’s worst humanitarian crisis in Yemen,

But the total pledges amounted to only $1.7bn – less than half – in what the UN secretary general described as a “disappointing outcome”. “Millions of Yemeni children, women and men desperately need aid to live. Cutting aid is a death sentence,” António Guterres said in a statement.

In its latest study, SIPRI said even though military spending rose globally, some countries explicitly reallocated part of their planned military spending to pandemic response, such as Chile and South Korea. Several others, including Brazil and Russia, spent considerably less than their initial military budgets for 2020.

‘We can say with some certainty that the pandemic did not have a significant impact on global military spending in 2020,’ said Dr Diego Lopes da Silva, Researcher with the SIPRI Arms and Military Expenditure Programme. ‘It remains to be seen whether countries will maintain this level of military spending through a second year of the pandemic.’

Dr. Goldring pointed out that in 2020, approximately 1.8 million people around the world died of covid. SIPRI’s military spending figures suggest that the countries with the highest military expenditures decided that business as usual was the correct direction to follow, despite the covid pandemic.

“This is a time for reevaluating priorities. Countries should be giving priority to the health and welfare of their people, rather than continuing to fund the military-industrial complex. Cutting military spending would free funds for human needs and sustainable development.”

“The UN has suggested diverting funds from military expenditures to fund sustainable development. But in reality, this isn’t a question of diverting funds – it’s devoting them to what they should have been allocated to in the first place.”

“In the early days of his Administration, President Biden has not shown an inclination to reverse the United States’ excessive military spending patterns. He is proceeding with expensive new nuclear weapons and continuing to propose bloated military budgets.

There’s still time to reevaluate this approach, restructure US military spending, and focus on human needs. Cutting the military budget would also free US financial resources to help deal with the urgent global problems of the covid pandemic and the climate crisis.”

“More than a decade ago, then UN Secretary-General Ban Ki-moon said, “The world is over armed, and peace is underfunded.” Unfortunately, this statement continues to be true.”

(Thalif Deen is the author of the newly-released book on the United Nations titled “No Comment – and Don’t Quote Me on That.” The 220-page book is peppered with scores of anecdotes– from the serious to the hilarious– and is available on Amazon worldwide and at the Vijitha Yapa bookshop in Sri Lanka. The links follow: https://www.rodericgrigson.com/no-comment-by-thalif-deen/ https://www.vijithayapa.com/)

EEOC Announces Opening Of 2019 And 2020 Eeo-1 Component 1 Data Collection

April 28, 2021 Staff ReporterBusiness 0

After delaying the opening of the 2019 EEO-1 Component 1 Data Collection on May 8, 2020 in light of the COVID-19 public health emergency, the U.S. Equal Employment Opportunity Commission (EEOC) announced today that the 2019 and 2020 EEO-1 Component 1 data collection is now open.

The deadline for submitting both the 2019 and 2020 EEO-1 Component 1 data is Monday, July 19, 2021. Recognizing the continuing differential impacts of the pandemic on workplaces nationwide and the requirement to submit two years of EEO-1 Component 1 data, the EEOC is extending the data collection period this year from 10 weeks to 12 weeks to provide employers additional time to file. Employers should begin preparing to submit data in anticipation of the July 19^th filing deadline.

The EEO-1 Component 1 report is a mandatory annual data collection that requires all private sector employers with 100 or more employees, and federal contractors with 50 or more employees meeting certain criteria, to submit demographic workforce data, including data by race/ethnicity, sex and job categories. The filing by eligible employers of the EEO-1 Component 1 Report is required under section 709(c) of Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e-8(c), and 29 CFR 1602.7-.14 and 41 CFR 60-1.7(a). Employers can find additional eligibility information at https://eeocdata.org/eeo1. This year, the annual filing deadline for both the 2019 and 2020 EEO-1 Component 1 report(s) is July 19, 2021.

Eligible employers that have not received a 2019 and 2020 EEO-1 Component 1 notification letter via U.S. mail should contact the EEOC’s Filer Support Team at FilerSupport@eeocdata.org for assistance. Employers that have received the notification letter, may now create user accounts using the “Company ID” and “Passcode” provided in the notification letter.

Once a user account is created, there are two different ways to file the 2019 and 2020 EEO-1 Component 1 Report(s):

ONLINE FORM (available beginning Monday, April 26, 2021)

Filers may enter their data into a secure data entry form via the EEO-1 Component 1 Online Filing System at EEOCdata.org/eeo1/signin.

DATA FILE UPLOAD (available beginning Wednesday, May 26, 2021)

Filers may upload data files through the EEO-1 Component 1 Online Filing System. The format of the uploaded data file(s) must follow the file layout(s) set forth in the EEOC-approved specifications available beginning Wednesday, May 26, 2021 at EEOCdata.org/eeo1.

Employers should visit the newly launched EEO-1 Component 1 website at EEOCdata.org/eeo1 for the latest filing updates and additional information. By visiting the Filer Support Center located at EEOCdata.org/eeo1/support, employers can request assistance as well as find helpful resources, including fact sheets and FAQs.

The EEOC advances opportunity in the workplace by enforcing federal laws prohibiting employment discrimination. More information is available at www.eeoc.gov. Stay connected with the latest EEOC news by subscribing to our email updates.

Kamala Harris Advocates American Jobs Plan At 1st Economic Speech Since Becoming VP

April 20, 2021April 28, 2021 Staff ReporterEconomy, Women 0

“Help is here and hope is here — and things are looking up. Schools are reopening. Businesses are reopening. Grandparents are seeing their grandchildren in person. We are delivering real, real relief:” Said Kmala Harris

Kamala Harris delivered her first extended economic speech since becoming vice president, making a pitch for the Biden administration’s infrastructure plan and touting the White House’s accomplishments since President Joe Biden was sworn in.

The vice president specifically discussed what the administration’s roughly $2 trillion infrastructure package — the President’s top legislative priority — would do for infrastructure jobs, water infrastructure, child and home care businesses broadband and job training. She called the plan “a once in a lifetime, once in a generation investment in America’s infrastructure — in America’s future. It is what the American people deserve.” Harris said the plan “is not just about fixing what has been. It is about building what can be.”

Harris has become increasingly involved in promoting the Biden administration’s infrastructure proposal currently being considered by Congress, known as the American Jobs Plan. She’s taken part in meetings with the Congressional Black Caucus as well as with members of Congress on both sides of the aisle to discuss it and last week, USA Today published her op-ed calling on Congress to pass the plan.

According to the White House, after her speech in North Carolina on Monday, Harris “will continue traveling the country to promote the plan in the weeks to come” — serving in an outreach role similar to the one she played in promoting the passage of the American Rescue Plan.

“In the 21st century in America, I believe you should not have to work more than one job to be able to pay your bills and feed your family. One good job should be enough. At a good job, you shouldn’t have to worry about your safety. You shouldn’t have to worry about whether you have the ability to get a good life, because you might have to go in debt for a diploma that promises a decent paycheck,” she argued.

“A good job allows people the freedom to build the life you want. To reach as high as you want, to aspire. That’s what a good job does. And good jobs are what the President and I will create with the American Jobs Plan.”

The speech comes on the same day Biden hosts his second bipartisan gathering in as many weeks in the Oval Office. The White House has launched a massive legislative outreach effort to sway key members of Congress to buy into the proposal, but Republicans appear to have not yet reached consensus on a potential counter-proposal with a lower price tag. And no comprehensive GOP plan has been released so far.

Indian Community In The US Mourns The Killing Of 4 Sikhs At Fedex Facility

April 20, 2021April 28, 2021 Staff ReporterBusiness, Community, Religion 0

The Indian American community is deeply saddened to share that at least four Sikhs are among those killed late Thursday night when a gunman stormed a FedEx facility in Indianapolis known to have a large Sikh workforce.

The deadly mass shooting last week at a FedEx Ground facility in Indianapolis struck deeply into the Indian American community at large and in particular, the area’s Sikh community after it suffered the loss of four members in the bloody onslaught.

Eight people were killed and several others wounded on Thursday, April 15th night when a former FedEx employee opened fire at a facility near Indianapolis’ main airport before taking his own life. Investigators are still trying to determine the motive behind the shooting. Amarjeet Johal, 66; Jasvinder Kaur, 50; Jaswinder Singh, 68; Amarjit Sekhon, 48 were among the eight who lost their lives to yet another mass shooting as the nation struggles to limb back to several others preceding this. Matthew R. Alexander, 32; Samaria Blackwell, 19; Karli Smith, 19; and John Weisert, 74 were the others who succumbed to the bullets that traffic night.

“Our community has a long road of healing physically, mentally and spiritually to recover from this tragedy,” Maninder Singh Walia, a member of the Sikh community in Indianapolis, told the media. Officials, who said that a “significant” number of employees at the parcel and courier service company are Sikhs, reported that the gunman killed himself after murdering eight people Thursday night and wounding at least seven, five of whom were hospitalised.

WXIN-TV station quoted Parminder Singh, the uncle of one of the victims, as saying that his niece who worked at the facility near the airport phoned him shortly after the shooting and told him that she was shot while in her car and was being taken to the hospital.

President Joe Biden ordered the national flag to be flown at half-mast at all government facilities and US embassies abroad. “Gun violence is an epidemic in America,” Biden said in a statement. Just last month a White man killed eight people, six of them Asian women, at three massage parlors in Atlanta.

According to the Gun Violence Archive, 19,380 people were shot dead last year in the US, an increase of more than 25 per cent over the previous year’s deaths. “Our hearts bleed for all of the families of the victims of yet another senseless massacre that has become a daily occurrence in this country,” said AAPI Victory Alliance Executive Director Varun Nikore.

Nikore added: “To the families of Jasvinder Kaur, Amarjit Sekhon, Jaswinder Singh, and everybody else affected by this senseless tragedy, our hearts go out to you. The AAPI community stands with you. Justice must be served and we will not stop fighting until every single gutless person, politician, and lobbying group is held responsible for continuing to allow these tragedies to happen. Additionally, the AAPI Victory Alliance demands an immediate investigation into whether or not these shootings were racially biased.” Nikore said that enough is enough and that it’s time to come together and end hate and gun violence once and for all.

“We will invest significant resources into toppling those who seek to destroy our families, communities, and identity. The senseless gun violence that we’re seeing in this country is reflective of all of the spineless politicians who are beholden to the gun lobby. Period. End of story,” said Nikore. “They will be hearing from us — instead of offering thoughts and prayers, it’s time to mobilize for direct action and vote them out. That is what we’re doing today. We will end the violence, only when we have leaders who have the guts to do so.”

The Sikh Coalition said, it is deeply saddened to share that at least four Sikhs are among those killed late Thursday night when a gunman stormed a FedEx facility in Indianapolis known to have a large Sikh workforce.

The official in charge of the Federal Bureau of Investigation (FBI) Indianapolis office, Paul Keenan, said that he had been questioned by the agency after his mother had warned that he might try to commit suicide by provoking police to shoot him.

Sikhs have for long been victims of bias attacks in US, often being mistaken for Muslims because of their turbans. According to the FBI’s 2019 hate crime statistics — the latest available — there were 49 anti-Sikh attacks with 60 victims. In 2012 a gunman attacked a gurdwara in Oak Creek in Wisconsin State killing seven Sikhs and wounding four.

“While we don’t yet know the motive of the shooter, he targeted a facility known to be heavily populated by Sikh employees, and the attack is traumatic for our community as we continue to face senseless violence,” said Satjeet Kaur, Sikh Coalition executive director. “Further traumatizing is the reality that many of these community members, like Sikhs we have worked with in the past, will eventually have to return to the place where their lives were almost taken from them.”

The coalition says an estimated 500,000 Sikhs live in the U.S. Many practicing Sikhs are visually distinguishable by their articles of faith, which include unshorn hair and a turban.

“I have several family members who work at the particular facility and are traumatized,” Komal Chohan, who said Johal was her grandmother, said in a statement issued by the Sikh Coalition. “My nani, my family, and our families should not feel unsafe at work, at their place of worship, or anywhere. Enough is enough — our community has been through enough trauma.”

In a statement issued here, SAALYT stated: “Today, SAALT grieves the loss of life in the latest mass shooting in Indianapolis, Indiana. Our hearts are heavy and mourn with the victims’ families and community members, who are undoubtedly reeling from the trauma of losing their loved ones. Of particular note, four of the eight victims were our Sikh siblings and fellow community members. Such an act of mass violence sends reverberations across Sikh and South Asian communities, evoking past pain and grief rooted in decades of similar violent acts. We are struck by the trend of violence against immigrant workers, who have not only taken on essential work during a global pandemic, but have also been particularly vulnerable to its health and economic consequences as a result of their work. SAALT stands in solidarity with immigrant and essential workers, and honors the care they have poured into our community despite widespread bigotry.”

Bitcoin And Crypto Markets Crash

April 20, 2021April 20, 2021 Staff ReporterBusiness, Finance/Economy 0

Bitcoin (BTC-USD) is experiencing a massive sell-off, shedding almost 15% in the last 24 hours — the biggest intraday drop since February. The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets.

Data website CoinMarketCap cited a blackout in China’s Xinjiang region for the fall, which allegedly powers much of Bitcoin mining — the process by which new bitcoins are entered into circulation.

On Sunday, the flagship crypto shed nearly $8,000 and was trading 12% lower at $54,900 around 12PM in London, down from a day high of $61,293. It hit a day-low of $53,302 in the early hours of Sunday. Currently it has regained some lost ground, down 9% to $55,409 around 6PM.

Bitcoin’s flash crash saw a new record in liquidations, resulting in more than one million positions being wiped off the books. This meant that $10bn in positions were liquidated, according to Bybt.

Other cryptocurrencies have also plummeted. Ethereum (ETH-USD) the second biggest cryptocurrency in circulation, fell 17% before paring losses. It is currently down 13% to $2,132. Litecoin (LTC-USD) also declined, down 24% to $252.

It comes days after bitcoin approached $65,000 ahead of the debut listing of cryptocurrency trading platform Coinbase on Wednesday. Coinbase is the first crypto firm to list on the Nasdaq (^IXIC).

In late February, bitcoin saw a retreat to as low as $43,000 amid uncertainty in the traditional markets over stimulus expectations and their positive effects on US bond yields.

Bitcoin prices have been up and down over the last few months as governments and regulators hone in on the sector amid rising demand.

On Friday, bitcoin plunged 4% after the Central Bank of Turkey banned the use of cryptocurrencies and other digital assets for payments.

Turkey’s central bank said the ban was motivated by a lack of “central authority regulation” and “supervision mechanisms” for cryptocurrencies and other similar digital assets.

$2.3 Trillion Infrastructure Plan To Make US Shine In 21st Century Unveiled

April 16, 2021April 20, 2021 Staff ReporterEconomy, Nation USA 0

Beyond roads and bridges, President Joe Biden is trying to redefine infrastructure not just as an investment in America the place, but in its workers, families and people.

Beyond roads and bridges, President Joe Biden is trying to redefine infrastructure not just as an investment in America the place, but in its workers, families and people. The first phase of his “Build Back Better” package unveiled in Pittsburgh would unleash $2 trillion in new spending on four main hard infrastructure categories — transportation; public water, health and broadband systems; community care for seniors; and innovation research and development.

Those would be paid for by permanently raising the corporate tax rate from 21% to 28%, the people said, which would unwind the lower corporate rate put in place by the Trump administration.

President Joe Biden and a bipartisan group of lawmakers discussed how to pay for his $2.3 trillion infrastructure package during a meeting at the White House Monday, April 12^th according to attendees, during which Republicans said they remain opposed to raising taxes on corporations and pushed for a narrower package. Mr. Biden showed an openness to breaking his proposal into smaller parts and considering different ways to pay for it, according to lawmakers who attended the meeting.

The meeting was the latest in a series the White House has held with lawmakers on Capitol Hill involved in infrastructure funding and policy, though it will be the first since Mr. Biden rolled out his framework. Biden and Democratic leaders have said they hope to secure GOP support for the $2.3 trillion infrastructure package the president unveiled late last month.

“We hope to do this in the most bipartisan way possible,” House Speaker Nancy Pelosi (D., Calif.) told reporters. “If we have to go to reconciliation, that’s a lever, but I hope it’s not something that we need to do.”

Bills using reconciliation in the Senate can advance with just a simple majority, rather than 60 votes. With an evenly divided Senate, liberal lawmakers’ hope of passing gun control and voting rights were dashed last week when a key Democrat, Sen. Joe Manchin of West Virginia, said he would oppose the changes to the filibuster, which creates a 60-vote threshold.

Infrastructure projects can spur economic growth in unforeseen ways and that means they do not have to be paid for directly. Traditional accounting-based viability assessments fall short when you cannot take into account the collateral benefits of your project, simply because they are known unknowns.

It is an open secret that many of these large-scale Chinese projects incur bad debt in an accounting sense, as own-account P&L cannot justify billions spent on them. That said, the economy as a whole ends up stronger, and improved fundamentals make it very logical to ignore these bad debts. For example, the High-Speed Rail network expenses were indirectly paid for by increased efficiency from reduced dependence on freight corridors. Airports, roads and rail lines bring far-flung places within reach, helping factories spread out, reducing poverty in hinterlands, and reducing pollution in coastal cities. New cities bring factories and the other way around, creating a symbiotic cycle of virtue. Chronicling China’s rise, Thomas J. Campanella of Cornell University sums up as follows “We need a bit of China to be stirred into our game. We’re over-privileging the immediately affected residents. What we don’t do is give requisite weight to the larger society”.

During World War II, the US-financed three-quarters of US Government spending in 1941-45 with War Bonds (over USD 5 Trillion today). In practice that is what China does too – except that parties across from each other on a negotiating table represent different line items on the same ledger. Ours brings more accountability and transparency if rightly structured.

Highway and rail proposals must go through the House Transportation and Infrastructure Committee, where Rep. Dina Titus, D-Nev., wields power as the chairwoman of a subcommittee that will shape the Biden bill. “President Biden put forward a framework that would update and improve our infrastructure while creating millions of new jobs,” Titus said. “Now it’s up to us to work out the details over the next few months.”

House Speaker Nancy Pelosi, D-Calif., has called on committee chairs to reach across party lines for input from Republicans on the infrastructure bill. But Republicans have panned the legislation as giveaway and handout to unions and Democratic special interest groups. GOP leaders also said the plan would be paid for with a rollback on Trump-era tax cuts that benefited most Americans.

Funding Biden’s infrastructure initiative with tax hikes has been controversial. Raising the corporate tax rate to 28% from 21% would generate some $700 billion over 10 years, one of the people said. The administration is also eyeing a new global minimum tax. Biden promised on the campaign trail not to raise individual taxes on those earning less than $400,000 but new details on the individual tax hikes were scant at Tuesday’s briefing.

Tax hikes on the wealthy, most likely changes to the top rates, are expected to pay for the human capital investments coming in two weeks. “It seems like President Biden has an insatiable appetite to spend more money and raise people’s taxes,” said Rep. Steve Scalise of Louisiana, the GOP whip, in an interview.

However, Republicans have pushed back on the president’s plan. “And I’m going to fight them every step of the way because I think this is the wrong prescription for America,” Senate Minority Leader Mitch McConnell said. McConnell says the $2-trillion price tag is too high. “We ought to build that which we can afford and not either whack the economy with major tax increases or run up the national debt even more,” McConnell said.

The president is putting the pressure on Congress to pass his $2-trillion infrastructure plan, called the American Jobs Plan. “Congress should debate my plan. Change it or offer alternatives if they think that’s what they need to do. But Congress should act,” he said.

Key Takeaways – The Substance of the Plan

The new investment in basic infrastructure will draw bipartisan support, but the focus on “green” energy and related infrastructure will turn off many Republicans. A key question in the Senate will be whether Senator Joe Manchin (D-WV) will support a bill that will very likely be disadvantageous to the coal industry, which is important in his state. In order to pass in the Senate, changes likely will be needed to accommodate Senator Manchin.
House and Senate members will try to add their own “pet” infrastructure projects to the bill to benefit their districts or states, which could negatively impact the effort’s reputation in the public as the debate evolves.
The tax provisions outlined by the President will be expanded as the House and Senate write their own bills. The President’s plan only addresses corporate tax rates and provisions, but the House and Senate will also add tax increases and provisions relating to individuals as well. We have highlighted these potential provisions over the past several months. They include capital gains tax increases, changes to the estate tax, and a return to the 39.6% tax bracket for the top earners, among others. These proposals, which will be subject to significant debate, are likely to be added to a final plan from Congress in the months ahead. We also expect the corporate tax provisions to be expanded as well. Congress doesn’t often get a chance to reform the tax code, and Democratic lawmakers in particular will press hard to get preferred tax policy provisions included in the final bill.
Notably, the Biden proposal doesn’t contain an increase in the federal gasoline tax. It also doesn’t propose any new “user fees,” such as a tax on miles driven that has been suggested by some lawmakers. It also doesn’t mention any other ideas that have been floated to finance infrastructure in the past, such as the creation of an infrastructure bank, increased privatization of certain infrastructure projects or the reinstatement of “Build America Bonds,” among others.
While support for the plan will primarily come from Democrats and opposition from Republicans on Capitol Hill, one interesting group to watch will be the business community. They will embrace the general infrastructure improvements but are irked that they have been asked to pay for them through higher taxes. A divided business community would aid Democrats in passing this bill.

Bollywood Superstar And Fitness Icon Shilpa Shetty Kundra Is The New Face Of U.S. Based South Asian Food Brand, LAXMI!

April 16, 2021April 20, 2021 Staff ReporterBusiness, Community 0

Laxmi, the oldest and most well-loved South Asian brand in North America, has announced that Bollywood Superstar and Fitness Icon Shilpa Shetty Kundra is its New Face.

Unveiling its latest campaign and vision for the North America market, Laxmi, the oldest and most well-loved South Asian brand in North America, best known for delivering uncompromising quality and authentic ethnic foods that stand for purity and everyday value for South Asian consumers, has announced that Bollywood Superstar and Fitness Icon Shilpa Shetty Kundra is its New Face.

Shilpa and Laxmi share a similar passion for perfection both having carved their own niche making them a dream team. Their association is one that forges a path of excellence and will leave a legacy to remember. Shilpa Shetty Kundra will be the face for all brand communications for Laxmi with special focus on promoting popular products such as basmati rice, wheat flour, spices and lentils.

Commenting on this exciting new alliance, House of Spices company executives, Neil Soni (CEO) and Amrapali Soni (COO) said, “Shilpa with Laxmi was an easy decision. Her evolution into health and wellness, in addition to her culinary curiosity fits well with the evolution of Laxmi brand. In today’s world, we need to engage with our consumers, let them know we are listening. After refreshing the Laxmi logo, it was time to give the brand a new voice. We could not be happier that the voice is Shilpa’s.”

Laxmi is dedicated to keeping the South Asian culinary traditions alive and thriving by continuing to fulfill our desi cooking needs by offering range of superior products from the extra-long basmati rice to the purest haldi (turmeric), ghee and the newly launched range of Ayurvedic spices.

Speaking of category challenges in the marketplace, Chief Sales and Marketing officer Sundeep Singh mentioned that “With the explosion of brand options at the store, for a consumer it is a difficult choice to make especially not knowing how these products are sourced and handled. Laxmi has always stood for quality, trust and value and with our new association with Shilpa Shetty Kundra, our brand promise will come to life”.

The origins of the Laxmi brand are based in traditions and family values and therefore it is no surprise that their latest campaign revolves around bringing those values to life.

Commenting on the campaign inspiration, Suhasinee Patil, VP Marketing shared some thoughts on what makes this campaign so special. According to her, “This past year with all its challenges has proven to us that nothing matters more than family and one way we all stayed positive and connected was through cooking. The pandemic brought out the chef in all of us and induced us to try new foods, focusing on reducing stress and boosting our immunity. It inspired us to change our lifestyle and prioritize health and family.”

With this campaign, our message to the consumers is simple: “It’s time to bring home foods that stand for quality and purity; it’s time to bring home a brand you have trusted for over 50 years; It’s time to bring LAXMI home!”

IMF Chief Economist Gita Gopinath Says, IMF Favors Global Minimum Corporate Tax

April 16, 2021 Staff ReporterBusiness, Economy 0

The International Monetary Fund has long favored adoption of a global minimum tax on corporate profits, the Fund’s chief economist, Gita Gopinath, told reporters, calling tax avoidance a troubling issue for the global economy.

Gopinath said current disparities in national corporate tax rates had triggered “a large amount” of tax shifting and tax avoidance, reducing the tax base on which governments could collect revenues to fund needed economic and social spending. “It is a big concern,” Gopinath told reporters during an online briefing. “We are very much in favor of a global minimum corporate tax.”

French Finance Minister Bruno Le Maire said on Tuesday a global deal on cross-border taxation was within reach as he welcomed a pledge by U.S. Treasury Secretary Janet Yellen to work on a global corporate minimum rate.

Gopinath said the IMF had not taken a position on the ideal level for such a tax rate, adding that governments would need to replenish their coffers after massive spending to contain the COVID-19 pandemic and mitigate its economic impact.

“The hope is that they will move forward better to have more inclusive, sustainable, green economies, and that would require measures both on the revenue side and on the expenditure side,” she said, adding that each country would have to carefully tailor its own actions on the tax front.

Gopinath said the IMF was still studying the Biden administration’s proposal to raise the corporate tax rate to 28%, but noted that the former Trump administration’s decision to lower that tax rate from 35% to 21% in 2017 had had less impact on investment than initially expected.

US Treasury Secretary Janet Yellen advocated for a global minimum corporate tax in her first major public address. US National Security Advisor Jake Sullivan swiftly underscored the message, tweeting that “the U.S. is committed to end the race to the bottom on corporate tax rates and prevent corporations from shifting jobs overseas” as a core piece of its national security strategy.

As policymakers around the world consider a global minimum corporate tax, it is important to understand the context behind the concept and how this tax might actually work.

International corporate taxation has long presented a challenge for tax authorities around the world. The emergence of globalization and intangible capital in recent decades has made taxing multinational corporations (MNCs) increasingly difficult, and greater international cooperation is needed to make such taxation more effective.

A global minimum tax on profitable MNCs would ensure that a baseline level of revenue is collected from them. Although this tax would not solve all problems related to corporate tax avoidance and evasion, and its design and implementation need careful consideration, it would be an important and helpful step.

U.S. President Joe Biden has said there was “no evidence” that raising the corporate tax rate by seven percentage points would drive business abroad. White House press secretary Jen Psaki noted that the 28% rate would be lower than it was at any time since World War Two.

John Kerry Pats India, Pushes For More Efforts To Cleaner Energy

April 16, 2021 Staff ReporterEconomy, Environment 0

India did not cause the climate crisis but it cannot be solved without that nation’s help, United States Climate Envoy John Kerry, who is visiting India this week for climate talks, is reported to be telling New Delhi. As one of the world’s largest economies and a global leader in science and innovation, India is a critical part of the solution to the climate crisis, Kerry understands the role India needs to play in combating Climate and Global Warning.

U.S. climate envoy John Kerry said he spoke with India’s Prime Minister Narendra Modi recently about how the United States could help mobilize finance to reduce risks in producing alternative energy in the fight against global warming.

Special Presidential Envoy for Climate Kerry said he spoke with Modi about bringing “concessionary finance” to the table to reduce India’s risks in dealing with first losses on the transition to clean energy. Concessionary finance typically involves loans on terms lower than market rates.

Then the United States could “bring more money to the table for a normal commercial investment that could quickly start producing alternative fuel,” said Kerry, speaking from New Delhi to an International Monetary Fund seminar. Kerry did not provide more specifics. Kerry met with Modi ahead of President Joe Biden’s hosting of 40 world leaders in a climate summit in Washington on April 22.

India is the world’s third biggest emitter of greenhouse gases after China and the United States, albeit with far lower emissions per capita than those countries. And it is under pressure from the United States and Britain to commit to a target of decarbonizing its economy by 2050.

Asked about the objective of the visit to India, a State Department spokesperson said, “We see India as an important partner on future clean energy research, development, and deployment, not least because of their successful domestic agenda in this area. A key focus for our administration is supporting and encouraging India’s decarburization efforts through clean, zero, and low-carbon investment, and supporting India in mitigating its fossil energy use.”

Indian government sources said the South Asian country was unlikely to bind itself to the 2050 goal as its energy demand was projected to grow more than that of any other country over the next two decades.

Kerry said China believes it may be able to bring its greenhouse gas emissions to a peak by 2025. But he said there was a risk that China’s emissions could plateau after that and not come down enough. China needs to continue to develop, Kerry said. “We’re not begrudging that, but what we want to do is work with China, and other countries, to make sure … it doesn’t buy into the mistakes that we made.”

On March 26, President Joe Biden announced that he had invited 40 world leaders to the Leaders Summit on Climate. During the summit, to be held virtually on April 22 and 23, the United States will announce an ambitious 2030 emissions target as its new Nationally Determined Contribution under the Paris Agreement.

In recent years, scientists have underscored the need to limit planetary warming to 1.5° Celsius in order to stave off the worst impacts of climate change. Stanford University Earth System Science Professor Rob Jackson, who is also senior fellow, Stanford Woods Institute for the Environment, said, India contributes 7 percent of global fossil carbon emissions, about two and a half billion tons per year. In contrast, the United States is responsible for about 15 percent of global fossil carbon dioxide emissions, about five billion tons a year. “Our per capita fossil carbon emissions are eight times higher than India’s. India’s emissions are still rising, including those from coal power. That’s one of many likely reasons John Kerry is visiting.”

Boeing Forecasts Demand For Over 2,200 New Aircraft In India By 2041

April 16, 2021 Staff ReporterBusiness, Economy, Travel 0

Aerospace major Boeing expects demand for more than 2,200 new jets valued at nearly $320 billion over the next 20 years in India. In its annual Commercial Market Outlook (CMO), Boeing anticipates resilient long-term demand for commercial airplanes and services.

The CMO cited that Covid-19 pandemic has sharply reduced Indian air travel last year, however, the country’s domestic passenger traffic is recovering more rapidly than in most other countries and regions, recently reaching 76 per cent of pre-pandemic levels.

Besides, India’s passenger traffic has been predicted to outpace global growth, doubling from the pre-pandemic levels by 2030. At present, India’s passenger market is the world’s third largest. Furthermore, India’s economy is predicted to grow at 5 per cent annually through the forecast period, the highest of any emerging market.

“Many more Indians will travel by airplane for leisure and business as incomes rise tied to industrialization and an economic growth rate in South Asia that leads all emerging markets,” said David Schulte, managing director of Regional Marketing, Boeing Commercial Airplanes.

“With greater demand for domestic, regional and long-haul travel, we anticipate India’s commercial fleet will grow four-fold by 2039.” As per the CMO, India’s air carriers have opportunities for growth in international markets.

Schulte noted that several airlines have started or plan to start non-stop routes between India and North America to serve a passenger preference for direct service flights.

Boeing India President Salil Gupte said: “India’s burgeoning manufacturing and services business means the region is uniquely positioned to become a major aerospace hub.”

“We remain committed to partnering across India to develop the nation’s aerospace ecosystem, as continued investment in the civil aviation infrastructure and talent will enable sustained growth.” (IANS)

India’s Richest Man Ambani Fined For Irregularities In Reliance Share Issue

April 16, 2021April 16, 2021 Staff ReporterBusiness, Profile 0

India’s market regulator fined Reliance Industries Chairman Mukesh Ambani and others 250 million rupees ($3.36 million) last week over irregularities in a two-decade-old share issue in the company.
India’s market regulator fined Reliance Industries chairman Mukesh Ambani and others Rs 25 crore ($3.36 million) on Wednesday over irregularities in a two-decade-old share issue in the company.

Ambani, the country’s richest man, his family members and some entities linked to them were penalised by the Securities and Exchange Board of India (SEBI) for not making regulatory disclosures when they collectively raised their shareholding in Reliance by nearly 7% by subscribing to the January 2000 issue.

Reliance Industries did not immediately respond to a request for comment. Ambani and others “by their failure to make public announcement, deprived the shareholders of their statutory rights/opportunity to exit from the company”, the SEBI said in its order. In January, the regulator fined Reliance 250 million rupees, and Ambani 150 million rupees, for what it said were fraudulent trades while selling a stake in a subsidiary in 2007.

Mukesh D. Ambani (DIN 00001695) is a Chemical Engineer from the Institute of Chemical Technology, Mumbai (erstwhile the University Department of Chemical Technology, University of Mumbai). He pursued an MBA from Stanford University in the US. He has been on the Board of Reliance since 1977. He initiated Reliance’s backward integration journey – from textiles to polyester fibres and further onto petrochemicals and petroleum refining, and going upstream into oil and gas exploration and production. He created multiple new world-class manufacturing facilities involving diverse technologies that have raised Reliance’s petrochemicals manufacturing capacities from less than a million tonnes to about 21 million tonnes per year.

In the late nineties, Mukesh Ambani spearheaded the creation of the world’s largest grassroots petroleum refinery at Jamnagar in Gujarat, India, with a capacity of 660,000 barrels per day (33 million tonnes a year), and integrated it with petrochemicals, power generation, port and related infrastructure. Further, he steered the setting up of another 580,000-barrels-per-day refinery next to the first one in Jamnagar. With an aggregate refining capacity of 1.24 million barrels of oil per day at a single location, Jamnagar has become the refining hub of the world.

He also led Reliance’ development of infrastructure facilities and implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure. Today, Reliance Retail is the largest organized retail player in India. He has created global records in customer acquisition for Jio, Reliance’ digital services initiative. He led and established one of the world’s most expansive 4G broadband wireless network offering end-to-end solutions that address the entire value chain across various digital services in key domains of national interest, such as education, healthcare, security, financial services, government-citizen interfaces, and entertainment.

Mukesh Ambani is a member of The Foundation Board of the World Economic Forum. He is an elected Foreign Member of the prestigious United States National Academy of Engineering. He is a member of the Global Advisory Council of Bank of America. He is also a member of International Advisory Council of The Brookings Institution

F-1 Students Seeking Optional Practical Training Can Now File Form I-765

April 16, 2021 Staff ReporterEconomy, Immigration 0

WASHINGTON—U.S. Citizenship and Immigration Services today announced that F-1 students seeking optional practical training (OPT) can now file Form I-765, Application for Employment Authorization, online if they are filing under one of these categories:

(c)(3)(A) – Pre-Completion OPT;
(c)(3)(B) – Post-Completion OPT; and
(c)(3)(C) – 24-Month Extension of OPT for science, technology, engineering and mathematics (STEM) students.

OPT is temporary employment that is directly related to an F-1 student’s major area of study. Eligible students can apply to receive up to 12 months of OPT employment authorization before completing their academic studies (pre-completion) and/or after completing their academic studies (post-completion). Eligible F-1 students who receive STEM degrees may apply for a 24-month extension of their post-completion OPT.

“USCIS remains committed to maximizing our online filing capabilities,” said Senior Official Performing the Duties of USCIS Director Tracy Renaud. “The I-765 online filing option allows eligible students to file forms online in a more user-friendly fashion and increases efficiencies for adjudicators.”

The option to file Form I-765 online is only available to F-1 students filing Form I-765 for OPT. If an applicant submits Form I-765 online to request employment authorization on or after April 15, but is eligible for a different employment authorization category, USCIS will deny the application and retain the fee. As USCIS continues to transition to paperless operations, the agency will work to expand online filing for Form I-765 to additional categories.

Online filing allows applicants to submit forms electronically, check the status of their case anytime from anywhere, and receive notices from USCIS online instead of waiting for them in the mail. USCIS is using innovation and technology to meet the needs of applicants, petitioners and employees. Regardless of the paper or electronic format of an application or petition, USCIS is committed to ensuring a secure and efficient process for all.

Individuals can file 11 USCIS forms online, which can all be found on the Forms Available to File Online page. To file these forms online, individuals must first create a USCIS online account at https://myaccount.uscis.gov/. This free account allows them to:

Submit their forms;
Pay their fees;
Track the status of their case;
Communicate with USCIS through a secure inbox; and
Respond to Requests for Evidence.

USCIS continues to accept the latest paper version of these forms by mail.

For more information on USCIS and its programs, please visit uscis.gov or follow us on Twitter, Instagram, YouTube, Facebook and LinkedIn

IAICC South Carolina Chapter Launched To Foster Economic Development Of US, India, Rest Of The World

April 7, 2021April 16, 2021 Staff ReporterBusiness, Community, Economy, News 0

The Governor of South Carolina, Henry McMaster declared March 24 as the “IAICC-South Carolina Chapter Day,” in a proclamation, at the inauguration of the IAICC South Carolina Chapter on March 24 at the Governor’s Mansion in Columbia, South Carolina.

Governor McMaster presented the proclamation to KV Kumar, President & CEO of IAICC at the inauguration and appreciated the work of IAICC. While speaking at the event, Governor McMaster welcomed IAICC to South Carolina and said his administration will work with IAICC and support its initiatives in the State.

He also said that South Carolina and India enjoy great relations, and the State has been playing a significant role in promoting India-US trade relations for so many years now. He added that relations between these two countries have continued to flourish even during the pandemic, and announced that South Carolina was the first State in the SE Region to establish an Office of the Trade Representative in New Delhi.

Welcoming the gathering, KV Kumar appreciated Governor McMaster’s efforts in the State and thanked him and the First Lady Peggy McMaster for graciously hosting the IAICC inauguration and the reception at the Governor’s Mansion. He also thanked the Indian Ambassador to the US, Mr. Taranjit Singh Sandhu, and the Consul General of India in Atlanta, Dr. Swati Kulkarni for their continued support to IAICC. Kumar said he missed the Ambassador at the event, and congratulated him for bringing several key initiatives to strengthen India-US relations. During her address,

Dr. Kulkarni praised Governor McMaster and Mr. Kumar for their work in India-US Relations. She commended IAICC’s role in enhancing the trade partnership between US and India, and said IAICC will play as a catalyst in bringing more business opportunities to South Carolina. She also presented a communique on the present status of India to Governor McMaster.

At the inauguration, Secretary of Commerce, Mr. Robert Hitt III, and IAICC officials signed an MoU. One of the objectives in the MoU stated that the signatories will establish and promote a new era of South Carolina – India Relations.

IAICC SE Regional Chairman, Dr. Narasimhulu Neelagaru also thanked Governor McMaster for his support and said he looked forward to working him and the State of South Carolina. At the event, Mr. Kumar introduced Ms. Bhavna Vasudeva, President of IAICC-SC Chapter.

Ms. Vasudeva delivered the vote and thanks and thanked Governor McMaster for hosting the event and other guests for their valued presence. IAICC Executive Committee members and officials Mr. Appen Menon, Mr. Achyut Allady, Dr. Anu Bhat, Mr. Kinesh Doshi, and Dr. Subrahmanya Bhat were also present and participated in the event.

Members of the Governor’s Cabinet, Ms. Jeanette Prenger, Chair of The Latino Coalition, Ms. Cici Rojas, President of The Latino Coalition, and other local business leaders also attended the event.

India Now Holds World Record For Fastest Road Construction

April 7, 2021 Staff ReporterEconomy, Travel 0

Union minister Nitin Gadkari said on Friday that India holds the world record for fastest road construction. “We made three world records in March. India now holds world record for fastest road construction. We made it to Guinness World Records by building a 2.5 km 4-lane concrete road within 24 hours. We also built 1-lane 25-km bitumen Solapur-Bijapur road within 24 hours,” the minister said, reported ANI.

In February, Patel Infrastructure Limited, an contractor of National Highway Authority of India (NHAI) created a world record by laying the highest quantity of concrete on a four-lane highway in 24 hours. The record was set for laying of Pavement Quality Concrete (PQC) for a four-lane highway of 2,580 meters length within 24 hours. Starting at 8 am on 1 February, 2021, they finished the job, totalling 2,580 meters X 4 lanes i.e. approximately 10.32 lane kilometres by 8 am next morning. With a width of 18.75 meters, as much an area as 48,711 square meters of concrete was laid for the expressway in 24 hours. The highest quantity of concrete laid in 24 hours – 14,613 cubic meter was achieved. It was part of the greenfield Delhi-Vadodara-Mumbai 8-lane Expressway project.

Another NHAI contractor completed single lane of the four-lane stretch of 25.54 km being developed between Solapur-Vijapur (NH 52) in 18 hours. Hyderabad-based construction company IJM India carried out the construction work, according to media reports. “About 500 contractual workers worked hard for the project,” Gadkari said earlier.

The ministry of road transport and highways has constructed 13,394 km of highways in fiscal year 2020-21. Gadkari said that the pace of highways construction in the country has touched a record 37 km per day in financial year 2020-21.

“Tremendous progress has been achieved in building national highways across the country… These achievements are unprecedented and have no parallel in any other country in the world,” the minister mentioned. The achievement was remarkable as it was achieved despite constraints posed by the COVID-19 pandemic, he further added.

“Cumulative cost of ongoing project works has increased by 54 per cent at the end of the financial year 2020-21, compared to the financial year 2019-20 (as on March 31),” the minister said.

Strengthening US Dollar Leads To Rupee Losing In Value

April 7, 2021 Staff ReporterEconomy 0

A strengthening US dollar as well as rising bond yields depreciated the Indian rupee to a month’s low level. The rupee closed at 73.38 per dollar, down from 72.51 on Friday. The broad strength in the dollar has hit almost all emerging market currencies, while the India rupee looks to be hit the most, as confluence of internal factors exaggerated the extreme move in the Indian currency, said Madhavi Arora, Lead Economist, Emkay Global.

She added that in all likelihood, the rupee will start following suit of its emerging market peers by early April. “We anyway believe policymakers are getting more tolerant about the idea of a structurally weaker rupee in the medium term and CY21 will see rupee being in the middle of the EMFX pack and not an outlier on either side on spot returns,” she said. (IANS)

Investments made by non-resident Indians (NRIs) on a non-repatriation basis will not be considered for calculation of indirect foreign investment. The Department for Promotion of Internal Policy and Trade (DPIIT) under the Ministry of Commerce and Industry has reviewed the policy on downstream investments made by non-resident Indians (NRIs).

This means an addition to the Consolidated FDI Policy Circular 2020 effective from October 15, 2020 which is amended from time to time. It has been clarified that investments made by NRIs on non-repatriation basis under Schedule IV of the Foreign Exchange Management (Non-debt instruments) Rules 2019 are deemed to be domestic investments at par with investments by residents.

“Accordingly, an investment made by an Indian entity which is owned and controlled by NRIs on a non-repatriation basis shall not be considered for calculation of indirect foreign investment,” DPIIT said in a circular.

Meanwhile, a mega US infrastructure creation program along with likely retention of key lending rates and an accommodative stance by the Reserve Bank are expected to boost the rupee’s prospects during the upcoming week.

Accordingly, US President Joe Biden recently announced a ‘$2 trillion plus job plan’, including $621 billion to rebuild infrastructure. If passed by the US Congress, the plan will add pressure on the dollar against all the EM currencies including the rupee.

“Another US stimulus may keep equities buoyant and the rupee strong,” Sajal Gupta, Head, Forex and Rates at Edelweiss Securities told IANS. “Expect the rupee to trade between 72.90 to 73.60 during next week.”

“The last trade week was very volatile for the forex market, especially on speculating trading ahead of Biden’s additional stimulus,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

“Biden announced his long-awaited $2 trillion-plus job plan, including $621 billion to rebuild infrastructure. This new package would certainly be a big positive for the US economy if passed by Congress.”

Furthermore, Gupta cited that some profit-booking has led to a fall in dollar gains. “For next week, we expect USDINR spot to trade in between 72.50-73.50.” Besides, the Reserve Bank’s MPC is expected to retain key lending rates and an accommodative stance during the first monetary policy review of 2021-22.

“Next week, market participants will be keeping an eye on the RBI policy statement; expectation is that the central bank could keep rates unchanged and wait for some more time before taking any action to spur growth,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“The RBI is likely to continue with the accommodative monetary policy stance and wait for an opportune time to announce monetary action with a view to ensure the best possible outcome in terms of pushing growth without sacrificing the main objective of containing inflation.”

On the other hand, rising Covid cases will add pressure on the rupee. Lately, a new wave of Covid-19 infections has hit several states. This comes at a time when India is trying to ramp up the vaccination drive.

“RBI’s interventions in currency markets and spread of virus and pace of inoculations and global risk appetite will determine fate of the currency this week,” said Devarsh Vakil- Deputy Head of Retail Research at HDFC Securities.

“We expect it to gradually depreciate compared to greenback over the next few weeks.” The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit. (IANS)

US Retaliates Against India’s Equalization Levy

April 7, 2021 Staff ReporterBusiness, Economy 0

The United States Trade Representative has announced initiation of investigation against the taxation on digital services adopted or under consideration by countries including the equalization levy applied by India. The other counties under investigation included Italy, Turkey, UK, Spain and Austria.

A statement from the office of the USTR said that in January it was found that digital service taxes (DST) adopted by Austria, India, Italy, Spain, Turkey, and the United Kingdom were subject to action under Section 301 because they discriminated against US digital companies, were inconsistent with the principles of international taxation, and burdened US companies.

USTR is proceeding with the public notice and comment process on possible trade actions to preserve procedural options before the conclusion of the statutory one-year time period for completing the investigations.

“The United States is committed to working with its trading partners to resolve its concerns with digital services taxes, and to addressing broader issues of international taxation,” said Ambassador Katherine Tai.

“The United States remains committed to reaching an international consensus through the OECD process on international tax issues. However, until such a consensus is reached, we will maintain our options under the Section 301 process, including, if necessary, the imposition of tariffs.”

Among the proposed actions, the Joe Biden administration has proposed to impose retaliatory tariffs up to 25 per cent on around 40 Indian products including shrimps, basmati rice, gold and silver items.

The Government of India will examine the proposed action with the stakeholders concerned and would take suitable measures keeping its trade and commercial interest of the country and overall interest of its people, according to official sources.

With regard to India, the investigation was targeted on the 2 per cent equalisation levy (EL)levied by India on e-commerce supply of services. The investigation included whether the EL discriminated against US companies, was applied retrospectively, and diverged from U.S or international tax norms due to its applicability on entities not resident in India.

The U.S. requested for bilateral consultations in this matter, and India submitted its comments to the USTR on 15 July 2020, participated in the bilateral consultation held on 5 Nov 2020.

India made a strong case that the levy is not discriminatory and only seeks to ensure a level-playing field with respect to e-commerce activities undertaken by entities with permanent establishment in India.

It also clarified that the equalisation levy was applied only prospectively, and has no extra-territorial application, since it is based on sales occurring in the territory of India through digital means.

India based e-commerce operators are already subject to taxes in India for revenue generated from Indian market. However, in the absence of the levy, non-resident e-commerce operators, not having any permanent establishment in India but with significant economic presence, are not required to pay taxes in respect of the consideration received in the e-commerce supply or services made in the Indian market. (IANS)

Biden Unveils $2 Trillion Modern Sustainable Infrastructure Plans

April 7, 2021 Staff ReporterBusiness, Economy, Nation USA 0

President Biden has unveiled a sprawling, ambitious infrastructure proposal that, if enacted, would overhaul how Americans get from Point A to Point B, how their electricity is generated, the speed of their Internet connections, the quality of their water and the physical makeup of their children’s schools. Under the Plan, Biden aims to tackle some of the nation’s most pressing problems – from climate change to decaying water systems to the nation’s crumbling infrastructure.

The measure, called the American Jobs Plan, includes big infrastructure fixes that both major parties — as well as a majority of Americans — consistently say they want to see, including upgrades to bridges, broadband and buildings.

Biden’s plan would devote more than $600 billion to rebuilding the United States’ infrastructure, such as its ports, railways, bridges and highways; about $300 billion to support domestic manufacturing; and more than $200 billion in housing infrastructure. Other major measures include at least $100 billion for a variety of priorities, including creating national broadband system, modernizing the electric power grid, upgrading school and educational facilities, investing in research and development projects, and ensuring America’s drinking water is safe.

Biden’s plan includes measures unrelated to either infrastructure or the climate, such as an approximately $400 billion investment in home-based care for the elderly and disabled that was a top demand of some union groups. Additionally, the plan calls for passage of the Protecting the Right to Organize Act, or PRO Act, a bill aimed at significantly strengthening workers’ rights to organize.

Biden’s plan lays out a large investment in clean-energy and environmental priorities. The programs include $100 billion to bolster the country’s electricity grid and phase out fossil fuels, in part by extending a production tax credit for 10 years that supports renewable energy.

The mega plan has met a chorus of opposition, with Republicans panning it as a partisan wish list, some liberals challenging it as not sufficient to combat climate change, and business groups rejecting its proposed tax hikes.

In a speech Tuesday afternoon at the United Brotherhood of Carpenters and Joiners of America Pittsburgh Training Center, Biden pitched his plan as a transformative effort to change the nation’s economy. He called it the most significant federal jobs investment since the World War II era, saying it would put hundreds of thousands of electricians and laborers to work laying miles of electrical grid and capping hundreds of oil wells. He said the plan’s research funding would make the United States the global leader in emerging sectors such as battery technology, biotechnology and clean energy.

“This is not a plan that tinkers around the edges. It is a once-in-a-generation investment in America, unlike anything we’ve done since we built the interstate highway system and the space race,” in the 1950s and 1960s, Biden said. “We have to move now. I’m convinced that if we act now in 50 years people will look back and say, ‘This was the moment America won the future.’ ”

The administration’s promises are vast and may prove difficult to enact, even if the effort can get through Democrats’ extremely narrow majority in Congress. The immediate rejection of the plan by leading Republicans suggested that the path toward a bipartisan compromise on infrastructure would be very difficult to achieve, leaving the White House’s next move unclear.

The White House said the plan would enable drivers across the country to find electric charging stations for their vehicles on the road. Lead pipes throughout the country would be replaced. All Americans would have access to high-speed Internet connections by the end of the decade.

Biden released the spending plan with a slew of tax hikes on businesses, which could be the most contentious part of his proposal. The White House said the proposal would pay for itself over 15 years because many of the tax increases would remain even as the spending proposals only last for eight years. Biden said on Wednesday that the plan would reduce the federal debt “over the long haul.” Legislation in Washington is typically evaluated on a 10-year budget window, and it is unclear precisely what the plan would cost over a decade.

On the tax side, Biden’s plan includes raising the corporate tax rate from 21% to 28%; increasing the global minimum tax paid from about 13% to 21%, ending federal tax breaks for fossil fuel companies, and increasing tax enforcement against corporations. The White House is also proposing as much as $400 billion in clean energy credits for firms, though the cost of the tax credit provisions is not detailed in what the administration has released.

The tax measures help Biden address concerns that his spending package would add to an already large federal deficit, but they provoked a torrent of opposition from GOP lawmakers and business groups. Congressional Republicans have also panned the tax increases as damaging to U.S. investment and competitiveness, and they have pledged to oppose them. Senate Minority Leader Mitch McConnell, R-Ky., denounced the measure. John Barrasso, R-Wyo., chair of the Senate Republican Conference, said it amounted to an “out-of-control socialist spending spree” that reflected “the left’s radical agenda.”

“There is virtually no path to getting Republican votes. It’s too big, too expensive, and chock full of tax increases that are nonstarters among Republicans,” said Brian Riedl, a former aide to Sen. Rob Portman, R-Ohio, who works at the Manhattan Institute, a libertarian-leaning think tank.

Among Democrats, the plan has been met by objections from lawmakers in the Congressional Progressive Caucus, who say it is insufficient to meet the scale of the threat posed by climate change. Centrist Democrats are balking at another large spending package. Three House Democrats have vowed to oppose the package because it would not reverse a cap on state and local tax deductions from Trump’s tax law.

And a number of priorities critical to congressional Democrats, including an extension on the expanded child credit, a major expansion in health insurance coverage, subsidies for child care and free access to community colleges, are being left to a second White House package to be unveiled in coming weeks.

The U.S. Chamber of Commerce criticized the proposed tax hikes in a statement on Wednesday, arguing that while infrastructure spending is necessary, “the users who benefit from the investment” should pay for it.

Biden, who has pledged to make the power sector carbon-free by 2035, will also ask Congress to adopt an “Energy Efficiency and Clean Electricity Standard” that would set targets to cut how much coal- and gas-fired electricity power companies use.

Investing in electric vehicles ranks among Biden’s top climate-spending priorities, with $174 billion designated for that market alone. White House officials predicted that the federal incentives, paired with spending by state and local governments and private companies, would establish a national network of 500,000 charging stations by 2030, while spurring a domestic supply chain that will support union jobs and American-built cars and trucks. The plan will also replace 50,000 diesel transit vehicles while switching about 20% of school buses to electric engines.

The president will also ask Congress to provide $45 billion to replace lead pipes across the country, while reducing lead exposure in 400,000 schools and child-care facilities. Some $56 billion would go to grants and low-interest loans, for state, local and tribal governments to upgrade aging water systems. Another $10 billion would be spent on addressing polyfluoroalkyl and perfluoroalkyl (PFAS) chemicals that have contaminated drinking-water supplies across the country.

The proposal includes more than $200 billion for housing programs, including $40 billion in public housing, although housing advocates say they worry that may be insufficient to meet the nation’s decaying housing stock.

On its own terms, the proposal would not resolve all of the nation’s infrastructure woes, which have been growing for decades. The plan, for example, cites a trillion-dollar backlog of road, bridge, rail and transit repairs, but it proposes less than that.

The Biden plan, if it passes Congress, would spur far-reaching changes that could begin shifting the trajectory of the nation’s transportation system. It calls for a doubling of federal funding for public transit. Biden’s plan would also modernize 20,000 miles of streets and highways out of the total of 173,000 miles Biden says are in poor condition.

Democrats have a slim House majority and control the Senate only because of Vice President Harris’ tiebreaking vote. With Republicans already voicing concerns about the proposal’s cost and corporate tax hikes, Democrats may once again have to force major legislation through complicated Senate procedures that could drastically narrow its scope. The party would also have to stick together on a historically expensive effort that has some moderates balking, while some high-profile progressives call for even higher spending levels.

What Biden is introducing in Pittsburgh on Wednesday is the first part of a larger plan to overhaul the economy. Additional proposals for spending on education, child care and other social programs the administration calls “human infrastructure” are expected in the coming weeks.

India’s GDP Growth Will Be 10% In 2022, World Bank Says

April 7, 2021 Staff ReporterBusiness, Economy 0

The World Bank has scaled up its projections for India’s economic growth by a massive 4.7 percentage points to 10.1 per cent for 2021-22 due to strong rebound in private consumption and investment growth. The Bank had pegged the GDP growth at 5.4 per cent for the country in its January report.

“India, which comprises almost 80 percent of the region’s (south Asia) GDP, had a substantial revision to growth of 4.7 percentage points since January 2021, due to a strong rebound in private consumption and investment growth in the second and third quarters (July-December, 2020) of FY21,” the Bank said in a report, titled South Asia Economic Focus Spring 2021-South Asia Vaccinates.

Considering the uncertainty caused by Covid cases in 2021-22, the Bank also gave a range of economic growth for India, at 7.5 per cent to 12.5 per cent, for FY22. “Given the significant uncertainty pertaining to both epidemiological and policy developments, real GDP growth for FY’22 can range from 7.5 to 12.5 percent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy

Private consumption and public investment will see the Indian economy likely growing by 10.1% in 2021-22 (FY22), the World Bank said, although, in a sign of all-around uncertainty caused by the Covid-19 pandemic, it said India’s economic growth in FY22 would be in the broad range from 7.5% to 12.5%.

The 10.1% is 4.7 percentage points higher than the World Bank’s previous estimate for India’s growth in 2021, and reflects the pace of the country’s recovery. However the Bank also expects the Indian economy to contract by 8.5% in FY21, higher than the government’s own estimate of 8%. The International Monetary Fund (IMF) has projected India’s economy will grow by 11.5% over 2021 and 6.8% over 2022, painting a rosier picture.

“Given the significant uncertainty pertaining to both epidemiological and policy developments, real GDP (gross domestic product) growth for FY21/22 can range from 7.5 to 12.5%, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers,” the World Bank said in a report titled “South Asia Vaccinates”.

Going forward, the report said, “the main risks to the outlook include the materialisation of financial sector risks, that could compromise a recovery in private investment, and new waves of Covid-19 infections.” It saw growth in the country at 6-7% in the medium term.

The Indian economy was already slowing ahead of the pandemic, but the disease and mitigation measures such as lockdowns deepened the crisis several times over, contracting output and shrinking spending and investments.

“In response to the Covid-19 outbreak, the authorities implemented a nationwide lockdown, which brought economic activity to a near standstill between April and June 2020 (Q1FY21),” the report said. Aviation and tourism, hospitality, trade, and construction, were the worst hit as well and industrial activity, overall, was also deeply disrupted. Agriculture, however, was mostly unaffected, it noted.

Acknowledging it is “not normal” to cite growth forecast in a range of numbers, World Bank’s Chief Economist for South Asia, Hans Timmer, told reporters: “We are in an unprecedented circumstance. Not just the hits (were) unprecedented, but also the character of the crisis was as we had never seen before.”

He added that certain sectors of the economy hat were hit were normally much more resilient, especially the services sector, domestic services. “It’s the informal sector. And as a result, we can’t rely really on the past on how this recovery will shape up.” The report forecast growth for the South Asia region at 7.2% in 2021 and 4.4% in 2022.

Timmer said the second wave of infections in India “does not mean we go back to the situation a year ago.” “The next few months will be marked by the speed of the vaccine roll-out and the optimism it may bring to consumer spending and investments,” he added. The report estimated “general government deficit to remain above 10%” till the end of FY22, numbers that are in sync with India’s estimate of fiscal deficit.

America’s Hoteliers Welcome New CDC Travel Guidelines

April 7, 2021November 8, 2022 Staff ReporterBusiness, Tourism 0

AAHOA President & CEO Cecil P. Staton issued the following statement in response to new guidelines issued by the Centers for Disease Control and Prevention (CDC) that greenlight fully vaccinated people to resume travel. Over 100 million Americans have had at least one dose of a coronavirus vaccine, and evidence of the vaccine’s efficacy continues to grow:

“The new CDC travel guidelines are welcome news for America’s hoteliers and the millions of Americans who are fully vaccinated against COVID-19. For more than a year, lockdowns, curfews, and quarantines in response to the pandemic decimated the travel and tourism industry as people simply stopped traveling.

The Biden administration’s aggressive vaccination goals and recent studies on the different vaccines’ real-world effectiveness are giving people the confidence they need to safely resume pre-pandemic activities like travel. It could not have come at a better time for hoteliers, for the gradual reopening of America now could lead to significant increases in occupancy and revenue during the summer season. The hotel industry’s road to economic recovery is long. A full recovery remains unlikely until at least 2023, but this news is a shot in the arm to the hotel owners and hospitality professionals who are eager to welcome guests back into their hotels and communities.”

HOA is the largest hotel owners association in the world. The nearly 20,000 AAHOA members represent almost one in every two hotels in the United States. With billions of dollars in property assets and hundreds of thousands of employees, AAHOA members are core economic contributors in virtually every community. AAHOA is a proud defender of free enterprise and the foremost current-day example of realizing the American dream.