How India Economic Strategy 2035 seeks to bring India, Australia closer

first_imgAmid various media reports that the ‘India Economic Strategy to 2035’ (IES 2035), commissioned by Australian Prime Minister Malcolm Turnbull, was buried without effective implementation, the Australian High Commissioner to India Harinder Sidhu released the strategy report, prepared by former Foreign Secretary of Australia Peter Varghese, in New Delhi on Wednesday.Speaking to reporters she explained, “There is a process for a government response. It was never intended to be a big splash. There is a very deliberate process in train to publicise it. I will be doing events in India and in Australia through several roadshows – talking about opportunities in India, using the report to draw attention towards India. This will be followed by an official response. The true importance of the report will be displayed with a substantive implementation of the recommendations.”While the report is prepared “for the government” and not “by the government”, it is primarily aimed at Australians, so they can chart out a course for bringing India into the top tier of Australia’s economic partners and to increase the level of understanding among the business community.The Strategy charts a course to bringing India into the top tier of Australias economic partners, my remarks on the India Economic Strategy are now online. #IES20135 https://t.co/hARdqjCzGO pic.twitter.com/JXbq2tdLvKHarinder Sidhu (@AusHCIndia) August 8, 2018″The short answer is simple: it’s because India matters to Australia. A key conclusion of the strategy is that there is no market over the next 20 years that offers more opportunity to Australia,” said the Australian envoy.advertisementAmitabh Mattoo, who has been the chief executive officer and inaugural director of Australia India Institute and professor of International Relations at the University of Melbourne, in a recent article purported that the reason why Canberra has been reluctant was the China factor.He argued, “What has gone wrong? Can the report’s recommendations still be rescued from the naysayers in Canberra? By most accounts, it is Varghese’s candour about China that is making Canberra nervous. The report is not about China or its potentially hegemonic designs over the region. It is primarily about economics. But as a former head of the Office of National Assessment, Varghese argues correctly that a long-term economic strategy towards India should rest also on two other critical pillars that support the people-to-people ties and geopolitical congruence.”IES 2035One of the major recommendations in keeping with the federal structure of India is to focus on the states of India. The report has zeroed in on ten promising states: Maharashtra, Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, West Bengal, Punjab, Uttar Pradesh and the National Capital Region.IES 2035 says, “While Australia needs to continue to engage with India as a national economy including on its macro settings, India’s federal structure holds many of the levers that control the investment climate.”The Australian envoy, however, said that her government was willing to look beyond the ten states in the coming years.The report also identifies ten sectors where Indian demand and Australian supply can come together — from education, which is a ‘flagship’ sector, to resources, agribusiness, and tourism which are considered ‘lead sectors’. Six more sectors have been identified where there are complementarities between the two economies: infrastructure, health, financial services, sport, and science and innovation.Making a strong pitch the Australian envoy said “India is not China”, trying to emphasise on the greater need for cooperation in the economic sphere that could benefit both nations.”Perhaps the most ambitious goal of the strategy is to have Australian investment in India rise to over $A100 billion. Current Australian investment levels in India are valued at $A14 billion, so this goal represents a seven-fold increase,” said Sidhu.The report also makes a strong case for the need to conclude the economic instruments that could help exploiting each other’s trading potentials.The reports says, “A high quality Comprehensive Economic Cooperation Agreement (CECA) with India would provide legal certainty for Australian exporters and investors in a market where unpredictable policy changes make doing business difficult. However, our negotiating positions on CECA are too far apart for CECA to be a realistic objective in the near term. Australia should focus instead on securing some of the objectives of a CECA through the Regional Comprehensive Economic Partnership (RCEP) and return to CECA negotiations only once RCEP is concluded.”Also, keeping the growing stature of India in the region in mind, Australia champions the fight against “protectionism” and a major role for India in the “Indo-Pacific” region.advertisement”We are democracies, we support the rule of law and multilateralism, we champion free and open relations between countries and freedom of action by sovereign states. These are values that are being challenged on many fronts. Our shared objective is to build a future in the Indo-Pacific that is prosperous, stable and secure”, she said.The India Economic Strategy will work as a guide to build a constructive relationship.One of the key recommendations from the report has already been considered. Australia will soon be opening a Consulate-General in Kolkata. The Australian government announced intention to do so in this year’s Budget.ALSO READ | Australia committed to concluding high-quality FTA with India: Envoylast_img read more

10 months agoNani: Ronaldo deserved Ballon d’Or ahead of Real Madrid star Modric

first_imgAbout the authorCarlos VolcanoShare the loveHave your say Nani: Ronaldo deserved Ballon d’Or ahead of Real Madrid star Modricby Carlos Volcano10 months agoSend to a friendShare the loveSporting CP star Nani says Cristiano Ronaldo should’ve been awarded the Ballon d’Or this month.The Juventus striker was overlooked for his former Real Madrid teammate Luka Modric.But Nani, who played with Ronaldo at Manchester United, insists his Portugal teammate deserved the gong.”In his position, Modric is one of the best,” said Nani. “Even if, in truth, to win the Ballon d’Or against Ronaldo, Messi, Neymar and company, no. Cristiano Ronaldo would have been the right winner.” last_img

a month agoBayern Munich president Hoeness won’t shut down plans for Man City attacker Sane

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say Bayern Munich president Hoeness won’t shut down plans for Man City attacker Saneby Paul Vegasa month agoSend to a friendShare the loveBayern Munich president Uli Hoeness says they remain keen on Manchester City attacker Leroy Sane.Bayern pushed hard to sign the Germany international over the summer before he suffered a knee injury in the Community Shield against Liverpool.However long-term, Hoeness says they remain keen.He told Planet Futbol: “We were very interested, we had talks with him. But after his bad injury we could not continue. “We have to wait and see how his recovery is going. In January or February, the new people in the club will sit down and think.” last_img

LSU Quarterback Brandon Harris: “I Expect To Play More This Year”

first_imgBrandon Harris speaks during press conference.Twitter/@DellengerAdvTo be frank, LSU’s quarterback situation in 2014 was not great. Anthony Jennings played most of the snaps for the Tigers, but finished with just 1,611 yards, 11 touchdowns, seven interceptions, and a poor completion percentage of 48.9. Freshman Brandon Jennings also spent some time under center, and had slightly better numbers (55.6% completion, 10.04 yards per attempt, six touchdowns to two interceptions), but after a very poor game at Auburn, he was benched. Harris was asked about his expectations for the upcoming season, and he was pretty blunt about the subject of playing time.Brandon Harris: “I expect to play more this year.” #LSU pic.twitter.com/7xj9XTAhEp— Ross Dellenger (@DellengerAdv) March 10, 2015Neither quarterback shined last year, but outside of the Auburn game, Harris looked pretty good. LSU will certainly be a quarterback battle to watch as we approach the 2015 season.last_img read more

Lutheran Church accused of securities violations in failed housing investment

first_imgCALGARY – The president of the Lutheran Church of Canada said Thursday it will move away from the use of locally administered church funds after Alberta’s securities regulator accused it and its Alberta-B.C. district church of misleading investors.The Alberta Securities Commission issued a notice of hearing Thursday into allegations against the national and district churches, a related company called Alberta-British Columbia District Investments Ltd. and five individuals.They are accused of misleading investors who put more than $130 million into funds that backed a residential development east of Calgary that sought court insolvency protection in 2015.“It’s caused a lot of hurt and bitterness, anger,” Rev. Tim Teuscher, president of the Lutheran Church of Canada, said in an interview from the Winnipeg head office.“This precipitated a decision of restructuring at our synod last year, actually. Instead of having separate corporate groups within the church body that kind of do their own thing corporately, we decided we’re going to get rid of that.”He said the church has never previously had problems with its extension funds, which have been used for decades to provide a return to investors while raising money for capital projects such as churches and schools.The Ontario Lutheran district has such a fund that has operated without problems, but it is in the process of being retired, he said.In its notice, the Alberta Securities Commission alleges that operators of the investment program failed to tell investors — many of whom were church members — what their money was being used for and at what risk.The ASC alleges that more than $95 million had been invested by more than 2,600 investors in the Church Extension Fund (CEF) and over $37 million was invested by over 900 investors in the separate District Investments Ltd. fund as of Nov. 30, 2014.A series of loans resulted in about 75 per cent of the combined funds being placed in a development called Encharis that included a school, church and seniors’ housing complex east of Calgary, the ASC said.ASC staff allege that investors were never told about the high concentration of funding going into one project, nor did they find out about persistent loan defaults or cash flow problems.The commission is set to meet with the parties on Aug. 13 to set a date for a hearing regarding the allegations of securities law violations. The charges have not been proven.The list of respondents include the national and district churches, as well as company officers or directors Donald Robert Schiemann, Kurtis Francis Robinson, James Theodore Kentel, Mark David Ruf and Harold Carl Schmidt.Follow @HealingSlowly on Twitterlast_img read more

Facebooks day of reckoning Blip or sign of broader turn

first_imgNEW YORK, N.Y. – Facebook faced a day of reckoning Thursday as its shares plunged in the biggest one-day drop in stock-market history.The 19 per cent drop vaporized $119 billion of the company’s stock-market value; CEO Mark Zuckerberg saw his net worth fall by roughly $16 billion as a result. It was Facebook’s worst trading day since going public in 2012; the collapse eclipsed Intel’s decline of $91 billion in September 2000, without adjusting for inflation.The plunge followed Facebook’s warning late Wednesday that its revenue growth will slow down significantly for at least the remainder of the year and that expenses will continue to skyrocket.In a sign of just how bullish investor expectations were, though, the collapse merely returned Facebook shares to a level last seen in early May. At that point, the stock was still recovering from an earlier battering over its big privacy scandal, in which a political consulting firm with ties to President Donald Trump improperly accessed the data of tens millions of Facebook users.Now come the big questions: Is this a temporary setback, or the start of a painful new road for the giant social network? And does a similar comeuppance await other high-flying technology behemoths?Both the slower growth forecast and heavier spending reflect problems largely of Facebook’s own making.New European privacy rules, inspired in part by Facebook’s relentless mining of its own users’ data, are starting to hamper the company’s advertising business. And the increased spending aims, among other things, to prevent a replay of the fake news and propaganda that Russian agents unleashed on an unguarded Facebook in an attempt to sway the 2016 presidential election.Zuckerberg even noted during a call with analysts that “we’re investing so much in security that it will significantly impact our profitability.”Overall, technology giants — Facebook, Apple, Google, Amazon and others — have enjoyed almost unprecedented growth in revenue and stock price for years. They have seemed unstoppable, even in the face of regulatory pressure, user dissatisfaction and broader existential questions about their impact on society. Technology companies account for six of the 10 biggest companies in the S&P 500 Index.Some see the Facebook selloff as clear evidence that nothing can grow forever, especially not the world’s biggest companies, especially not at the rate of nimble, promising startups. Facebook revenue is still growing at a rate double that of Twitter. A decade ago, almost no one could have imagined that Facebook would have more than 2 billion users, much less that its family of apps — Instagram, WhatsApp and Messenger — would also count members in the billions.“Nobody knows where the top is, where that growth slows down,” said Phil Bak, CEO of Exponential ETFs and a former managing director of the New York Stock Exchange who said he’s been warning investors of a potential sell-off in large tech stocks.Things could get rougher still. Those European privacy regulations, known as the General Data Privacy Regulation, or GDPR, went into effect with just one month left in the second quarter. That means Facebook could feel its effects more strongly later this year.For more than a year — ever since Zuckerberg published a 5,000 word manifesto arguing that Facebook needs to make the world a better place by bolstering civic engagement and addressing social ills — the company has seemed torn between its philosophical mission and its economic one. Wednesday may have been the first time this tension really broke into the open, probably because it threatened the one thing all investors care about: Money.Michael Connor, whose Open Mic group helps investors push tech companies to address privacy, abuse and other issues, said it’s “far too early” to see if Facebook’s efforts to improve itself will prove fruitful. But the real question, he said, is whether the company can “continue to do what they are doing in the face of criticism from Wall Street.”Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, “Antisocial Media: How Facebook Disconnects Us and Undermines Democracy,” dismissed the significance of the stock plunge.“Mark Zuckerberg isn’t panicking,” he said. “The Facebook board isn’t panicking. Most of its large institutional investors aren’t panicking. They know they’re in it for the long game.”___AP technology writer Matt O’Brien contributed to this report from Providence, Rhode Island.last_img read more

Taylor council looking at changes to allow breweries and cannabis retail

first_imgBased on the interest expressed by the proponents, Staff prepared a proposal of zoning by-law amendments. Also while looking at changing the zoning by-laws for breweries, Staff also prepared a proposal for zoning by-laws surrounding the sale of cannabis.Based on these proposals, Council plans to seek feedback from the community in May before proceeding with any final decisions.The Cannabis Retail amendments proposed to the District of Taylor’s Zoning Bylaw are modelled closely after those adopted by the City of Fort St John.Currently, the District by-laws do not support the sale of cannabis.For more information on the proposal of zoning by-law amendments, you can visit the District of Taylor’s website. TAYLOR, B.C. – At a Committee of the Whole meeting, on Monday, District of Taylor Council started to look at making amendments to zoning by-laws to support Micro Breweries, Craft Distilleries, and Cannabis Retail Uses.Recently, the District has been contacted by local business investors that are showing interest in developing a small scale craft brewery within the municipality.According to District Staff, after reviewing the District’s Zoning Bylaw, it was determined that the proposed use is not permitted in any of Taylor’s commercial zones.last_img read more

BJP inducts 2 MGP MLAs to save its govt in Goa

first_imgPanaji: The Goa Forward Party (GFP), a partner in the state government, has expressed fear about creation of “suspicion among partners” after two MGP MLAs broke away and joined the BJP. The GFP has three MLAs in the 40-member Goa Assembly and is supporting Chief Minister Pramod Sawant’s government.”If this (defection from coalition partners) continues, then we will lose sympathy and it will create suspicion among coalition partners. Such incidents in future will result in lack of public goodwill,” GFP president Vijai Sardesai, also deputy CM of the coastal state, said. Putting the ball in CM Sawant’s court, Sardesai asserted, “The CM heads this (government) and he knows the contours of his alliance. I think he will very soon clarify on the future political road map of this coalition government,” said Sardesai.last_img read more

Ohio State mens tennis looks to avenge conference loss in NCAA Tournament

For the first time in seven years, the Ohio State men’s tennis team lost the Big Ten tournament title. But players said they’re using their championship-match loss to Illinois as motivation heading into the NCAA Championship. The No. 3-ranked Buckeyes will serve as host to the first and second rounds of the Division I NCAA Championships Saturday and Sunday. Sophomore Blaz Rola said the Illinois loss was tough to take, but he hopes he can use his disappointment to help the team become NCAA Championships. “After the finals it hurt us, we put a lot of effort and work into it in the last two weeks,” Rola said. “Just trying to stay focused and in shape because we are going to play hopefully in Georgia.” The Buckeyes were selected as the overall No. 5 seed in the field of 64 and will welcome Notre Dame, Vanderbilt and East Tennessee State to Columbus this weekend. Coach Ty Tucker said every team is going to be tough to beat. “The mindset is to get the doubles point and come out in the first sets of singles and try to establish a lead,” he said. Senior Chase Buchanan will compete doubles with Rola as the No. 1 seed. The duo is one of 32 doubles teams competing for the national championship title. “We play all the time together and try to help each other continue to grow,” Buchanan said. “We have a great relationship and we play together everyday.” Tucker said both players have been great team leaders and captains. “The good thing about it is they won two nationals in the fall and consistently got better over the last six months,” Tucker said. “To see our two top guys get together, play as a team together has been great.” Rola said hosting the tournament early on would give his team an advantage. “To have that home-court advantage heading into the NCAAs … and with the crowd support, it gives some confidence going into the Sweet 16, it’s really good,” Rola said. Buchanan said even though this is a very exciting time in his career, he is in no race to finish. “I also want to savor these last few weeks and try to enjoy it as much as possible, because there is really nothing like college tennis,” he said. “It’s so much fun and I hope to enjoy it.” OSU will play in the first round on Saturday against East Tennessee State at 1 p.m. read more