Wednesday 20 October 2010 9:00 pm Tags: NULL whatsapp There was no other choice – now George Osborne must hold his nerve IT was a timely reminder that action is desperately required to tackle Britain’s out of control budget deficit. At 9:30 yesterday morning, a full three hours before George Osborne got up to deliver his spending review to the House of Commons, the latest monthly budget deficit figures popped up on traders’ screens across the City. They were absolutely grim. Public sector net borrowing rose again to £16.2bn in September, a record deficit for the month. Even though the economy had grown during the past 12 months, that figure was even higher than the £15.5bn suffered a year ago. The fine print was just as depressing. True, VAT receipts were up 17.2 per cent year-on-year in September, not surprisingly given that the rate was taken back up to 17.5 per cent during that time. However, the year-on-year increase in income and capital gains tax receipts slowed to a disappointing 1.5 per cent. In part, this is because pay growth is now so weak – for the first time, Osborne may be regretting his war on City bonuses. In part, this low revenue growth is because hiking direct tax is not bringing in as much as the Treasury was hoping for. The 1,000 or so hedge fund mangers who have quit the UK have left behind a £500m-£1bn black hole in the numbers; hiking capital gains tax may also have backfired. Just as ominously, the breakdown of central government expenditure shows interest payments shot up to £2.3bn in September, from £912m a year earlier – an increase of 155 per cent. So Osborne’s determination not to shy away from the challenge of implementing a dramatic reduction in the state’s share of the UK economy is to be welcomed – and was indeed broadly given the thumbs up by the City. The coalition’s credibility as a responsible government with a firm grip on the public finances was reinforced yesterday; however, some of the details turned out to be a bit murky, especially the emergence of vicious £1bn green stealth tax on business involving carbon credits, which rightly angered many. At times, the review – and especially Osborne’s speech – reminded one of Gordon Brown’s statistical sleights of hand, though at least now all of the published documents have been audited by Robert Chote’s independent Office for Budget Responsibility.It turns out that total spending will fall, in real terms, by 3.3 per cent by 2014-15, less than the 3.6 per cent promised at the emergency budget. The difference is that an extra £2bn will be spent on capital projects (and thus an extra £2bn borrowed); this slight loosening of fiscal policy won’t derail Osborne’s target, which is to eliminate the structural deficit on current spending. What has changed much more dramatically is the composition of the cuts, which now involve reducing welfare by a further £7bn, on top of the £11bn announced in June, in return for cutting departmental spending by substantially less. While cash spending goes up every year, it will do so at a slower rate than inflation, which means that total expenditure will fall in real terms. By way of a benchmark, since 1970, total real spending has only fallen in five years. One of Osborne’s long-term challenge will therefore be to actually deliver on his real term cuts against the massive opposition of the public sector, unions and large swathes of the public. It is a historic mission.In real terms, the total cuts are worth £23.3bn a year by 2014-15. But while that is the number economists and financial markets care about – and is clearly too low to derail the economy, let alone push it into a double-dip, as some critics claim – this is not the figure that matters when it comes to gauging the impact on the public. The surge in interest payments will continue to gobble up a much larger share of the overall public sector spending cake, meaning that the squeeze to government departments and welfare is much larger than the headline figures suggest.The real cut to government departments will hit £42.2bn a year by 2014-15, or roughly 10 per cent; while much less than previously feared, this will hurt a lot of people. Many of the reforms to the welfare system – an additional cut of around £18bn a year in real terms by 2014-15 – will also have a substantial impact, on the middle classes as well as on the poor. But it is a shame that the debate is being confused by the coalition’s obsession with the idea that it has saved much more than that; its figure of £81bn doesn’t really exist or at least doesn’t describe “cuts” as ordinary mortals would understand them. It is derived from a baseline which assumes continuous growth in welfare payments; it also includes a £10bn “cut” from lower interest payments caused by the coalition’s prudence. It is strange that the coalition seems intent on deliberately exaggerating the scale of its own cuts. Public spending will drop from 47.7 per cent of GDP in 2009-10 and 47.3 per cent in 2010-11 (on the Treasury’s figures) to 41.0 per cent of GDP in 2014-15. As Investec points out, Osborne’s planned reduction in the budget deficit is of a similar order of magnitude to the 8.3 percentage point improvement seen during John Major’s fiscal consolidation of the early 1990s (a deficit of 7.7 per cent in 1993-94 became a surplus of 0.5 per cent in 1998-99). However, this occurred at a time when the economy was growing by 3.5 per cent per annum, compared with the OBR’s forecast of an average 2.5 per cent growth looking ahead. This shows the magnitude of the task facing Osborne; it is always easier to cut a deficit when the economy is booming.The Institute for Fiscal Studies calculates that the revised plans imply the deepest six-year period of cuts to public services spending (defined as all expenditure minus debt and welfare payments) since the six years starting in April 1976. A few months ago, it seemed that these cuts would have been significantly deeper – the sharpest, in fact, since the Second World War, a comparison which Labour wrongly continued to use yesterday. This is an important shift, psychologically as well as in terms of what the majority of the public will experience. Within governments, the cuts are very uneven: to offer some protection to spending on schools, hospitals and defence, the axe is to fall hard on higher education teaching, social housing, environment, food and rural affairs, local government and justice. Weirdly, foreign aid will reach record levels. The plans also assume no increase in the EU budget until 2013/14, then a massive rise of 24 per cent (£2bn) in nominal terms to 2014/15. Bizarre. The pain across the public sector will be severe, with a net 490,000 state sector jobs being abolished over the next four years, albeit mostly through vacancies not being filled rather than redundancies. Some believe that an additional 500,000 private sector jobs could also be lost among contractors and others. But the other side of the coin is that OBR believes that private sector jobs will rise by a net 1.5m during the same time. All in all, this was a courageous spending review from Osborne, who was right to mostly stick to his tough approach. There were the odd lapses, especially the £1bn tax hike on business and the absence of any new pro-growth policies other than the preservation of spending on Crossrail. But it is clear that the coalition is serious about dragging Britain out of our fiscal morass. Its next challenge will be to hold its nerve as opposition and protests begin to [email protected] by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com whatsapp KCS-content Show Comments ▼ Share
Cathedral Dean Boise, ID Submit an Event Listing Tags Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Rector and Chaplain Eugene, OR Rector Pittsburgh, PA [Episcopal News Service] Bishop Andy Doyle of the Episcopal Diocese of Texas reflects on the enthronement of the 105th Archbishop of Canterbury Justin Welby. Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Video: Texas Bishop Andy Doyle on the enthronement Rector Shreveport, LA By Matthew DaviesPosted Mar 21, 2013 Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Rector/Priest in Charge (PT) Lisbon, ME Rector Bath, NC Missioner for Disaster Resilience Sacramento, CA Rector Belleville, IL Submit a Job Listing Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Rector Tampa, FL Associate Rector Columbus, GA Rector Martinsville, VA Justin Welby Enthronement, Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 New Berrigan Book With Episcopal Roots Cascade Books Submit a Press Release Family Ministry Coordinator Baton Rouge, LA Rector Smithfield, NC Bishop Diocesan Springfield, IL Youth Minister Lorton, VA Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Featured Events Rector Albany, NY Rector Washington, DC AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Curate (Associate & Priest-in-Charge) Traverse City, MI Featured Jobs & Calls The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Director of Administration & Finance Atlanta, GA Anglican Communion, Priest-in-Charge Lebanon, OH Assistant/Associate Priest Scottsdale, AZ Director of Music Morristown, NJ Rector Knoxville, TN Associate Priest for Pastoral Care New York, NY Episcopal Church releases new prayer book translations into Spanish and French, solicits feedback Episcopal Church Office of Public Affairs Press Release Service The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab An Evening with Aliya Cycon Playing the Oud Lancaster, PA (and streaming online) July 3 @ 7 p.m. ET Rector (FT or PT) Indian River, MI Assistant/Associate Rector Washington, DC Virtual Episcopal Latino Ministry Competency Course Online Course Aug. 9-13 Assistant/Associate Rector Morristown, NJ Course Director Jerusalem, Israel An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Associate Rector for Family Ministries Anchorage, AK Canon for Family Ministry Jackson, MS Curate Diocese of Nebraska Rector Collierville, TN Archbishop of Canterbury, In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Rector Hopkinsville, KY Video Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Priest Associate or Director of Adult Ministries Greenville, SC
Rector Washington, DC Associate Rector for Family Ministries Anchorage, AK [Episcopal News Service] Episcopalians and invited guests from across Ecuador and The Episcopal Church gathered March 30 at the Philanthropic Society in Guayaquil to welcome and celebrate the ordination and consecration of the Rt. Rev. Cristóbal León Lozano as the Diocese of Litoral Ecuador’s third bishop.The Most Rev. Michael B. Curry, presiding bishop of The Episcopal Church, led the ceremony as chief consecrator. Installation followed on March 31 at the Cathedral Church of Christ the King [Cristo Rey] in Guayaquil.Elected on Aug. 4, León succeeds the Rt. Rev. Alfredo Morante España, who served the diocese for 23 years.Assisting the presiding bishop as co-consecrators were Morante; the Rt. Rev. Daniel Gutiérrez, bishop of Pennsylvania, the Rt. Rev. Andy Dietsche, bishop of New York, the Rt. Rev. Rafael Morales, bishop of Puerto Rico, the Rt. Rev. Julio Holguin, retired bishop of the Dominican Republic, and the Rt. Rev. Wilfredo Ramos-Orench.A reception to meet and greet Morante and Curry was held following the ceremony.León was ordained priest on March 22, 1998 and was the archdeacon of Manabí before becoming bishop. He is married to Chila, and they have three children: Rocío, Jaime and Shirley. Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Priest-in-Charge Lebanon, OH Rector Hopkinsville, KY This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Rector Albany, NY Course Director Jerusalem, Israel Curate Diocese of Nebraska Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Rector Pittsburgh, PA Cristóbal León Lozano ordained and consecrated as bishop of Litoral Ecuador Rector Bath, NC Latin America Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 New Berrigan Book With Episcopal Roots Cascade Books Submit a Press Release Curate (Associate & Priest-in-Charge) Traverse City, MI Assistant/Associate Rector Washington, DC Tags Bishop Diocesan Springfield, IL Submit an Event Listing Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Featured Jobs & Calls TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Rector Knoxville, TN Rector Martinsville, VA Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Assistant/Associate Rector Morristown, NJ Rector/Priest in Charge (PT) Lisbon, ME Associate Priest for Pastoral Care New York, NY Rector Collierville, TN Submit a Job Listing Youth Minister Lorton, VA AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Priest Associate or Director of Adult Ministries Greenville, SC Featured Events Posted Apr 3, 2019 Associate Rector Columbus, GA Bishop Consecrations, Canon for Family Ministry Jackson, MS Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Director of Music Morristown, NJ Rector Smithfield, NC Assistant/Associate Priest Scottsdale, AZ Press Release Service Rector Shreveport, LA Rector Belleville, IL An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Rector (FT or PT) Indian River, MI Family Ministry Coordinator Baton Rouge, LA Rector and Chaplain Eugene, OR Missioner for Disaster Resilience Sacramento, CA The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Director of Administration & Finance Atlanta, GA Rector Tampa, FL Cathedral Dean Boise, ID Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York
Year: Projects Architects: Architecture Paradigm Area Area of this architecture project Badri Residence / Architecture ParadigmSave this projectSaveBadri Residence / Architecture Paradigm Houses 2015 “COPY” G.M. Construction “COPY” CopyHouses•Bengaluru, India Structural Consultant: Area: 4300 ft² Year Completion year of this architecture project Civil Contractor: B.L. Manjunath & Co Photographs ArchDaily ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/790995/badri-residence-architecture-paradigm Clipboard ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/790995/badri-residence-architecture-paradigm Clipboard Save this picture!© Anand Jaju+ 29 Share Photographs: Anand Jaju Badri Residence / Architecture Paradigm Design Team:Sandeep J, Vimal Jain, Manoj Ladhad, Senthil Kumar, ShreelakshmiCity:BengaluruCountry:IndiaMore SpecsLess SpecsSave this picture!© Anand JajuRecommended ProductsWindowsJansenWindows – Janisol PrimoEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornWindowsLibartVertical Retracting Doors & WindowsWindowsC.R. LaurenceCRL-U.S. Aluminum Unit-Glaze SystemText description provided by the architects. Located in the neighborhood of Jayanagar, Bangalore the site measured around 2400sq ft where the road is along the northern edge of the site. The clients were a business family consisting of parents and two daughters.Save this picture!© Anand JajuThe client’s strong belief in the ancient doctrine of vaastu played a crucial role in the planning and the spatial organizations.Working with the family the program for the 3 bed room house was appropriated to around 3000 sqft. It comprised of three bedrooms along with living , dining, kitchen and the multipurpose room distributed across two levels in a block with a foot print of around 1500 sft..The two story block was organized more towards the southwestern region to create a linear open space along the eastern edge.it comprised of a parking space which could double up as outdoor gathering and also a garden. The set back spaces along the other three sides was also seen as extensions of the internal spaces housing the greens as well as utilitarian spaces.Save this picture!DiagramOpen aspect of the design relates to their community way of life where extended family is supported and is included in much of their rituals and daily life. Pooja room is a critical part of this culture and was seen as a sub-volume located between the living and dining. This also helped in integrating the entertainment console as a part of the sculptural ensemble of the Pooja room. The stairs to the upper level is organized along the western edge and is also expressed as a sculptural mass integrating with the furniture of the living space lending a theatrical quality to the space. The stairs lead to a large multipurpose family space at the first level, this space is flanked by the bedrooms of thetwo daughters. The stairs to the terrace is mirrored over the lower stairs creating a column of vertical double height space linking the two levels. Natural Light cutting through linear strip of sky light along the western edge animates this volume. The illuminated surface is visible from the ground suggesting subtly the continuum of the spaces to upper private spaces.the terrace also provides space for gathering and also housing utilities.Save this picture!© Anand JajuThe resulting form basically cuboid owing to the geometry maintains a quiet but a stoic presence on the street, reinforcing the notion of a refuge from the busyness of the city. The east facing surface of the volume is expressed as detaching itself from the main body in an attempt to redirect connection towards the eastern stretch of open space rather than the road in front. The fracture or the separation facilitates entry into the house and also allows for the creation of the skylight animating the the multipurpose room and the toilets at the upper level.Save this picture!© Anand JajuThe idea of refuge fueled the idea of cast concrete structure with the material adding to tactile quality of space.strategically this concrete armature is punctuated with softer plastered masonry, wood surfaces, windows and openings hidden behind timber screens, lending privacy and also controlling the amount of light. Day light coming through the various apertures of this layered envelope is seen as a crucial factor animating the interior spaces and surfaces. Landscape is seen as a vital part of this layering system. Here green walls help in defining envelopes where it adds to the humane experience intended.Save this picture!© Anand JajuProject gallerySee allShow lessRIBA Announces 2016 Stirling Prize ShortlistArchitecture NewsSelf-build Shinto Shrine / Kikuma WatanabeSelected Projects Share India CopyAbout this officeArchitecture ParadigmOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesBengaluruIndiaPublished on July 14, 2016Cite: “Badri Residence / Architecture Paradigm” 13 Jul 2016. ArchDaily. Accessed 11 Jun 2021.
“COPY” CopyHouses•Toorak, Australia Projects Architects: Architecton Area Area of this architecture project Photographs: Jack Lovel Manufacturers Brands with products used in this architecture project Toorak Residence / ArchitectonSave this projectSaveToorak Residence / Architecton ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/900357/toorak-residence-architecton Clipboard ArchDaily Save this picture!© Jack Lovel+ 15Curated by Fernanda Castro Share Houses Area: 1100 m² Year Completion year of this architecture project Year: ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/900357/toorak-residence-architecton Clipboard Australia Photographs Manufacturers: Louis Poulsen, DuPont, G-LUX, Gessi, Bonacci Group, Gessie, Glowing Structures Products translation missing: en-US.post.svg.material_description Toorak Residence / Architecton CopyAbout this officeArchitectonOfficeFollowProductsWoodGlassStone#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesToorakAustraliaPublished on August 21, 2018Cite: “Toorak Residence / Architecton” 20 Aug 2018. ArchDaily. Accessed 11 Jun 2021.
Howard Lake | 19 January 2009 | News The Future Friendly Awards are offering £20,000 (half in cash and half in consultancy time) to an individual, a community or a group which has promoted sustainable living and inspired others to adopt sustainable principles.The Awards are offered by a partnership of the brands Ariel, Lenor, Fairy, Waterwise and Flash and sustainability experts in saving energy, water and waste, the Energy Saving Trust and Waste Watch.An individual can nominate an ‘unsung’ hero, group or project that they are involved in for the Future Friendly Award. Alternatively it is possible to nominate yourself, your group or your project.Entries must be submitted by midnight 23 January 2009.www.futurefriendly.co.uk/awards AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Tagged with: Funding £20,000 Future Friendly Awards’ deadline this week 26 total views, 2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.
“The Sorcerer’s Apprentice” is an old story repeated in many variations, from Greek myths to a famous German poem by Goethe in 1797 to an Alfred Hitchcock film and several Disney versions. All variations deal with summoning or unleashing overwhelming forces that can’t be controlled.In “The Communist Manifesto,” Karl Marx and Friedrich Engels compared modern capitalism’s wild, reckless overproduction that leads to uncontrollable crashes to “the sorcerer who is no longer able to control the powers of the nether world whom he has called up by his spells.”That is China’s concern today: how to deal with multibillionaire Jack Ma and his Ant Group, the world’s biggest fintech (financial technology) enterprise and a modern-day sorcerer’s apprentice.Ant had been set to sell shares worth a record-breaking $34.4 billion, but on Nov. 3, just two days before the company was to hold the largest initial public offering (IPO) in the world, the Chinese government and top state banks suddenly moved to suspend the sale. This unprecedented action was the most dramatic example to date of a continuing effort to rein in Chinese capitalists and restrict some of their most dangerous schemes.Jack Ma is a strong proponent of an open and market-driven economy. His often expressed view is that government regulation stifles innovation. He is also a long-time member of the Chinese Communist Party. Allowing Chinese capitalists into the party began as an effort to secure the loyalty of these emerging capitalists to socialist construction and have some means of control over them. It is clearly a contradiction, however, because they use their influence and party positions to promote their own wealth. High interest, high debtAnt Group was set up as a technical company, to get around stricter Chinese regulations on banks. But Ant Group actually is a bank — without one branch office, but making millions of micro loans and extending credit at the tap of a phone app.Because Ant Group is registered as a technical company, it charged interest to consumers at a rate four times higher than what banks can charge.Ant runs Alipay, whose one billion active users make it the main online payment system in China, overtaking cash, checks and credit cards. Through its payment and lending platforms, Alipay has processed $17 trillion worth of transactions in China over the past year.Like other Chinese tech giants, Ant Group holds precious data on customers and controls a digital pipeline through which hundreds of billions of dollars are lent and spent. Having such power in private hands is a source of tension between socialist planners and capitalist entrepreneurs.Ant Group began as a payment service for the giant, privately owned e-commerce platform Alibaba, also founded by Jack Ma. Alibaba owns one-third of Ant Group. The projected combined valuation of Alibaba and Ant is over $1 trillion.For those who support the Chinese Revolution, the question is whether this abrupt government decision to stop the sale of shares is an essential choice or just a heavy-handed decision by banking regulators. Are these new financial entities disruptive to China’s socialist planning? Or are they a creative, cutting edge, a way to give millions of working people easy access to funds and products?A state-compiled report examines the way microlending by Ant Group and other fintech companies encourages poor and young people to pile up debt – at four times the regular interest rate. This easy credit has led to a surge of bad debts, especially for inexperienced young workers. Credit card debt is rising by 30 percent a year and has reached 10 times the level of 2010.How will the fact that hundreds of millions of people now face growing debt impact on China’s widely publicized plan to end poverty in 2020?Can Chinese state banks weather a crisis the way global capitalist banks did in 2008? To bail out the banks, capitalist governments imposed ruthless austerity. Millions of people lost their homes, while social programs were cut to the bone.Global banks jump inThe decision by Chinese financial regulators and the leadership of the Chinese Communist Party to suspend the Ant Technology Group has been covered extensively in financial and business publications in the capitalist West.This coverage expresses shock and worry. Restricting the capitalist market in China, even at the risk of international criticism, is a new thing. The anticipated sale of Ant shares on the Shanghai and Hong Kong stock exchanges had been described in glowing terms. Billions were at stake and involved high financial leverage and anxious investors buying on margin.China’s Ant Group hired Goldman Sachs as the joint lead manager in the IPO, while Citigroup Global Markets Asia Ltd., JPMorgan Chase & Co., J.P. Morgan Securities (Far East) Ltd., Morgan Stanley Asia Ltd., and Hong Kong Securities Ltd. are the joint sponsors.Credit Suisse Group AG was reportedly working as a joint global coordinator. Two state-owned banks, China International Capital Corp. and China Securities Co., were part of a listing on the Shanghai Stock Exchange Science and Technology Innovation Board – called the STAR Market. It is clear that imperialist banks, which are completely hostile to socialist construction, have had a big role in this privately owned Chinese bank. The listing had been expected to generate $400 million just in fees for global investment banks. “The IPO would have pegged Ant’s worth at a stunning US$359 billion, higher than the world’s largest bank, JP Morgan, and bigger than the state-backed Industrial and Commercial Bank of China (ICBC),” wrote Yahoo!News on Nov. 7. “China feared the privately-run company, which was on the cusp of bringing more foreign investors into its capital structure, had become too big to fail.”Risk to socialist planningThe Economist of Nov. 14 called the action a shot across the bow of China’s largest financial-technology group.The Nov. 5 suspension by regulators of Ant’s $37-billion initial public offering on less than 48 hours’ notice was at first interpreted merely as a warning to its founder, Jack Ma, who had previously criticized China’s state-owned banks. But on Nov. 10 the publication of an extensive draft of new rules for all technology groups made it clear that Ant was not the only target. The new regulations involve all of China’s tech industry.Clearly, there is also a growing realization on the part of international capitalists that the Chinese Communist Party still plays a dominant role and is determined to maintain socialist planning. This means refusing to let powerful Chinese capitalists put the planned economy at risk. It is also clear from the sheer size of this one proposed sale that Chinese capitalists like Jack Ma are enormously powerful and internationally connected. Their size and influence has grown.Do they actually pose a risk to the stability of the state? The media in China have paid much attention to explaining the risks involved. Similar speculative schemes involving financial leverage led to the 2008 global capitalist crash and earlier ones.With so many imperialist banks involved in Ant Group and its risky leveraged set-up, China could be especially vulnerable in a capitalist crisis, especially when there are growing U.S. threats to deliberately sabotage China’s growth.Debt trapThe People’s Daily, official newspaper of the Central Committee of the Chinese Communist Party, published an article on Oct. 28, a week before the Ant IPO was suspended, headlined “Maintaining financial security a top priority.” The article warned: “China has established a huge banking, stock market and bond system. However, this has led to new regulation risks and challenges…. Financial security is an important part of national security.” The article called for financial institutions to “strengthen the Party’s leadership.”The Ant Group and other fintech companies promoted easy loans to customers who are young and Internet-savvy but do not have access to a credit card. Their claim was to be serving financially excluded, previously underserved customers, with instantaneous underwriting and receipt of funds.Easy credit at a phone tap for consumer products, travel and small business start-ups can quickly lead to debt traps for millions who have no experience with being in debt.In the U.S. today, almost all workers live their lives in debt. Some 41 percent are in medical debt. Millions are overwhelmed by student loans and car loans. Loss of a job can lead quickly to homelessness.For three generations, since the 1949 Communist revolution, debt was almost unknown in China among workers and peasants. Before the revolution, millions of people had been born into debt, carrying the debt of their families, and were forced to sell themselves and their children to landlords to pay debts.New regulationsGrowing volumes of credit card debt are overwhelming some banks. Should a mass default occur, the Ant Group keeps the money while the state banks bear the risk.How is this possible?Ant Group policy has been to use the same Wall Street sleight of hand that led to the 2008 global capitalist crash. This is hardly new or innovative. The fintech companies have been repackaging and selling off millions of risky loans. Only 2 percent of the loans Ant had facilitated as of the end of June were on its balance sheet in October, according to its IPO prospectus.Ant Group partners with China’s state-owned banks. The group reaps the initial fees and payments and then repackages millions of microloans and sells them to the state banks. Now 98 percent of Ant Group’s debt is owned by state banks. This leaves the state banks taking on most of the credit risk.In brief, Jack Ma was putting up $2 to do $100 worth of business, using state banks to finance the other $98. This repackaging of debt is called securitization. It is the conversion of an asset, especially a loan, into marketable securities, typically for the purpose of raising cash by selling them to other investors.Clearly, such capitalist schemes have nothing to do with modernizing China, raising its productive capacity, or improving the lives of working people.Now the new draft regulations aimed at online micro lending would force fintech companies such as Ant to fund close to a third of their loans. This could reduce the value of the company by half, to $150 billion.The antitrust regulations are also aimed at preventing digital platforms such as Alibaba from using their dominance to bully sellers into exclusivity contracts.Struggle against Chinese capitalistsThe struggle against Chinese capitalists is protracted. Both the power and wealth of the capitalists has grown explosively. But so has the growing coordination of socialist planning. Over 70 years, the conditions of life for millions have steadily improved.The Economist, a British weekly business newspaper, described this growing tension, which is of great concern to the capitalist class as a whole. (“China takes aim at its entrepreneurs,” Nov. 14) Over the last few years, several campaigns have tried to rein in big Chinese capitalists and the resulting corruption and debt they bring, in order to maintain China’s social and financial stability. This has been especially true since 2013 and the presidency of Xi Jinping.The first step was a 2013 campaign against corruption and lavish spending by party officials. The next was dealing with Chinese capitalists who were ploughing billions into overseas investments that state regulators considered thinly disguised maneuvers to divert capital out of China. These were not investments that in any way aided China’s development. Purchases such as the amusement park SeaWorld, European football clubs and large stakes in Hilton Worldwide Holdings were ordered reversed. Wu Xiaohui, chairperson of Anbang Insurance, purchased the Waldorf Astoria hotel in Manhattan. In 2018, Wu wound up with with an 18-year prison sentence for financial crimes – and Anbang was nationalized.Ren Zhiqiang, a senior member of the Communist Party and a housing tycoon who ran a state-owned property firm, was sentenced to 18 years in prison in September 2020 for bribery and embezzlement.The crackdown has put an abrupt end to a boom in global spending by Chinese firms. While in 2016 overseas mergers and acquisitions amounted to $200 billion, in 2019 they had shrunk to less than a fifth of that.Raising strict standards for online lending, limiting the amount available for borrowing, and changing the financial regulatory environment are all efforts to regain control.Workers’ oversightHow to safeguard state-owned property from corrupt officials and stop backroom deals with powerful Chinese capitalists who are linked to international finance is a far larger challenge. It takes the involvement and surveillance of the workers in each industry.A new political structure is being established to empower workers to speak up and to encourage communist cadre at a local level to monitor what capitalist owners may be up to.Most important, it is being set up through the All-China Federation of Industry and Commerce. This is a powerful nongovernmental organization of Chinese industrialists and business people under the leadership of the United Front Work of the Chinese Communist Party (CCP).The federation was established in 1953, a very different era. Those were the early days of reorganizing industry and building a socialist base. The federation describes itself as a body to increase communication between government and the private economy, and to assist the government in managing the private economy and achieving sustainable development. It has a number of seats in the National People’s Congress. In the past its goal has been to build closer relations with foreign commercial and industrial entities and help Chinese members go overseas for business opportunities that would help further China’s economic reforms. This body has now called for private groups to establish human-resources departments led by the party and monitoring units that would allow the party to audit company managers in both private and state corporations. Party oversight committees are expected to play a larger role in the giant tech firms.A raft of new regulations will also bar foreign investors from taking direct stakes in Chinese banking. Socialist baseSince 1979 China has cultivated the policy of opening up to the West and allowing Chinese capitalists to grow and accumulate vast wealth. They were meant to act as intermediaries with the West. Capitalism, both Chinese and Western, is usually given all the credit for the leap in productive capacity and modern development in China since 1979.However, precisely because China maintained a planned economy and state ownership of core industries, it has been able to avoid the economic crises that hit all capitalist economies every seven to ten years.The real driving force in China’s rapid modernization and leap from grinding poverty, illiteracy, famines and imperialist domination is the Chinese Revolution, led by the Chinese Communist Party.The dramatic change that began with the 1979 opening of China was due to an agreement by the government, under Deng Xiaoping, to allow Western capitalist investment in China under controlled conditions. The goal was to achieve faster economic growth through the active introduction of foreign capital and technology, while maintaining its commitment to socialism.It was a risk, especially because imperialism saw it as a way back into China. China’s opening to investment in 1979 was conditioned on the West lifting its complete economic sanctions, which ever since the 1949 Revolution had sought to strangle China and bar all technology, industrial equipment, investment and trade.For 30 years, from the 1949 Chinese Revolution to 1979, China’s efforts at growth and modernization were made more difficult by the U.S.-imposed sanctions. Nevertheless, in these three decades China reorganized a chaotic, war-torn, underdeveloped society, building the technology and infrastructure and educating the working class. This is what made the next step possible.As U.S. imperialism’s hostility to China grows, threatening military encirclement, and trade wars and sanctions tighten, the leaders may now be taking a closer look at the dangers internal capitalist forces bring to the country’s stable socialist development.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Home Indiana Agriculture News Student-Designed, Built Ag Rescue Trailer To Be Unveiled At Farm Science Review SHARE By Gary Truitt – Sep 6, 2012 SHARE A staffed display on child agricultural labor issues will be setup throughout the three-day event. The display will target teens younger than 16 looking for jobs in agriculture and cover the types of training they need to perform different tasks, Jepsen said. A student-designed and built mobile farm rescue unit to train emergency first responders will be unveiled Sept. 18-20 at Ohio State University’s annual Farm Science Review. Over the past eight months, five Ohio State seniors in the Department of Food, Agricultural and Biological Engineering designed and built the Community Agriculture Rescue Trailer, or Grain CART, to make farm rescue training sessions more feasible. Traditionally, organizing a grain storage rescue training and education program for firefighters and other emergency first responders has been difficult because arrangements had to be made for equipment, such as gravity wagons, grain bins and grain legs to be setup at a site prior to training, then removed afterward. Or, an appropriate existing location was needed where grain engulfment, moving-part entanglements and other grain-related emergencies could be simulated. Previous articleRFS Takes International Heat Once AgainNext articlePoor Pollination Leads to Moldy Growth in Corn Gary Truitt After the Review, it will be used with the Ohio Fire Academy’s agricultural rescue direct delivery training modules, as well as OSU Extension’s grain bin rescue outreach education and awareness program.“Communities can schedule to use the Grain CART for grain storage entrapment and entanglement rescue training directly through the Ohio Fire Academy,” Jepsen said. “Rescue personnel often request specific training in these unconventional rescue situations, where they have limited experience and limited knowledge of the agricultural conditions that exist. Demonstrations using the Grain CART are scheduled for 10:30 a.m., 11:30 a.m., 12:30 p.m. and 1:30 p.m. each day of the Review. They will take place at OSU Central, in the center of the main Farm Science Review exhibit area. A special dedication will take place on Tuesday at 10 a.m., recognizing the students and sponsors of the project. Other agricultural safety and health topics also will be covered at the Farm Science Review. Farm Science Review is sponsored by the Ohio State University College of Food, Agricultural, and Environmental Sciences, OSU Extension, and the Ohio Agricultural Research and Development Center. It takes place at the Molly Caren Agricultural Center, 135 state Route 38 NE, London. Facebook Twitter Ohio AgrAbility will sponsor an accessible bus to help shuttle people with special needs to and from the Review field plots. The AgrAbility shuttle will be available at the regular field plot shuttle area at the west end of the grounds, McGuire said. And, in recognition of the Farm Science Review’s 50th anniversary, a collection of tractor seats spanning many years will be on display showing the evolution from hard, steel seats to the air-ride, ergonomically designed seats of today. The child ag labor display will be at the Firebaugh Building in OSU Central. Concerns with young people working agricultural jobs came to light last year when new federal child ag labor laws were proposed.“While the laws didn’t end up changing, what we learned from the experience is a lot of people didn’t know the requirements,” Jepsen said. “They realized they needed to do more training before just hiring someone.” The Grain CART includes all of the equipment needed for grain storage rescue training in one mobile unit. “To have a mobile training unit is much better than what we’ve had in the past,” said Dee Jepsen, OSU Extension state agricultural safety and health specialist. “We can just pull it in, conduct training for a weekend or even a day, then move it out and be done. It’s quite a project, and we’re so excited about it.” The Grain CART was designed in partnership with the Ohio Fire Academy and with contributions from a number of agribusinesses. It’s mounted on a 40-foot flatbed trailer and includes a grain bin, grain leg, gravity wagon and other training essentials. Student-Designed, Built Ag Rescue Trailer To Be Unveiled At Farm Science Review The display also will be of interest to employers who want to hire youth for agricultural jobs, and agricultural education teachers and OSU Extension educators wishing to offer training on the topic, she said.“Educators can see what training they would need to conduct to help youth farm workers and employers,” Jepsen said. “We have a curriculum that’s ready to go, and we can help them implement it to get started in their area.” An Ohio AgrAbility display will be setup in OSU Central with staff on hand to answer questions. AgrAbility is a program of the U.S. Department of Agriculture promoting independence for people in agriculture who want to continue to farm after experiencing a disabling condition. The program works with a wide array of conditions including brain or spinal cord injuries, back injury, amputations, visual or hearing impairments, heart disease, respiratory problems, repetitive motion injuries, diabetes, and arthritis. Facebook Twitter The AgrAbility tent will include a display area with informational materials and fact sheets, and showcase assistive technology used to help farmers with a disability remain productive.“New to the AgrAbility tent this year, will be a mobility charging station for Review visitors with personal mobility scooters and powered wheel chairs, who need a recharge,” said Ohio AgAbilityProgram Coordinator Kent McGuire.
NewsLocal NewsFund will help make Limerick people IT smartBy admin – October 26, 2011 699 Email FUNDING has been made available to provide free IT training for 800 Limerick people. The €40,000 slice of a national €1.88 million fund has been awarded to help people from all walks of life to get up to speed with emailing, surfing the net, skyping and other tecno skills. Minister for Communications, Energy and Natural Resources – Pat. Rabbitte T.D, announced offers of training grants for 20 training projects run by community and voluntary groups and not for profit organisations under the BenefIT 3 scheme.Sign up for the weekly Limerick Post newsletter Sign Up Limerick Community Connect were one of the groups who received funding.This means that 800 will gain from free IT training between now and June 2012. In particular older people will benefit, as will the unemployed, as well as other disadvantaged groups.“We ran a project to train people in IT in Limerick last year and 900 were trained. “Everyone filled out a questionnaire at the the end of it and the feedback was just phenomenal – we could have trained another thousand people if the funding was there,” Elaine Doyle of Community Connect, told the Limerick Post.This project will run in centres, libraries and public spaces in Limerick city. It will use a Train the Trainer approach where students from Limerick Institute of Technology and University of Limerick and interested residents, will receive training to deliver these courses.Each participant will receive six hours of training, four hours will focus on the Internet, Email and Online Transactions. Two further hours will be available on Digital Photography/Video or Skype and or e-Government services online or a topic the trainees may choose.A training schedule will be available from November and the group will be taking names of interested participants. Twitter Facebook WhatsApp Linkedin Previous articleArts news and postingsNext articleAlleged assault on shop worker case adjourned admin Advertisement Print
CorporateNCLAT Dismisses HDIL’s Appeal; Gives Go Ahead To Initiate Insolvency Proceedings Shruti Sareen20 July 2020 6:58 AMShare This – xThe National Company Law Appellate Tribunal (NCLAT) has upheld the order passed by NCLT, Mumbai Bench, against the real estate giant Housing Development & Infrastructure Limited (HDIL) for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code 2016 (IBC). HDIL had contended that it was not given enough opportunity to put forth its case and hence the order…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe National Company Law Appellate Tribunal (NCLAT) has upheld the order passed by NCLT, Mumbai Bench, against the real estate giant Housing Development & Infrastructure Limited (HDIL) for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code 2016 (IBC). HDIL had contended that it was not given enough opportunity to put forth its case and hence the order was in violation of natural justice. Dismissing the appeal filed by HDIL’s Promoter Rakesh Wadhwan, the Principal bench observed that the corporate debtor’s claim was erroneous and it had repeatedly defaulted in making the payment despite several opportunities and ample time was provided to settle the matter. “…….Still, despite Company Appeal (AT) (Insolvency) No. 906 of 2019 7 of 8 taking several opportunities from the Adjudicating Authority for settlement with the Financial Creditor, the Corporate Debtor defaulted in making the payment. Therefore, the contention of the Appellant that Order has been passed without affording an opportunity for filing Reply, in violation of the principle of natural justice is without any basis.” Earlier in 2018, Bank of India had filed a petition at the Mumbai bench of NCLT for recovery of its dues but later withdrew the same when HDIL had proposed a one time settlement. Based on this offer NCLT had permitted the withdrawal of the petition. However, HDIL defaulted on the settlement by issuing post dated cheques which were returned and dishonored. In a second round, on August 20th 2019, the Mumbai bench of NCLT allowed the insolvency proceedings filed by Bank of India under Section 7 of the IBC against HDIL for default in repayment of its dues amounting to Rs 522 crores. Justice Bansi Lal Bhat, Acting Chairperson, Justice V. P. Singh, Member (Technical), Justice Alok Srivastava, Member (Technical) further held: “It is pertinent to mention that statutory provision under the Insolvency and Bankruptcy Code, 2016 does not permit to provide several opportunities to corporate debtor in hope of the settlement. However, the adjudicating authority has tried his best to afford ample opportunity to both the parties to settle the matter amicably. But, despite that, the Corporate Debtor has failed to make the payment or arrive at a settlement………. ….” The appellate tribunal also observed that this was the second time that the lenders had to approach the NCLT for the default of the same debt. “In view of our finding as aforesaid, no interference is called for against the impugned Order dated 20th August 2019. Therefore, Appeal fails. No order as to costs.” the Bench further added. Dr U.K. Chaudhary, Senior Advocate with Mr Farman Ali and Mr Ashish Verma, Advocates appeared for the Appellants Mr Arun Kathpalia, Senior Advocate with Ms Meghna Rao, Mr Rana Mukherjee, Senior Advocate, Mr A.K. Mishra Saurabh Upadhyay and Ms Pallavi Pratap, Advocates appeared for the RespondentsCompany Appeal (AT) (Insolvency) No. 906 of 2019Click Here To Download Order[Read Order] Next Story