Nationalization – Ipass Wed, 21 Jul 2021 11:30:04 +0000 en-US hourly 1 Ohio becomes a battleground for rival Democratic factions Wed, 21 Jul 2021 10:01:37 +0000

Democrats focused on a congressional race in the Cleveland area to get clues about the party’s leadership.

In Nina Turner, progressives see a lively defender of left-wing orthodoxy. In Shontel Brown, moderates see a pragmatic complement to President BidenJoe BidenKentucky lawmaker comes under scrutiny for comparing Fauci to Jonestown cult leader Omar leads lawmakers to call on US envoy to fight Islamophobia The Public Charter School Group explodes the democratic cut proposalthe national agenda.

The two are competing for a House seat in the 11th Congressional District of Ohio. The August 3 primary should presage the outcome of the general election.

The race has become a test of Democratic doctrine and star power two weeks before Election Day, an ultra-nationalized contest that has angered some party loyalists and activists who say you can’t diagnose a wider trend in from a single competition at the district level.

“One of the problems here is that the national players operate like it’s all about this,” said Dave Pepper, former chairman of the Ohio Democratic Party, who backed Turner. “It has become a much less positive race than I would like.”

“The whole debate, I’m afraid, has been twisted because people are layering other battles on this race,” he said.

Chris Scott, political director of Democracy for America, described the race as a “proxy battle” between the progressive and establishment flanks of the party.

“It’s just unfortunate how tough and disagreeable this race can be at times,” said Scott. “You never want to see this, but at the same time, what do you expect when you have a conflict of ideologies over how exactly we should be fighting for the people?” “

In the latest sign of Washington’s keen interest, two of the House’s most vocal elected officials, Majority Whip James Clyburn (DS.C.) and Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezHillicon Valley: Biden to Appoint Big Tech Critic to DOJ Antitrust Role | House Passes Series of Bills to Boost Cyber ​​Security Following Attacks | Bezos returns from space flight Schumer feels pressure from all sides over spending strategy Duckworth and Pressley introduce bill providing paid family leave for those who miscarry MORE (DN.Y.), are expected to lock in for Brown and Turner, respectively, in the coming days.

Both campaigns have praised the high-level support, but say they are working to stay in the Cleveland area. They are fishing to replace the old representative. Marcia FudgeMarcia FudgeOn The Money: Schumer puts pressure on spending strategy from all sides | GOP hammers HUD chief over slow rental aid | Democrat proposes taxes on commercial spaceflight Republicans hammer HUD chief over slow rental aid On The Money: Shares fall as COVID-19 fears choppy market | Schumer defines infrastructure showdown | Democrats struggle to sell their PLUS program (D-Ohio), who was confirmed in January as Biden’s housing and urban development secretary.

Democrats have incentives to keep the local focus. Historically, critics say that the excessive nationalization of ballot races can hurt matters that voters discuss at home that may not apply nationwide. They argue that too much of the national hype can stifle smaller and perhaps more nuanced issues that actually prevail among residents.

In Cleveland, which has a large population of low-income residents, some say paying attention to voter appeals for things like affordable housing and expanded medical access is even more essential.

Both campaigns claim they did. Turner posted an ad supporting Medicare for All, while Brown’s campaign website says she will support a universal health care bill if it comes to the House for a vote.

Some of their priorities also jointly follow the Biden administration’s agenda, such as a federal minimum wage of $ 15 and making the child tax credit permanent.

Turner, who has been the frontrunner for much of the race, has seen his lead shrink in recent days amid new attacks and endorsements for his opponent from National Democrats and special aligned organizations.

An influential list of outside groups, including the Congressional Black Caucus PAC and the New Democrat Coalition Action Fund, recently endorsed Brown, as did Hillary ClintonHillary Diane Rodham Clinton Linda Greenhouse and religious right Biden meet with Merkel on German leader’s last official trip to Washington Ocasio-Cortez to defend Turner in Ohio ahead of special election MORE, the former Democratic presidential candidate of 2016. The Democratic Majority for Israel PAC also supported Brown’s campaign through targeted advertising.

Brown has spent more than $ 1 million in the past seven weeks, according to his campaign. A senior assistant to Turner declined to comment on their expenses.

Meanwhile, Turner slammed what she called spending black money – one of the movement’s progressives’ biggest gripes – of Brown’s allies during an organizing call for Our Revolution on Monday. evening, warning that these groups “are coming with fury.”

“The corporatists are throwing everything, the plaintiffs and guardians of the status quo are throwing everything at us to try to stop this movement, but we will not be stopped,” Turner said on the call.

Brown’s campaign focused much of its firepower on Turner’s past criticisms of party leaders like Biden and former President Obama, accusing him of “constant dress” in a statement to The Hill.

“Nina Turner sees this race getting away from her, and Shontel Brown has the momentum in the closing weeks of this race,” said Brown campaign manager Brian Peters.

Turner’s allies insist the negative push to the final sprint was expected. Sen’s former campaign agent. Bernie sandersBernie SandersLawmakers Unveil Measure Increasing Congressional Control Over Overnight Energy War Permits: Democrats Seek To Fight Climate Change With Import Tax | Advocates say bigger deal needed to tackle climate crisis | Western wildfires worsen with 80 different fires Advocates say bigger deal needed to tackle climate crisis MORE (I-Vt.) And close friend of the senator has made a name for himself on insurgent and straightforward style politics, claiming that change for working-class Americans is most effective when it comes from below.

In essence, they say there is nothing new to see here.

“This race is getting a lot of attention because Nina is a progressive star and will be advocating for the entrenched special interests that we need in Congress,” said Connor Farrell, a strategist who founded fundraising company Left. Rising, which channels the little dollars. donations to progressive candidates backed by groups like Justice Democrats.

“It makes a lot of people both excited and a lot of entrenched interests very, very scared,” Farrell said.

In addition to Sanders and Ocasio-Cortez, Turner also received support from other progressive “squad” members like Reps. Rashida TlaibRashida Harbi TlaibOmar leads lawmakers in call for US envoy to fight Islamophobia New polls show Democratic race to replace Fudge tightens in Ohio Webb: rebellion, not revolution MORE (D-Mich.) And Ilhan OmarIlhan Omar Omar leads lawmakers in call for US envoy to fight Islamophobia New polls show Democratic race to replace Fudge tightens in Ohio Photos of the Week: Therapy dog, Surfside memorial and dancers Chinese PLUS (D-Minn.). Activist and former NAACP president Ben Jealous will campaign for Turner in Akron on Friday.

Those who prefer a more traditional centrist politics are hoping that Clyburn’s next visit will increase Brown’s chances, like what happened when the Democratic King endorsed Biden at the low of his presidential campaign.

Biden swept the South Carolina and Super Tuesday primaries with the help of Clyburn, who rallied much of the black Democratic voting bloc behind the then candidate.

“When the most important black elected official of our time shows up in a place like Cleveland, where the African American vote serves at the nerve center, I think that only gives you one chance to succeed,” said the strategist. Democrat and ally of Clyburn. Antjuan Seawright.

But progressives say Clyburn is not likely to have the same impact in the industrial Midwest, pointing to recognition of Turner’s name and his local standing in the community as greater benefits.

” I do not think so Jim ClyburnJames (Jim) Enos Clyburn Internet Service Providers Spent $ 0 Million on Lobbying and Donations: Bottom Line Report Biden to Make ‘Moral Argument’ for Voting Rights in Tuesday’s Speech MORE has that kind of presence or influence in Ohio or that district, ”said Our Revolution executive director Joseph Geevarghese. “When you have someone like Nina, who’s been on city council, who’s been a state senator, a stranger coming in and saying ‘the best black representative is Shontel Brown’, I don’t think that’s going to fly. “

Peru’s new president must appease markets to save economy Tue, 20 Jul 2021 21:02:12 +0000

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Lima (AFP)

Peru’s newly elected president, leftist trade unionist Pedro Castillo, faces an uphill battle to build the market confidence he needs to deal with a deep economic crisis in a country hit by the coronavirus epidemic, according to analysts.

Voting last month for their fifth president in three years, Peruvians chose between two economic extremes: a rural school teacher Castillo pledging to improve the lot of the poor, and his right-wing rival Keiko Fujimori, supported by city dwellers and investors.

After more than six weeks of suspense as a jury examined allegations of electoral fraud filed by Fujimori, political outsider Castillo was proclaimed president-elect on Monday evening – a turnaround after a quarter of a century of neoliberal government.

On Tuesday morning, the ground fell to 3.964 against the US dollar. The Lima stock exchange has yet to recover from the 7.7% drop recorded the day after the June 6 vote.

Castillo’s goal now, said economist Hugo Nopo of the GRADE research center in Lima, must be “to build bridges with markets, which are wary of what he might do.”

He added: “Clear signals must be given that the objective management of the economy will be professional, that strong experts will be on board.”

Because Peru cannot afford capital flight.

The country has been in recession since the second quarter of last year after the coronavirus lockdown closed businesses and crippled the all-important tourism sector.

Peru is now the country in the world with the highest Covid-19 death rate, and the pandemic has exacerbated deep societal inequalities.

The economy contracted by more than 11% in 2020, two million people lost their jobs and poverty now affects nearly a third of Peruvians.

– ‘Tranquility’ –

In a first sign that he would not immediately start to shake things up, Castillo announced on June 26 that he would keep Julio Velarde as president of the central bank of Peru “to give peace” and for ” open the doors to big investments “.

Velarde has led the bank for 15 years and is considered a prudent and stable manager of monetary policy.

As chief economic adviser, Castillo appointed former World Bank economist Pedro Francke, seen as a moderating influence on his boss.

During the campaign trial, Castillo said Peru’s mineral and hydrocarbon wealth – a pillar of the economy – “must be nationalized”, while promising to boost public spending and limit imports that threaten the industry. national.

Such ploys have led free market defender Fujimori to portray Castillo as a communist who would turn Peru into a new Venezuela or a new North Korea.

# photo1

But Castillo appears to have moderated his plans, and Francke told AFP last month that their economic program was “nothing” like Venezuela’s.

“We will not expropriate, we will not nationalize, we will not impose generalized price controls, we will not do any exchange controls that prevent you from buying and selling dollars or taking dollars out of the country”, Francke said.

“The autonomy of the Central Reserve Bank will be maintained, it is important in Peru that we have had low inflation,” he added, although there was a need for “higher taxes on large companies and mines “.

– ‘Left lane’ –

Risk advisory firm Eurasia, in a recent client advisory, noted that a Castillo presidency would mark “a major shift from the economic policy framework that has been in place for decades.

“Moreover, without prior experience in the civil service, without a five-year government plan, or without a strong team by his side, Castillo’s economic policies are likely to be quite erratic and could become more radical as his tenure progresses.”

Others point out that Castillo will not have free rein and will face challenges to his program in a fragmented congress where his Peru Free (Free Peru) party holds 37 of the 130 seats.

But if he fails to deliver, that too could have consequences.

“He will have to see how many promises he can keep because .. with the people’s (high) expectations during the campaign, he could have a big problem,” Nopo said.

There is also the risk that “the clashes between Castillo and Congress weaken political stability,” according to a recent assessment by Fitch Solutions.

Eurasia added: “The threats to social and governmental stability will be significant, with the consequent risks of protests and impeachment efforts against Castillo.”

What is the Supreme Court’s definition of religious freedom? | Notice Tue, 20 Jul 2021 04:00:00 +0000

Jonas Yoder had a problem. A member of the Old Order Amish religion, Yoder believed that his children should not attend public school after eighth grade. It would subject her children to “worldly” influences and possibly endanger their eternal salvation. But the state of Wisconsin, where he lived, required his children to go to school until grade 10. If he broke the law, Yoder would face fines.

Yoder took his case to court, saying his First Amendment right to the free exercise of his religion was denied. In a 1972 decision, Yoder won – but should he? What kinds of standards should be applied when people claim that their ability to freely exercise their religious beliefs has been denied?

This is not an abstract question, and it is one that demands attention because recent cases in the United States Supreme Court have addressed these questions in new and surprising ways. The Supreme Court’s understanding of religious freedom is changing under our feet. Yet there is little that judges can do to protect religious freedom; the real work of building a society that protects this vital First Amendment right belongs to each of us.

As an example, consider the two main legal approaches, or “tests,” to cases of religious exercise that have prevailed over the past 60 years.

The first – known as the “Sherbert test” – asserts that the government must have a “compelling state interest” to restrict religious exercise and must pursue that interest by “the least restrictive means.”

The second – known as the “Smith test” – sets a much lower bar for religious freedom :, and all rules and regulations that apply to religious belief must also apply to other areas. of life.

The choice of which approach to use will often determine the outcome of a case. In Yoder’s case, the court applied the Sherbert test, virtually guaranteeing that he would win. All parties conceded that Yoder’s beliefs were sincere and that they were weighed down by law. The court found that Wisconsin did not have a “compelling state interest” in keeping Yoder’s children in school for two more years, and so it was Yoder who won.

But things might not have worked out that way if Smith’s test had been applied. Smith examines whether a law is neutral and generally enforceable, and both criteria appear to be met by the Wisconsin Compulsory Education Act – it does not appear to be motivated by intolerance of the Amish, and it applies to religious children. and not religious. There is no presumption in favor of religious accommodation. It seems Yoder would either have to send his children to school or face the consequences of disobeying the law.

Of course, Smith wouldn’t be decided until many years after the Yoder case, but it’s important to see how the different standards would have influenced the outcome. The Smith test has been the standard since 1990 and has inspired both critics and supporters. But now it seems to be undergoing a strange metamorphosis – recent decisions have given it new life and meaning, bringing it (surprisingly) closer to Sherbert’s test. How could this happen?

Let us consider two important cases of free exercise decided in recent years: Cakeshop masterpiece c. CCRC and Fulton v. Philadelphia. Decided in 2018 and 2021, respectively, these decisions were to be successful cases in religious freedom law, ready to adopt or rebut the standard in Smith. Still, the court found new ways to apply the test – Smith has been reaffirmed, but in a much more demanding form.

In Masterpiece, the court ruled in favor of a Colorado baker who refused for religious reasons to create a custom cake to celebrate a gay marriage. The majority opinion explained that “(Jack) Phillips’ religious objection was not viewed with the neutrality required by the free practice clause”, due to several derogatory remarks made by members of the Colorado Civil Phillips’ Beliefs Rights Commission. Failure to treat Phillips’ beliefs with neutrality resulted in a 7-2 judgment in his favor.

Likewise, the Fulton the case once again found a way to use Smith to protect religious freedom rather than attack it. Due to religious beliefs, Catholic Social Services in Philadelphia would not conduct home studies for same-sex couples hoping to be placed in foster care, but would instead refer them to another agency in the city. Philadelphia objected on the grounds that CSS violated its contract based on principles of non-discrimination.

To the surprise of many, the court ruled unanimously in favor of CSS. Equally surprising was the court’s explanation that the non-discriminatory wording of the contract allowed exceptions and therefore could not be considered generally applicable. Smith won it, but it’s a Smith that few would have recognized a few years ago.

Cases like these demonstrate that the application of existing standards of free exercise is not particularly clear, making the outcome of future religious freedom cases difficult to predict. Smith can apparently be used to accommodate religious freedom or not, depending on how it is applied. Linda Greenhouse, New York Times columnist goes so far as to say “there is no longer any reason for the tribunal to waste time and energy fighting for the Employment Division v. Smith ”because recent cases have made“ Smith’s barrier to religious exemptions so easily evaded as to be irrelevant ”.

But perhaps we are asking too much of legal standards to begin with. The courts play an important role in defending religious freedom, and we must seek and uphold the best standards that embody the Constitution’s commitment to religious freedom. However, many disputes can be resolved before they go to court. As Elder Dallin H. Oaks, First Counselor in the First Presidency of The Church of Jesus Christ of Latter-day Saints and former Utah Supreme Court jurist, said, courts should be seen as a “last resort” rather than our “first resort” to defend religious freedom.

The defense of the religious freedom that affects most of us will be localized and practical rather than nationalized and abstract. When judges plead difficult cases that do not have a clear ‘right’ answer, the the decisions often lead to errors in the results, straining judicial credibility and sometimes creating even more uncertainty for future decisions.

Paradoxically, the best way to assert your rights to free exercise is perhaps to focus on the responsibilities of free exercise instead. For many denominations this means seeking ways to serve, fostering honesty and integrity, and seeking truth in all its forms. The fulfillment of these responsibilities gives substance to religious freedom, which naturally leads policy makers to want to preserve religious rights.

Anna Bryner is a recent graduate of Brigham Young University, where she studied journalism and political science. Brady Earley is a recent graduate of BYU, where he studied Economics and American Studies. Daniel Frost is an assistant professor at the School of Family Life at BYU.

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Ukraine’s hesitant efforts to privatize state-owned banks Sun, 18 Jul 2021 19:20:19 +0000

Customers pictured at a branch of Privatbank in Kiev. (REUTERS / Valentyn Ogirenko)

As of July 2021, the Ukrainian state owned more than half of the total assets of the Ukrainian banking sector. The government has formally committed to drastically reducing its stake in the sector, but progress towards this goal has so far been extremely slow.

The government’s current strategy sets a target of reducing the state’s share in the Ukrainian banking sector to 25% by 2025. However, the government has already failed to achieve similar targets on several occasions. which has led to repeated reviews of the official privatization strategy. . Understandably, many observers are now questioning whether the current plan is achievable.

The first version of the Ukrainian government’s banking sector privatization strategy was drawn up in February 2016. At this stage, the state banks Oschadbank, Ukrgasbank and Ukreximbank were not profitable and often needed additional capital from the budget of state due in part to the large existing portfolios. non-performing loans (NPL).

The reasons for this unusually high share of non-performing loans in Ukrainian state-owned banks include mismanagement and corruption. At this initial stage, the government’s strategy involved the formation of independent supervisory boards to prepare banks for privatization.

The situation changed dramatically in December 2016, when the Ukrainian authorities were forced to nationalize the country’s largest bank, Privatbank, in order to ensure the stability of Ukraine’s banking sector. The move boosted the government’s share in the banking sector from around 26% to 55%. Inevitably, the nationalization of Privatbank meant that the government’s initial privatization strategy had to be revised.

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The updated plan identified a new timeline for steps towards a reduction in the state-owned share in the banking sector. Ukrgasbank was chosen as the first bank to be privatized. In line with the government’s strategy, the International Finance Corporation (IFC) would acquire a 20% stake in the bank by the end of 2018 and identify a strategic investor for an additional 75% stake in the bank by the end of 2018. January 2020.

At the same time, the European Bank for Reconstruction and Development (EBRD) would take a 20% stake in Oschadbank by mid-2020, this share rising to an unspecified amount by 2022. The Council of Ministers was also committed to finding a minority shareholder for a 20% stake in Ukreximbank by 2021. The privatization plan also provided for the sale of Privatbank by mid-2022.

This ambitious strategy would have reduced the share of state-owned banks in Ukraine from 55% to 24%. Unfortunately, the slow pace of reforms in the country and the turmoil caused by the 2019 presidential and legislative elections meant that none of the goals set out in the government’s revised strategy were actually achieved. Then came Covid-19 and other disruptions.

The most recent update of the government’s privatization plans for the Ukrainian banking sector was approved by the Cabinet of Ministers in August 2020. In the latter document, the deadline for the reduction of government participation in the banking system has been pushed back considerably to 2025. However, even this much more modest target date can be overly optimistic. Privatization still faces a number of major obstacles which make it very doubtful that real progress is possible.

One of the main problems is the dysfunction of the Ukrainian legal system. This is a huge red line for international investors. Without credible guarantees of the rule of law, it will be difficult to attract the type of investment necessary for successful privatization. Since 2014, Ukraine’s various attempts at judicial reform have repeatedly failed or failed to convince.

Question marks also remain about the independence of the National Bank of Ukraine. This is crucial for the effective regulation and functioning of the entire banking sector. Unless they receive guarantees about the independence of the country’s central bank, serious investors are unlikely to view Ukraine’s banking sector as a viable option. Concerns about political interference in the work of the NBU first surfaced in mid-2020 with the sacking of the widely respected central bank governor amid accusations of government pressure, while the alarm s ‘is further increased following a series of resignations from the NBU in the summer of 2021.

Another obstacle to the Ukrainian government’s banking sector privatization plans is the current state of the country’s economy. While Ukraine recorded four consecutive years of stable but unspectacular GDP growth from 2016 to 2019, the economy shrank by 4% in 2020 mainly due to the negative impact of the Covid-19 pandemic. While most sources predict a return to solid growth in 2021 and beyond, investors are likely to remain cautious after the disappointing economic performance of 2020. This is especially true given the slow progress of the economy. Ukraine in the country’s vaccination campaign and the potential for a new pandemic. -the linked lapels.

Meanwhile, some skeptics are still not convinced that the current government has the political will to proceed with privatization. They argue that Ukrainian state-owned banks will not be sold anytime soon as they are a very practical instrument for financing the country’s budget deficit.

In light of these challenges, it is easy to understand why doubts persist about the credibility of Ukraine’s latest bank privatization strategy. While few members of the government or the banking sector would question the need to reduce excessive state participation in Ukraine’s banking sector, progress towards privatization remains elusive. This is bad news for the banking industry itself and for the economy as a whole. It also means that Ukraine is not meeting an important reform target set by the IMF.

Mark Savchuk is the head of the Civil Oversight Committee of the National Anti-Corruption Office of Ukraine (NABU).

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The opinions expressed in UkraineAlert are solely those of the authors and do not necessarily reflect the views of the Atlantic Council, its staff or its supporters.

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the Eurasia Center mission is to strengthen transatlantic cooperation by promoting stability, democratic values ​​and prosperity in Eurasia, from Eastern Europe and Turkey in the West to the Caucasus, Russia and Central Asia in the East .

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Oil prices will remain strong, despite “differences” – ARAB TIMES Sat, 17 Jul 2021 18:45:40 +0000

There are indications of a compromise ahead of the OPECPlus meeting next month, as difficult discussions are taking place behind closed doors. A global agreement will be reached, given that there are a lot of oils on the markets and demand will remain strong. The stumbling block is the spread of the COVID-19 virus and its variants that simply won’t allow the global economy to open up any time soon. The number of COVID-19 cases almost worldwide is on the rise. In the United States, Europe and some Asian countries, the numbers are rising again, threatening the possibility of an economic recovery in the immediate future in industrial countries.

Kamel Al-Harami Independent Petroleum Analyst

There is no doubt that oil prices will eventually rise. A level of $ 80 is not far off, with global demand rising, estimated at 99 million barrels and more next year. High oil prices are undoubtedly expected, but can oil producing countries do anything to build a stable economy by moving away from a single source of income just like us here in Kuwait ?! Certainly, the latest report on Kuwait’s financial rating by Standard & Poor (S&P) indicates that Kuwait has not developed a long-term strategy to organize its long-term debt, and its outlook in this regard is still negative, due to whose overall ratings were reduced to A +.

We have said over and over again that Kuwait must move away from oil and develop a long-term strategy to address its future scarcity and annual budget deficits. It has now been over six consecutive years and our spending is increasing every year. There are no solutions in sight or even being considered. Even though the price of oil has jumped again, giving hope for a reduction in our deficits, we don’t know if even $ 95 a barrel is enough to satisfy our continued appetite to increase our spending. At the same time, new graduates are knocking loudly on doors looking for work.

They are estimated between 25,000 and 30,000 per year, but no action has been taken in this regard, not even in a five-year plan. Improvements in oil prices are temporary situations. Our neighboring countries are taking positive steps to move away from oil and introduce local measures to reduce state deficits such as value added tax on goods except food products. For example, the choice is given to buy cheaper goods such as cars instead of going for very expensive cars. Smart consumers know they need to be careful and watch their spending. This will not be the last article that calls for the government’s attention to find a solution to our continued dependence on oil. He must face the reality of difficult times ahead if he fails to meet the need to find jobs for upcoming new graduates. Oil prices will continue to rise and fall, but will not stay at a level that will ensure a balanced budget! PS: “Kuwait in the Time of the British Empire” is the title of a recently published book written by young Kuwaiti citizen Muhsen Khajah who worked in Kuwait’s oil industry. It covers two periods – the era of the treaties between 1899 and 1961, and the oil era from 1913 to 1976, as well as the era of the nationalization of the oil industry in Kuwait. This book comes highly recommended for its straightforward formulations and an overview of practical petroleum experience. It also contains historical facts obtained from reliable Kuwaiti sources.

By Kamel Al-Harami Independent Petroleum Analyst

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Congress opposes bank privatization Sat, 17 Jul 2021 07:41:00 +0000

Stepping up the offensive against the Modi government, Congress President Sonia Gandhi called on senior party leaders to vigorously oppose bank privatization measures during the upcoming monsoon session of parliament, which begins on July 19. .

The privatization of banks must be brought before Parliament. The nationalization of banks was carried out in 1970 and 1980. The initial nationalization of banks was carried out through the Banking Companies (Acquisition and Transfer of Businesses) Act of 1970, which now needs to be amended to privatize the banks.

The bank privatization bills concerned were not in the initial list of the 17 bills proposed by the Modi government, for consideration and adoption during the monsoon session. But since the government is firm on bank privatization, it can submit bills to parliament at any time during the monsoon session.

The Modi government can either amend or repeal the Banking Companies Act (Acquisition and Transfer of Businesses), 1970 and 1980.

In the run-up to the monsoon session of Parliament, Congress President Sonia Gandhi, who is also chair of the Congress Parliamentary Party, called a meeting on July 14 to identify issues to be raised and develop party strategy. on the floor of Parliament. , in order to intensify and intensify the attack on the Modi government.

Sonia Brainstorm

The meeting called by Sonia Gandhi, which lasted over 90 minutes, shortlisted the issues the party will address in the monsoon session. These include blatant mismanagement of the Corona virus pandemic, repeated increases in fuel prices and prices for LPG cooking gas cylinders, unrest among farmers and the situation at the Sino border. -indian. Sonia Gandhi also ordered party leaders to target the Modi government on the issue of corruption in the purchase of Rafale Fighter-Aircraft.

Finally, legislation on the nationalization of banks could not be adopted in Parliament until 1971. Today, 2021 marks the golden jubilee year of the nationalization of banks.

Ironically, in this golden jubilee year for the nationalization of banks, the Modi government is pushing for the privatization of banks, which runs counter to the very objectives of the economic and social changes, for which it was brought about.

The Nationalization of Banks Ordinance was signed and promulgated by Acting President VV Giri on July 19, 1969, after which he resigned to contest the presidential election as a Congress-backed independent led by Indira Gandhi and won the election, beating the official candidate Neelam Sanjiva Reddy.

The ordinance on the nationalization of banks was challenged in the Supreme Court, which overturned it. The judiciary arresting her in her tracks, she opted for the midterm elections in 1971.

Progressive agenda

Indira Gandhi firmly believed that while democracy has indeed come to stay and has proven itself in the country, economic freedom in the form of economic self-sufficiency, as well as improving the daily life of ordinary people, does not had not yet been reached. That is why we have taken drastic measures.

It was only after her spectacular and astonishing victory in the presidential elections of March 1971 that Indira Gandhi succeeded in passing the bill on the nationalization of banks in Parliament.

At the heart of the nationalization of banks was the question of reorienting credit policies. It was primarily intended for the common good.

Nationalization was not an end in itself. It was mainly about opening the banks to the teeming millions of people. The main idea was to reduce inequalities and social and economic inequalities, in order to inaugurate an egalitarian society.

When interacting with leaders, intellectuals and young people during one of his overseas visits, they wondered aloud with Indira Gandhi that if they were unable to make changes, what course would take the story. This was also the big question put to Indira Gandhi. Amid rising public expectations, Indira Gandhi was forced to move forward with her progressive agenda.

The nationalization of the banks has also skyrocketed people’s expectations. Indira Gandhi highlighted how nationalization is an opportunity and a challenge for the banker to redefine himself in a dynamic and innovative role. Rural banking, she said, in particular, will require new techniques and methods.

Speaking to the Bankers Club in New Delhi on August 28, 1969, Indira Gandhi said: “The attitudes of conventional and conservative banks will not suffice if the banks are to foster and expand the coming agricultural revolution and benefit from the substantial income it receives. generates in rural areas. To mobilize rural savings, you will have to work hard to develop new services, which will suit our farmers and make them save more and part with their savings. On the loan side too, new ideas will be essential. You will have to innovate while respecting security requirements. Clearly, the traditional emphasis on collateral collateral or land ownership documents will be doomed to fail. “

Apparently, the 10 percent voting limit for a non-government shareholder, regardless of their stake, is an obstacle to the privatization of public sector banks. Thus, the Modi government is considering whether to repeal the laws on banking companies (acquisition and transfer of companies) of 1970 and 1980 (laws on nationalization). The 10% voting rights ceiling for a non-governmental shareholder, regardless of his participation, is one of the main constraints identified by the Modi government.

The provision of the Banking Regulation Act 1949, according to which no shareholder of a banking company – PSB or private sector bank – can exercise their voting rights above 26% is also being revised.

Contradictory visions
The Modi government has carried out extensive inter-ministerial consultations to draft the legislative changes required for the privatization of public sector banks (PSBs). The plan is to opt for amending all relevant laws at once so that the process of privatizing PSU banks is not hampered by legal obstacles.

In her budget speech to Parliament on February 1, 2021, Union Finance Minister Nirmala Sitharaman announced the Modi government’s plan to privatize two PSU banks and a general insurance company during the fiscal year In progress.

This is seen as part of a larger process to privatize more PSU banks.

What is at stake are the two opposing views. While one aims to expand and expand banking services for farmers, youth and small entrepreneurs, the other aims to make bank credit more readily available to buddy capitalists.

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Reviews | It seems strange that we just let the world burn Thu, 15 Jul 2021 09:00:11 +0000

But you would never know from watching C-SPAN. The bipartisan infrastructure bill removes most of the climate investments from President Biden’s U.S. employment plan, leaving them for a future reconciliation package that may or may not pass. There has been a lot of debate on the left over whether the bipartisan bill should be killed, or at least blocked until its successor is closer to passage. But the bipartisan bill includes some climate priorities – $ 47.2 billion for climate resilience projects, $ 73 billion for power grid upgrades – and there is little reason to believe its destruction will make the Senator Joe Manchin more likely to support a broad partisan effort.

It’s better than nothing; it’s not enough. The same is true, to be fair, even for the larger investments that Biden envisioned. This is the state of climate policy in 2021, and I don’t think it will be much different in 2022 or 2025.

“Climate alarmism is useless” tweeted Juan Moreno-Cruz, the Canada Research Chair in Energy Transitions at the University of Waterloo. “The impacts of climate change are there. Let’s talk about climate realism. The problem, he continued, is that “talking about climate solutions has left us unprepared for real climate change. We continue to use models and fight over which “solution” is best, but we have done nothing to combat the impacts of climate change. Adaptation research and implementation are severely underfunded.

But when I spoke to him, Moreno-Cruz’s realism didn’t sound much more realistic, and he knew it. “We have to provide adaptation measures and investments to the majority of the people of the planet,” he told me. Adaptation is a monstrous challenge, arguably more difficult and costly than simply reducing emissions. It requires infrastructure, support for migration, income and food security and more, and funding must flow from rich countries to poor countries. “At this point, it becomes very similar to mitigation in the sense that our incentives in rich countries to protect poor countries are not aligned,” Moreno-Cruz said.

We underestimate the horrors humans will adapt to. There is no expanse of suffering that guarantees a compassionate response. The wreckage of the coronavirus is a reminder that even the deaths of family members, friends and neighbors will not inevitably transform our politics. More than 600,000 American lives have been lost, and yet the 2020 election looked a lot like the 2016 election, and the fights for even a modest adaptation as masks rocked the nation. Worse, American policy evolved as soon as the epicenters of the crisis moved beyond our borders. There is nothing in the past year that should make us believe that the ruinous suffering in India will focus the minds in America.

I don’t want this to be a column that pleads for despair. No emotion is more useless, and it is bad in any case. If we fail to keep warming below the long-standing global target of 2 degrees Celsius, well, 2 degrees is still better than 2.5. And 2.5 is far better than 3. And mankind would far prefer 3 to 3.5. And so on. There is no time when giving up makes more sense than fighting.

But to the immediate question – how to force the political system to do enough, fast enough, to avoid mass suffering – I don’t know the answer, or even if there is an answer. Legislative policy is unlikely to suffice in a short-term power alignment that I can foresee – although I sincerely hope Congress will, at least, pass the clean energy investments and standards proposed in the U.S. plan. for the job. I doubt that a wave of bombings will accelerate change, and even if I believed otherwise, who am I to tell others to risk these consequences? The pace of renewable technologies has been a welcome surprise, and I would like us to spend endless billions on lunar technology projects, including nuclear research, direct air capture, and even geoengineering research. There is nothing that we should not be prepared to try, but even as we invent the fuels of the future, we will need the policymakers to deploy them on the cries of industries that want to take advantage of machines and oil wells. the past.

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Cruise Co. Evidence disputes with Havana docks resolved Wed, 14 Jul 2021 01:42:00 +0000

Law360 (July 13, 2021, 9:42 p.m. EDT) – Two federal investigating judges in Miami have issued rulings in response to a multitude of fights for the production of evidence in the trials of a former Cuban port owner accusing Carnival Corp. and Royal Caribbean Cruises Ltd. for trafficking in stolen goods using docks nationalized in 1960 by the Fidel Castro regime.

The complex assortment of prescriptions in June and July was divided between favoring Havana Docks Corp. and rule against the ex-owner of the port as he sits against the cruise lines in various motions to compel the production of evidence withheld under the attorney-client privilege and work product doctrine, or to compel the. ..

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Harris slammed for remark on rural voters’ ability to vote Sat, 10 Jul 2021 20:26:00 +0000

© Provided by Washington Examiner

VIce President Kamala Harris has been criticized for saying that some voter identification laws make rural voters “nearly impossible” to vote, with critics suggesting she did not believe rural citizens could afford to use the ballot box. a photocopier.

Election laws requiring voters to include a copy of their ID with their ballots threaten to exclude those who may not have access to a photocopier, Harris mentionned Friday.

“I don’t think we should underestimate what that might mean, because in the minds of some people that means, well, you’re going to have to Xerox or photocopy your ID to send it to prove that you are who you are, “Harris said on BET when asked if voter identification laws were a way to deal with Republicans.

“There are a lot of people, especially people who live in rural communities, who don’t – there is no Kinko, there is no Office Max near them,” Harris said. “People need to understand that when we talk about voter identification laws, be clear who you have in mind and what would be required of them to prove who they are. Of course, people have to prove who they are, but not in a way that makes it almost impossible for them to prove who they are. ”


Critics have suggested Harris doesn’t understand life in rural America.

“It reminds me that they made Kamala Harris, who only ever lived in cities, an emissary for rural Americans,” mentionned reporter Zaid Jilani.

“Kamala and her party believe that rural communities do not have cars, shops, stores, Internet, phones, computers, or mailboxes.” mentionned Conservative commentator Stephen Miller.

“Rural Americans generally avoid photography. They are afraid that the magic camera box will steal their souls ” wrote Ricochet editor Jon Gabriel.


Republican-led states such as Georgia and Texas have passed amended rules that President Joe Biden and others have compared to the Jim Crow era. Harris referred pressure from Democrats to pass laws like “the fight for the life of our nation” in a speech Thursday.

House Democrats past the For the People Act in March, which would restrict voter identification requirements, rules Republicans generally support, and require states to register people to automatically vote and offer ballot boxes. Republicans criticized the bill as a nationalization of the electoral law and a violation of the Constitution.

Keywords: New, Kamala harris, Vote, Rural america, Voter identification laws, Law, White House, Campaigns, Technology

Original author: Jeremy Beaman

Original location: Harris slammed for remark on rural voters’ ability to vote

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AFRICA / MOZAMBIQUE – A missionary of the Consolata: “For a hundred years in the service of the people, carrying the proclamation of the Gospel” Sat, 10 Jul 2021 11:23:31 +0000

AFRICA / MOZAMBIQUE – A missionary of the Consolata: “For a hundred years in the service of the people, carrying the proclamation of the Gospel”

Maputo (Agenzia Fides) – “We can take stock almost after a century of the presence of the Missionaries of the Consolata in Mozambique: the choice, made from the start, to concentrate efforts on schools and the formation of lay people, Christian communities resistant to the “storms” which have been unleashed on the population for more than 30 years: war of independence, nationalization of structures, civil war, natural disasters … Most of the leaders who today guide the destiny of the country have given up Catholic schools. . The Mozambican Church is asking today for new qualified presences, such as the direction of diocesan seminaries and the formation of the local clergy “.
This is what Father Ayres Osmarin, missionary of the Consolata, reports in an interview with Agenzia Fides, speaking of the commitment and the challenges that the religious belonging to the congregation founded by Blessed Giuseppe Allamano face every day. in this African country.
“In Nampula, for example, there are 40 parishes – explains Fr. Ayres – there are 36 diocesan priests and 12 religious. They are very large parishes, it can even be 100 kilometers between one and the other, so the priests try to do the best they can in the midst of enormous difficulties. In addition – he points out – there is a very large young population here: in 2020, the second National Youth Day should have been celebrated in Nampula, which was canceled due to the spread of Covid19 “. religious note: “young people have few job prospects, even this is perhaps one of the causes of the war in the neighboring region of Pemba and Cabo Delgado, and therefore it is certainly a challenge for our church, and at the same time it is a source of future and hope for families and for all of us “. The commitment of the missionaries of the Consolata in Mozambique for evangelization also involves social and economic development projects: “In recent years – says Father Ayers – we have restructured the premises of the old seminary. , and this has enabled us to obtain the necessary authorizations to open a bilingual secondary school where pupils, aged 12 to 17, can be trained in Portuguese and English ”.
As part of an initiative to improve the standard of living and employment conditions of the assisted community in Nova Mambone, missionaries from Consolata operate a salt marsh. “It has 33 permanent workers – reports the priest – to which are added about sixty during the salt harvest period which generally extends from April to December. Thus, around 93 people and their families will be able to benefit from the project ”. The saline is a fundamental activity for the local economic and social fabric, both directly for the workers employed in the saline and, indirectly, for the related activities that it generates: “Thanks also to the help of the local community – he specifies – the missionaries put forward a library for the students of the local schools, support for the payment of tuition fees for various students in the schools of the region including the children of the workers, literacy classes for workers, income-generating micro-activities of a group of women “.
The first group of Consolata missionaries arrived in Mozambique in 1925, disembarking in the port of Beira, in the south of the country. The first steps of a presence that has extended to many regions of the African State and whose action has greatly contributed to the growth of the local Catholic Church and the development of the Mozambican people. “The reason for the presence of the missionaries of the Consolata in Mozambique – he concludes – is and will remain the same as always: to dedicate oneself to the mission, to life, carrying the proclamation of the Gospel to the people”. (ES) (Agenzia Fides, 07/10/2021)


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