Domestic trade – Rodda And Sons http://www.roddaandsons.com/ Thu, 16 Sep 2021 02:21:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.roddaandsons.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Domestic trade – Rodda And Sons http://www.roddaandsons.com/ 32 32 COVID Updates: TGA Threatens Craig Kelly With Legal Action Over Misleading Vaccine Texts – As Happened https://www.roddaandsons.com/covid-updates-tga-threatens-craig-kelly-with-legal-action-over-misleading-vaccine-texts-as-happened/ https://www.roddaandsons.com/covid-updates-tga-threatens-craig-kelly-with-legal-action-over-misleading-vaccine-texts-as-happened/#respond Wed, 15 Sep 2021 22:21:10 +0000 https://www.roddaandsons.com/covid-updates-tga-threatens-craig-kelly-with-legal-action-over-misleading-vaccine-texts-as-happened/ TGA threatens Craig Kelly with legal action over misleading COVID texts, Kelly says action is libelous ABC News: Matt Roberts By political journalist Jeanne Normand The country’s medical regulator has asked rogue crossbencher Craig Kelly to stop spreading “seriously misleading” information about COVID-19 vaccines. Mr Kelly, who quit the Liberal Party after finding unproven cures […]]]>

TGA threatens Craig Kelly with legal action over misleading COVID texts, Kelly says action is libelous

ABC News: Matt Roberts

By political journalist Jeanne Normand

The country’s medical regulator has asked rogue crossbencher Craig Kelly to stop spreading “seriously misleading” information about COVID-19 vaccines.

Mr Kelly, who quit the Liberal Party after finding unproven cures for the virus, sent text messages containing a link to what he claims is the Australian government’s report on the adverse effects of the COVID-19 vaccine .

Lawyers for the Therapeutic Goods Administration (TGA) today wrote to Mr Kelly accusing him of copyright infringement and “demanding that he stop distributing incomplete excerpts from the report … which, according to the TGA, could be seriously misleading “.

“The TGA has acted to ensure that the public receives accurate information about reports of adverse events,” TGA said in a statement.

“It is alleged that extracts were selectively taken from the Adverse Event Notification Database on the TGA website by the United Australia Party and used by the United Australia Party in text messages to members of the public.

“The reports are subject to copyright and the excerpts distributed by the United Australia Party have removed important information about the reports and the TGA copyright statement.”

On Monday, TGA boss John Skerritt said the regulator was investigating whether Mr Kelly’s messages violated the law.

“We are investigating, with the advice of the Australian government lawyer, whether an offense has been committed because it bears an Australian government logo,” he told 730.

Mr Kelly has previously admitted that the posts can be boring, but argued that there are worse ways to get attention.

“If people don’t like texting out there, they’re a lot less intrusive than the old method of cold phone calls,” he said.

“If someone doesn’t like it, it’s just a microsecond swipe of a finger and the message is gone.”

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A day of memory and reflection: 20 years after the attacks of September 11 https://www.roddaandsons.com/a-day-of-memory-and-reflection-20-years-after-the-attacks-of-september-11/ https://www.roddaandsons.com/a-day-of-memory-and-reflection-20-years-after-the-attacks-of-september-11/#respond Sat, 11 Sep 2021 19:56:29 +0000 https://www.roddaandsons.com/a-day-of-memory-and-reflection-20-years-after-the-attacks-of-september-11/ Family members and relatives of the victims of those who died on September 11 attend the 20th anniversary commemoration ceremony at the National September 11 Memorial on Saturday in New York City. Chip Somodevilla / Pool / AFP / Getty Images Updated September 11, 2021, 2:15 p.m. ET Twenty years to the day after a […]]]>

Family members and relatives of the victims of those who died on September 11 attend the 20th anniversary commemoration ceremony at the National September 11 Memorial on Saturday in New York City.

Chip Somodevilla / Pool / AFP / Getty Images

Updated September 11, 2021, 2:15 p.m. ET

Twenty years to the day after a pair of hijacked airliners destroyed the World Trade Center towers and another plane punched a gaping hole in the Pentagon and a fourth airliner crashed in a Pennsylvania field after passengers sought to regain control from the hijackers, Americans across the country reflected on the events that forever changed their country.

Almost 3,000 people were killed on September 11, 2001. The event not only sparked extremely costly and largely impossible to win wars in Afghanistan and Iraq, but also spawned a national war on terror, rewriting them. security and surveillance rules in the United States, the repercussions of which continue to be felt.

To commemorate the day, hundreds of people gathered in Lower Manhattan on Saturday at the National September 11 Memorial & Museum where the World Trade Center Twin Towers once stood. Three presidents – President Biden, former Presidents Barack Obama and Bill Clinton – and their wives were in attendance. They wore blue ribbons and held their hands over their hearts as a procession paraded a flag through the memorial and stood somberly side by side as the names of the dead were read by family members and stories were told. and memories were shared.

Former President Bill Clinton (left to right), Former First Lady Hillary Clinton, Former President Barack Obama, Former First Lady Michelle Obama, President Biden, First Lady Jill Biden, Former Mayor of New York Michael Bloomberg, his partner Diana Taylor, House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer sang the national anthem at Saturday's ceremony in New York City.

Former President Bill Clinton (left to right), Former First Lady Hillary Clinton, Former President Barack Obama, Former First Lady Michelle Obama, President Biden, First Lady Jill Biden, Former Mayor of New York Michael Bloomberg, his partner Diana Taylor, House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer sang the national anthem at Saturday’s ceremony in New York City.

Chip Somodevilla / Pool / AFP / Getty Images

The president and the first lady also met with former New York mayor Michael Bloomberg and his partner, Diana Taylor, according to the White House. They greeted FBI Director Christopher Wray, House Speaker Nancy Pelosi, the New York Congressional delegation, and many other current and former state and local officials as they arrived at the memorial. Rudy Giuliani, the mayor of New York at the time of the attacks, also attended the ceremony.

At a ceremony in Shanksville, Pennsylvania, former President George W. Bush recalled the day “the world was loud with bloodshed and sirens. And then silent with voices.”

Bush lamented the current era of political division, apparently alluding to the January 6 insurgency on the United States Capitol.

Former President George W. Bush pauses during his speech during the 9/11 commemoration at the National Flight 93 Memorial in Shanksville, Pa. On Saturday.

Former President George W. Bush pauses during his speech during the 9/11 commemoration at the National Flight 93 Memorial in Shanksville, Pa. On Saturday.

Mandel Ngan / AFP via Getty Images

“We have seen more and more evidence that dangers to our country can come, not only across borders, but also from the violence that gathers inside,” Bush said. “There is little cultural overlap between violent extremists abroad and violent extremists at home… they are filthy like-minded children, and it is our continued duty to confront them.”

Also in Shanksville, where a hijacked plane crashed after passengers battled, Vice President Harris called the site “holy ground.”

United Flight 93 taught us “about the courage of those on board, who gave their all. About the determination of the first responders, who risked it all. About the resilience of the American people,” she said .

Visitors line the Wall of Names at the National Flight 93 Friday Memorial in Shanksville, Pennsylvania.  The Luminaria ceremony commemorates the 40 victims of Flight 93.

Visitors line the Wall of Names at the National Flight 93 Friday Memorial in Shanksville, Pennsylvania. The Luminaria ceremony commemorates the 40 victims of Flight 93.

Jeff Swensen / Getty Images

Echoing Bush, Harris said that in the days following the attacks, “we were all reminded that unity is possible in America. We were also reminded that unity is imperative in America. It is essential to our shared prosperity, our national security, and our position in the world. “

The Bidens also attended a wreath laying ceremony in Shanksville and were to do the same later at the Pentagon in Washington, DC.

Meanwhile, former President Donald Trump posted a video message on Saturday morning, widely lambasting Biden’s handling of the withdrawal from Afghanistan. Trump, who visited Shanksville on Friday, is also expected to visit Ground Zero on Saturday afternoon before commenting on the ring during a boxing match at a casino in Hollywood, Florida.

Related: See more NPR coverage of the 20th anniversary of the 9/11 attacks.

Claudia Castano (right) touches her brother German's name which is engraved at the Empty Sky 9/11 Memorial at Liberty State Park in Jersey City, NJ on September 11, 2021.

Claudia Castano (right) touches her brother German’s name which is engraved at the Empty Sky 9/11 memorial at Liberty State Park in Jersey City, NJ on September 11, 2021.

Roberto Schmidt / AFP / Getty Images

At Zero Point in New York City, the national anthem was performed in a solemn ceremony, and then, in what has become an annual tradition, a minute of silence was observed at 8:46 a.m., when Flight 11 of American Airlines crashed in the north. tower.

The names of the victims were read authorized by family members, who shared anecdotes and memories of loved ones.

Another moment of silence was observed at 9:03 a.m. when United Flight 175 struck the South Tower, at 9:59 a.m. when the South Tower collapsed, and at 10:28 a.m. when the North Tower of the World Trade Center collapsed.

More than 2,600 people have been killed in and around the buildings of the World Trade Center. In the Pentagon, 184 died and 40 others were killed in Pennsylvania.

Among those who attended the ceremony in Manhattan was Bruce Springsteen, who, with an acoustic guitar and harmonica, took to the stage to perform “I’ll See You In My Dreams”. The New York Police Pipe and Drum Group also performed “Hard Times Come Again No More”, an American folk song from the 1850s.

Biden made no remarks, but speaking on Friday he said that in the days following the 2001 attacks, “we saw heroism everywhere – in places expected and unexpected.”

“We also saw something too rare: a real sense of national unity,” the president said.

A man mourns Saturday at the 9/11 Memorial in New York City on the 20th anniversary of the September 11 attacks.

A man mourns Saturday at the 9/11 Memorial in New York City on the 20th anniversary of the September 11 attacks.

Mike Segar / Pool / Getty Images

A minute of silence was also observed at 9:37 a.m., marking the moment when American Airlines Flight 77 crashed into the west face of the Pentagon. A ceremony was hosted there by Secretary of Defense Lloyd Austin and Chairman of the Army Chiefs of Staff General Mark Milley.

In London, Acting Ambassador to the UK Philip Reeker attended a special changing of the guard at Windsor Castle, where the US national anthem was performed. Reeker said Americans would be “forever grateful” for the “lasting friendship” between the two countries.

The 20th anniversary of the attacks comes just weeks after the chaotic final withdrawal of US forces from Afghanistan, ending America’s longest war.

Soldiers wait under an American flag before the start of the 9/11 celebration ceremony at the Pentagon at the Pentagon National September 11 Memorial in Arlington, Virginia.

Soldiers wait under an American flag before the start of the 9/11 celebration ceremony at the Pentagon at the Pentagon National September 11 Memorial in Arlington, Virginia.

Win McNamee / Getty Images

Following the 2001 attacks, President Bush ordered “boots on the ground” in Taliban-controlled Afghanistan to root out al-Qaida and hunt down the mastermind of the attacks, Osama bin Laden. The war passed to his successor, Obama, under his watch, Bin Laden was located in Pakistan and killed in a secret US military operation. But the war dragged on. The Trump White House negotiated directly with the Taliban a full withdrawal of US forces, which was completed last month.

However, as US troops departed, the Taliban also gained the upper hand over US-trained Afghan security forces, leading to the rapid collapse of the Afghan government.

Many families of the 9/11 victims had asked Biden not to attend the 20th anniversary commemorative events unless he orders the declassification of documents which they say will show Saudi leaders provided material support to Ben Laden.

A rose rests on a bench at the Pentagon National September 11 Memorial, September 11, 2021, in Arlington, Virginia.

A rose rests on a bench at the Pentagon National September 11 Memorial, September 11, 2021, in Arlington, Virginia.

Win McNamee / Getty Images

During his campaign, Biden had promised that if elected, he would ask the Justice Department to release more information about the attacks in a “narrowly tailored” fashion.

“The families of September 11 are right to seek full truth and full responsibility,” he said.

Earlier this month, Biden signed an executive order to begin declassifying those documents.

Copyright 2021 NPR. To learn more, visit https://www.npr.org.

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EAC ombudsman to iron out business disputes https://www.roddaandsons.com/eac-ombudsman-to-iron-out-business-disputes/ https://www.roddaandsons.com/eac-ombudsman-to-iron-out-business-disputes/#respond Wed, 08 Sep 2021 21:00:04 +0000 https://www.roddaandsons.com/eac-ombudsman-to-iron-out-business-disputes/ Economy EAC ombudsman to iron out business disputes Thursday 09 September 2021 EAC flags. PHOTO FILE | NMG By BRIAN NGUGIMore from this author Summary A new regulator or ombudsman for regional trade disputes, with powers to investigate and deal with unfair trade practices and subsidies, will begin operating at the end of this year. […]]]>

Economy

EAC ombudsman to iron out business disputes


EAC flags. PHOTO FILE | NMG

briangugi_img

Summary

  • A new regulator or ombudsman for regional trade disputes, with powers to investigate and deal with unfair trade practices and subsidies, will begin operating at the end of this year.
  • East African Community (EAC) Secretary-General Peter Mathuki says the Trade Remedies Committee (TRC) will help companies in the five member states of the bloc when they are concerned about trade deals unfair foreign rivals.
  • In recent times, quarrels between member states have almost paralyzed trade and resulted in huge losses for traders.

A new regulator or ombudsman for regional trade disputes, with powers to investigate and deal with unfair trade practices and subsidies, will begin operating at the end of this year.

East African Community (EAC) Secretary-General Peter Mathuki says the Trade Remedies Committee (TRC) will help companies in the five member states of the bloc when they are concerned about trade deals unfair foreign rivals.

In recent times, quarrels between member states have almost paralyzed trade and resulted in huge losses for traders.

“We are in the process of setting up the Trade Remedies Committee to deal with issues such as rules of origin, anti-dumping and subsidies. We hope it will be in place before the end of the year, ”said Mathuki.

The committee will, for example, investigate an unexpected increase in imports of a particular product and take action to avoid harming the domestic industry by imposing temporary safeguard measures.

Companies can also complain to the team about import competition, which is unfairly subsidized by foreign governments, or the “dumping” of goods into EAC markets.

Dumping is the case where the goods are sold at a price lower than their usual price in the exporting country.

Experts had warned that the EAC’s delay in performing the TRC was negatively affecting the business community, prolonging the resolution of trade disputes and affecting intra-EAC trade.

TRC will investigate any complaints and make recommendations to government ministers for any anti-subsidy or anti-dumping remedies that may be imposed to remedy any injury to the domestic industry in question.

According to the EAC Trade and Investment Report 2016, intra-EAC exports fell from $ 3.2 billion in 2015 to $ 2.6 billion in 2016, a decrease of 17.4% due to an inadequate trade regime which restricts the export of certain commodities to partner states.

Lack of product diversification and the existence of non-tariff barriers also continued to affect intraregional trade, among other factors.

The new authority is therefore seen as a welcome boost for regional businesses to speed up dispute resolution and support the smooth running of trade in the EAC trade bloc.

In the latest outbreak of a trade feud involving EAC member states, Uganda recently protested a 79 percent cut in its scheduled sugar exports to Kenya, reigniting trade disputes between the two neighboring states .

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Exporters push for adoption of supply chain standards https://www.roddaandsons.com/exporters-push-for-adoption-of-supply-chain-standards/ https://www.roddaandsons.com/exporters-push-for-adoption-of-supply-chain-standards/#respond Sat, 04 Sep 2021 16:00:00 +0000 https://www.roddaandsons.com/exporters-push-for-adoption-of-supply-chain-standards/ Louella Desiderio – Star from the Philippines September 5, 2021 | 00h00 MANILA, Philippines – Exporters are pushing for adoption and recognition of global supply chain standards to promote product safety and traceability. In a statement, the president of the Philippine Exporters Confederation Inc. (Philexport), Sergio Ortiz-Luis Jr., urged the government to “seriously examine globally […]]]>
Louella Desiderio – Star from the Philippines

September 5, 2021 | 00h00

MANILA, Philippines – Exporters are pushing for adoption and recognition of global supply chain standards to promote product safety and traceability.

In a statement, the president of the Philippine Exporters Confederation Inc. (Philexport), Sergio Ortiz-Luis Jr., urged the government to “seriously examine globally accepted standards to not only develop confidence in cross-border and domestic trade, but also ensure the safety and protection of consumers ”during the recent national GS1 conference.

The President of the Philippine Food Processors and Exporters Organization, Roberto Amores, who is also a director of Philexport for the food sector, said compliance with standards is important, especially for agriculture and food production whose growth is affected. by the COVID-19 pandemic.

“For us to achieve full throttle in agriculture, a very important element is food and agricultural safety which can be consistently met through standards and traceability. Without any form of standard or criteria in the food supply chain, food security and self-sufficiency might not materialize for us, ”he said.

He said producers, consumers, policymakers and government should also work together to develop and adopt global standards to reduce the risk of contamination.

Jesus Varela, who is president of GS1 Philippines which develops and maintains global standards, said total supply chain visibility has become more important in the digital age.

“In this new digital age where unpredictability is the new norm, full supply chain visibility will be essential to track specific order and shipping data to enable rapid response to adverse circumstances. “, did he declare.

Jim Leandro Cano, director of agritech at information technology company 8Layer Technologies, said Philippine agriculture could benefit from traceability in terms of food safety, improving visibility of waste points and supply chain inefficiency, as well as market transparency.

Traceability is also vital for farmers unable to obtain loans, as it will allow them to access new financial resources by allowing them to build cases and become bankable, he said.

Anna Marie Anastacio, entrepreneur and former president of the Philippine Cosmetic Industry Chamber, said weak oversight in the Philippine digital space prevents traceability of banned ingredients and is unable to prevent the online sale of cosmetics unregistered, counterfeit or illegal. endangering the safety of consumers.

“If we have a consolidated digital system among our government agencies, then all of these processes will be easier, for example using the GTIN (Global Trade Identification Number),” she said.

The GTIN, an identifier for commercial items developed by GS1, is used to search for product information in a database that may be owned by a retailer, manufacturer, collector, researcher, or other entities.

“Let’s stop catching up with the rest of the world and aim to be the first to set the bar for quality standards in the global cosmetics industry,” said Anastacio.

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Trade gap widens 133pc to $ 4.05 billion in August – Journal https://www.roddaandsons.com/trade-gap-widens-133pc-to-4-05-billion-in-august-journal/ https://www.roddaandsons.com/trade-gap-widens-133pc-to-4-05-billion-in-august-journal/#respond Thu, 02 Sep 2021 01:46:02 +0000 https://www.roddaandsons.com/trade-gap-widens-133pc-to-4-05-billion-in-august-journal/ ISLAMABAD: The second month of the current fiscal year saw a 133 percent increase in the trade deficit largely due to an almost triple increase in the country’s imports relative to exports, according to provisional data released Wednesday. The reverse trend was noted in the trade deficit for the second consecutive month as the merchandise […]]]>

ISLAMABAD: The second month of the current fiscal year saw a 133 percent increase in the trade deficit largely due to an almost triple increase in the country’s imports relative to exports, according to provisional data released Wednesday.

The reverse trend was noted in the trade deficit for the second consecutive month as the merchandise trade deficit reached $ 4.05 billion in August from $ 1.740 billion in the corresponding month last year.

The trade deficit could lead to pressure from the external side, but government officials believe that increased remittances, growth in export earnings and the Roshan digital account will help ease the pressure to a large extent.

Early estimates show that the rise in the import bill could push the current account to $ 10 billion in FY22.

The trade deficit had reached an all-time high of $ 37.7 billion in FY18. However, government measures reduced to $ 31.8 billion in FY19 and to $ 23.183 billion. in fiscal year 20. The trend reversed and the trade deficit was recorded at $ 30.796 billion in fiscal year 21.

The exponential growth of imports is responsible for the trend reversal observed for the second consecutive month

The trade gap has widened since December last year, mainly due to exponential growth in imports and relatively slow growth in exports.

The import bill in August rose 89.9% to $ 6.313 billion from $ 3.324 billion in the corresponding month last year. On a monthly basis, the import bill increased by 12.7 pc.

In the outgoing fiscal year (FY21), the import bill jumped 25.8% to $ 56.091 billion, from $ 44.574 billion the year before.

Trade and investment adviser Abdul Razak Dawood told Dawn he was doing an analysis of the rise in imports. He said the maximum imports included raw materials and capital goods because industries were working at full capacity.

The government has carried out maximum tariff rationalization on raw materials and capital goods over the past two years to boost the country’s industrialization. “It will be a game-changer,” the adviser said, adding that it was the silent revolution in the country’s history due to cheaper imports.

Mr Dawood said that according to statistics from the State Bank of Pakistan, around 628 companies have acquired concessional bank loans worth Rs 435.7 billion to start new businesses and / or expand their lines. existing production facilities in Pakistan under the Temporary Economic Refinancing Facility.

He said that the imports were made on the import of machinery related to textiles, leather, chemicals, etc. He said machinery imports consist of multiple products. “It is a positive sign for the economy,” he said.

The adviser said oil prices have also risen significantly, pushing up the import bill due to the high demand for energy in the domestic market. He said the government had a back-up plan to keep pressure from outside.

The rising import bill also helped the Federal Board of Revenue (FBR) show substantial growth in revenue collection at the import stage. This is clear from the robust growth of 67% recorded in customs collection alone in August compared to a year ago.

The FBR also collects sales tax and withholding at the import stage, which have experienced strong growth mainly due to increased imports.

Exports grew 42.5 percent year-on-year to $ 2.257 billion in August, from $ 1.584 billion in the corresponding month last year. On a monthly basis, merchandise exports fell by 3.54 pc.

Average monthly experts had stagnated at around 2.2 billion rupees in recent years. An announcement from the Commerce Ministry said export growth was affected by shipping delays due to heavy rains. August exports are $ 143 million short of the monthly target of $ 2.4 billion, he said.

“I urge exporters to redouble their efforts to market their exports in order to achieve our goal,” Dawood said in a Twitter message.

Export earnings rose 18.2 percent to $ 25.294 billion in FY21, from $ 21.394 billion last year. The Commerce Department has set an export target of $ 38.7 billion for the current fiscal year. The export target for raw materials for fiscal 22 is $ 31.2 billion and that for services is $ 7.5 billion.

Posted in Dawn, le 2 September 2021

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FPCCI calls for energy tariff relief for domestic industries – Business & Finance https://www.roddaandsons.com/fpcci-calls-for-energy-tariff-relief-for-domestic-industries-business-finance/ https://www.roddaandsons.com/fpcci-calls-for-energy-tariff-relief-for-domestic-industries-business-finance/#respond Sat, 28 Aug 2021 22:08:51 +0000 https://www.roddaandsons.com/fpcci-calls-for-energy-tariff-relief-for-domestic-industries-business-finance/ LAHORE: The Pakistan Federation of Chambers of Commerce and Industry (FPCCI) businessmen panel called for the burden of heavy taxes on the electricity sector to be eased as it pushed up prices electricity and added to the already high cost of commerce and industry. FPCCI Businessmen Panel Chairman Mian Anjum Nisar in a statement released […]]]>

LAHORE: The Pakistan Federation of Chambers of Commerce and Industry (FPCCI) businessmen panel called for the burden of heavy taxes on the electricity sector to be eased as it pushed up prices electricity and added to the already high cost of commerce and industry.

FPCCI Businessmen Panel Chairman Mian Anjum Nisar in a statement released here on Saturday appreciating the government for approving continued electricity and gas subsidies for export-oriented sectors, demanded the same competitive energy tariffs for domestic industries in order to capture the global market.

He said the high cost of doing business has proven dangerous for Pakistani industry, discouraging investment in both capacity and capacity.

Due to high electricity tariffs, electricity theft became rampant because the tariff was not affordable for consumers.

He said the overpayment of the general sales tax worth Rs 85 billion went to the Federal Revenue Council, while the GST charged by independent power producers (IPP) amounted to 117 billion rupees while the GST charged to consumers amounted to 202 billion rupees. In addition to this, the government collected Rs 22 billion in taxes on fuel adjustment charges. The total amount of the fuel adjustment charge with tax was Rs 383 billion while it amounts to Rs 361 billion excluding taxes and duties from consumers. Given this heavy burden, streamlining the GST and other taxes in the electricity sector is a must to reduce the price of electricity, he suggested.

He said the recent approval of 68 billion rupees for the extension of electricity and RLNG concession tariffs was important for a sustained increase in exports, but that this benefit should also be provided to local industry to support industrial growth for which low cost inputs and raw materials are the essential basis for industrial expansion.

Mian Anjum Nisar approved the Electricity Division’s proposal to terminate and quickly buy back oil PPIs, with a production capacity of 3,300 MW and an average annual distribution factor of 5%. Their fuel cost is Rs13 per unit. However, consumers were paying Rs 60 billion per year due to the “take it or pay” capacity charge, which had an impact on the consumer tariff of Rs 0.6 per unit. Consumers will pay Rs 450 billion in total due to capacity charges over the average remaining seven years of their contracts.

BMP Chairman said that the theft of electricity from Pakistan’s power sector continues to hit the entire energy chain in the current fiscal year 2020-21, leading to the world’s worst energy crisis.

The higher rate of electricity theft is the main reason for the increase in circular debt, which has passed the 2.5 trillion rupee mark this year.

Electricity distribution companies in KP and Sindh are still bleeding from the highest rate of electricity theft. Peshawar Electric Supply Company at KP recorded 35% loss in fiscal year 2020-21. Hyderabad Electric Supply Company suffered losses of 28% and Quetta Electric Supply Company of 22%. Islamabad Electric Supply Company suffered losses of 9%. The average rate of electricity theft is 17% over the current 2020-21 fiscal year and must be controlled at all costs. He said that it is undeniable that the government has faced many economic challenges in addition to other internal and external issues and problems over the past three years.

He appreciated the government in a determined and committed manner, facing the economic challenges with firmness and boldness, taking all the difficult decisions required and successfully progressing from the recovery and stabilization of the national economy to sustainable growth.

He said it was good news that the country’s exports showed positive growth, which is a rationale for government policy to keep the cogs of the economy running during the Covid pandemic. 19.

The former FPCCI president said international and national confidence was increasing. It is a fact that the COVID-19 outbreak and the lockdown that followed have significantly damaged the global economy and Pakistan was no exception to the rule which saw negative GDP growth last year. . However, thanks to better policies adopted by the government, including relief in the mark-up rate, the economic losses have been mitigated to some extent, which must now continue to benefit more.

Mian Anjum Nisar called for the continuation and consistency of long-term policies once they are announced, as changes and revisions are detrimental to the production plan and the purchasing and reservation of industrial orders that are made. in accordance with the policy announcement.

Copyright Business Recorder, 2021

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Nephron Pharmaceuticals delivers on promises after tax reform https://www.roddaandsons.com/nephron-pharmaceuticals-delivers-on-promises-after-tax-reform/ https://www.roddaandsons.com/nephron-pharmaceuticals-delivers-on-promises-after-tax-reform/#respond Wed, 25 Aug 2021 14:12:11 +0000 https://www.roddaandsons.com/nephron-pharmaceuticals-delivers-on-promises-after-tax-reform/ Nephron Pharmaceuticals Corporation, a manufacturer based in West Columbia, South Carolina, has been instrumental in helping US hospitals during the pandemic. The company manufactures inhalation solutions and suspension products, as well as sterile pre-filled syringes, vials, IV vials and IV bags. Meanwhile, Nephron also launched a COVID-19 diagnostic lab and vaccination center last year and […]]]>

Nephron Pharmaceuticals Corporation, a manufacturer based in West Columbia, South Carolina, has been instrumental in helping US hospitals during the pandemic. The company manufactures inhalation solutions and suspension products, as well as sterile pre-filled syringes, vials, IV vials and IV bags. Meanwhile, Nephron also launched a COVID-19 diagnostic lab and vaccination center last year and recently announced plans for a new US plant that will produce medical grade nitrile gloves.

It was thanks to the Tax Cuts and Jobs Act of 2017 that Nephron was able to continue to invest in its workforce and facilities. Nephron President, CEO and Owner Lou Kennedy recently spoke to us about the expansion of the business and the benefits of the tax reform law provisions.

An early start: Nephron didn’t wait to start sharing the benefits with its employees. Days after the tax reform was passed, the company announced that employees would receive a 5% raise.

An expanded workforce: The tax reform also helped the company grow over time, growing from its pre-reform size to 485 employees.

  • Today, the company has nearly 1,200 full-time employees and nearly 800 other part-time employees, including educators, interns and apprentices, a massive expansion that shows no signs of stopping.
  • In fact, Nephron expects to have 400-500 vacancies in the next 12 months alone.

In addition, the company is young and diverse: around 53% of the workforce are women, over 36% are people of color, and the average age of employees is around 35.

Provide good jobs: The company now offers a starting wage of around $ 17 an hour. During this time, he also increased his long-term incentives and bolstered his 401 (k) plan.

Growth operations: In addition to expanding its workforce, Nephron is using the benefits of tax reform to invest in its facilities and expand its footprint.

  • The company is in the midst of five multi-million dollar projects, including one worth $ 215 million that Nephron says was made possible by tax reform. This project will create 380 new full-time jobs in the surrounding region by 2024 and add new offices, warehouses and production spaces as well as a vaccine production facility.

How tax reform helped: Nephron is organized as an intermediary entity, which allowed the company to benefit from the lower top tax rate (37%) offered by the tax reform. It also benefited from the 20% pass-through deduction and a full expense write-off provision that allows for immediate deduction of equipment purchases.

  • The tax code’s research and development incentives, including full support for R&D, have also been extremely important to Nephron, helping it develop the therapies that stop COVID-19 in its tracks.

The last word: “Since the passage of the Tax Cuts and Jobs Act, we have reinvested money in our businesses and our workers,” Kennedy said. “We would certainly have to pump the brakes if the tax reform were to be reversed. We hope Congress and the administration will leave tax reform in place to incentivize domestic manufacturing.

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KPDNHEP Leads Ops Samar to Check for SOP Violations at Business Premises https://www.roddaandsons.com/kpdnhep-leads-ops-samar-to-check-for-sop-violations-at-business-premises/ https://www.roddaandsons.com/kpdnhep-leads-ops-samar-to-check-for-sop-violations-at-business-premises/#respond Mon, 23 Aug 2021 16:45:36 +0000 https://www.roddaandsons.com/kpdnhep-leads-ops-samar-to-check-for-sop-violations-at-business-premises/ The Edge filepix for illustration purposes only –A +A PUTRAJAYA (August 23): The Ministry of Internal Trade and Consumer Affairs (KPDNHEP) is leading Operation Samar which involves inspections by more than 2,000 law enforcement officers, including customers infiltrating premises sales representatives, to verify violations of standard operating procedures (SOP) within the framework of the National […]]]>

The Edge filepix for illustration purposes only

A +A

PUTRAJAYA (August 23): The Ministry of Internal Trade and Consumer Affairs (KPDNHEP) is leading Operation Samar which involves inspections by more than 2,000 law enforcement officers, including customers infiltrating premises sales representatives, to verify violations of standard operating procedures (SOP) within the framework of the National Recovery Plan (PPN).

KPDNHEP Deputy Director of Execution (Operations) Shamsul Nizam Khalil said in a statement today that a compound of RM 10,000 could be immediately issued to traders during operations for violation of SOPs.

He said SOP compliance checks were carried out on August 21 and 22 in Penang, which falls under the first phase of the PPN, adding that traders’ compliance with the SOPs was satisfactory.

According to him, KPDNHEP handed over the complex to owners of premises in Seberang Perai Tengah, Penang, for failing to post the maximum number of customers allowed on their premises.

“This action is a message to traders on the seriousness and commitment of the ministry in the implementation of Ops Samar to monitor compliance with SOPs under the NPP throughout the country,” he said. .

The government previously announced relaxations for 22 sub-sectors of commerce and distribution authorized to operate under the PPN phases in accordance with prescribed SOPS, among which owners of commercial premises should ensure that their customers present their digital vaccination certificate. Covid-19 as proof that they completed their jabs before being allowed on the scene.

“It should be noted that opening up this sub-sector does not mean traders have the freedom to ignore SOPs set by the government. The ministry hopes all parties can work together to stimulate and revive the economy. national “, he added. .

He said that between May of last year and yesterday, the ministry inspected a total of 737,821 premises with 840 compounded cases amounting to RM 4.4 million.

“Based on statistics, compliance with SOPs in the distribution sector is at a very satisfactory level with 98.74% of locals adhering to SOPs, while only 0.08% of locals have been worsened and 1 , The remaining 06% of the premises having received warnings, ”he said. .

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Without money, Afghanistan faces an economic disaster https://www.roddaandsons.com/without-money-afghanistan-faces-an-economic-disaster/ https://www.roddaandsons.com/without-money-afghanistan-faces-an-economic-disaster/#respond Mon, 23 Aug 2021 00:35:17 +0000 https://www.roddaandsons.com/without-money-afghanistan-faces-an-economic-disaster/ DUBAI, United Arab Emirates – As the Taliban tighten its grip on Afghanistan, the country faces an economic cataclysm as world powers and international financial institutions decide to withhold or freeze billions of dollars in assets and aid from a government led by a pariah movement. The militant group’s blitz in the Afghan capital, Kabul, […]]]>

DUBAI, United Arab Emirates – As the Taliban tighten its grip on Afghanistan, the country faces an economic cataclysm as world powers and international financial institutions decide to withhold or freeze billions of dollars in assets and aid from a government led by a pariah movement.

The militant group’s blitz in the Afghan capital, Kabul, leaves it at the helm of a war-ridden state heavily dependent on foreign dollars which, over the past two decades, have covered three-quarters of government spending. Part of this may be at risk as the Taliban are subject to a multitude of sanctions from the United States, the European Union and the United Nations.

Without this money – Kabul received $ 4.2 billion in development assistance in 2019 – the government is practically bankrupt. The Taliban face enormous pressure to show Afghans and the world that beyond respecting the principles of Islam, they can pay civil servants, buy fuel, pick up trash, run hospitals and develop a country more modernized and transformed since the first reign of the group. between 1996 and 2001.

The Taliban’s return to power – its sneaker-clad, camouflaged fighters roam the capital – has plunged the group into the realities of governance. Sporadic protests against him have erupted across the country by a population that has become accustomed to smartphones, civil liberties, education and other freedoms linked to years of US occupation.

The group is cracking down on resistance while trying to show the international community, including China and other regional investors, that despite its militant roots and Islamist fundamentalism, it can lead a nation. The image has become increasingly prominent: Taliban spokespersons have contacted foreign journalists in Kabul, suggesting the group is not what it was 20 years ago, when women were banned from work and forced to wear the burqa.

Not far from where these spokespersons gather, there is another image, of thousands of Afghans running a chaotic string of dangers, including Taliban fighters wielding batons, to get to the airport. and escape the country.

But the most immediate problem is that Afghanistan, one of the poorest countries in the world, is a cash economy, with just 10 percent of the adult population holding a bank account, according to a 2018 Bank report. global. The local currency, the Afghani, is fed by regular bulk shipments of US dollars from abroad every few weeks to the Afghan central bank.

These funds come from some $ 9 billion to $ 10 billion in foreign exchange and gold reserves as well as liquid assets such as US Treasuries, according to Ajmal Ahmady, the country’s former central bank chief, who has turned escaped the country last Sunday.

The last shipment of those funds was due to arrive that day, when the Taliban took over the capital, meaning the country is actually short of dollars. Even before the Taliban entered Kabul, the central bank had placed limits on withdrawals.

Since then, financial institutions and exchange offices have remained closed. But when they open, it could lead to a rush on the banks as people rush for money, said Anwar-ul-Haq Ahady, former finance minister and central governor, which will have “a very negative impact on trade and a disastrous impact on the economy. “

“The main reason for the exchange rate stability was that we received a constant and quite large amount of money,” he said. “It is imperative that the stakeholders in Afghanistan recognize the situation.

The Taliban, Ahmady said, can only access 0.1% to 0.2% of Afghanistan’s total international reserves. A late 2020 auditor’s report also indicates that there are approximately $ 159,600 worth of gold bars and silver coins held in the vault inside Arg, the Afghan presidential palace, that the Taliban took over last Sunday.

Without the backing of the Afghan currency, said Graeme Smith, a consultant researcher with the Overseas Development Institute, the coming weeks could see a crater in the value of the afghani against the dollar as well as a sharp rise in prices. food.

Afghans have little recourse to access other sources of dollars. Western Union, an important lifeline for Afghans to obtain money from abroad, has announced that it is suspending its services until further notice. MoneyGram, another service, has made no such announcement but appears to have ceased working in Afghanistan as well. Last year, remittances to Afghanistan totaled some $ 788.9 million, or nearly 4% of the country’s gross domestic product.

Instability, not to mention an economy recalibrating to a new existence without billions of dollars from NGOs, embassies and contractors, has deflated the pace of Kabul; the markets are still open, but many high-end stores are closed.

In addition to the stranded foreign exchange reserves, world powers have limited access to the huge amounts of aid normally given to the Afghan state. The International Monetary Fund was instructed on Monday to grant Kabul about $ 460 million in Special Drawing Rights, or SDRs, a reserve asset that the government can exchange for hard currencies, including US dollars. But pressure from US lawmakers prompted the IMF to put the plan on hold.

“As is always the case, the IMF is guided by the views of the international community,” an IMF spokesperson said in a statement Thursday. “There is currently a lack of clarity within the international community regarding the recognition of a government in Afghanistan, as a result of which the country cannot access SDRs or other IMF resources.”

Governments hope to use financial aid as a pressure point for the Taliban to make concessions.

“Say the Taliban come in and behave properly. It is possible that the United States will completely or gradually remove the sanctions, ”said Brian O’Toole, former head of the US Treasury’s Office for Foreign Assets Control, known as OFAC.

Otherwise, the United States would find it difficult to ensure that the sanctions did not affect the humanitarian aid the country desperately needs.

“Normal humanitarian exemptions usually come with a caveat that they don’t apply if you’re dealing with a terrorist group, which makes sense,” he said. “But it doesn’t make sense here because the government is a terrorist group. Because so much is rushed by our withdrawal, [Treasury officials] must work harder than they normally would to facilitate and encourage humanitarian transactions.

But Smith thinks he’s a non-starter.

“It will be a tool for negotiations in the short term,” he said. “But this idea that the Taliban will become the kind of government we want them to become because of financial pressure ignores the large amount of informal money flowing through the war zone.”

Although much of the focus has been on drug trafficking linked to the country’s opium production, the Taliban’s real source of income has been the taxation of legal goods, from fuel to cigarettes to cars and minerals, all passing through Afghanistan to its neighbors, said David Mansfield, an Afghan analyst consultant for the Overseas Development Institute who has researched the informal economy.

This is especially true in the provinces, he said, where any development assistance from Kabul has long been overshadowed by unofficial economic activity: in the southwestern province of Nimruz on the border with Iran. , for example, the Taliban collected $ 225 million a year in taxes on about $ 2.2 billion in trade.

Trade flows like these were enough for the Taliban as an insurgency, but there are also indications that the group could run the state more cheaply than the government it replaced.

On the one hand, he wouldn’t have to spend $ 5-6 billion on security personnel, and – at least before his takeover – he turned out to be less venal in the areas he controlled than he did. Corrupt state of President Ashraf Ghani, who fled the country.

“The people in the government would shake you at gunpoint, while the Taliban had a more centralized customs system,” Smith said.

Much also depends on neighboring countries, especially China, which has already forged ties with the group and wants trade to continue, although it fears the recent Taliban victory could spur extremism in the region. Last month, Taliban co-founder Abdul Ghani Baradar visited Tianjin, a port city near Beijing, and met with Chinese Foreign Minister Wang Yi. He said China had “always been a reliable friend of the Afghan people”.

But it’s also a question of what kind of state the Taliban want, Mansfield said.

“If they find the kind of conditions that are being asked of them completely unpleasant, they can move into a minimalist position, as was the case in the 1990s, with five or six guys – a small militia – sitting in the room. district headquarters, without health and education services. – an emphasis on security only, ”he said.

“If this is the case, we will likely see an exodus of refugees, an economic crisis and hyperinflation. “

Until then, Ahmady said, the banks would be unable to deliver dollars to customers, a situation he said had nothing to do with the central back or its staff, but the result of the sanctions policy.

“The Taliban and their supporters should have predicted this outcome. The Taliban have won militarily – but must now rule, ”he tweeted.

“It is not easy.”

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Covid wave alters economic outlook for Laos, World Bank says https://www.roddaandsons.com/covid-wave-alters-economic-outlook-for-laos-world-bank-says/ https://www.roddaandsons.com/covid-wave-alters-economic-outlook-for-laos-world-bank-says/#respond Sun, 22 Aug 2021 13:37:05 +0000 https://www.roddaandsons.com/covid-wave-alters-economic-outlook-for-laos-world-bank-says/ The World Bank predicts that Laos’ gross domestic product (GDP) growth will increase to 3.6% this year, from 0.5% in 2020. XINHUA NEWS AGENCY The Lao economy is on track for moderately improved growth in 2021, despite a Covid-19 epidemic that began the promising economic recovery at the start of the year, according to the […]]]>

The World Bank predicts that Laos’ gross domestic product (GDP) growth will increase to 3.6% this year, from 0.5% in 2020. XINHUA NEWS AGENCY

The Lao economy is on track for moderately improved growth in 2021, despite a Covid-19 epidemic that began the promising economic recovery at the start of the year, according to the World Bank.

The Bank’s latest Economic Observatory for Laos – A Path to Recovery – predicts that gross domestic product (GDP) growth will reach 3.6% in 2021, up from 0.5% in 2020.

This forecast is down from the 4% growth projected in March 2021 and depends on various assumptions, including economic recovery in neighboring countries, acceleration of vaccination rates and mitigation of community epidemics of the virus on the rest of the year.

Growth could fall further if the Covid epidemic worsens and strong lockdowns persist, or if Laos again experiences repeated natural disasters such as floods, droughts or outbreaks of livestock disease, according to The report.

Agriculture and industry are behind much of the growth, with agricultural exports increasing, while exports of electricity, mining and manufacturing have rebounded from the slowdown in trade. last year.

However, in tourism, hospitality, transportation and other services, bottlenecks and persistent restrictions on international travel mean that most businesses are struggling, depriving the country of a major source of income.

The World Bank’s new country director for Laos, Alex Kremer, said: “Laos is doing well to contain the coronavirus and have the entire population vaccinated.

“However, the risk of debt distress, a low kip and low government revenues continue to limit the government’s options to revive the economy. Reforms that stimulate private investment, tax payments and trade would help in this area. “

According to the report, the decline in the value of the kip leads to an increase in inflation, which in turn has raised concerns about access to food and basic items. This problem is particularly pressing for the urban poor.

In a thematic section, “Impacts of Covid-19 on businesses and households”, the report shows that employment fell sharply in May this year, while more than 30% of family businesses have closed since the start of the pandemic.

Business surveys conducted by the World Bank show that monthly sales fell 48% from March to April 2021. Almost half of all businesses reported cash shortages, and more than a quarter of businesses s ‘expect to go into debt over the next six months. .

To mitigate the effects of the economic slowdown, the report recommends that Laos accelerate trade reforms and trade facilitation so that it can properly benefit from new infrastructure and trade agreements.

This can be achieved by streamlining current investment regulations and procedures, increasing the ease of doing business, reducing transportation and logistics costs, and supporting improvement in product quality, especially for retailers. agricultural exports.

Expanding government support programs for businesses, as well as better promotion of these support programs, would help businesses stay afloat and provide vital incomes and revenues, while measures to help further Laotian companies to invest in digital technologies or new delivery methods could help companies turn crisis into opportunity, according to the report.

The Lao Economic Monitor is published twice a year by the World Bank.

VIENTIANE TIMES / ASIA INFORMATION NETWORK

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