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SRINAGAR: The Kashmir Chamber of Commerce & Industry (KCC&I) has expressed concern over the exorbitant airfares that have been affecting the tourist business of Jammu & Kashmir and the travel movement of sick, aged, students, and businessmen. The KCC&I has urged the Minister of Home Affairs, the Union Minister for Civil Aviation Government of India, and the Director General, Civil Aviation to take action and ensure the implementation of the recommendations made by the Department-related Parliamentary Standing Committee on Transport, Tourism, and Culture.
The committee had taken stock of the situation emerging from the irrational mechanism adopted by some operators in league with some airlines manipulating the airfare. The KCC&I hailed the committee for making appropriate recommendations and observations to curb predatory pricing and prevent airlines from misleading passengers. The committee recommended the formulation of a pricing mechanism for airfares to ensure that passengers are not charged exorbitant prices.
The KCC&I has called for the immediate implementation of these recommendations in letter and spirit without any further delay. Additionally, the KCC&I has requested that airlines operate additional flights to meet the tourist rush for visiting the short-lived Tulip garden. This is also the time for the return of local citizens, students, and non-resident Kashmiris.
The KCC&I believes that the Ministry of Civil Aviation has a responsibility to the traveling public and the nation at large to ensure that predatory pricing mechanisms are not adopted by airlines under the guise of a free-market economy. The KCC&I hopes that the recommendations made by the committee will be implemented soon to ensure the growth of the tourism industry and the convenience of travelers in Jammu & Kashmir.
New Delhi: The proceedings in Parliament were disrupted for the third straight day on Wednesday as the political slugfest between the BJP and the Congress over Rahul Gandhi’s democracy remarks and the Adani issue intensified and the opposition parties took to the streets.
The BJP stepped up the ante against Gandhi, saying India’s democracy is not in peril but the Congress party has been brought to “political perish” by the people while the opposition party escalated its offensive, accusing the government of “undermining and weakening” democracy in the country by stalling Parliament to save a businessman.
The Congress along with several other opposition parties also took out a protest march from Parliament House to hand over a complaint to the Enforcement Directorate on the Adani issue. However, they were stopped by the police at Vijay Chowk.
Congress president Mallikarjun Kharge alleged that the police did not allow the opposition MPs of around 18 parties to march in protest and present their case for a detailed investigation into the Adani issue.
Later, opposition leaders emailed a letter to ED Director S K Mishra. The parties told the probe agency that “it cannot turn around and abdicate its jurisdiction”.
The letter was signed by leaders of the Congress, CPI, CPI-M, JDU, SS (UBT), RJD, DMK, JMM, AAP, IUML, VCK, Kerala Congress and others.
The logjam continued in both Lok Sabha and Rajya Sabha on Wednesday.
In Lok Sabha, opposition members stormed into the Well of the House, raising placards and slogans, demanding a Joint Parliamentary Committee (JPC) probe into the Adani matter while the BJP slammed Rahul, accusing him of insulting India and cast aspersion against the Speaker of the House.
Lok Sabha Speaker Om Birla repeatedly urged the members to return to their seats and allow the house to run.
“This house is meant for holding discussions and dialogues. Let’s talk about policy and have a good discussion on issues related to public welfare. If we want people’s welfare and consider this house a temple of democracy, I will request that at least don’t comment on this house,” Birla said.
“It is not right to comment, either inside (the house) or outside. Talk about issues and policy here. It is not right to bring placards like this here. I am warning you. This is wrong,” he said.
Rajya Sabha proceedings were also disrupted amid uproar over the BJP’s demand for Gandhi’s apology for his “democracy under attack” remark made in London.
Both houses have failed to transact business so far in the second leg of the Budget session of Parliament that began on Monday.
Gandhi, during his recent UK visit, had alleged that the structures of Indian democracy were under “brutal attack” and there was a full-scale assault on the country’s institutions.
His remarks triggered a massive political row, with the BJP accusing him of maligning India on foreign soil and seeking foreign interventions and the Congress hitting back, citing instances of Prime Minister Narendra Modi raising internal politics abroad.
Outside the Parliament also, the BJP kept the heat on Rahul Gandhi with Union minister Smriti Irani saying India’s democracy is not in peril but the Congress party has been brought to “political perish” by the people for the kind of behaviour its leader (Rahul Gandhi) exhibited overseas,
Gandhi’s grudge with Prime Minister Modi has taken the shape of a grudge with India, she charged, demanding that the Wayanad MP of the Congress apologise to Parliament for his remarks.
Addressing a press conference, Irani alleged that “at the feet of India’s colonial past” Gandhi lamented the “lack of foreign intervention” in India’s democracy. This is to bring to a halt India’s resilient growth story under the leadership of Prime Minister Modi, she said.
She said the “lies that became a foundation of the Congress leader’s conversation in England” were many.
New Delhi: Members of Congress, Bharat Rashtra Samiti (BRS) and AAP on Tuesday moved suspension of business notice in the Rajya Sabha under rule 267 demanding a Joint Parliamentary Committee (JPC) probe into the Hindenburg-Adani row.
Congress Deputy leader in the House Pramod Tiwari, AAP MP Sanjay Singh, and BRS MP K. Keshav Rao moved suspension notice on the issue.
On Monday, the Congress alleged that the government did not want Parliament to function.
“Parliament was adjourned for the day because the Government simply didn’t want it to function. It created a completely bogus diversion to keep the attention away from the combined Opposition demand for a JPC into the PM-linked Adani Maha Mega Scam,” Congress General Secretary Jairam Ramesh had said.
Earlier in the day, the Opposition members had staged a march towards Vijay Chowk and Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge said that there is no rule of law under Prime Minister Narendra Modi.
The moves by Biden hold important implications for big business and the economy. Federal regulators had little choice over the weekend but to intervene to rescue depositors at the failed Silicon Valley Bank along with Signature Bank in New York and take other actions to protect financial institutions. But the White House noted that no taxpayer would bear any of the losses. And the broader shift to more populist policies, like the “Buy American” campaign also championed by Trump, could drive up the cost of production for companies — and consumers — at a time when the Federal Reserve is jacking up interest rates to bring down record-high inflation.
And companies themselves fear a chilling effect on their operations from both Democrats seeking to toughen regulations and from Republicans ready to rip any firm that adopts progressive policies on climate and a range of social issues.
“We have come a long way from when Bill Clinton used to say he wanted there to be more millionaires in America because that would mean more successful entrepreneurs creating jobs,” said former Treasury Secretary Larry Summers who served under both Clinton and President Barack Obama and has often antagonized the left.
“The world has changed with rising inequality and increasing concerns about monopoly and corporate abuse,” Summers added. “But I worry about the pendulum having swung much too far toward rampant populism with extreme emphasis on protectionist steps like ‘Buy American,’ implausible rhetoric about price gouging and extreme regulatory appointments.”
The White House did not respond to a request for comment.
Corporate America in 2020 was largely resigned to Biden favoring policies on taxes and regulations that they didn’t like. But most executives were relieved to get a far less volatile president who would end Trump’s war on big business. They got the first part. Not so much the second.
And now as the 2024 campaign begins, candidates in both parties have to be more careful about how they interact with Wall Street and collect corporate cash. And businesses must contend with perhaps the most hostile political environment they’ve known in almost a century.
In the GOP primary, for example, likely candidates including Florida Gov. Ron DeSantis, who has taken money from Wall Street titans like Citadel founder Ken Griffin, have to worry about Trump turning them into the 2024 version of Jeb Bush, Wall Street’s once dream candidate who quickly melted under Trump’s relentless attacks.
To be sure, corporations remain an enormous force in American politics. Companies are overwhelmingly among the biggest spenders on lobbying. And businesses and aligned political groups contributed some $3.5 billion to politicians during the 2022 midterm cycle, a slight increase from the 2018 midterms.
They still wield power in the legal system as well following multiple rulings by the Supreme Court’s conservative majority granting them rights similar to individual citizens and then slashing most limitations on corporate speech in the form of political contributions. But the ground has clearly shifted away from them.
“They are very far from homeless, but instead may be more like your drunken lout friend, the one you don’t want to be seen with in public,” said progressive economist Dean Baker of the Center for Economic and Policy Research. “Biden has stepped in pretty far with an agenda to limit the power of big business. They surely don’t like his plans for taxing share buybacks, negotiating drug prices, and taking anti-trust seriously.”
But Baker said Biden “can’t pull the whole party along with him,” noting that Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (I-Ariz.) “nixed direct increases in the corporate tax rate.”
While Trump touted a business-skeptical populism, his signature legislation — the sweeping 2017 Tax Cuts and Jobs Act — was derided by progressives as a huge gift to business.
Biden himself has taken pro-business steps as well, including granting subsidies for domestic semiconductor manufacturers and clean energy companies. He hasn’t hesitated to hire at least a few Wall Street-friendly aides and is expected to forego expansive new restrictions on American investment in China, denying a push by some hawks in his administration and in Congress.
And now, climate activists are bracing for a big setback from the administration as Biden moves closer to approving an Alaskan oil project that would pump as much carbon into the atmosphere as 60 coal-burning power plants.
Still, businesses find themselves under attack on numerous fronts, with Republicans hammering banks for taking what they dismiss as “woke” positions on issues like climate risk, and the White House doubling down on some of Trump’s tough stances with U.S. trading partners.
The president on Thursday rolled out a budget heavily focused on boosting taxes on the rich and corporations, including wiping away much of the Trump corporate tax cuts. He also wants to raise antitrust spending at the DOJ in the coming year by $100 million — a record annual increase.
Former members of Congress from both parties complain that there is increasingly no political home for politicians who believe in solid but not onerous regulation, modest taxation and not getting in the way of the economy with stifling rules and taxes.
“Populism has grabbed hold of both parties and it is en vogue to vilify business,” said former Democratic congresswoman and finance executive Stephanie Murphy of Florida. “At the same time, we are asking business to help us be competitive. The incongruence of this approach negatively impacts American prosperity. We need all voices at the table, including the business community.”
A White House official noted that Biden is not behaving like Trump on economics. He is simply moving to take back issues like trade and skepticism of giant companies that Trump co-opted in 2016. The official, who was not authorized by the White House to be quoted by name, said the administration believes Trump “talked the talk but did not walk the walk” on protecting forgotten workers, instead focusing his biggest legislative item on slashing taxes on corporations and the wealthy.
Murphy, Summers and other more centrist-leaning economists worry that some of Biden’s current proposals, including reshoring entire supply chains, are not realistic or even desirable and would serve to push up inflation with American businesses passing higher production costs on to consumers.
And they worry about any measures that would reduce legal immigration, given that there is such heavy demand for workers in the economy and not enough Americans willing to fill the openings.
Top executives often privately vent that Biden was supposed to be the answer to Trump rather than a highly modified version of him.
“Look, we knew Biden meant more taxes, tougher regulators and all that,” said the CEO of a Fortune 100 company who asked that his name not be used because his firm is closely regulated by the government. “But now he’s co-opting the Trump trade agenda and gearing up to run this soak the rich, tax everyone into oblivion campaign. It’s obviously frustrating.”
Kevin Madden, a consultant at corporate strategy firm Penta and former top aide to 2012 GOP presidential nominee Mitt Romney, said the bipartisan shift away from the corporate world means companies need to spend a lot more time lobbying for their interests.
“Reactionary politics still has its limitations, whether it’s from the left or the right,” Madden said. “It’s shortsighted for both policymakers and business leaders to just focus on the partisans.”
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( With inputs from : www.politico.com )
Washington: The United States Thursday urged Pakistan to improve its business environment which would make the South Asian country more attractive and competitive around the world.
Pakistan is under a severe economic crisis and is in an advanced stage of talks with the International Monetary Fund (IMF) for financial assistance.
State Department Spokesperson Ned Price told reporters at a news conference here that Pakistan has encountered economic headwinds of late.
“The Pakistani people are facing record levels of inflation. Of course, this comes on the back of the extensive flooding through parts of the country. And it has only put a spotlight on our need to continue to work together to help the Pakistani people to help put themselves on a sustainable economic path and a durable path to the prosperity that we seek for the Pakistani people,” he said.
There’s a reform agenda that the Pakistani government is in the midst of. “We encourage Pakistan to continue working with the IMF, especially on reforms that will improve Pakistan’s business environment. And we know that doing so will ultimately make Pakistani businesses more attractive and competitive around the world,” Price said.
Pakistan, he said, is a country with tremendous potential, and the US has partnered with Pakistan. “We want to make sure that the resources that Pakistan has itself, the resources that the United States is contributing, that other countries are contributing and the resources that have and will continue to come from international financial institutions, they’re managed responsibly as part of responsible and responsive governance,” Price said.
New Delhi: Australian High Commissioner Barry O’Farrell on Monday said the Adani Group has successful businesses and continues to be the largest investor from India in Australia.
Interacting with reporters here, O’Farrell said the impact of the Hindenburg report on the Adani Group is a matter for India’s regulators and that there have been no reports about the business group ceasing operations in Australia.
“Mr Adani’s investments in Australia are fully functioning and fully providing the resources, whether it is clean energy or coal. There have been no reports that I have seen in Australia that his operations have ceased. So, he is still a significant investor from India in Australia,” the envoy said in response to questions on the Adani Group.
Adani Group operates a port terminal, coal mines and solar energy projects in Australia.
The Australian envoy added that the Adani Group is probably the largest investor from India in Australia.
“He has successful businesses in Australia. In countries like Australia and India where you have a Economic Cooperation and Trade Agreement (ECTA), free trade deal or a Comprehensive Economic Cooperation Agreement, people make decisions to invest or buy companies on the basis of what they feel is in their interest at that time. These matters are not for the government,” O’Farrell said.
The envoy refused to state if Australian Prime Minister Anthony Albanese, who is visiting India from Wednesday, will meet Adani.
“The president has made clear for over a year now that a top priority is bringing down costs for folks,” said Bharat Ramamurti, deputy director of the National Economic Council and one of the officials spearheading the junk fee initiative. “The fact he’s willing to sharply call out certain behavior and highlight it is encouraging these corporations — at least some of them — to come along with us.”
The changes made by companies over the last several days are modest, and as much a result of corporate calculations as political pressure. Drugmaker Eli Lilly plans to slash its insulin prices and cap out-of-pocket costs at $35 a month for privately insured patients, bringing it in line with a limit Democrats imposed on Medicare as part of last year’s Inflation Reduction Act. But the discounts will only apply to its older products, and the changes are unlikely to affect the company’s bottom line.
In a similar vein, three major airlines — United, American and Frontier — are eliminating extra fees often faced by parents wanting to ensure they can sit with their children on flights, a practice Biden slammed last month as akin to treating kids “like a piece of luggage.” Still, they’re keeping the web of other seat and baggage charges that have become the industry norm.
The announcements nevertheless sparked celebrations in the West Wing, where aides believe pressure will now ramp up on competitors to follow suit — and provide Biden with tangible new achievements to tout.
Democrats have long targeted high pharmaceutical prices, driven in large part by surveys showing drug affordability is a top worry for voters on both sides of the aisle. White House economic aides charged with assembling Biden’s “junk fee” agenda, meanwhile, zeroed in on surprise fees that not only affect broader economic competition but are simply the most likely to drive Americans crazy.
“I do a lot of polling, and it’s rare to see policies that have this much universal consensus,” said Danielle Deiseroth, the interim executive director at Data for Progress. The progressive think tank published a post-State of the Union survey pegging voter support for banning such fees — like those tied to concert ticket purchases, hotel stays and seating families together on airplanes — at nearly 80 percent. “Saving people money transcends party lines,” she said.
Biden is pushing for comprehensive legislation that would lock in those price restrictions across the board. The White House has vowed to renew its pursuit of a universal insulin price cap, after Republican opposition forced it out of the IRA. And since Biden pitched his vision for a “Junk Fee Prevention Act” during the State of the Union, aides have sought out Democratic lawmakers willing to turn the idea into actual legislation.
But there’s little expectation that those proposals will gain traction with a Republican House staunchly opposed to the administration’s economic agenda. That’s prompted Biden officials to focus on wringing concessions out of individual corporations, using what aides characterized as a combination of public pressure and lighter-touch coaxing behind the scenes.
The White House honed the approach during its initial Covid-19 response. It rolled out plans for sweeping new regulations like requiring employers to give workers paid time off to get vaccinated, while simultaneously encouraging companies in private to get out ahead by instituting their own similar policies — and showering praise on them when they did.
“If we could find a company that was willing to take the first step, then that was always an opening to bring other companies along,” said Zach Butterworth, who until recently served as the White House’s liaison to the business community. He added that the goal was to create a pervasive sense within the private sector that “if you weren’t taking these steps, you were outside the mainstream.”
It’s a strategy that’s found varying success; for every industry-wide pact the White House secured on initiatives, such as discounted broadband internet access, it’s faced resistance on others like lowering gas prices, where oil companies effectively shrugged off Biden’s threats to rein in what he criticized as “war profiteering.”
The airlines’ decisions to be more family friendly came after the Department of Transportation told companies it planned to publish a table showing which carriers charged parents extra to sit with their young kids. Eli Lilly is cutting insulin prices amid sustained scrutiny over the drug’s cost, going as far in its announcement as urging “policymakers, employers and others to join us in making insulin more affordable,” despite resisting such calls from consumer advocates for years until it made financial sense for the company.
Despite the companies’ murky motives, Biden has made a show of applauding them without reservation, hoping it will convince competitors to do the same if only to get the public relations boost.
“The thing we can always withhold is that praise,” a senior White House official said. “Part of the benefit for the company is they get a pat on the head from the government.”
Within corporate boardrooms, the reaction has been more measured. Though others may follow suit, analysts said, it’s far from signaling a sea change in industry behavior.
“The industry was moving in this direction anyway without the president making it part of his State of the Union,” said Jay Sorensen, president of airline consulting firm IdeaWorksCompany, adding that family seat fees had already become a nuisance for another group: the flight attendants having to mediate travelers’ constant requests to switch seats.
Umer Raffat, an analyst who covers the drug industry for investment bank Evercore ISI, provided a blunt assessment of Eli Lilly’s price cuts: “Not a needle mover for them.”
The White House’s crowing has also failed to dent the business lobby’s opposition to Biden’s broader junk fee plan, with corporate leaders grumbling that the administration was vastly overstating the impact and popularity of the moves, as well as its own role in driving them.
“What this is really about is trying to impose price caps — and that didn’t work very well in the early 1970s, it’s not going to work very well today,” said Neil Bradley, chief policy officer at the U.S. Chamber of Commerce. “This isn’t a junk fee agenda; this is a government price control agenda that’s trying to be rebranded.”
The extra attention has also yet to prompt other airlines or insulin makers to take actions of their own. And there’s little visible progress so far on other elements of the junk fee agenda. The White House has yet to directly discuss their efforts to ban resort fees with major hotel brands or talk to Ticketmaster executives about its ticketing service charges.
But Democrats argue that even if the financial effects are limited, the moves create an outsized political opportunity for Biden — and show his administration is making small yet visible improvements to Americans’ financial situation.
“There are very few pieces of legislation that will move through Congress over the next two years,” Deiseroth said. “So for the Biden administration to be able to point to these victories and say, we called for this and it’s happening, it’s almost an achievement by proxy.”
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( With inputs from : www.politico.com )
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The platform’s new ad verification process and disclosure mechanisms are rudimentary so far, relying on both potential advertisers and members of the public to fill out a form hosted by Google, unusual for a tech company that would typically be expected to build most of its own web features.
Both Republican and Democratic digital operatives said they expect Twitter advertising will eventually pick up as campaigns seek to meet voters wherever they are, including on the Musk-owned platform. But the same concerns about Twitter’s “brand safety” driving the platform’s overall advertising decline remain. Twitter’s rollout of the new ad policy, including the use of Google Forms, is not exactly inspiring confidence.
“It’s been several years since political advertisers have used Twitter, so it’s not just in our muscle memory or our toolbox in the way that some other things would be,” said Eric Wilson, a Republican digital strategist and director of the Center for Campaign Innovation, which studies campaign practices. “And then there is a lot of uncertainty about Twitter and who is using it.”
Twitter stopped accepting political advertising in 2019, with then-CEO Jack Dorsey saying political message reach should be “earned, not bought.” Political ads accounted for only a small share of the company’s revenue prior to the ban, Twitter said at the time.
The slow start to political advertising could partially reflect the timing. Overall political advertising is relatively low across all digital platforms in February of an off election year. Campaigns typically pick up spending on digital advertising ahead of competitive elections beginning in the fall ahead of the election year.
But campaigns also have to consider some of the “brand safety” issues that have caused other advertisers to leave or reconsider their presence on the platform, said Mark Jablonowski, president of DSPolitical, a digital advertising firm that works with Democratic candidates and causes.
The issue is not necessarily about Musk’s professed political beliefs, Jablonowski said, but reflects campaigns needing the ability to get their message across in an environment where content policies do not “amplify misinformation.”
Twitter’s policies define political advertising as ads that advocate for or against a candidate or party, appeal for votes or financial support related to an election or are paid for by registered political groups. For now, the platform is also allowing only certain kinds of political ads — sponsored posts, for example, but not sponsored hashtags. The policies also say ads cannot include false or misleading content, although it’s not clear how that policy will be enforced. Since Musk bought Twitter, he has expanded the use of community notes, which allow users to comment on others tweets intending to correct misinformation, but has also eliminated the platform’s policy of misinformation related to Covid-19 and has faced criticism for allowing back users previously suspended for spreading misinformation.
Advertisers can request verification to run political ads by submitting information via a Google Form. The company follows up with those who have submitted, with the process expected to take between two and four weeks, according to Twitter’s website. It is not clear how many campaigns have attempted to be verified so they can run ads.
There is similarly a Google Form where users can request information on political ads running on Twitter. By contrast, Meta has a verification process within its website and a public ad library on its website, where all political ads are searchable.
After POLITICO requested data on ad disclosures so far, Twitter responded on Feb. 27 saying “there are no existing political ads to disclose at this time.” The company did not respond to follow-up questions about whether campaigns or groups were going through its verification process to run ads.
“It’s apparent that there’s a resource crunch at Twitter if they’re using a Google form for the verification process,” Jablonowski said. “It seems like they want the revenue from political advertising but don’t have the infrastructure to support it.”
Polling from the Pew Research Center in 2021 found that less than 1 in 4 U.S. adults use Twitter, while nearly 70 percent use Facebook.
Still, the minority of adults who use Twitter are highly interested in politics. Campaigns and groups are likely to try out the platform eventually, particularly as digital advertising remains generally cheap and other methods of running ads will become more saturated as elections approach.
“Campaign advertising follows voters’ eyeballs,” Wilson said.
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( With inputs from : www.politico.com )
