Tag: Top

  • Top Senate GOP recruit privately casts doubt on power of Trump endorsement

    Top Senate GOP recruit privately casts doubt on power of Trump endorsement

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    “There is another 20 percent that care about who he endorses but that’s not going to be the decision maker. And then there’s probably another 60 percent of the party that doesn’t care who he endorses,” said LaRose, according to a recording of his remarks obtained by POLITICO.

    LaRose said he suspects that, should he enter the race, he would earn Trump’s support. But he didn’t think that “begging for it” would prove useful.

    “There’s also this game some play where they hire a bunch of former Trump people and then they think, ‘Oh, if I hire this person, I’ll get their endorsement.’ The president is generally smarter than that, he’s not going to fall for that,” LaRose said at a Cuyahoga Valley Republicans event in late April. “He’s going to endorse the candidate who has the best chance of beating Sherrod Brown.”

    LaRose is considering entering the Republican primary to take on Brown in the 2024 Senate election in Ohio. Brown is seeking his fourth term but is widely seen as one of the more vulnerable Democrats up this cycle. Moderate Ohio state Sen. Matt Dolan and Cleveland businessman Bernie Moreno for the GOP’s have already announced they are seeking the nomination.

    Trump hasn’t endorsed in the contest. But he did publicly encourage Moreno, whose daughter is married to former Trump White House official and freshman Rep. Max Miller (R-Ohio), to get in the race.

    The recording offers rare insight into how top Republicans running for office privately think about Trump and that sway he has in the party. It also provides a window into how political courtship can work. In his private remarks, LaRose said he believed Miller, who he called a personal friend, is trying to help his father-in-law win Trump’s support.

    “Max has been making trips down to Mar-a-lago saying hey Mr. Trump, President Trump, can you endorse my father in law? Notice that [Trump] didn’t endorse him but he said nice things about him,” LaRose said in the recording.

    “Knowing how this goes,” he continued, “I can even picture it in my mind they’re sitting in the president’s office in Mar-a-Lago and he says, ‘You know, I’m not ready to endorse yet, you got a lot more time, you don’t have strong name ID, you haven’t any raised money yet, I’ll just say some nice things about your father in law on Twitter or Truth Social or whatever and then let’s talk about an endorsement six months from now.’”

    LaRose declined to comment. A person close to LaRose, who was granted anonymity to speak about the secretary’s comments, said he “simply said what we already know.”

    “Endorsements are great, but you won’t unseat a 48-year incumbent politician with a list of endorsements. We need a candidate who can win, and we need to wage a contest of ideas and vision that not only unites the entire Republican party but also a majority of Ohioans. If he runs, that’s what he’ll offer,” the person said.

    A person close to Moreno, who was also granted anonymity, disputed LaRose’s characterization of Miller lobbying Trump and noted that Moreno has built his own relationship with Trump.

    Few, if any, GOP candidates would openly downplay the significance of Trump’s endorsement. At the GOP event, he said that the 2022 midterms proved that the Trump endorsement doesn’t carry as much weight as it once did.

    “Here’s an example, there is a new U.S. senator from Alabama — we can agree it’s a pretty conservative state. She won the primary in ‘22 and didn’t have the Trump endorsement. She was the better candidate,” LaRose said. “The guy Trump endorsed came out to be a dud of a candidate and so Katie Britt won the primary and got elected as U.S. senator from Alabama. So it’s entirely possible even back in ‘22 that the best candidate regardless of the endorsement is the one that wins.” Trump eventually endorsed Britt before her Senate primary runoff.

    LaRose himself was endorsed by Trump in his 2022 race for Ohio secretary of state. It was notable then, because in the aftermath of the Jan. 6 riots on Capitol Hill and attempts by Trump and his allies to overturn the 2020 election results, LaRose criticized lawmakers who shared conspiracy theories about voting and said it was “irresponsible to fearmonger about elections administration.”

    “And certainly, if you have the largest megaphone in the world, you should think very carefully before you say something that would cause people to lose faith in elections,” he went on to say.

    LaRose, for his part, has not endorsed Trump’s current presidential campaign. Neither he nor Dolan have said whom they would support. So far, Moreno is the only candidate who has endorsed Trump.

    Trump has conveyed to aides he is less concerned with putting his stamp of approval on other candidates when he is running for president himself. He has been working the phones and meeting with state leaders in an effort to earn endorsements of his own.

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    #Top #Senate #GOP #recruit #privately #casts #doubt #power #Trump #endorsement
    ( With inputs from : www.politico.com )

  • Sadhna Top Has A Cafeteria

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    SRINAGAR: Aimed to obviate the hardships suffered by the general public of Karnah sector, a cafeteria has come up at Sadhna Top in north Kashmir’s Kupwara district for the first time in the last 7 decades.

    Sadhna Top is a mountainous pass in north Kashmir’s Kupwara district. It connects the Karnah sector with the rest of Kashmir valley.

    Prone to snow avalanches, mudslides, and untimely closure, the mountainous pass has always been a challenge for the people of the Karnah sector. Mainly during inclement weather and winters, people face immense hardships. People often get stuck for hours due to the area being prone to shooting stones, slides, and unfit to travel during downpours.

    Given the strategic importance, passengers also have to undergo security checking.

    An official said that the cafeteria was opened to do away the hardships suffered by the people of Karnah while they had to wait on the mountainous pass , sometimes for hours, to complete the security check and other formalities.

    He said that the cafe will have heating arrangements and will be run by a local person.

    “Two toilets have been constructed for the women and existing toilets will be used by men,” he said.

    About the increasing tourist footfall in border areas like Teethwal, the official said that the cafe will also be a boon for tourists coming to Karnah.

    “There is no such facility between Chowkibal and Tangdhar (Karnah Sector),” the official said.

    He also informed that the cafe will be called “Karna’s Kitchen.”

    Meanwhile, people have hailed the efforts of the Army involved in helping to make travel more convenient and feasible for the general public.

    Abdul Rashid, a local from Tangdhar said that the cafeteria undoubtedly will be a source of ease for the general public travelling toward either Karnah or Chowkibal.

    “Not only men and women but rather children and elderly also have this lone road to travel. Hourly jams and inconveniences due to untimely snowfall and rains would halt traffic for hours. It would leave all to starve in the woods at the mountainous pass on god mercy,” he said.

    Azhar Ahmad, a local tourist guide, said that the cafeteria will be of high importance for the patients and tourists. “Patients can avail water, tea and rest at the facility which wasn’t available for many decades now. Tourists can relax and have coffee and snacks at their will while they enjoy the scenic beauty of higher altitude,’’ he said.

    Azhar said that this place is covered by lush green forests and can be pivotal to attract more tourists to border places.  “In the longer run, it will be very beneficial for border residents in many ways including attracting tourists,’’ he added—(KNO)

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    #Sadhna #Top #Cafeteria

    ( With inputs from : kashmirlife.net )

  • Coinbase squares off with Washington’s top crypto skeptic

    Coinbase squares off with Washington’s top crypto skeptic

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    Armstrong, the chief executive, has threatened to move Coinbase out of the U.S. The company brought aboard corporate America’s go-to SEC challenger, former Labor Secretary Eugene Scalia, to lead a lawsuit against the agency filed on April 24. And, just days later, Coinbase took the rare step of publicly releasing its official rebuttal to the SEC, in which the company called itself “a well-resourced adversary.”

    “The reality is that the law today does not apply to vast swaths of the digital asset market,” Coinbase Chief Legal Officer Paul Grewal said Thursday in an interview. “We don’t relish the opportunity to be in court with an important regulator, the SEC. But we will stand up for the rule of law as it currently exists, not just for Coinbase but the entire industry.”

    Coinbase’s blitz against the SEC offers a prelude to what could be the crypto market’s biggest showdown yet. Over the last two years, the two have been locking horns over the exchange’s operations and crypto regulation more broadly. Yet if the SEC brings charges as expected, the case would represent the biggest test to date of Gensler’s tough stance toward the $1 trillion crypto market as well as a potential threat to Coinbase’s business — and the crypto market’s future in the U.S.

    “Everything is on the line,” said Emily Garnett, a former SEC attorney who is now a shareholder at Brownstein Hyatt Farber Schreck.

    An SEC spokesperson declined to comment.

    Under Gensler, who was sworn in as chair just days after Coinbase went public two years ago, the SEC has been aggressively cracking down on the crypto market’s gatekeepers. But the enforcement campaign took on new speed after Sam Bankman-Fried’s FTX, the once-lionized crypto exchange, collapsed late last year.

    Since then, the SEC has brought a range of crypto-related cases against everyone from celebrities like Lindsay Lohan to digital asset giants such as Gemini and Kraken. Its campaign has been part of a broader and relatively new skepticism toward crypto in Washington. Lawmakers have hit pause on some crypto legislative efforts, bank regulators have ratcheted up their warnings about the market and the Commodity Futures Trading Commission even recently went after Binance, the world’s largest crypto exchange.

    The Coinbase case, however, would stand apart.

    Coinbase has long been seen in crypto circles as a leader in regulatory compliance after acquiring an array of state and federal licenses in its early days. But the SEC’s expected charges against the company signal that few are immune from Gensler’s crackdown.

    In the agency’s so-called Wells notice to the company, the SEC indicated that it was preparing a “kitchen sink” of charges against Coinbase’s businesses, said J.W. Verret, a law professor at George Mason University. That includes its staking service, wallet product and the exchange itself, which represents a pillar of Coinbase’s business that generated about 74 percent of total revenue in 2022.

    Gensler says much of the crypto market consists of tokens that are akin to stocks and bonds, so companies trading or listing them need to be registered with the agency — just as if they were the New York Stock Exchange or Charles Schwab.

    “Crypto markets suffer from a lack of regulatory compliance,” he said in a video posted online Thursday that did not mention Coinbase. “It’s not a lack of regulatory clarity.”

    But Coinbase denies that it deals in securities. In its official response to the Wells notice, the company pointed to its “robust listing process” that screens tokens and rejects about 90 percent of assets reviewed.

    Coinbase went further to say that the SEC’s looming charges would be an “abrupt about-face” from when the agency signed off on the company’s paperwork to go public in April 2021. The approval, Coinbase argued, allowed investors to infer that the SEC took no issue with its core business. The response was written by Steven Peikin, an attorney at Sullivan & Cromwell representing Coinbase who previously served as the SEC’s co-head of enforcement.

    “It makes little or no sense that now — two years after the fact — we would find ourselves staring at a Wells notice,” Grewal said.

    An SEC official who was granted anonymity to speak freely about agency processes said the SEC’s review of a company’s registration statement generally looks at the relevant disclosure and accounting laws, not the underlying business’ merits.

    The SEC has appeared recently to be building up a foundation for the Coinbase action, though, securities lawyers say.

    Notably, the agency has alleged in other cases that certain tokens trading on Coinbase are securities. And it has sued other crypto exchanges like Bittrex for allegedly running an unregistered national securities exchange, broker-dealer and clearing agency. Bittrex, which had previously announced plans to leave the U.S., said it will fight the litigation. The SEC filed a similar case the previous month against another crypto platform called Beaxy.com.

    But crypto advocates are expressing hope that Coinbase — given the company’s profile, resources and willingness to fight the SEC — could win as the case moves through the courts.

    “It’s always an uphill climb when a regulator brings a lawsuit,” said Marisa Tashman Coppel, policy counsel at the Blockchain Association. “But none of the cases have gone up to the Court of Appeals and none of them have gone up to the Supreme Court. So, I am optimistic.”

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    #Coinbase #squares #Washingtons #top #crypto #skeptic
    ( With inputs from : www.politico.com )

  • Pak Vs NZ 3rd ODI: Fakhar Zaman Eyes Top Position In ODI Rankings – Kashmir News

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    Karachi, May 3: Fakhar Zaman has emerged as a challenger to Babar Azam’s dominance in the ODI rankings after his recent performances against New Zealand in the five-match ODI series.

    Fakhar has commenced Pakistan’s ongoing ODI series at home against New Zealand in a blaze of glory, with the 33-year-old scoring back-to-back centuries to put his side in control of the five-match series.

    The left-hander scored 117 in the series opener in Rawalpindi and then backed it up with a magnificent 180* in the second match at the same venue and was duly rewarded with an eight-spot jump to second behind Babar on the latest rankings update.

    Babar is on the top of the ranking list with 887 points while Fakhar holds the second position with 784 points.

    Fakhar has scored three ODI centuries on the bounce and rises to a career-best rating of 784 rating points and is now the closest challenger to his skipper despite trailing by 103 rating points.

    It means Pakistan now have three players in the top five on the latest ODI batting charts ahead of the ICC Men’s Cricket World Cup later this year, with Imam-ul-Haq remaining in fifth place behind his two teammates and South Africa’s Rassie van der Dussen and India’s Shubman Gill.

    New Zealand’s stars didn’t miss out completely, with Tom Latham and Daryl Mitchell the big winners following their good starts to the series in Pakistan.

    Latham hit 98 in the second match of the series and moves up three places to equal 29th, while Mitchell scored a brilliant 129 in the same contest to rise from outside the top 100 to 57th on the ODI batting rankings.

    There was a slight re-shuffle behind top-ranked Australian Josh Hazlewood inside the top 10 of the ODI rankings for bowlers, while experienced Oman captain Zeeshan Maqsood jumped three places to fifth overall on the list for ODI all-rounders following his four-wicket haul and steady knock of 40 against the UAE in Mulpani.

    A host of Sri Lanka players also made some ground on the latest Test rankings, following their impressive series sweep over Ireland in Galle.

    Left-arm spinner Prabath Jayasuriya was the big winner on the rankings for bowlers, with the 31-year-old improving six spots to 13th on the back of his seven-wicket haul during the second Test.

    Teammate Ramesh Mendis collected six wickets from the same Test and moved up 10 places to 22nd as a result, while experienced duo Angelo Mathews (up one spot to 22nd) and Kusal Mendis (up three places to 39th) improved the rankings for batters after reaching three figures during the match.–(ANI)


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    #Pak #3rd #ODI #Fakhar #Zaman #Eyes #Top #Position #ODI #Rankings #Kashmir #News

    ( With inputs from : kashmirnews.in )

  • TAGAS Women’s Regular Fit Western Top (WT-615-MAROON-M_Maroon M)

    TAGAS Women’s Regular Fit Western Top (WT-615-MAROON-M_Maroon M)

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    ISRHEWs
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    This Top is designed with Western Wear idea’s which gives a classy and beautiful look.This top is versatile, comfortable and universally flattering. It is a stunner and makes an everlasting statement whenever you wear it..Fron and Back side with Smocked pattern is best in fit to your skin and fiited very well and gives gorgeous look. With Western Puff Sleeve Patten fitted with elastic on sleeve which gives nice and gracy looks and best fitt to your arms. With weightless cloth with cotton Aster
    Product Dimensions ‏ : ‎ 45.7 x 83.8 x 1 cm; 150 Grams
    Date First Available ‏ : ‎ 17 December 2022
    Manufacturer ‏ : ‎ TIFFNY CORPORATION tiffnycorporation@gmail.com
    ASIN ‏ : ‎ B0BQFH1Q7V
    Item model number ‏ : ‎ WT-615-MAROON-M
    Country of Origin ‏ : ‎ India
    Department ‏ : ‎ Women
    Manufacturer ‏ : ‎ TIFFNY CORPORATION tiffnycorporation@gmail.com, TIFFNY CORPORATION , Plot no.40/ Yogi Estate Ankleshwar Gidc, India -393002, tiffnycorporation@gmail.com
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    Importer ‏ : ‎ TIFFNY CORPORATION , Plot no.40/ Yogi Estate Ankleshwar Gidc, India -393002, tiffnycorporation@gmail.com
    Item Weight ‏ : ‎ 150 g
    Item Dimensions LxWxH ‏ : ‎ 45.7 x 83.8 x 1 Centimeters
    Generic Name ‏ : ‎ Western Top

    Fit Type: Regular Fit
    FABRIC:MUSLIN COTTON, Fabric : Non-Stretch
    Pattern: Plain
    Sleeve Type : Puff Sleeve, Sleeve Length : Short Sleeve
    Neck Style: Square Neck
    Hem Shaped : Flared, Fit Type : Regular Fit, Sheer : No

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  • Azam Khan has fallen from top to ‘zero’: Jaya Prada

    Azam Khan has fallen from top to ‘zero’: Jaya Prada

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    Rampur: Former Rampur MP and actor Jaya Prada on Tuesday attacked Samajwadi Party leader Azam Khan, saying he has fallen from the top to “zero”.

    She was here to canvass for BJP candidate Masarat Mujeeb for the upcoming elections to the post of chairperson in Rampur municipality. Urban body elections in Uttar Pradesh will be held on May 4 and May 11.

    Asked about the allegations than Khan uses indecent language in his public meetings, Jaya Prada told reporters, “Azam Khan has gone berserk. No one can correct him. He is losing today and still expects to win. Is he a strong leader now? The 100 per cent leader has now come to a zero.”

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    Khan, who faces nearly 90 cases, including of corruption and theft, was disqualified as an MLA in October last year after the Rampur MP-MLA court convicted him in a 2019 hate speech case and sentenced him to three years of imprisonment. He had won from Rampur Sadar for a record 10th time.

    “He does not even have the right to vote. I only appeal to him that he should stop abusing now and set his mind right to reform himself,” the actor said.

    In November last year, Khan’s name was removed from the electoral roll in Rampur by the Rampur electoral registration officer on a complaint by BJP candidate Akash Saxena, who cited various provisions of law to seek the deletion of his name.

    Campaigning for the SP candidate Fatima Jabeen, Azam Khan took a jibe at Jaya Prada without naming her.

    “Heard the ‘mohatarma’ (lady) held a roadshow today. Remember, I have not lost the Parliament nor the assembly. Those running the country very well know I cannot be defeated. Hence, I was removed,” he said.

    “Judgement has been delivered in two cases lodged against me and hundreds of them are still pending. The maximum punishment, which can be given in both the cases, has been given to me and (son) Abdullah. And today, before coming to this meeting, we got a ‘hukumnama’ (order) from the tehsil office that your voting rights have ceased to exist. We were reminded that we do not have voting rights, but the right to seek votes is not yet over,” the SP leader said.

    He also alleged that no development has taken place after the Samajwadi Party lost power in Uttar Pradesh.

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    #Azam #Khan #fallen #top #Jaya #Prada

    ( With inputs from www.siasat.com )

  • ‘Unacceptable’: Top Dem rips Biden plan to send 1,500 more troops to southern border

    ‘Unacceptable’: Top Dem rips Biden plan to send 1,500 more troops to southern border

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    The move comes as Title 42, the public health law that permits the U.S. to deny asylum and migrations claims for public health reasons, is set to expire on May 11. Some senior U.S. officials say the end of Title 42 could entice more people seeking a better life in America to present themselves at the U.S.-Mexico border.

    “The administration has had over two years to plan for the eventual end of this Trump-era policy in a way that does not compromise our values as a country,” Menendez said. “I have offered them a strategic and comprehensive plan, which they have largely ignored. Trying to score political points or intimidate migrants by sending the military to the border caters to the Republican Party’s xenophobic attacks on our asylum system.”

    The service members, mainly coming from Army units, will not have a law enforcement role. They will be armed for self-defense but will be performing monitoring and administrative tasks only, freeing up Border Patrol officials to process migrant claims, officials said.

    The additional troops, which are being sent to fill a request from the Department of Homeland Security, will fill “critical capability gaps,” including detection and monitoring, data entry and warehouse support. They will be there for up to 90 days, after which military reservists or contractors will do the work.

    “U.S. Customs and Border Protection is investing in technology and personnel to reduce its need for DoD support in coming years, and we continue to call on Congress to support us in this task,” the Department of Homeland Security said in a statement.

    Defense Secretary Lloyd Austin approved the official request from DHS, sending soldiers to join 2,500 National Guard troops already activated to assist law enforcement at the border.

    The National Guard troops already at the border are deployed in active-duty status, which means their mission is funded by the federal government and not their respective states, according to the DoD official. They are assisting border agents with detection and monitoring.

    President Joe Biden last week signed an executive order authorizing the administration to call up active-duty forces to address drug trafficking at the southern border, essentially preapproving the mission. DHS then asked the Pentagon for assistance.

    Fox News first reported the development.

    Last week, DHS Secretary Alejandro Mayorkas previewed how his agency would be stretched by the end of Title 42.

    “We have been preparing for this transition for more than a year and a half. Notwithstanding those preparations, we do expect that encounters at our southern border will [be] increasing, as smugglers are seeking to take advantage of this change and already are hard at work spreading disinformation that the border will be open after that,” he told reporters. “High encounters will place a strain on our entire system, including our dedicated and heroic workforce and our communities.”

    Biden admin to set up migrant processing centers in Latin America ahead of end of Title 42

    While the politics of the border crisis have shifted in recent years, Biden could see similar reactions to Menendez’s. Many Democrats fiercely resisted the Trump administration’s deployment of active-duty troops to the U.S.-Mexico border, arguing the move was politically motivated, would harm readiness and service members would be quietly involved in law enforcement. The House Armed Services Committee’s first hearing after Democrats took control in 2019, for instance, was on the Pentagon’s support for DHS at the border.

    But the Senate’s top appropriator on defense, Jon Tester (D-Mont.), said he wouldn’t object to the move as an emergency measure. He added that the news highlights the need to fully fund the Department of Homeland Security.

    “We need a secure border, if that’s what we need to do now, do it,” Tester said. “The real issue here is that we have to empower the Department of Homeland Security, and Customs and Border Protection to do that job.”

    The Senate Armed Services Committee’s ranking member, Sen. Roger Wicker (R-Miss.), said he hadn’t been briefed on the matter.

    He said Biden, who’d previously shown “a lack of concern about the border” might now be “reading the polls.”

    “If they would begin to resume enforcement of the law, it would be the best step possible,” Wicker said. “We are told by agents along the border that their hands are tied and they’re not allowed to enforce the law as they were earlier.”

    The Biden administration’s move continues the trend of presidents using troops to fill in for the personnel-strapped Border Patrol as Congress hasn’t fully funded the agency to do its work.

    In 2006, then-President George W. Bush deployed 6,000 troops to the border in California, Arizona, New Mexico and Texas for Operation Jump Start, which lasted two years. While there, the troops assisted with more than 185,000 apprehensions of undocumented immigrants.

    Four years later, then-President Barack Obama and then-Vice President Biden sent up to 1,200 troops to the border during Operation Phalanx, which stretched for about a year. Soon after, the Obama administration also deployed troops, including a Stryker unit, from Fort Bliss to the border communities in Arizona and New Mexico for two months.

    In 2018, then-President Donald Trump sent some 2,100 National Guardsmen to the southwest, though they mostly stayed miles from the border and largely performed support tasks for the U.S. Border Patrol. Months later, days before midterm elections, he deployed another 5,200 troops to fortify the border, drawing backlash from former military officials and Democrats who accused Trump of abusing the military to rile up his base.

    Matt Berg and Connor O’Brien contributed to this report.

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    #Unacceptable #Top #Dem #rips #Biden #plan #send #troops #southern #border
    ( With inputs from : www.politico.com )

  • Top CEOs received 9% pay rise in 2022, employees took 3% pay cut

    Top CEOs received 9% pay rise in 2022, employees took 3% pay cut

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    New Delhi: Leading CEOs globally, including India, received a real-term 9 per cent pay rise in 2022, while workers worldwide took a 3 per cent pay cut during the same period, a report showed on Monday.

    Around 150 of the top-paid executives in India received $1 million on average last year, a real-term pay rise of 2 per cent since 2021.

    A single Indian executive makes just four hours more than an average worker earns in a year.

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    Employees on average worked six days “for free” last year because their wages lagged behind inflation — while real pay for top executives in India, the UK, the US and South Africa jumped 9 per cent (16 per cent if not adjusted for inflation), reveals new analysis from Oxfam released on the International Workers’ Day.

    One billion workers in 50 countries took an average pay cut of $685 in 2022, a collective loss of $746 billion in real wages, compared to if wages had kept up with inflation.

    According to the report, women and girls are putting in at least 380 billion hours of unpaid care work every month.

    Women workers often have to work reduced-paid hours or drop out of the workforce altogether because of their unpaid care workload. They also continue to face gender-based discrimination, harassment, and less pay for work of equal value as men, the findings showed.

    “While corporate bosses are telling us we need to keep wages down, they’re giving themselves and their shareholders massive payouts. Most people are working longer for less and can’t keep up with the cost of living,” said Amitabh Behar, Oxfam International’s interim Executive Director.

    Years of austerity and attacks on trade unions have widened the gap between the richest and the rest of the people.

    “The only rise workers have seen is that of unpaid care work, with women shouldering the responsibility,” Behar said. “This incredibly hard and valuable work is done for free at home and in the community.”

    Shareholder dividends meanwhile hit a record $1.56 trillion in 2022, a 10 per cent real-term growth compared to 2021.

    “Workers are tired of being treated like sacrificial lambs every time a crisis hits. Neoliberal logic blames inflation on everyone except profiteering corporations,” said Behar.

    Governments should stop relying only on interest rate hikes and austerity that we know hurts ordinary people, particularly those living in poverty.

    Instead, they should introduce top rates of tax of at least 75 per cent on super-rich corporate bosses to discourage sky-high executive pay, and windfall taxes on excessive corporate profits, he mentioned.

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    #Top #CEOs #received #pay #rise #employees #pay #cut

    ( With inputs from www.siasat.com )

  • Top global regulator warns of ‘massive adjustment’ for financial system

    Top global regulator warns of ‘massive adjustment’ for financial system

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    AMSTERDAM — The world’s financial system needs a “massive adjustment” to cope with higher interest rates, and key rules will have to be revisited, according to a top global regulator.

    Klaas Knot, chair of the Financial Stability Board, an international standard-setting body, told POLITICO that rising interest rates fueled problems at several regional U.S. banks and similar losses may show up elsewhere.

    “The speed with which interest rates have changed, that, of course, implies a massive adjustment in the financial system,” the Dutchman said in an interview from his office in Amsterdam. He added it was unclear exactly where those losses would be.

    “In many, many places of the financial system, that adjustment will go well because it has been well-anticipated and has been well-managed. But history teaches us that is not always the case everywhere.”

    The warning of potential trouble ahead echoes fears of other global officials and comes after the failure of Silicon Valley Bank, a $200 billion lender to the tech sector, sparked contagion across U.S. regional banks. The subsequent market panic contributed to bringing down Credit Suisse in Europe, forcing the Swiss government to hastily merge the lender with UBS.

    Any domino effect can have huge impacts for the economy, businesses and households.

    “We’ve seen the impact of rapidly changing interest rates manifest in the second tier of the regional U.S. banks,” Knot said. “But I would be very surprised if that was the only sub-sector of the financial system where you would have a significant impact.”

    Despite the turmoil, Knot said he was more worried about risks stashed at “nonbanks” — a term that encompasses investment funds, insurers, private equity, pension funds and hedge funds — where authorities have less visibility on hidden losses.

    “If they are hidden for a very long period of time, sometimes the problem then grows so big, that it only becomes unhidden or visible when it’s too big to deal with,” he said.

    The FSB boss pointed to financial players that took the wrong side of a bet on interest-rates and may now be nursing losses. “I hope, of course, that this is well-dispersed over the financial sector,” he said. “Where we are worried is specific concentrations of such risk.”

    In particular, he said, those losses could be amplified when there is a mismatch between hard-to-sell assets and easy withdrawals, and borrowed money is used to juice returns.

    That combination has worried authorities for some time — but Knot said this didn’t mean regulators are behind. For instance, the FSB, whose membership includes central bankers, financial regulators and finance ministries, will issue recommendations for open-ended investment funds in July.

    Under the plans, regulators would get more powers to trigger restrictions in a crisis, rather than leaving those decisions in the hands of the fund manager.

    Rewriting the rules

    The financial rulebook will need to be revisited substantially in light of recent events, he said.

    “It’s a mistake to see the regulatory framework as something that is fixed, and something that should not be touched,” he said. “The financial industry is not at all fixed, it is continuously evolving. So, the regulatory framework should evolve with the evolving risks.”

    The Dutchman said this means revisiting assumptions about how quickly banks can sell assets to meet depositor withdrawals, the speed of those withdrawals in a digital era, and the reserves that have to be set aside to cover potential unrealized losses from interest-rate risks — all of which were factors in the U.S. bank collapses.



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    ( With inputs from : www.politico.eu )

  • Japan pledges to have women in third of top boardroom roles by 2030

    Japan pledges to have women in third of top boardroom roles by 2030

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    Japan’s prime minister, Fumio Kishida, has said he wants almost a third of executive positions at the country’s top companies to be occupied by women by the end of the decade.

    In an apparent attempt to address Japan’s poor record on gender equality ahead of the G7 leaders’ summit in Hiroshima next month, Kishida said more boardroom diversity would boost the world’s third-biggest economy.

    “We seek to have the ratio of women among executives at 30% or more by 2030 in companies that are listed on the Tokyo stock exchange’s prime market,” Kishida told officials, including the minister of state for gender equality – who is male – at a meeting this week. His 19-member cabinet includes just two women.

    “Securing diversity through promoting women’s empowerment, and enabling innovation as a result, is crucial to achieving new capitalism and an inclusive society,” Kishida added.

    Japan has drawn criticism for the lack of women in senior positions in the private sector and in public life. Women represented only 11.4% of executives in major listed companies in Japan last year, according to a cabinet office survey, although the figure has been rising in recent years.

    In politics, too, there are signs of progress, with parties attempting to recruit more women to run for office after a 2018 gender equality law required them to “make efforts” to select similar numbers of male and female candidates.

    Although women occupy only about 10% of seats in the lower house of parliament, a record number of female candidates won seats in last summer’s upper house elections. 28% of upper house seats are held by women.

    In another encouraging sign, Shoko Takahashi, a female member of a government panel, this week joined a meeting accompanied by her two-month-old baby. Takahashi, the founder of the personal genome company Genequest, is thought to be the first person to take their newborn to a work gathering at the prime minister’s office.

    And a recent round of local elections saw a record seven women voted in as mayors in smaller cities, while Arfiya Eri, a woman of Uyghur and Uzbek descent, won a byelection for a seat in the lower house as a candidate for the ruling Liberal Democratic party.

    But Japan’s corporate sector still has a long way to go to catch up with comparable economies, and has also struggled to narrow the gender pay gap – Japan ranked 116th out of 146 countries in the World Economic Forum’s 2022 Global Gender Gap report.

    Few observers believe change will come until more women, who form the backbone of the part-time, low-pay economy, are given permanent positions and help balancing work with family commitments.

    Japan, this year’s G7 host, has come under pressure to address its record on gender equality. This month, Norway’s sovereign wealth fund – the world’s biggest – said it would vote against board nominations at Japanese firms in which it invests that do not have any female directors, Nikkei Asia reported – a move that could affect as many as 300 listed companies.

    In a recent interview with Kyodo news, the EU commissioner for jobs and social rights, Nicolas Schmit, said Japan’s gender gap resembled the situation in Europe “20 or 30 years ago”.

    Precedent indicates that Kishida could struggle to reach his goal. In 2003, the then prime minister, Junichiro Koizumi, set a similar quota for female executive representation by 2020, but the number of women in managerial positions by that date fell short of the target.

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    ( With inputs from : www.theguardian.com )