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Showing posts from December 27, 2020

China-Pakistan relations: security fence at Gwadar port creates new tensions

Balochistan home minister reverses plan to erect a fence around Chinese-operated facility after protests from local people Port forms part of the US$62 billion China-Pakistan Economic Corridor Topic | Belt and Road Initiative Keegan Elmer Published:  10:00pm, 2 Jan, 2021 China and Pakistan will deepen cooperation on the China-Pakistan Economic Corridor (CPEC), in particular Gwadar port and a railway upgrade project, China’s Foreign Minister Wang Yi told his Pakistani counterpart, Makhdoom Shah Mahmood Qureshi, on Thursday.   Wang said it carried significance to call his “iron brother” friend – a term used to describe the strong relationship between the two countries – on New Year’s Eve to reaffirm their friendship and Beijing’s commitment to the CPEC.   The call came after protests at  Gwadar port  this week turned a spotlight on the problems facing the two countries with regards to infrastructure development.   On Tuesday, Ziaullah Langove, the home minister of Balochistan, the southw

Crony Capitalism: Meaning and Examples

Crony Capitalism: Meaning and Examples Jul 22, 2020, Hemant Singh Modified Date: Jul 22, 2020 11:29     There is a proverb that there is no ‘Tantra’ (system) without the ‘Artha’(Money). The world has many systems like capitalism, communism, socialism, and a mixed economy. There are four factors of production in all these systems namely; land, labour, capital, and the entrepreneur. The fourth factor of production (FOP) I.E the entrepreneur is responsible for many industrial revolutions in the world. But worth mentioning, the success of the entrepreneur depends on the political support of the government of the concerned country. As soon as we are having more economic and technical development, the income disparity is increasing day by day. This disparity is increasing due to a strong nexus between the politicians and the entrepreneurs. This nexus is called crony capitalism. What is the meaning of Crony Capitalism? Crony capitalism means a capitalist society in which the success of the bu

Akhilesh Bhargava : Fraud, Cronies and Anil Ambani

Must Watch : ( Watch till end) According to the report by the Business Insider, problems for fallen billionaire Anil Ambani do not seem to be ending soon as in the middle of Reliance Communications’ bankruptcy resolution process, three Indian banks are classifying the company’s accounts and the accounts of its units as fraudulent. Anil Ambani, who had told a UK court that his “net worth was zero” and he was bankrupt, now finds himself under the scanner of the State Bank of India (SBI), Union Bank of India (UBI) and the Indian Overseas Bank (IOB), who are not willing to buy his story. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take.

Book Excerpt: The Unravelling of Anil Ambani's Empire

Business An excerpt from Dev Chatterjee and Sudha Pai Chatterjee's book 'The Meltdown: India Inc's Biggest Implosions'. Dec 04, 2020 | Dev Chatterjee and Sudha Pai Chatterjee         Anil Ambani. Photo: PTI/Files On 2 June 2017, Anil Ambani, the younger son of Reliance Group founder, Dhirubhai Ambani, walked into his group’s headquarters in Mumbai to address a news conference. Ambani, a marathoner and fitness freak who is usually cheerful and talks impromptu with reporters, was visibly tense and not his usual self. Ambani had some bad news to deliver. For the first time, an Ambani group company would not be able to repay bank loans and had sought significant debt restructuring from the banks. The Indian lenders had decided to let go of interest and principal payments from the wireless telephony venture R.Comm Ltd for 18 months so the company could sell its assets and repay its debt. We are undertaking two transactions to sell our assets, which would be the largest ever