2018: New Zealand, Australia kick off global New Year parties

Agencies
December 31, 2017

Australia rang in the New Year with a spectacular display of rainbow-coloured fireworks cascading from Sydney Harbour Bridge, as revellers marked the nation’s legalisation of gay marriage amid tight security.

About 1.5 million people packed the city’s foreshore to watch the pyrotechnics light up the sky above the historic bridge and the iconic opera house, the first major celebrations worldwide after New Zealand.

“This is a fabulous way to see out 2017 — the year that four out of five Sydneysiders said a resounding ‘Yes’ to marriage equality,” said Sydney Lord Mayor Clover Moore of the nationwide postal vote in support of change.

Thousands turned out earlier in New Zealand’s largest city Auckland for the annual New Year’s Eve street party, marked by a major fireworks display from the Sky Tower.

Around the world

Celebrations will move to Asia, the Middle East, Africa, Europe and finally the Americas, with dazzling light shows bidding farewell to 2017.

Hong Kong: “Shooting stars” will be fired from the rooftops of skyscrapers in a 10-minute musical fireworks display.

Jakarta: Some 500 couples will wed in a mass ceremony sponsored by the government, and festivals and bazaars will be held on main roads and at tourist sites.

Dubai: The city is replacing its main midnight fireworks with a laser show on the world’s tallest tower, the 828-metre Burj Khalifa.

Moscow: Major boulevards and squares will be decked out to welcome the new year, with fireworks to light up 36 key sites.

Berlin: Special tents will be set up at the Brandenburg Gate to care for women victims of sexual harassment or those who feel threatened, following mass assaults by migrant groups on women in Cologne two years ago. In Cologne itself, 1,400 police will be mobilised, street lighting will be improved and more video cameras installed.

Paris: Hundreds of thousands are expected to line the Champs-Elysees for a light show and fireworks at the Arc de Triomphe. Nearly 140,000 police, gendarmes and soldiers will be deployed nationwide to guard against the jihadist threat. But with no major attack in France since mid-2016 the atmosphere was noticeably more festive than in the past two years.

Rio: Millions will gather on Copacabana beach to watch the fireworks, with many wearing white, the traditional colour to usher in the new year.

Toughest security in years

Stricter security has been a key focus amid fears that crowds could be targets for vehicle and other terror attacks.

In Australia, the stronger police presence included some officers carrying semi-automatic rifles in Sydney and bollards used as barriers against vehicles.

Earlier in December one man was killed and more than a dozen hurt when a man ploughed a car into a crowd of pedestrians in Melbourne.

“You’re going to see more police than ever out, it will be our largest contingent... (given) the current security environment,” said Victoria State police acting chief commissioner Shane Patton.

Other cities are also on alert following deadly vehicle assaults over the past two years in Barcelona, Nice and London.

New York’s Times Square celebrations are set to go ahead despite the Arctic chill gripping much of the central and northeastern United States and Canada.

But revellers there will be guarded by the strongest security presence in years, after two recent attacks apparently inspired by the Islamic State group.

Looking ahead to 2018

Islamic State’s defeat in Iraq and Syria was one of the key stories of 2017, although the jihadists remain a threat and numerous attacks around the world were claimed by them or al-Qaeda-linked groups.

Donald Trump stole the news spotlight after making his debut as U.S. President in January 2017, with “America first” policies and a bombastic personal style that has shaken up international diplomacy.

The former reality television star is likely to continue dominating headlines in 2018, with escalating tensions over North Korea among a host of global challenges.

Other political and diplomatic earthquakes set to rumble into 2018 include the crisis in the Middle East between Saudi Arabia and its allies against Qatar, and the humanitarian disaster in Yemen.

In Europe, further talks on Brexit will help shape the region’s future trade relationship while Russia is set to host the football World Cup amid frictions with the West.

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News Network
June 15,2020

Dubai, Jun 15: The global tally of Covid-19 coronavirus infections crossed the 8 million mark on Monday, with recoveries at 4.13 million, and deaths at nearly 436,000.

As of 11.40am UAE time, there were 3.43 active Covid-19 cases globally, of which 54,460 were serious or critical.

The United States still leads the charts with 2.16 million cases and 117,858 deaths. Behind US, at a distant No 2, is Brazil with 867,882 cases and 43,389 deaths.

Russia, India, the UK, Spain, Italy, Peru, Germany and Iran complete the top 10.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
March 2,2020

Paris, Mar 2: A global agency says the spreading new virus could make the world economy shrink this quarter, for the first time since the international financial crisis more than a decade ago.

The Organization for Economic Cooperation and Development says Monday in a special report on the impact of the virus that the world economy is still expected to grow overall this year and rebound next year.

But it lowered its forecasts for global growth in 2020 by half a percentage point, to 2.4 per cent, and said the figure could go as low as 1.5 per cent if the virus lasts long and spreads widely.

The last time world GDP shrank on a quarter-on-quarter basis was at the end of 2008, during the depths of the financial crisis. On a full-year basis, it last shrank in 2009.

The OECD said China's reduced production is hitting Asia particularly hard but also companies around the world that depend on its goods.

It urged governments to act fast to prevent contagion and restore consumer confidence.

The Paris-based OECD, which advises developed economies on policy, said the impact of this virus is much higher than past outbreaks because "the global economy has become substantially more interconnected, and China plays a far greater role in global output, trade, tourism and commodity markets."

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