Modi govt to lend $1 billion for Adani Australia coal mine

November 17, 2014

Melbourne, Nov 17: Adani Enterprises (ADEL.NS) won support on Monday from the State Bank of India (SBI) and an Australian state to help it build a $7 billion coal mine, defying a slump in coal prices to 5-1/2 year lows that has stalled rival projects.

The trading and infrastructure conglomerate signed a memorandum of understanding for a loan of up to $1 billion from the SBI for the mine, rail and port project in Queensland, which it aims to build by end-2017.

adani"The MOU with SBI is a significant milestone in the development of our Carmichael mine," Adani Group Chairman and founder, Gautam Adani, who has close ties with Indian Prime Minister Narendra Modi, said in a statement.

Adani was in Brisbane with a business delegation for the G20 summit, which Modi attended over the weekend.

The company also won a commitment from the state government to take short-term, minority stakes in rail and port infrastructure needed to unlock massive coal reserves in the untapped Galilee Basin. Coal from the region must be sent 400 km by rail to Australia's east coast.

Adani aims to reach a final investment decision on the Carmichael project in late 2015.

Australia's federal and Queensland governments are eager to see the mine built following the loss of more than 4,000 coal jobs over the past two years, but analysts and project finance experts believe Adani may have underestimated the challenge of raising funds for the project.

"People have been very sceptical about the financing of this project. As we always said, we'll keep getting this, one by one. The pieces are falling in place," Adani Mining CEO Jeyakumar Janakaraj told Reuters.

Adani, which is also facing a campaign by anti-coal campaigners, is counting on securing A$1.2 billion to A$1.5 billion in funding from South Korea's export credit agencies, as well as a loan from the U.S. Export-Import Bank.

The company's apparent momentum on Carmichael is in stark contrast to rival Indian firm GVK's slow progress on another huge coal mine in the Galilee Basin, the Alpha project, which is co-owned by Australian billionaire Gina Rinehart.

Much bigger coal rivals, like BHP Billiton (BHP.AX) and Glencore (GLEN.L), have shelved coal developments at a time when a third of Australia's coal output is making losses.

Janakaraj dismissed comments by Indian Power and Coal Minister Piyush Goyal that the country may be able to stop importing thermal coal within three years.

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News Network
June 4,2020

London, Jun 4: Meghan, Britain's Duchess of Sussex, has spoken about events following the death of George Floyd saying she was sorry that children had to grow up in a world where racism still existed and that current events in the United States were "devastating".

"I know you know that black lives matter," Meghan said in a video she recorded for students graduating from her old high school in Los Angeles which was aired on Wednesday.

The death of Floyd has become the latest flashpoint for long-simmering rage over police brutality against African Americans and led to nationwide protests, some violent, with curfews imposed in some cities to quell the disorder.

"For the past couple of weeks I've been planning on saying a few words to you for your graduation and as we've all seen over the last week what is happening in our country, and in our state and in our home town of LA is absolutely devastating," said Meghan, whose mother is African American and father is white.

"First thing I want to say to you is that I'm sorry, I'm so sorry that you have to grow up in a world where this is still present," she said in her message to the girls at the Immaculate Heart High School.

The duchess, a former US actress and wife of Queen Elizabeth's grandson Prince Harry, said she wanted to say "the right thing" and was nervous her words would be "picked apart".

"The only wrong thing to say is to say nothing. Because George Floyd's life mattered, and Breonna Taylor's life mattered, and Philando Castile's life mattered and Tamir Rice's life mattered and so did so many other people whose names we know, and whose names we do not know," she said.

Britain's royal family by tradition does not comment on political issues. However, Meghan and Harry stepped down from their official royal roles at the end of March and are now living in Los Angeles with their baby son Archie.

In her message, the 38-year-old reflected on her own memories of the 1992 LA riots.

"Those memories don't go away and I can't imagine that at 17 or 18 years old, which is how old you are now, that you would have to have a different version of that same type of experience," she said.

"That's something you should have an understanding of, but an understanding of as a history lesson not as your reality. So I'm sorry that in a way we have not gotten the world to the place you deserve it to be."

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News Network
May 24,2020

Beijing, May 24: The Chinese virology institute in the city where COVID-19 first emerged has three live strains of bat coronavirus on-site, but none match the new contagion wreaking chaos across the world, its director has said.

Scientists think COVID-19 -- which first emerged in Wuhan and has killed some 340,000 people worldwide -- originated in bats and could have been transmitted to people via another mammal.

But the director of the Wuhan Institute of Virology told state broadcaster CGTN that claims made by US President Donald Trump and others that the virus could have leaked from the facility were "pure fabrication".

"Now we have three strains of live viruses... But their highest similarity to SARS-CoV-2 only reaches 79.8 percent," she said, referring to the coronavirus strain that causes COVID-19.

US demands immediate start to WHO review

The United States called on the World Health Organisation on Friday to begin working immediately on investigating the source of the novel coronavirus, as well as its handling of the response to the pandemic.

One of their research teams, led by Professor Shi Zhengli, has been researching bat coronaviruses since 2004 and focused on the "source tracing of SARS", the strain behind another virus outbreak nearly two decades ago.

"We know that the whole genome of SARS-CoV-2 is only 80 percent similar to that of SARS. It's an obvious difference," she said.

"So, in Professor Shi's past research, they didn't pay attention to such viruses which are less similar to the SARS virus."

Conspiracy rumours that the biosafety lab was involved in the outbreak swirled online for months before Trump and US Secretary of State Mike Pompeo brought the theory into the mainstream by claiming that there is evidence the pathogen came from the institute.

The lab has said it received samples of the then-unknown virus on December 30, determined the viral genome sequence on January 2 and submitted information on the pathogen to the WHO on January 11.

Wang said in the interview that before it received samples in December, their team had never "encountered, researched or kept the virus."

"In fact, like everyone else, we didn't even know the virus existed," she said. "How could it have leaked from our lab when we never had it?"

The World Health Organization said Washington had offered no evidence to support the "speculative" claims.

In an interview with Scientific American, Shi said the SARS-CoV-2 genome sequence did not match any of the bat coronaviruses her laboratory had previously collected and studied.

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News Network
May 8,2020

Washington, May 8: Four top Republican senators have urged US President Donald Trump to suspend all-new guest worker visas for 60 days and some of its categories, including the H-1B visa, for at least the next year or until unemployment figures return to normal levels in the country.

The unemployment figures in the US have reached an all-time high due to the coronavirus pandemic. The letter has been signed by Senators Ted Cruz, Tom Cotton, Chuck Grassley and Josh Hawley.

"As you know, more than 33 million Americans have filed for unemployment coverage just since mid-March, and approximately one-fifth of the American workforce is currently out of work. This is a stunning difference compared with the historically-low nationwide unemployment rate of just 3.5 per cent in February this year," they said in their letter to the president on Thursday.

The letter, dated May 7, specifically calls for suspension of all non-immigrant guest worker visas for the next 60 days, followed by a continued suspension of certain categories of new non-immigrant guest worker visas for a year or until the national unemployment figures return to normal levels.

"To protect unemployed Americans in the early stages of economic recovery, we urge you to suspend all non-immigrant guest worker visas for the next 60 days," the senators said.

Exceptions to this suspension should be rare, limited to time-sensitive industries such as agriculture and issued only on a case-by-case basis, when the employers can demonstrate that they have been unable to find Americans to take the jobs, the senators wrote.

After 60 days, the senators urged Trump to continue to suspend new non-immigrant guest workers for a year or until the national unemployment figures return to normal levels, whichever comes first.

"That suspension should, at a minimum, include H-2B visas (non-agricultural seasonal workers), H-1B visas (specialty occupation workers) and the Optional Practical Training (OPT) program (extension of foreign student visas after graduation). We also urge you to suspend the EB-5 immigrant visa program, effective immediately," the lawmakers wrote.

The H-1B work visa for foreign technology professionals is highly popular among Indians and a large number of Indians also opt for the EB-5 investors visa.

The senators argued that there is no reason why unemployed Americans and recent college graduates should have to compete in such a limited job market against an influx of additional H-1B workers, most of whom work in business, technology or STEM fields.

"Temporarily suspending the issuance of new H-1B visas would also protect the hundreds of thousands of H-1B workers and their families already working in the United States -- workers who could otherwise be subject to deportation if they are laid off for more than 60 days," they said.

"Of course, appropriate exceptions could also be crafted to the H-1B program suspension to allow for doctors, nurses and other healthcare professionals who wish to come to the United States to assist in combating the coronavirus pandemic," the senators wrote.

Additionally, the United States ought to suspend its Optional Practical Training (OPT) programme, which allows foreign students in the country to extend their stay after graduation for one to three years to get "experience in the field" by taking jobs here, they wrote.

In 2019, more than 223,000 former foreign students had their OPT applications approved or extended. While the merits of such a programme are subject to debate, there is certainly no reason to allow foreign students to stay for three additional years just to take jobs that would otherwise go to unemployed Americans as the country's economy recovers, the lawmakers said.

The senators also urged Trump to remove the EB-5 visa from the exemptions in his Presidential Proclamation issued on April 22, at least until real reforms are adopted.

The EB-5 programme has long been plagued by scandal and fraud, and criticised as effectively functioning as a pay-for-citizenship scheme in many cases. There is no reason that the programme should receive preferential treatment as opposed to other green card programmes for employment-based immigrants, the lawmakers said.

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