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

[email protected] (Agencies)
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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Agencies
May 8,2020

United Nations, May 8: UN Secretary-General Antonio Guterres said Friday the coronavirus pandemic keeps unleashing a tsunami of hate and xenophobia, scapegoating and scare-mongering. 

The UN chief said anti-foreigner sentiment has surged online and in the streets, anti-Semitic conspiracy theories have spread, and COVID-19-related anti-Muslim attacks have occurred. 

Guterres said migrants and refugees have been vilified as a source of the virus -- and then denied access to medical treatment. 

With older persons among the most vulnerable, contemptible memes have emerged suggesting they are also the most expendable, he said. 

And journalists, whistleblowers, health professionals, aid workers and human rights defenders are being targeted simply for doing their jobs. 

Guterres appealed for an all-out effort to end hate speech globally. The secretary-general called on political leaders to show solidarity with all people, on educational institutions to focus on digital literacy at a time when extremists are seeking to prey on captive and potentially despairing audiences. 

He called on the media, especially social media, to remove racist, misogynist and other harmful content, on civil society to strengthen their outreach to vulnerable people, and on religious figures to serve as models of mutual respect. 

And I ask everyone, everywhere, to stand up against hate, treat each other with dignity and take every opportunity to spread kindness, Guterres said.

The secretary-general stressed that COVID-19 does not care who we are, where we live, what we believe or about any other distinction. His global appeal to address and counter COVID-19-related hate speech follows his April 23 message calling the coronarivus pandemic a human crisis that is fast becoming a human rights crisis. 

Guterres said then that the pandemic has seen disproportionate effects on certain communities, the rise of hate speech, the targeting of vulnerable groups, and the risks of heavy-handed security responses undermining the health response. 

With rising ethno-nationalism, populism, authoritarianism and a push back against human rights in some countries, the crisis can provide a pretext to adopt repressive measures for purposes unrelated to the pandemic, he warned.

In February, Guterres issued a call to action to countries, businesses and people to help renew and revive human rights across the globe, laying out a seven-point plan amid concerns about climate change, conflict and repression.

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News Network
July 1,2020

Tehran, Jul 1 As many as 19 people have been killed in an explosion and fire at a medical facility in Tehran.

A total of 19 people, including 15 men and 4 women, were killed in the explosion, the emergency services confirmed, RT reported citing KhabarOnline website.

According to a regional official, a gas leak caused the incident. Sputnik quoted a deputy head of Tehran police as saying to YJC news outlet that oxygen tanks exploded in the semi-basement of the clinic.

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Agencies
August 4,2020

Washington, Aug 4: US President Donald Trump gave popular Chinese-owned video app TikTok six weeks to sell its US operations to an American company, saying Monday it would be "out of business" otherwise, and that the government wanted a financial benefit from the deal.

"It's got to be an American company... it's got to be owned here," Trump said. "We don't want to have any problem with security."

Trump said that Microsoft was in talks to buy TikTok, which has as many as one billion worldwide users who make quirky 60-second videos with its smartphone app.

But US officials say the app constitutes a national security risk because it could share millions of Americans' personal data with Chinese intelligence.

Trump gave the company's Chinese parent ByteDance until mid-September to strike a deal.

"I set a date of around September 15, at which point it's going to be out of business in the United States," he said.

Whatever the price is, he said, "the United States should get a very large percentage of that price because we're making it possible."

Trump compared the demand for a piece of the pie to a landlord demanding under-the-table "key money" from a new tenant, a practice widely illegal including in New York, where the billionaire president built his real estate empire.

"TikTok is a big success, but a big portion of it is in the country," he said. "I think it's very fair."

But Trump also threw a surprise new condition in any deal, saying the sale of TikTok's US business would have to result in a significant payout to the US Treasury for initiating it.

"A very substantial portion of that price is going to have to come into the Treasury of the United States, because we're making it possible for this deal to happen," Trump told reporters.

"They don't have any rights unless we give it to them," he said.

Sell or shut down

The pressure for a sale of TikTok's US and international business, based in Los Angeles, left the company and ByteDance facing tough decisions.

Trump has made TikTok the latest front in the ongoing political and trade battles between Washington and Beijing.

The app has been under formal investigation on US national security grounds because it collects large amounts of personal data on all its users and is legally bound to share that with authorities in Beijing if they demand it.

Both its huge user base and its algorithm for collecting data make it hugely valuable.

But being forced by the US government to sell at least its US business or be shut down -- and to then split the sale price with the US Treasury as Trump is demanding -- was an almost unheard-of tactic.

Shutting down could force users to switch to competitors, and many content creators are already encouraging followers to follow them on other social media platforms.

"The most obvious beneficiaries are Snapchat, Facebook and Twitter, with Snapchat likely being the biggest beneficiary," said investment analysts at Lightshed Partners.

Earlier Monday, ByteDance founder Zhang Yiming acknowledged the hefty pressure and said in a letter to staff, reported by Chinese media, that they were working around-the-clock "for the best outcome."

"We have always been committed to ensuring user data security, as well as the platform neutrality and transparency," Zhang said.

However, he said, the company faces "mounting complexities across the geopolitical landscape and significant external pressure."

He said the company must confront the challenge from the United States, though "without giving up exploring any possibilities."

According to Britain's The Sun newspaper Monday, as a possible consequence of the pressure, ByteDance is planning to relocate TikTok's global operations to Britain.

Pushing back

China's foreign ministry pushed back Monday, calling Washington hypocritical for demanding TikTok be sold.

"The US is using an abused concept of national security and, without providing any evidence, is making presumptions of guilt and issuing threats to relevant companies," said spokesman Wang Wenbin.

"This goes against the principle of market economy and exposes the hypocrisy and typical double standards of the US in upholding so-called fairness and freedom," he added.

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