Sisi narrowly misses 100 % vote in Egypt’s controversial prez poll

Al Jazeera
April 3, 2018

In a result that comes as no shock to Egyptians and the rest of the world, Abdel Fattah el-Sisi has won the presidential elections with 97 percent of the votes, final results showed, securing another four-year term.

The elections were criticised as a one-man show with no credible opposition, as at least six other candidates pulled out, were prosecuted, or jailed.

Announcing the final results on Monday, Egypt's election commission said there had been a 41.5 percent turnout, lower than the 47 percent in the 2014 election.

The only other opponent who ran against el-Sisi was little-known Mousa Mostafa Mousa, who entered the race hours before the deadline and whose party had previously endorsed el-Sisi.

Preliminary results released on Thursday showed that Mousa had received just three percent of the vote, and according to The Economist, came in third place after more than one million people spoiled their ballot papers.

Some had crossed out the names of the two candidates and added the name of popular Liverpool and Egyptian national football player, Mohamed Salah, reportedly giving him twice as many votes as Mousa.

Yet the results were revised the next day to suggest that there were no spoiled ballots.

"The elections were a joke and a complete fabrication," Sarah Yerkes, a fellow at the Washington-based Carnegie Endowment for International Peace, told Al Jazeera. "They are not really a meaningful marker for the country."

'Further pain in store for Egyptians'

El-Sisi's first term in office, which he won after the military removed then-President Mohamed Morsi from power, was characterised by promises he failed to deliver on, such as eradicating "terrorism" and improving the country's economy.

Gulf countries, most notably Saudi Arabia and the United Arab Emirates, pumped billions of dollars of investments into Egypt when el-Sisi first took office, but that was paralleled by "unprecedented levels" of suppression, James Gelvin, professor of Modern Middle East History at the University of California, Los Angeles, told Al Jazeera.

"The quick infusion of cash did nothing to alleviate the Egyptian economic crisis in the long term, which is the result of poor economic planning, cronyism, and demographic explosion," he said.

The economic crisis in Egypt will be el-Sisi's priority during his second term in office, at the cost of plunging the population into further misery, Galvin said.

The professor cited a number of factors that currently afflict the economy, saying they will likely worsen, such as high unemployment rates, the curtailment of food and fuel, unprecedented income inequality, and plutocratic rule.

"In a world in which neoliberal economic policies are the sole prescription for national economies in crisis, there is only further pain in store for Egyptians," he said.

"When [former presidents] Sadat and Mubarak attempted to impose neoliberal polices, popular revolt – called IMF riots - ensued," he said.

"Under these circumstances, Sisi will undoubtedly continue the harsh repression, probably citing the threat of terrorism as the reason."

Loyalist base

The 63-year-old former commander-in-chief of the armed forces maintains a loyal base of supporters, who view him favourably as a force for stability rather than democracy.

"No one believes he is a democrat," Sarah Yerkes said. "Rather, many Egyptians are happy to sacrifice democracy if it means greater economic performance, stability, and security.

"The problem with that argument," she added, "is that Egypt's economy and security situation have both deteriorated under Sisi's authoritarian rule - not improved."

According to Gelvin, Sisi relies on continued support from the "deep state" - which includes the military, the bureaucracy and the judiciary - and its supporters.

Furthermore, the president's influence is not just contingent upon domestic support but depends on regional and international support that hinges on maintaining the status quo in the region - most notably from Saudi Arabia and the United States.

"Sisi will stay in power so long as the deep state wields the influence it does, and he continues to cow the remainder of the population," Gelvin said.

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News Network
March 7,2020

Mar 7: Two Malayalam news channels, Asianet News and Media One, which were banned by the information and broadcasting ministry for their coverage of the recent violence in Delhi on Friday evening, were allowed to resume telecasting on Saturday morning.

While Asianet News appeared to have begun operations around 7am on Saturday, Media One was screening content by 9.30am.

The ministry of information and broadcasting had imposed a 48-hour ban on Asianet News and Media One for their coverage of the Delhi violence for 48 hours from 7.30pm on Friday. Both Asianet News and Media One were barred under Rule 6(1 c) and Rule 6(1e) of the Cable Television Networks Act, 1994.

The ministry of information and broadcasting alleged Asianet News and Media One were "biased" and critical of the RSS and Delhi Police.

The ban on Asianet News and Media One triggered a torrent of criticism of the move. Congress MP Shashi Tharoor asked how "Malayalam channels inflame communal passions in Delhi?" and alleged some English news channels were continuing "their brazen distortions" with impunity.

In a statement issued on Friday after the ban, Media One termed the move "unfortunate and condemnable" and called it a "blatant attack against free and fair reporting". Media One called it "an order to stop free and fair journalism".

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News Network
March 16,2020

Mar 16: An investigation into Coffee Day Enterprises Ltd., initiated by its board after the death of founder V.G. Siddhartha, is likely to conclude that at least Rs 2,000 crore is missing from its accounts, according to people familiar with the matter.

The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest coffee chain and its dealings with dozens of private companies owned by the entrepreneur. The draft report, running more than a hundred pages, points to thousands of rupees that have gone missing, said the people, asking not to be named because the details aren’t public. It also details hundreds of transactions between the founder’s listed and personal businesses that were not conducted at arm’s length, they said.

Though the report is in its final stages, the precise details could change before its release, expected as early as this week, the people said. The missing funds could total more than Rs 2500 crore, one person said.

“The investigation report is still a work in progress, and not finalized,” a spokesman for the company said. “The board of directors and the company are unaware of its content at this point of time. Hence it would be premature to speculate on the investigation findings.”

The priority for management and Siddhartha’s family “is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group,” the spokesman added.

The disappearance of the 59-year-old founder last year stunned India’s business community. He had last been seen telling his driver he was going for an evening walk along a bridge in southern India; his body was found by local fishermen two days later. A letter delivered to Coffee Day’s board and employees, which appeared to be signed by Siddhartha, described massive debts and complained of pressure from lenders and tax authorities. It claimed he bore sole responsibility for the company’s financial transactions.

The probe began about a month later when the company brought in Ashok Kumar Malhotra, a retired senior official from India’s federal enforcement agency, to investigate. A senior lawyer practicing in India’s top court is assisting, the company said in a regulatory filing at the time.

The publicly traded Coffee Day was supposed to be India’s answer to Starbucks Corp. More than 1,500 of its Café Coffee Day outlets blanketed cities and highways, with affordable options for the country’s aspiring middle classes. The chain’s tagline: “A lot can happen over coffee.”

But the empire has been battered since the founder’s death. Its shares plummeted about 90% and its market value dropped to about $80 million. Trading was suspended in February.

India’s regulators are tracking the situation and may use the company’s final report as part of a deeper dive into its internal affairs, the people said. Coffee Day showed about Rs 2400 crore in cash and cash equivalents on its balance sheet as of March 2019, the most recent figures the company has issued.

After the death of Siddhartha however, the company faced a severe liquidity crunch and had “zero cash in the bank,” according to one of the people. It struggled with day-to-day expenses and paying salaries has been a strain, the person said.

The draft report details personal guarantees by Siddhartha for loans taken by Coffee Day, and his unsecured loans at high interest rates from local money lenders, the people said. It also probes Coffee Day’s defaults to coffee growers and other vendors, they said.

A related issue is that coffee estates owned by Siddhartha and several employees had been used as collateral for bank loans. The report found that valuations for properties were inflated to get the loans, one person said.

Investigators have examined several theories about what happened to the company’s money, including whether Coffee Day was manipulating its finances to show cash and profit and whether Siddhartha was taking cash out of the listed company to pay off a large investor to whom he had guaranteed a return, the person said. From the filings of his listed and private companies, the entrepreneur’s loans had totaled more than Rs 10,000 crore, and he had been squeezed by borrowing to repay interest on earlier loans, the person said.

In the letter purportedly from Siddhartha, the entrepreneur said he had tried his best but failed as an entrepreneur. “I am solely responsible for all mistakes,” the letter read. “Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.”

As the report nears release, Coffee Day is finalizing a deal with Blackstone Group Inc. for real estate assets. A large tranche of the payment is due in about a week, one person said.

Coffee Day said it is working to reduce its debt load by divesting non-core enterprises.

“The aim is to save employment and preserve this iconic Indian brand,” the spokesman said.

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News Network
February 4,2020

Kuala Lumpur, Feb 4: Malaysia said on Tuesday that India's move to cut back on palm oil purchases is "temporary" and will be resolved amicably between the two nations.

Last month, India restricted imports of refined palm oil and asked importers to avoid purchases from Malaysia after its criticism of actions in Kashmir and a new citizenship law.

"Having long-standing bilateral ties, the two nations will overcome the current challenges, and prevail towards mutual and beneficial outcomes," the Malaysian Palm Oil Council said in a statement, citing Primary Industries Minister Teresa Kok.

Malaysia's push to implement B20 biodiesel starting this month will also help sustain high crude palm oil prices, the statement read.

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