Putin storms to victory, to rule Russia as President six more years

Agencies
March 19, 2018

Moscow, Mar 19: Vladimir Putin cruised to victory in Russia's presidential election on Sunday, giving him at least another six years in power as Moscow's relations with the West become increasingly strained.

Putin, who has ruled Russia for almost two decades, recorded his best ever election performance with more than 76 percent of the vote, but the opposition cried foul.

Monitors reported ballot stuffing and other cases of alleged fraud as the Kremlin pushed for a high turnout to give greater legitimacy to Putin's historic fourth term.

The Russian strongman ran against seven other candidates, but his most vocal critic Alexei Navalny was barred from the ballot for legal reasons and the final outcome was never in doubt.

"I see in this (result) the confidence and hope of our people," Putin said in an address to a crowd of supporters on a square next to the Kremlin after exit polls put him on track for a resounding victory.

"Our thoughts will turn to the future of our great country and the future of our children," said the man who is already Russia's longest-serving leader since Stalin.

About 107 million Russians were eligible to cast ballots and in its latest update on participation, three hours before polls closed in Moscow, the central election commission said turnout was at 60 percent.

Authorities used both the carrot and the stick to boost engagement in the polls.

Selfie competitions, giveaways, food festivals and children's entertainers were laid on at polling stations in a bid to create a festive atmosphere around the election.

But employees of state and private companies reported coming under pressure to vote, while students were threatened with problems in their exams or even expulsion if they did not take part, according to the independent Novaya Gazeta newspaper.

According to central election commission data with 90 percent of ballots counted, Putin took 76.4 percent of the vote, well ahead of his nearest competitor Communist Party candidate Pavel Grudinin who was on 12 percent.

Ultra-nationalist firebrand Vladimir Zhirinovsky took around 6 percent, former reality TV presenter Ksenia Sobchak was on 1.5 percent and other candidates were on less than a single percentage point each.

The election was held as Russia faces increasing isolation on the world stage over a spy poisoning in Britain and a fresh round of US sanctions just as it gears up for the football World Cup in the summer.

Navalny -- who called on his supporters to boycott the "fake" vote and sent more than 33,000 observers across the country to see how official turnout figures differed from those of monitors -- said there had been "unprecedented violations".

His lawyer Ivan Zhdanov said the actual national turnout at 1700 GMT, when polls closed in Moscow, was 55 percent, according to data collected by monitors.

Navalny's opposition movement and the non-governmental election monitor Golos reported ballot stuffing, repeat voting and Putin supporters being bussed into polling stations en masse.

One election commission worker in the Republic of Dagestan, which traditionally registers extremely high official turnout figures, told AFP around 50 men entered the station where he was working and physically assaulted an observer before stuffing a ballot box.

But the electoral commission dismissed most concerns, saying monitors sometimes misinterpret what they see.

Runner-up Grudinin said the elections had been "dishonest" in comments carried by news agencies following early results.

Among the first world leaders to congratulate Putin was Chinese President Xi Jinping, who has just been handed a second term himself and has gained a path to indefinite rule after presidential term limits were lifted last week.

"China is willing to work with Russia to keep promoting China-Russia relations to a higher level, provide the driving force for respective national development in both countries, and promote regional and global peace and tranquillity," Xi said in his message.

Since first being elected president in 2000, Putin has stamped his total authority on the world's biggest country, muzzling opposition, putting television under state control and reasserting Moscow's standing abroad.

The 65-year-old former KGB officer used an otherwise lacklustre presidential campaign to emphasise Russia's role as a major world power, boasting of its "invincible" new nuclear weapons in a pre-election speech.

Most people who spoke to AFP on Sunday said they voted for Putin, praising him for restoring stability and national pride after the humiliating collapse of the Soviet Union.

"Of course I'm for Putin, he's a leader," said Olga Matyunina, a 65-year-old retired economist.

"After he brought Crimea back, he became a hero to me."

Sunday marked four years since Putin signed a treaty declaring Crimea to be part of Russia in a move that triggered a pro-Kremlin insurgency in east Ukraine, a conflict that has claimed more than 10,000 lives.

Ahead of the vote, a new crisis broke out with the West as Britain implicated Putin in the poisoning of former double agent Sergei Skripal with a Soviet-designed nerve agent.

In response, London expelled 23 Russian diplomats, prompting a tit-for-tat move by Moscow. Also this week, Washington hit Russia with sanctions for trying to influence the 2016 US election.

After his victory, Putin dismissed claims Russia was behind the poisoning in Britain as "drivel, rubbish, nonsense" but said Moscow was ready to cooperate with London in the probe.

Putin's previous Kremlin term was marked by a crackdown on the opposition after huge protests, the Ukraine conflict, military intervention in Syria and the introduction of Western sanctions that contributed to a fall in living standards.

The president has said he will use his fourth term to address a litany of domestic problems including widespread poverty and poor healthcare.

Election officials flew to far-flung regions to collect votes from indigenous herders, while cosmonaut Anton Shkaplerov -- the only Russian currently aboard the International Space Station -- cast his ballot by proxy.

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News Network
July 1,2020

Jul 1: Hong Kong police moved swiftly on Wednesday against protesters gearing up for the first rally since the introduction of sweeping security legislation, making their first arrest under it and warning of punishment for pro-independence material.

Beijing on Tuesday unveiled the details of the much-anticipated law after weeks of uncertainty, pushing China's freest city and one of the world's most glittering financial hubs onto a more authoritarian path.

As hundreds of protesters gathered downtown for an annual rally marking the 23rd anniversary of the former British colony's handover to China, riot police used pepper spray to arrest at least two people, while one metro station closed.

Police, who earlier banned the rally, cited the law for the first time in confronting protesters and they also made their first arrest under it - a man holding a flag advocating independence.

"You are displaying flags or banners/chanting slogans/or conducting yourselves with an intent such as secession or subversion, which may constitute offences under the ... national security law," police said in a message displayed on a purple banner.

The law will punish crimes of secession, subversion, terrorism and collusion with foreign forces with up to life in prison, heralding a more authoritarian era for the Asian financial hub.

China's parliament adopted it in response to months of pro-democracy protests last year triggered by fears that Beijing was stifling the city's freedoms, guaranteed by a "one country, two systems" formula agreed when it returned to Chinese rule.

Authorities in Beijing and Hong Kong have repeatedly said the legislation is aimed at a few "troublemakers" and will not affect rights and freedoms, nor investor interests.

But critics fear it will crush the freedoms that are seen as key to Hong Kong's success as a financial centre.

"With the release of the full detail of the law, it should be clear to those in any doubt that this is not the Hong Kong they grew up in," said Hasnain Malik, head of equity research, Tellimer in Dubai.

"The difference is that U.S. and China relations are far worse and this could be used as a pretext to impede the role of Hong Kong as a finance hub."

In Beijing, Zhang Xiaoming, executive deputy director of Beijing's Hong Kong and Macau Affairs Office, told reporters suspects arrested by Beijing's new security office in Hong Kong could be tried on the mainland.

He said the mainland's national security office abided by Chinese law and that Hong Kong's legal system could not be expected to implement the laws of the mainland. Article 55 of the law states that Beijing's national security office in Hong Kong could exercise jurisdiction over "complex" or "serious" cases.

Mainland security agencies will also be based in Hong Kong officially for the first time, with powers that go beyond city laws.

"The law is a birthday gift to (Hong Kong) and will show its precious value in the future," Zhang said, adding the law would not be applied retroactively.

On July 1 last year, hundreds of protesters stormed and vandalised the city's legislature to protest against a now-scrapped bill that would have allowed extraditions to mainland China.

Those protests evolved into calls for greater democracy, paralysing parts of the city and paving the way for Beijing's imposition of the law this week.

'INEVITABLE'

Speaking at a flag-raising ceremony to mark the handover anniversary, the city's Beijing-backed leader, Carrie Lam, said the law was the most important development since the city's return to Chinese rule.

"It is also an inevitable and prompt decision to restore stability," Lam said at the same harbour-front venue where 23 years ago the last colonial governor, Chris Patten, a staunch critic of the security law, tearfully handed back Hong Kong to Chinese rule.

Some pro-Beijing officials and political commentators say the law is aimed at sealing Hong Kong's "second return" to the motherland after the first failed to bring residents to heel.

Luo Huining, the head of Beijing's top representative office in Hong Kong, said at the ceremony the law was a "common aspiration" of Hong Kong citizens.

Critics denounced the lack of transparency surrounding the details of the legislation until it was unveiled. It came into force at 11 p.m. (1500 GMT) on Tuesday.

Some pro-democracy activists gave up membership of their groups just before the law came into force, though calling for the campaign for democracy to go on offshore.

"I saw this morning there are celebrations for Hong Kong's handover, but to me it is a funeral, a funeral for 'one country two systems'," said democracy lawmaker Kwok Ka-ki.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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News Network
June 15,2020

New Delhi, Jun 15: On Monday, petrol and diesel prices across the country were raised for the ninth consecutive day by 48 paise and 59 paise, respectively.

Petrol price per litre was raised to Rs 76.26 in New Delhi, Rs 83.17 in Mumbai, Rs 79.96 in Chennai, Rs 79.17 in Hyderabad, Rs 78.73 in Bengaluru and Rs 78.10 in Kolkata.

Diesel price per litre was hiked to Rs 74.62 in New Delhi, Rs 73.21 in Mumbai, Rs 72.69 in Chennai, Rs 72.93 in Hyderabad, Rs 70.95 in Bengaluru and Rs 70.33 in Kolkata.

Since 7 June, after ending their 82-day hiatus in daily revision, state-owned oil marketing companies have increased petrol price by Rs 5 per litre and diesel by Rs 5.23 per litre.

These prices are close to levels last seen in October-November 2018 when international oil prices had spiked close to $80 per barrel. In October 2018, petrol price in Mumbai had crossed Rs 90-mark and in Delhi, it was around Rs 83 per litre.

Comparatively, on Monday, Brent crude, the international benchmark for crude oil prices, fell 2.3 percent to $37.84 a barrel over concerns of subdued demand for fuel as new coronavirus infections were reported in China and the US.

The present spike in fuel prices in India could be attributed to the fact that central and state governments, along with oil marketing companies are looking to make up for their loss in revenues due to the lockdown.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13. Several state governments have also hiked their VAT or cess on fuel in the last month. In fact, now around 70 percent of the retail price of fuel is just some form of tax.

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