zoom Overall contracting of new vessels plunged in the three-month period from July to September to a mere 88 units, according to data provided by Clarkson Research.When compared to the same period in 2015, the orders dropped by some 81 percent from 481 vessel orders.Due to an oversupply in the shipping market, accompanied by low freight rates, the owners were not eager to invest in newbuildings during the third quarter.In September, the shipbuilders received a total of 18 new orders, a 91 percent drop from the 220 ship orders placed in the same month a year earlier.During August the owners ordered 45 new ships, down from 101 reported in the same month in 2015, while July numbers reached 25 new orders, compared to 160 placed a year before.Clarksons earlier said that the shrinking orderbook has led the number of active yards, ones which have at least one vessel (1,000+ GT) on order, to decline since the financial crisis in 2009.The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of September 2016.As of start September 2016 there were 402 active yards, down 57% on the 2009 peak, Clarkson Research said.Alongside this drop in the number of active yards, newbuild output has fallen and this year is projected to stand 34% below its 2010 peak in CGT terms.World Maritime News Staff
zoom Danish shipping giant Maersk Line and the US ports of Los Angeles and Long Beach have partnered to measure the environmental benefits of a USD 125 million upgrade for 12 Maersk container ships.The project, entitled “The Connected Vessel Programme”, will include the installation of high-tech equipment to track vessel emissions and energy efficiency over the next three years.The equipment is expected to enable more transparency and ultimately reduce the environmental impact of vessels calling at the San Pedro Bay port complex, Maersk Line said.Under their joint Technology Advancement Program (TAP), the two ports are contributing a combined USD 1 million to real-time tracking systems aimed at pinpointing vessel emissions while ships are at sea and at berth.The project will continuously record how much fuel each engine uses in conjunction with speed, engine power, weather and other operational variables through use of mass flow meters and an interface to the Integrated Control System (ICS) on-board to capture key performance data, Maersk Line said.Information will be uploaded to Maersk Line servers via satellite, and each ship will be able to communicate in real-time with Maersk Line’s Global Vessel Performance Centre (GVPC) to increase operational efficiency.“This is the equivalent of strapping a Fitbit onto a large container ship. We’ll be tracking vessel performance and emissions 24/7. This advances our ability to reduce greenhouse gasses and other pollutants on a global scale,” Lee Kindberg, Director of Environment and Sustainability for Maersk Line, said.The project builds on the USD 125 million Maersk Line has invested in its “radical retrofit” program to reduce fuel consumption and increase the capacity of the vessels that regularly call at the San Pedro Bay ports.Under its “radical retrofit” program, Maersk Line upgraded vessels that already plug into shore power at the San Pedro Bay ports. The additional improvements include redesigning the bulbous bow of each vessel, replacing existing propellers with more efficient models, and “derating” the main engines to make them more efficient at lower speeds.The retrofit program also involved raising the bridge to increase each ship’s capacity from about 9,500 TEUs to about 11,000 TEUs. This allows Maersk Line to carry more containers per vessel while decreasing their environmental impact per container moved.According to Maersk Line, the energy efficiency makeover is expected to decrease each ship’s fuel consumption by more than 10 percent, saving an estimated 10,000 metric tons of fuel on an annual basis. This would reduce greenhouse gas (GHG) emissions by an estimated 31,000 tons of carbon dioxide (CO2) per year and lead to similar reductions of diesel particulate matter (DPM), nitrogen oxides (NOx) and sulfur oxides (SOx).Maersk Line said that the retrofits and TAP demonstration project with the two ports will help the company reach its goal of a 60 percent reduction of CO2 and other pollutants by 2020.
zoom Japan’s Mitsubishi Heavy Industries (MHI) is considering to restructure its shipbuilding activities and enter local partnerships due to a low demand for new ships, Bloomberg reports. The decision about the restructuring is likely to be announced in July, Bloomberg cited Eiji Matsubara, MHI’s spokesperson, as saying.In October 2016, MHI revealed plans to cut production of large passenger ships amid financial losses accrued from the construction of Aida Cruises two ships, AIDAprima and AIDAperla.What is more, MHI’s move is said to be triggered also by a plunge of 80 percent in new shipbuilding orders recorded last year as ship owners refrained from ordering amid tonnage oversupply.MHI also unveiled plans in late-August 2016 to launch discussions toward forming new alliances with three compatriot shipbuilders – Imabari Shipbuilding, Oshima Shipbuilding and Namura Shipbuilding.With this move, MHI said it would integrate strengths in shipbuilding technology and engineering with the three partners’ manufacturing capabilities and cost competitiveness, boosting ship development capabilities, enhancing negotiation response, and enabling further cost reductions.World Maritime News Staff
UK-based containership charter owner Global Ship Lease saw its net income rise to USD 7.3 million for the second quarter 2017 from USD 5.6 million reported in the same period a year earlier.During the quarter, the company’s revenue stood at USD 40.2 million, slightly down from USD 41.3 million seen in the second quarter of 2016, while its operating income increased to USD 18.5 million from USD 17.9 million.“During the second quarter of 2017, we remained focused on generating strong cashflows from stable, fixed-rate contracts with industry-leading counterparties. The value and consistency of this core strategy was once again evident in our financial results for the quarter,” Ian Webber, Chief Executive Officer of Global Ship Lease, said.For the six months ended June 30, 2017, Global Ship Lease reported a net income of USD 14.1 million, up from USD 11 million reached in the first six months of 2016. The company’s revenue for the period dropped to USD 79.9 million from USD 83.9 million, while its operating income was at USD 36.9 million, representing a slight increase from USD 36.3 million reported in the first half of 2016.Webber informed that the company expects “continued firming in the charter market over time, driven by discipline in the placement of new orders, an orderbook heavily skewed towards the largest vessels, elevated scrapping consisting almost entirely of the mid-sized and smaller vessel classes where we focus, and better than expected demand growth.”“We remain encouraged by the upward movement of the spot charter market throughout 2017 and believe that this should benefit those of our vessels due to become open later this year and early next,” Webber added.
zoom Kalmar and Yara have entered into an agreement in which Kalmar will deliver fully autonomous equipment, software and services for a fully digitalized container handling solution at Yara’s Porsgrunn facility in Norway.This means that all the necessary operations related to the world’s first autonomous and electric container vessel Yara Birkeland will be conducted in a fully autonomous and cost-efficient manner, with zero emissions, as explained by the two companies.The delivery is scheduled to be completed during the second quarter of 2020.“With this agreement, Yara Birkeland is not just the world’s first electric and autonomous container vessel; it is the world’s first fully digitalised and electric supply chain, with all operations, including loading, unloading and sailing conducted in a fully autonomous manner with zero emissions,” Tove Andersen, EVP Production, Yara, commented.Norwegian fertilizer producer Yara last year announced a partnership with technology company Kongsberg to build the world’s first fully autonomous, battery operated container vessel.Yara Birkeland is expected to reduce emissions and improve road safety by removing up to 40,000 truck journeys annually in a densely populated area of Norway. The vessel will transport fertilizer from Yara’s Porsgrunn plant via inland waterways to the deep-sea ports of Larvik and Brevik, a journey of 31 nautical miles.Kalmar, part of Cargotec, will provide the autonomous loading and unloading solution for Yara Birkeland, as well as transportation between the fertilizer production facilities and the quay. The solution will be implemented in phases, with the level of automation gradually increased over time. The end result will be a fully autonomous, mixed-traffic and zero-emission solution in an industrial environment, according to the duo.Kalmar will also support Yara’s operations with a full-scale service contract. Furthermore, Kalmar personnel will provide operational, automation and software support for the whole solution.“We are very excited to work with Yara on this unique groundbreaking project. The project involves several firsts for us, including the first fully automated RMG for vessel loading, unloading and container storage management. Furthermore, the Kalmar FastCharge AutoStrads will drive along the public roads in the Porsgrunn industrial park, which is also used by normal road traffic. We are working closely with local authorities and other parties to ensure the safety of passengers and vehicles at all times,” Tero Kokko, Senior Vice President, Automation and Projects, Kalmar, said.Image Courtesy: Yara/Kalmar
Malaysian MISC Berhad (MISC) informed that the recently signed deal between AET Tanker Holdings and Brazilian petroleum corporation Petrobras has a value of USD 645 million.Under the long-term charter contract agreed between the parties, AET will own and operate four specialist DP2 Suezmax shuttle tankers from Petrobras.The units, to be hired under a firm charter period of 10 years, will be used for operations in international and Brazilian waters, MISC added.The four 152,000 dwt DP2 shuttle tankers will be built by South Korean shipbuilder Samsung Heavy Industries.The company is paying KRW 392.3 billion (USD 365.6 million) for the units, which are scheduled for delivery in 2020, the shipbuilder said in a stock exchange filing.Compliant to IMO NOx Tier 3 requirement, the new vessels will be in addition to the two AET DP2 ships currently on charter in the Brazilian Basin for Petrobras.
Nova Scotia’s energy team is targeting expanded exploration,development and investment opportunities at one of the world’sbiggest oil and gas shows. Energy Minister Cecil Clarke isleading a delegation of 37 companies and organizations to the2004 Offshore Technology Conference being held in Houston, Texas,from Monday, May 3 to Thursday, May 6. “Bringing these companies to Houston is a crucial part ofpromoting our offshore potential,” said Mr. Clarke. “There’s nosubstitute for face-to-face meetings, sitting down withprospective investors and partners to build relationships thatwill lead to future business success. The Department of Energy isproud to work with the Offshore/Onshore Technologies Associationof Nova Scotia (OTANS) to bring this impressive delegation ofNova Scotia companies to Houston.” The minister will meet with senior officials from several energycompanies and will make presentations on behalf of the NovaScotia government. The four-day conference includes a trade show,technical presentations, news conferences and industry meetings.This year, the Nova Scotia team will offer technicalpresentations on geological prospects, business capacity andskills and training at Café Nova Scotia, a networking andoperating centre located at the Nova Scotia booth. The companies and organizations heading to Houston represent NovaScotia’s growing oil and gas industry and have expertise inengineering, fabrication, supply and services, training andbusiness development. The Atlantic Canada Opportunities Agency,Nova Scotia Business Inc., the Greater Halifax Partnership jointhe companies in Nova Scotia’s delegation. Irving ShipbuildingInc., will also have a booth at the conference. “OTANS members are doing business in Nova Scotia’s offshore andaround the globe,” said OTANS chair, Tim Brownlow. “Thisconference is a great opportunity for us to meet potentialcustomers from all over the world at one time. That’s what makesthis show such a valuable investment.” Founded in 1969, the Offshore Technology Conference is theworld’s foremost event for the development of offshore resourcesin the fields of drilling, exploration, production andenvironmental protection. With more than 2,500 exhibitingcompanies and 50,000 delegates, the Offshore TechnologyConference ranks among the 10 largest trade shows in terms ofattendance.
More women than ever will sit in the next session of Nova Scotia’s legislature. The nine women elected on Tuesday, June 13, make up 17 per cent of the members of the Legislative Assembly, and the Advisory Council on the Status of Women is celebrating the achievement. “I’m excited about this accomplishment for our province,” said Sonja Power, chair of the Advisory Council on the Status of Women. “We still need more women in the House of Assembly, but we’re starting to see improvement.” Women contribute to public decision-making in many ways, including being elected to public office. They volunteer for provincial agencies, boards, and commissions and for municipal boards and committees; they voice their opinions in public consultations; they support candidates in elections; and they become informed about issues and vote. Ms. Power says women’s participation in public decision-making is vital for two reasons. First, without women, half the talent pool is being missed. Second, when women are not adequately represented at the table, their perspectives and concerns can be lost. The United Nations estimates that at least 30 per cent of a decision-making body must be women in order for women’s concerns to be adequately represented. “We’re fortunate that so many women offered to run in this election,” said Ms. Power. “Standing for political office is hard work, and it’s not a sure thing.” She also thanked the Nova Scotians who supported women candidates: all the political parties, many riding associations, and countless individuals who worked behind the scenes during the election. The Advisory Council on the Status of Women has held two non-partisan campaign schools for women and will hold workshops in two more communities this year. It also works with the Union of Nova Scotia Municipalities, the YWCA, and Service Nova Scotia and Municipal Relations on a project to encourage more women to take part in municipal government. More information is available on the council’s website at www.gov.ns.ca/staw .
Friday, Jan. 11, is the deadline for written submissions on Nova Scotia’s renewed energy strategy and climate change action plan. The province is renewing its energy strategy to meet targets established under the Environmental Goals and Sustainable Prosperity Act, passed in the spring of 2007. The act commits Nova Scotia to have one of the cleanest and most sustainable environments in the world by 2020. “The province has set a deadline of 2020 for cutting greenhouse-gas emissions 10 per cent below 1990 levels,” said Energy Minister Richard Hurlburt. “We’re committed to achieving that goal while maintaining a strong and growing economy.” The province is seeking the public’s views on a renewed energy strategy and climate change action plan. Two documents — Consultation Paper: Nova Scotia’s Renewed Energy Strategy and A Background Paper to Guide Nova Scotia’s Climate Change Action Plan — were created to help inform public discussion. The first deals with broad energy policy and the second with climate change, especially action to reduce greenhouse-gas emissions. The documents are online in English and French at www.gov.ns.ca/energy/energystrategy . Submissions can be mailed to Energy Strategy, P.O. Box 2664, Halifax, N.S., B3J 3P7, or e-mailed to firstname.lastname@example.org . Last month, the Department of Energy concluded a dozen public consultation workshops on energy strategy at locations around the province. Information from workshops and written submissions will be used to create the energy strategy and the climate change action plan, scheduled for release in the spring.
People in Cape Breton Regional Municipality can look forward to better roads and infrastructure in and around Harbourside Commercial Park thanks to $3 million from the province. Work is underway to add tree-lined sidewalks and other pedestrian walkways that will improve the links between the park and downtown Sydney, and promote healthy, active living. “Harbourside Park is becoming an integral part of Cape Breton Regional Municipality,” said Justice Minister Cecil Clarke on behalf of Murray Scott, Minister of Transportation and Infrastructure Renewal. “Infrastructure investments like this help spur economic activity within the municipality and give residents opportunities to be more active.” The work will expand the road system at the former Sydney Steel site from Spar Road to the former dock at the north end of the site. It will also re-open a walkway through the site from the Railroad Street area in Whitney Pier to Inglis Street. In addition, portions of Inglis Street will be repaved and sidewalks will be extended to the park. The street serves as one of the main entrances to the park. Cape Breton Regional Municipality will also repave roads that it owns, including a section of Inglis Street as far as Prince Street, as well as Terminal Road. The upgrade will provide a quality connection between Harbourside Park and downtown Sydney. The project will be cost-shared between the municipality and Nova Scotia Lands Inc., a provincial Crown corporation. The province’s investment represents its ongoing commitment to revitalize the former Sydney Steel site and is part of a multi-phased improvement plan including the new sports field announced in June.
The Department of Environment office at 71 East Victoria St., Amherst is closed today, Aug. 28, because of air quality issues from a nearby structure fire. It is hoped the office will re-open Wednesday, Aug. 29. People can visit the nearest office in Truro, 36 Inglis Place, second floor. The department regrets any inconvenience this may cause. -30-
Nova Scotians will be able to watch the province’s new Executive Council being sworn in live by webcast. The private ceremony, will be held at the King’s Theatre, Annapolis Royal, at 11 a.m., Tuesday, Oct. 22. Premier-Designate Stephen McNeil and his cabinet will be sworn in by Lt.-Gov. J.J. Grant. The event can be viewed online at http://gov.ns.ca/stayinformed/webcast/ . The swearing-in will be followed by a public reception at the Port Royal Legion, Victoria Street, Annapolis Royal, at noon and an invitation-only reception at Province House, 1726 Hollis St., Halifax at 4 p.m. -30-
Kevin Grant was a long-time 4-H member and public servant who supported the Nova Scotia program. His legacy lives on through a fund that provides an endowment to the Nova Scotia 4-H Foundation to help with rural youth development. The foundation developed the tour in his honour. Ten 4-H members will network with other 4-H members and visit several farms and businesses in the Annapolis Valley during the sixth annual Kevin Grant Rural Youth Leadership Tour from March 10-12. Each year the provincial program is held during March Break in a different area in Nova Scotia. “4-H is known for giving young people excellent programs that cultivate leadership skills,” said Agriculture Minister Keith Colwell. “This program helps young Nova Scotians plan for future careers and appreciate the diverse, resource-based businesses in our communities.” The three-day tour will allow the 4-H members to meet community leaders during business, agriculture and industry tours. The visit will give them a broader perspective on career opportunities and help them make confident decisions about where they will choose to live and work. The members, age 14 to 17, are selected through applications and interviews. This year’s participants are: Callie Mac Donald, Grand Mira, Cape Breton Co. Nicole Martin, Canning, Kings Co. Katie Stokes, Berwick, Kings Co. Maria Penman, Pine Grove, Colchester Co. Teresa Verstraten, Amherst, Cumberland Co. Shanay Bent, Bloomfield, Digby Co. Ian Oliver, Annapolis Royal, Annapolis Co. Seth Freeman, Italy Cross, Lunenburg Co. Benn Himmelman, Shelburne, Shelburne Co. Emma Dwyer, Pictou, Pictou Co.
the fund applies to eligible costs such as labour, goods or services purchased from a Nova Scotia–based supplier when an application is approved, NSBI issues a commitment letter which can be used for bank financing. When the applicant enters the official incentive agreement, the agreement can also be used for the financing process once a production is approved for a funding commitment, the funds are placed in reserve when the production is complete the applicant submits a final claim to NSBI for processing and disbursement all applications and claims are processed and approved by NSBI Quick facts: Nova Scotia Business Inc. (NSBI) has announced two newly approved productions through the Nova Scotia Film and Television Production Incentive Fund today, Oct. 10. TV series, Curse of Oak Island Season 5, produced by Tell Tale International Inc., has been approved for a funding commitment of $1,926,689 based on eligible Nova Scotia expenditure of $6,531,148. TV series, Let’s Get Physical, produced by Let’s Get N.S. Productions Inc., approved for a funding commitment of $1,267,591 based on eligible Nova Scotia expenditure of $5,070,366. More details about productions approved for incentives through the Nova Scotia Film and Television Production Incentive Fund are available on the NSBI website at www.nsbi.ca/filmfunding. To learn more about the application process, eligible costs and guidelines, go to Nova Scotia Film and Television Production Incentive Fund at www.nsbi.ca. -30-
Business and community leaders from across the province will gather in Yarmouth today, Oct. 23, to celebrate entrepreneurship and innovation in Nova Scotia’s businesses. About 200 Nova Scotians will attend Innovation Fête at Nova Scotia Community College’s (NSCC) Burridge campus. Yarmouth entrepreneur Scott Dauphinee will share his entrepreneurial story at the event. Mr. Dauphinee and his partners have developed a recyclable lobster trap, an innovation that has the potential to save fishers considerable time and money and significantly reduce waste. They are also choosing to build their business at Ignite Labs, a new business hub located on NSCC’s Burridge campus. Since opening this summer, Ignite Labs has become a popular spot for entrepreneurs and innovators in southwest Nova Scotia. Seven resident companies are already working out of the new hub, with other partners like Digital Nova Scotia and Mash-up Labs offering evening and weekend training sessions to the broader community. Ignite Labs also connects with NSCC’s educational programs and local business associations, creating more bridges between the post-secondary system, startup companies and more established businesses in southwest Nova Scotia. “The flurry of activity happening in this region is really exciting,” said Doug Jones, entrepreneur and executive director of Ignite Labs. “Government, post-secondary institutions, business associations and our startup community are coming together to drive innovation and its working.” “Nova Scotia has great economic potential and we need to keep working together to grow our economy, increase the number of high-growth companies and create jobs,” said Zach Churchill, Minister of Education and Early Childhood Development on behalf of Business Minister Geoff MacLellan. “By working together, we can build a stronger economic foundation for people to live, work and do business here, for the benefit all Nova Scotians.” In June, government announced a new series of partnerships with the Nova Scotia Community College, Cape Breton University, Cape Breton Partnership, Halifax Partnership and Dalhousie University to drive innovation, increase the number of high-growth companies and build stronger networks of support for entrepreneurs across the province. Government also continues to create the conditions for more businesses to start and grow by removing barriers to economic growth, including recently passing legislation that will make the cost of incorporating a new company in Nova Scotia the lowest in the country as of Jan. 1.
Rae Bareli: Congress workers from Uttar Pradesh are now demanding that the party should project Priyanka Gandhi Vadra as the partys chief ministerial candidate for the 2022 Uttar Pradesh Assembly polls. While party leaders, who held day-long deliberations with the Congress General Secretary in-charge of eastern part of the state, said that the party’s revival was sure if Gandhi was projected as Chief Minister in 2022. Talking to reporters after the thanksgiving dinner hosted by UPA chairperson Sonia Gandhi in Rae Bareli on Wednesday night, former Varanasi MP Rajesh Misra said: “We are requesting Priyanka Gandhi to strengthen the party for the upcoming bypolls and state elections. We have also conveyed to her that she should become the chief ministerial face to challenge the Bhartiya Janata Party (BJP).” Also Read – IAF receives its first Rafale fighter jet from France “Most of us believe that the main reason behind Congress’s drubbing is weak organisation in most constituencies. The same was also conveyed in the meeting. We have decided to work harder and strengthen our party at the booth level across Uttar Pradesh. “If Priyanka Gandhi starts a door to door campaign then we will definitely form the next government in the state,” he added. Congress candidate from Fatehpur constituency and former MP, Rakesh Sachan, said: “Party workers want Priyanka Gandhi to lead Congress in the Assembly polls. We have lost the elections because the BJP was able to successfully polarise the elections.” Also Read – Cosmology trio win Nobel Physics Prize Former BJP MP Savitri Bai Phule who had lost on a Congress ticket from Bahraich, meanwhile, said: “We have lost the polls because the Lok Sabha elections did not happen through ballot paper system. “The BJP has muzzled the democracy and irregularities in EVM were witnessed everywhere. I will request the leadership to start a nationwide movement demanding future polls be held through ballot paper.” Meanwhile, Sonia Gandhi’s dinner at the Bhuemau guest house was attended by local leaders and booth level workers. She thanked them for contributing to her victory for the fourth consecutive term from Rae Bareli. Priyanka, meanwhile, urged Congress leaders to be prepared for the struggle ahead and said: “Apna maan bana lijiye…kaam karna hai, dil se karna hai toh sangharsh karna padega..(make up your mind, we have to work.. work with your heart and take up the struggle).” She also said she will return to review the poll performance and would sit with individual leaders to take detailed feedback. She also pulled up party workers in Rae Bareli and cautioned them: “Yeh chunav Sonia Gandhi ne aur janta ne jitaya hai. Sachai yeh hai keh aap sab mein se jis ne dil se kaam kiya hai uski jaankari aap ko hai aur kisne nahi kiya hai uski jaankari main karungi (The truth is that this election has been won by Sonia Gandi and the people of Rae Bareli. Those who have worked for the party know this in their hearts and I will find out all those who have not).”
Washington: The scale of India’s market has allowed Google to develop new products in the country and take it to the global level, the internet giant’s Indian-American CEO Sundar Pichai has said. Addressing the India Ideas Summit of US India Business Council (USIBC), Pichai also said that India and the US can lead on standardisation of privacy frameworks for better safeguards against privacy to ensure free flow of digital trade. Observing that Google has been in India now for “a very very long time”, Pichai said that the number of Indian manufacturers who would make devices ‘Made in India’. Also Read – 180 celebs condemn FIR against 49 who wrote to PM on lynchings The Indian government, he said, has done a great job of making technology, one of the pillars by which, they will improve governance and as well as socioeconomic conditions there. “So we’ve been proud to be part of it,” 46-year-old Pichai said at the summit after he received the Global Leadership Awards. Nasdaq president and CEO Adena Friedman was also honourd with an award. “And we deeply care about making phones cheaper every year so that more people can afford it and access it. In 2004, there were maybe two local Indian manufacturers who would make devices made in India. Now that number is up to well over 200 or so,” he said. Also Read – No Modi charisma in Haryana polls: Selja “Our products have played a foundational role. But increasingly it’s also happening in reverse. The scale of the Indian market, allows us to now develop maybe products there and actually take it out globally as well. So it’s been an interesting trend for the last three to four years or so,” Pichai said. “Our payments product India was moving towards digital payments, so we thought it was the best market to push the future of payments. We tried it there and it’s worked very well. And now that team is taking that payments product and bringing it out of India to the global market,” he said. “So increasingly we see India not just as, as an opportunity, but you know, building in India and serving the rest of the world as well. And so it’s exciting time,” he said. Last year, Google announced three goals that will drive its services in India. The three goals are — “Making internet work for more Indians; Making Google’s products relevant to Indians; and Taking the best of India to the rest of the world”. The goals are part of Google’s plan to target every Indian. Seeking better safeguards against privacy to ensure free flow of digital trade, Pichai said that India and the US can lead on standardisation of privacy frameworks. If standardisation was done across the world, it could significantly enhance digital trade, he said. “The free flow of information is essential to digital trade and we all can see the benefits of it. But to ensure that we can actually do it we need better safeguards around user privacy,” Pichai said in response to a question. Noting that rightfully so, users are increasingly concerned about it, he said that it is an important moment to create standardised frameworks both for users to have choice, control and transparency and for companies to be accountable as well with a clear set of a clear set of rules. “I think it’s an area where, both in US and India we have reasonably aligned notions around a free and open internet; both countries have safeguarded principles of free expression. And so there’s enough shared values here, I think, we can lead in privacy frameworks,” he said. “And to the extent you can standardise this globally will be a huge factor which drives digital trade. And so hence this is very, very critical to it,” Pichai said responding to a question from Nisha Desai Biswal, president of the USIBC. Last month, Pichai had a written an op-ed in The New York Times, in which he stated that privacy should not be a luxury. “Now, as you know, in India and in the United States, there are efforts at trying to draft new privacy legislation. Share some of your thoughts with us on how the US-India and other global systems can try to create an appropriate balance. And are there ways that we can have a consensus and a convergent way of approaching this?” Biswal asked.
Bhubaneswar: A Guwahati-bound flight from Hyderabad made an emergency landing at the Biju Patnaik International Airport here on Sunday after a passenger allegedly indulged in unruly behaviour on board. The IndiGo flight from Hyderabad to Guwahati landed here after it was diverted under emergency protocol. The 20-year-old passenger was deplaned and handed over to the airport police, officials at the airport said. The passengers on board were scared after the man created a ruckus and even tried to open a door of the aircraft, a police officer said, adding, the man had violated safety norms despite repeated warnings. The man was taken to the Capital Hospital here after he was deplaned, the police officer said. The flight took off for Guwahati after offloading the passenger, an official at the airport said.
Mumbai: A day after Reserve Bank governor Shaktikanta Das said he expects faster transmission of the three successive repo rate cuts, State Bank lowered its lending rates by 5 basis points across all tenors. The new rates, effective Wednesday, is the third reduction by SBI in this financial year havng cut the rates by 5 bps each in April and May, while its home loan rates has come down by 20 bps during this period. The one-year marginal cost of funds-based lending rate (MCLR) or minimum lending rate, to which all loans are linked, has been cut to 8.40 percent from 8.45 percent, the nation’s largest lender said in a statement Tuesday. Also Read – Maruti cuts production for 8th straight month in SepFrom July 1, the bank had also introduced repo-linked home loan products. Talking to reporters after the customary post-budget meeting with the finance minister on Monday, Das had said after delivering three back-to-back rate cuts to the tune of 75 bps, RBI expects a quicker transmission by banks. After the 25 bps repo rate cut in the June policy, Bank of Maharashtra, Corporation Bank, Oriental Bank and IDBI Bank had reduced their MCLR by 5-10 bps.
New Delhi: A few days before India conducted nuclear tests on May 11, 1998, the then prime minister Atal Bihari Vajpayee asked his finance minister Yaswant Sinha to remain prepared to deal with backlash from the world powers, especially in the economic field. Sinha was summoned to Vajpayee’s residence one morning in early May 1998. When he reached there, he was taken to the prime minister’s bedroom. I guessed immediately that what he was about to tell me was not only important but also highly confidential, Sinha recalls, adding Vajpayee then broke a piece of stunning news that left him feeling both proud and shaken. Also Read – How a psychopath killer hid behind the mask of a devout laity! I have decided to go for nuclear tests in the next few days. It is a highly secret operation because the world powers are not going to like it. They may take punitive action against us, especially in the economic field. So, we must be prepared to meet any challenge the move would throw up on the economic front. I thought I should warn you in advance, so that you are not taken by surprise when it happens, Vajpayee told Sinha. It took Sinha some time to absorb the full import of what Vajpayee had told him so calmly. Also Read – Encounter under way in Pulwama, militant killed Sinha recollects this incident in his autobiography Relentless , which is scheduled to be launched on Monday. As expected, all hell broke loose after the world realised what India had done. Almost every major country in the world condemned India for the tests and imposed various forms of sanctions, he writes. The Vajpayee government was determined to meet the challenge of sanctions head on. There was no question of succumbing to them or surrendering. When the sanctions started hurting the imposing countries themselves, more than India, and after our compulsion was explained to the sanctioning nations, they started withdrawing them one by one, the book, published by Bloomsbury, says. Sinha also mentions how Vajpayee reacted when Bush Administration, in the wake of the American invasion of Iraq in March 2003, was very keen that India send a large contingent of troops to Iraq and was putting tremendous pressure to do so. Some respected columnists in the media were also clamouring for it. There were some in the government as well, mainly L K Advani and Jaswant Singh, who also thought that we should accept the US request as it would dramatically upgrade our bilateral relationship, he says. However, Vajpayee kept his own counsel and refused to be pressured. Sonia Gandhi had written a letter to Vajpayee opposing any such move, and he promptly called her for a meeting. She came, accompanied by Pranab Mukherjee, Manmohan Singh and Natwar Singh, and Vajpayee listened to them with great interest. He also consulted the BJP’s NDA partners on this issue, besides having a discussion in a meeting of the Union Cabinet, Sinha writes. Thus, the US request was not acceded to, based precisely on such a consensus, he says. Sinha chronicles his journey from modest beginnings to the highest corridors of power. He also mentions about his early days, his stints as an IAS officer in various capacities and his role in state and national politics. From JP and Chandra Shekhar to VP Singh, Vajpayee and Narendra Modi, the book gives an insight into the rise and fall of leaders and ideologies that have charted a unique course for the country’s democracy amid fierce personal and political strife.