Event Planer http://eventplaner.net/ Fri, 30 Sep 2022 23:59:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://eventplaner.net/wp-content/uploads/2021/03/cropped-favicon-32x32.jpg Event Planer http://eventplaner.net/ 32 32 Global stock markets fall 5.2% in third quarter of 2022 – The Island https://eventplaner.net/global-stock-markets-fall-5-2-in-third-quarter-of-2022-the-island/ Fri, 30 Sep 2022 23:59:31 +0000 https://eventplaner.net/global-stock-markets-fall-5-2-in-third-quarter-of-2022-the-island/

By Hiran H. Senewiratne

The MSCI World Stock Market Index reports that during the third quarter of this year ending in September, European, Asian and American asset markets, namely commodity and equity markets, fell noticeably . The index further reveals that global stock markets fell 5.2% in the third quarter of this year, stock analysts said.

The MSCI World Index is a comprehensive global equity index that represents the performance of large and mid cap stocks across all 23 developed markets. It covers approximately 85 percent of each country’s float-adjusted market capitalization. Excluding equity markets, gold prices showed an 8.3 percent decline. The US dollar rate appreciated in the third quarter of this year, according to market analysts.

Yesterday, the CSE was flat due to month-end, weekend and quarter-end CSE profit taking. Both CSE indices fell. The All-Share Price Index fell 20.4 points and S and P SL20 fell 6.8 points. The turnover stood at Rs 2.5 billion with eight crossings.

These crosses were reported in Commercial Bank, where 1.1 million shares crossed at Rs 10.2 million, its shares traded at Rs 55, LOLC Finance 11.9 million shares crossed for Rs 100 million and its shares traded at Rs 8.40, JKH 600,000 shares crossed. at Rs 82.8 million, its shares fetched Rs 138, Hunas Falls 900,000 shares crossed at Rs 36 million, its shares traded at Rs 40, Lanka IOC 120,000 shares crossed at Rs 34.6 million, its shares traded at Rs 288, Agstar PLC 1.8 million shares crossed at Rs 39.7 million and its shares recovered at Rs 16.50, CIC Holdings (without voting rights) 400,000 shares crossed at of Rs 28 million, its shares were sold at Rs 70 and CIC (voting) 250,000 shares crossed at Rs 21.2 million shares; its shares reached Rs 85.

In the retail market, the top seven companies which mainly contributed to the turnover were Lanka IOC Rs 225 million (785,000 shares traded), Expolanka Holdings Rs 173 million (800,000 shares traded), CIC Holdings (vote) Rs 153 million (1.7 million shares traded). ), CIC Holdings (non-voting) Rs 118 million (1.7 million shares traded), LOLC Finance Rs 82.3 million (9.3 million shares traded), Lanka Wall Tiles Rs 72.4 million (862,000 shares exchanged) and ACL Cables Rs 66.8 million (582,000 shares exchanged). During the day, 99.4 million volumes of shares changed hands in 25,000 transactions.

Aberdeen Holdings, a Sri Lanka-based diversified conglomerate, sold 5% of its stake in Expack Corrugated Cartons for Rs. 282.5 million with a total of 16.6 million shares traded through 118 transactions. Prices ranged from Rs. 17 to Rs. 17.60 per share. A total of 21.2 million shares changed hands through 978 transactions for Rs. 363 million.

The sale of Expack shares comes in the form of a strategic rebalancing of Aberdeen Holdings’ investment portfolio. Yesterday, the Central Bank announced that the buying rate for the US dollar was Rs 359.16 and the selling rate was Rs 369.91. The rupiah rate has become stable against the US dollar due to the Central Bank’s prudential economic policies, financial sources said.

Milken Asia Summit panel sees US recession as inevitable https://eventplaner.net/milken-asia-summit-panel-sees-us-recession-as-inevitable/ Fri, 30 Sep 2022 14:12:52 +0000 https://eventplaner.net/milken-asia-summit-panel-sees-us-recession-as-inevitable/

“If you don’t have that and keep it going,” inflation could drop a little to rebound in 2024, reminiscent of what happened in the 1970s, Mr Sipahimalani said.

“So the best likely outcome is for the Fed to stay the course and really crush inflation. And if that leads to a recession, and we think it will, then so be it,” he said, adding “you bother, basically.”

With the large decline in earnings that would likely accompany a recession, “it’s not hard to imagine another 20% to 25% decline for global equity markets,” Gardner said.

Mr Sipahimalani said the case could be made for a milder recession, with strong consumer balance sheets, a general lack of excessive corporate leverage and well-capitalized banks potentially limiting further stock market declines by from current levels at 10% or 15%.

The broad themes that have guided Temasek’s investments over the past five years – digitalization, longer lifespans, sustainable living and the changing nature of consumption – remain “valid for the long term”, he said. declared.

Temasek will continue to invest there, “with some nuances”, he said.

The first is that everything must now be seen through a geopolitical lens, Mr Sipahimalani said. As an example, he noted that in previous years, Temasek could invest in a biotechnology company in China based on a huge opportunity in the domestic market, complemented by connections with multinationals to sell as well. in the USA. Today, amid US-China tensions, this foreign component cannot be counted on, he said.

That left Temasek to focus more on “large national markets or stand-alone businesses in a particular sphere of influence,” he said.

Returning to the issue of inflation, Mr Sipahimalani said that the fact that public markets, and private markets as well, have not yet started to price in the prospect of earnings downgrades “makes us more cautious, but once that starts to be priced in, I think we’ll be aggressive enough to keep investing” alongside those trends, he said.

Sources say FTX wants to acquire assets of Celsius Networks https://eventplaner.net/sources-say-ftx-wants-to-acquire-assets-of-celsius-networks/ Wed, 28 Sep 2022 03:53:25 +0000 https://eventplaner.net/sources-say-ftx-wants-to-acquire-assets-of-celsius-networks/

Crypto exchange FTX US has seen a wave of major acquisitions of troubled assets this year following the major crypto market crash. Earlier this week, FTX won the bid to acquire the assets of struggling crypto lender Voyager Digital.

According to sources familiar with the matter, the cryptocurrency exchange will now bid for the assets of bankrupt lender Celsius Network. There is news in the market that FTX is currently in the process of raising $1 billion in the market.

If FTX can complete this Celsius deal, it will help them spread to other sectors of the cryptosphere. In addition to its lending business, Celsius also owns a crypto custody business and Bitcoin mining operations. At this time, it is unclear whether Sam Bankman-Fried’s group of companies, which includes FTX and Alameda Research, is bidding for just some or all of Celisus’ assets.

As reported, Sam Bankman-Fried managed to recover the assets of Voyager Digital for a whopping $1.4 billion. This includes $1.3 billion in value of all cryptocurrencies currently with Voyager Digital as well as $110 million in “additional consideration.”

The new to consider acquiring the assets of Celsius comes just after CEO Alex Mashinsky resigned tuesday. Celsius is currently considering several options on the table, including restructuring as well as liquidation. Last month, Celsius received several offers of a new injection of cash to help it in its restructuring process.

FTX Head Office Relocation

On Tuesday, FTX Chief Sam Bankman-Fried also made another big announcement regarding the relocation of FTX’s headquarters from Chicago to Miami. Additionally, Zach Dexter will succeed Brett Harrison as the new president of FTX US. Dexter was previously the CEO of LedgerX before its acquisition by FTX US In Tuesday’s announcement, SBF Noted:

Really grateful to work with @zachdex, @_Ryne_Miller, and others to move forward in the United States; and a heartfelt goodbye to @Brett_FTX as he transitions to an advisor and FTX US moves to its Miami headquarters! Being agile and coordinated is a core value – it will be great to be together.

Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and motivates himself by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his cooking skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

China is testing a ‘floating’ magnet car that reaches 230 km/h https://eventplaner.net/china-is-testing-a-floating-magnet-car-that-reaches-230-km-h/ Tue, 27 Sep 2022 05:41:15 +0000 https://eventplaner.net/china-is-testing-a-floating-magnet-car-that-reaches-230-km-h/

Using magnetic levitation technology, the researchers put eight modified cars through a speed test.

By :
HT automatic office

Sep 27, 2022, 11:26 AM

Screengrab from video posted on Twitter by @QinduoXu.

The future of high-speed cars may be above the ground, but not exactly in the sky. Magnetic levitation is increasingly seen as a technology that can usher in an era of lightning fast transportation for the masses and revolutionize the mobility space. Further evidence of this emerged recently in China when researchers from Southwest Jiaotong University in Chengdu staged road tests for specially modified cars designed to run on magnetic lines.

According to a report by Xinhua, the experiment saw eight cars take part in the testing process to examine the viability of magnetic levitation (maglev) technology. Industrial grade magents were attached to the bottom of each of these vehicles which were then taken to test the eight kilometer long magnetic line. The cars were deployed approximately 35 mm above the conductor rail.

One of these eight cars even managed to reach a top speed of 230 km/h, a remarkable feat considering that these vehicles were essentially floating above the ground and each weighed around 2.5 tonnes.

It’s a signal that maglev-based transportation options could potentially be the natural evolutionary process in a future world where conductor rail finds its way onto the roads and may even replace the rail network as we know it today. today.

Maglev technology is being actively worked on in many countries – Japan and Germany to name a few. The area of ​​application should primarily be on the rail network with the possibility of much faster acceleration and deceleration. Japan’s L0 series Maglev is considered the fastest of the lot and has a speed record of over 600 km/h. This basically translates to a travel time of less than an hour between Delhi and Mumbai, a distance of around 11.50 km.

But the possibility that even passenger vehicles use this technology is also being increasingly explored. If successful on a large scale, it could dramatically change the way people get from one point to another.

Date of first publication: September 27, 2022, 11:11 a.m. IST

Fed’s Collins sees fighting inflation costing jobs; recession is not inevitable https://eventplaner.net/feds-collins-sees-fighting-inflation-costing-jobs-recession-is-not-inevitable/ Mon, 26 Sep 2022 14:23:00 +0000 https://eventplaner.net/feds-collins-sees-fighting-inflation-costing-jobs-recession-is-not-inevitable/

A person runs groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, DC, U.S., August 19, 2022. REUTERS/Sarah Silbiger

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Sept 26 (Reuters) – The need for the Federal Reserve to cut unacceptably high inflation will cause the jobless rate to rise, but a recession is not inevitable, Boston Fed Chair Susan Collins said in her statement on Monday. first public speech.

“I anticipate achieving price stability will require slower job growth and somewhat higher unemployment,” Collins said in prepared remarks to a local Boston chamber of commerce, though she made it clear that it fully supports the more aggressive push from the US central bank. to stifle price pressures that are reaching 40-year highs.

Collins, who is a voting member of the Fed’s policy-making committee this year, nevertheless remained hopeful that the inflation rate, which the central bank’s preferred measure is more than three times its target 2%, could be brought under control without a pronounced spike in layoffs, an increasingly shaky thesis among his colleagues.

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“I believe the goal of a more modest, albeit difficult, downturn is achievable,” Collins said, citing the strength of business and household finances as well as labor shortages as the basis for the move. hope that a slowdown in activity could have a more modest effect. impact on the unemployment rate.

Fed policymakers raised the central bank’s benchmark overnight interest rate by three-quarters of a percentage point last week, the third straight hike of this magnitude, and acknowledged the “pain” ahead for the economy as they seek to cool demand.

The Fed’s key rate is now in a range of 3.00% to 3.25%, but the central bank’s latest economic forecast shows that borrowing costs will likely have to rise faster and further than expected. previously thought, slowing growth and causing unemployment to rise. degree historically associated with recessions.

Collins added that, like other members of the committee, she will be looking for “clear and convincing signs” that inflation is falling as she analyzes a range of incoming economic data to guide her policy views.

Investors are currently seeing a 70% chance of another 75 basis point hike at the Fed’s next policy meeting on Nov. 1-2, according to an analysis of federal funds futures compiled by the CME Group.

Collins also noted in his speech the downside risks to his forecast. “A significant economic or geopolitical event could push our economy into a recession as politics tightens further,” she said. “Furthermore, calibrating policy under these circumstances will be complicated by the fact that some effects of monetary policy operate with a lag.”

Collins, who holds a doctorate in economics, took over as Boston Fed chief on July 1. She was previously an academic specializing in emerging markets, exchange rates and trade, and also served as a Chicago Fed chief for nine years.

She is the first black woman to head one of the Fed’s 12 regional banks, a fact she referred to at the top in her speech on Monday. “I view this as a privilege, a responsibility and an opportunity…to broaden the understanding of how our economy works and how it could work better,” Collins said.

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Reporting by Lindsay Dunsmuir; Editing by Paul Simao

Our standards: The Thomson Reuters Trust Principles.

Better Buy: GoPro vs. Matterport https://eventplaner.net/better-buy-gopro-vs-matterport/ Sun, 25 Sep 2022 14:14:00 +0000 https://eventplaner.net/better-buy-gopro-vs-matterport/

GoPro (GPRO -1.76%) and Matterport (MTTR -1.84%) both have carved niches in the commoditized camera market with their unique products and services. GoPro’s action cameras allow users to record a wide variety of activity and backs up all that content to its cloud-based platform.

Matterport’s 3D scanning cameras enable businesses to digitize “digital twins” of physical environments for online tours or virtual reality applications. Like GoPro, Matterport stores this content on its own cloud-based platform.

Image source: Getty Images.

Shares of GoPro hit an all-time high of $93.85 nearly eight years ago, but now trade at around $5 a share. Matterport’s stock closed at an all-time high of $33.05 last November, but is now trading below $4. Let’s take a look at what happened to these two innovative camera makers, and if either of the downed stocks are ready for a long-term rebound.

GoPro has learned painful lessons

When GoPro went public in 2014, its action cameras were flying off the shelves. But over the next few years, its camera sales plummeted for three reasons: cheaper competitors entered the market, smartphone cameras got better, and its top users didn’t upgrade from their old ones. cameras.

Between 2015 and 2019, GoPro’s annual revenue grew from $1.62 billion to $1.19 billion. Its annual shipments fell from 6.6 million to 4.3 million during this period, while its gross margin fell from 42% to 35%.

As GoPro’s sales dwindled, it diversified into cheaper cameras, VR camera rigs and drones. But those devices only slashed his margins without increasing his sales, so he eventually ditched those products and instead focused on his flagship Hero cameras and 360-degree Max cameras. It has also tried to attract more users by expanding its subscription service, which offers unlimited cloud storage, free camera replacements and exclusive discounts of $50 per year.

GoPro’s revenue fell 25% to $892 million in 2020 as more people stayed home during the pandemic, but its gross margin remained flat at 35%. In 2021, its revenue jumped 30% to $1.16 billion as those headwinds faded, and its gross margin rose to 41%. It also generated a net profit of $371 million, compared to a net loss of $67 million in 2020. Its subscriber count also more than doubled to 1.6 million for the full year.

This post-pandemic recovery was encouraging, but analysts expect GoPro’s revenue to rise just 2% to $1.19 billion this year, as its net income drops 78% to 82 millions of dollars. This slowdown can be attributed to the impact of inflation on discretionary buying and tougher competition. In August, it forecast it would ship only 2.9 million to 3.1 million camera units in 2022, down from 3.15 million in 2021 and its previous target of 3.2 million.

Matterport faces an existential crisis

Matterport went public by merging with a SPAC (Special Purpose Acquisition Company) last July. But like many other SPAC-backed companies, Matterport has overpromised and underdelivered.

In its pre-merger presentation, Matterport predicted that its annual revenue would grow from $46 million in 2019 to $123 million in 2021 and then grow 65% to $203 million in 2022. However, its revenue only reached $112 million in 2021, and it only expects 19% to 24% growth to reach $132 million to $138 million this year, and that only after taking into account counts its recent acquisition of real estate marketing company VHT Studios. Prior to this purchase, Matterport expected revenue to grow 12% to 21% for the full year. It mainly blamed the slowdown on disruptions in the supply chain of its camera business.

However, Matterport’s subscription-based cloud platform, which generated 62% of its revenue in the first half of 2022, is also not as big as it looks. Matterport said it served 616,000 “subscribers” in its last quarter, but 554,000 of those subscribers were still using its free plan, which grants remote access to a single digital twin. It only generated revenue from the 62,000 subscribers who paid for storing additional digital models.

This high mix of free users increases Matterport’s cloud hosting fees without increasing its revenue. This pressure, along with its sluggish sales of low-margin cameras, caused its gross margin to drop 20 percentage points year-over-year to 41% in the first half of 2022. Matterport initially told investors that its margin crude could approach 60% in 2022. .

Matterport believes it can resolve the camera industry’s supply chain issues in the second half of 2022, but further macro headwinds could dampen market demand for digital twins of physical properties. Other larger competitors, including Adobe and Unity — have also expanded into the digital twin market. As a result, analysts expect the company to remain deeply unprofitable for the foreseeable future.

GoPro is clearly the best buy

GoPro is trading at just five times forward earnings and less than one times sales this year. Matterport is still trading at eight times this year’s sales. I wouldn’t rush to buy either of these stocks out of favor right now. But if I had to choose one, I would definitely buy GoPro because its growth rates are more stable, its ecosystem is stickier, and its stock is much cheaper.

Leo Sun holds positions at Adobe Inc. and Unity Software Inc. The Motley Fool holds positions and recommends Adobe Inc., Matterport, Inc. and Unity Software Inc. The Motley Fool recommends the following options: Long January 2024 $420 Calls on Adobe Inc. and short $430 calls in January 2024 on Adobe Inc. The Motley Fool has a Disclosure Policy.

Analysis of the Applicability of Section 48 of the GVAT at the Boundary of Section 53 of the IBC, 2016 https://eventplaner.net/analysis-of-the-applicability-of-section-48-of-the-gvat-at-the-boundary-of-section-53-of-the-ibc-2016/ Sun, 25 Sep 2022 03:30:24 +0000 https://eventplaner.net/analysis-of-the-applicability-of-section-48-of-the-gvat-at-the-boundary-of-section-53-of-the-ibc-2016/ Recently, in the case of State Tax Officer c. Rainbow Papers Ltd, 2022 SCC OnLine SC 1162, decided by a bench consisting of Indira Banerjee and AS Bopanna, JJ rescinded the earlier order in which it was held that Section 53 of the Insolvency and Bankruptcy Code would prevail over the GVAT Act as the first claim on the property of the debtor company can only be made by the government. Section 48 of Gujarat Value Added Tax, 2002 provides that the first charge on the property of a concessionaire in respect of any amount payable by the concessionaire on account of tax etc. under the law cannot prevail over article 53 of the Insolvency and Bankruptcy Code. , 2016.

The bench held that the NCLAT had clearly erred in its observation because nothing in Section 48 of the GVAT Act is contrary or inconsistent with anything given under Section 53 of the IBC or any other provision thereof.

Article 53: The core of the Insolvency and Bankruptcy Code

A cascading mechanism is provided for by article 53 of the code according to which the proceeds of the sale of liquidation assets will be distributed. According to the interpretation, it can be seen that real-time secured financial creditors stand to gain from the achievements while all other creditors following them are left dry. The word “something” makes it clear that the SFCs are also unable to recover their full due. One of the reasons for such low realization is that the value of the debtor company’s assets is extremely low compared to the contributions that belong to it.

The court in the present case observed that under sub-paragraph (1) (b) (ii) of Article 53, the debt due to the secured creditor would also include the State under the VAT law , and that they must rank pari passu with the specified debts including all debts in respect of workers’ dues for a period of 24 months preceding the commencement of liquidation.

The conundrum of inter-se priorities between secured creditors in liquidation

In another recent case of Oriental Bank of Commerce v. Anil Anchaila, the decision of the National Company Law Appellate Tribunal has reignited the debate about the importance of inter-se priorities among secured creditors. It has been held that, in the process of distributing the proceeds received from the sale of secured assets, if the financial creditor’s security interest in the corporate debtor’s assets has been released, that secured financial creditor cannot seek priority over other secured creditors creditors.

The NCLAT held that after the surrender of the security, the secured financial creditor is only entitled to receive the sale proceeds pro rata with the other secured creditors given under section 53 of the IBC.

In the Rainbow Paper case, the court looked at the scheme of GVAT and IBC statutes and said IBC Section 3(30) defines the term “secured creditors” in favor of which the securities will be credited. And these titles will only be created by law. It should be noted here that the definition of secured creditors does not exclude any government or governmental authority. Similarly, the state is a secured creditor under the GVAT Act.

Questioning the validity of the resolution plan:

The court in the recent case also shed light on the validity of resolution plans that do not meet the requirements of section 30(2) of the IBC, it will not be binding on the central government, the government of the state or any statutory authority

On the validity of a resolution plan that does not meet the requirements of Section 30(2) of the IBC, the Court held that it would be invalid and non-binding on the central government, any government of State, any statutory or other authority, any financial creditor, or any other creditor to whom a debt in respect of royalties arising under a law then in force is owed.

If the conditions set out in Article 31 are met, the contracting authority is obliged to approve the resolution plan pursuant to Article 31 (1). Whereas under Section 31(2), the adjudicating authority “may” reject the resolution plan that fails to meet the compliance standards set out in Section 31. Elaborating on this point, the court said further observed that if the established facts and circumstances are such that the discretion is necessary in a particular manner, then he must exercise his discretion in that particular manner. Further, if prima facie the resolution plan does not comply with the IBC or any law, the resolution plan must be rejected.

The court held that if the resolution plan ignores the statutory requirements, it is payable to any state government or judicial authorities, etc., the decision-making authority is bound to reject such plans. Accordingly, the court observed that the creditors’ committee, which could also include financial institutions or other creditors, cannot secure its own rights at the cost of any statutory right held by the government or any governmental authority or any other right of this type.

Therefore, if a company is unable to repay its debts included in its legal obligations to the government or any other such authority and there is no plan to dissipate the debts gradually , a uniform proportional reduction, the company must be liquidated and the assets sold must be distributed in the manner stipulated in article 53 of the IPC. Although it can be seen that the decision of NCLAT in Oriental Bank has somewhat weakened the position of secured financial creditors during the liquidation process and has exacerbated the dilemma related to inter-se secured financial creditors. To a certain extent, limiting the rights of secured financial creditors at the resolution stage could be justified, since the recovery of the debtor company is a central concern during resolution processes. But extending this to the later phase of liquidation will hurt creditors as it will deprive them of their valuable property rights.

Views are personal.

The Fiji Times » Citizenship and Belonging https://eventplaner.net/the-fiji-times-citizenship-and-belonging/ Sat, 24 Sep 2022 04:48:12 +0000 https://eventplaner.net/the-fiji-times-citizenship-and-belonging/

In this article in this series, I focus on the struggle for political legitimacy to address the issue of citizenship, belonging and acceptance of Fijians of Indian descent in Fiji. The approach adopted here uses the lessons of history and ultimately aims to try to shed light on the difficulties in finding common ground between the two great communities that make up this country.

Struggle for political legitimacy

The last girmitiya arrived in Fiji aboard the SS Sutlej on November 11, 1916. This was Sutlej’s fifth and final voyage to Fiji.

It carried 888 miserable, scruffy, but hopeful human beings, largely from southern India. The Deed of Trust was terminated shortly thereafter in March 1917 under the India Defense Orders.

The First World War was in full swing. This meant that the number of girmitiya would disappear in 1921 – they would exist in Fiji as “free” people.

From 1890, these newly liberated girmitiya had begun to “float” on the fringes of existing girmit groups. A largely politically ignored semi-formal working population was beginning to grow around the sugar enclaves in Fiji.

They believed they were among the citizens who received verbal assurances that if they served two terms of girmit (10 years) they would either get a free return to India or they could choose to remain as separate inhabitants whole of the Crown Colony.

In fact, this was clearly recognized and articulated in the Salisbury Dispatch of 1875, which said: “Above all things we must confidently expect, as an indispensable condition of the proposed arrangements…colonial laws and their administration shall be such as Indian settlers who have completed their terms of service to which they have agreed in return for the expense of bringing them to the colonies, shall in all respects be free men, with privileges not inferior to those of any other class of Her Majesty’s subjects residing in colonies “.

It should be noted that this was an assurance given by a senior British government official prior to Girmitiya’s departure from India.

In fact, this was given four years before Leonidas arrived in Fiji in May 1879.

And yes, it was referring to all the girmitiya who left India and not just those who came to Fiji. However, in 1910 the Crewe Commission, after investigating the situation of the girmitiya in Fiji, wrote: “The present administration itself fully recognizes the value of the Indians as permanent settlers and is prepared to concede to them the enjoyment equal civil rights.

It is clear that from the start the newly liberated girmitiya had to struggle for political legitimacy in Fiji.

They realized early on that they had to participate in the political process where laws were made because of their private and castigated experience with girmit.

After all, the agreement they called “girmit” (due to pronunciation issues) was a strongly one-sided document.

With the number of “free” Indians increasing dramatically, late arrivals – business immigrants, etc. – further bolstered the numbers.

There were now educated Indians as well as those with leadership qualities in Fiji.

One such person was Manilal Doctor who arrived in 1912 at the request of Mahatma Gandhi and made political representation in the legislative council a priority.

When the colonial government bypassed Manilal for his appointment in 1916, he was ostracized and eventually expelled from Fiji in 1920 for causing trouble.

The person who succeeded in representing the Indians in the legislative council was Badri Maharaj who was unpopular and considered a collaborator.

This set the tone for politics in Fiji. Indians would not cooperate, should not be trusted and, above all, should be kept out of the cockpit of decision-making.

By 1963, when the Federation Party was formed and AD Patel ascended to its leadership, the struggle for political legitimacy had matured.

A little later, when the “National” was added to the name of the party (with the inclusion of Isikeli Nadalo in 1968), the party was still considered an Indian party with an Indian agenda.

Patel made exemplary progress, with ups and downs tied to a grumpy Indian community, all the way to constitutional talks aimed at independence for Fiji.

In 1969 he argued for the sugar cane growers and emerged victorious from court with the acclaimed Denning Award.

AD Patel was also successful in convincing the then racially divided Legislative Council to agree to the establishment of a pension scheme for Fiji workers – the Fiji National Provident Fund.

It was a case where Ratu Mara expressed his appreciation for Patel’s foresight. Later, he was to recognize Patel’s advocacy as exemplary.

Thus, AD Patel had succeeded in gaining cross-cultural respect if not acceptance. His stubborn insistence on a common roll, however, became his greatest yoke with one Sahib slyly calling him “toilet roll”.

The chimera of political permanence

History tells us that the politics of Fijians of Indian descent was characterized by those who saw political collaboration as the best option and those who believed that adversarial politics was the only way to gain legitimacy in Fiji as citizens. undisputed.

The problem was that those who preferred collaboration did not have the trust of the Indian community. There were good reasons for this.

On the other hand, those who took the advocacy route failed to understand that indigenous Fijian politics was largely based on a consensual system of decision-making. Few realized that the juxtaposition of a foreign system of governance over an established traditional system, in the midst of a multicultural population, would spit out unpleasant and offensive realities that would damage cross-cultural relations so badly, over time, that Fiji would hemorrhage as a country.

This is exactly what happened in May 1987. The Indo-Fijian community had relied heavily on what they saw as ironclad constitutional provisions of permanence in the meticulously negotiated 1970 constitution.

They had allowed huge concessions in this constitution to ensure that they were not seen as a political threat in Fiji.

These concessions included a two-tier (or bicameral) system of government with a House of Representatives consisting of 52 representatives: 22 Fijians, 22 Indo-Fijians and eight “Electors General” (other races).

These eight “others” were intended to ensure that no Indo-Fijian bill could pass through the House without the consent of indigenous Fijian members.

In addition, a senate was created with an overwhelming majority of native Fijians.

Any bill submitted to the House of Representatives had to pass through the Senate before it could evolve into law and subsequently become part of the law of the land.

In addition to this, the bills dealing with Fijian Land and Customary Rights had special safeguards which required a higher level of support from both Houses.

This negotiated constitutional existence was intended to ensure that Fijians never felt threatened in what they considered their own country.

On the other hand, it was meant to provide a permanent existence for the Indo-Fijian in his adopted land. It then becomes inevitable to ask the question: what went wrong? The answer lies in 1987.

What happened in 1987?

After the 1982 elections, the writing was on the wall that Ratu Mara’s Alliance party could not last, as it was threatened from two sides: the ethnonationalists who supported Sakeasi Butadroka and the Indo-Fijians who continued to reject his rule. .

When the Labor Party emerged in 1985, it had a critical mass of working-class Fijian supporters.

The hemorrhaging NFP formed a coalition with the increasingly popular FLP ahead of the 1987 elections.

They won against the expectations of many. However, key people had foreseen this loss and decided that it should be undone.

This thought has its genesis in the evaporation of the good faith of Ratu Mara and his Alliance party. The unthinkable had happened!

This question will be at the heart of my next article where I will dive back into the fear of the interim among Fijians of Indian origin, despite their love for this country.

• DR SUBHASH APPANNA writes occasionally on matters of historical and national significance. The opinions expressed in this article are his own and not those of the Fiji Times or his employers.

Is Australia headed for a recession? https://eventplaner.net/is-australia-headed-for-a-recession/ Sat, 24 Sep 2022 01:17:12 +0000 https://eventplaner.net/is-australia-headed-for-a-recession/

Is Australia headed for recession?

On Wednesday, the Deputy Governor of the Reserve Bank of Australia warned that the outlook for the global economy was not good.

“It’s a bit on the edge,” she said.

Less than 48 hours later, the Bank of England said Britain was likely already in recession.

There is growing concern about the United States, which appears to be headed for recession.

And China’s economy is strained under pressure from its zero-COVID policy and problems in its gargantuan real estate market.

Will a recession in Australia be inevitable?

A “likely” recession

RBA officials say at this stage they still have faith in Australia box avoid a recession.

They say our exceptionally tight labor market and the level of savings in the economy can hopefully insulate Australia from any negative shocks from abroad.

But not everyone is optimistic.