Debate continues over bringing the Prime Minister under the ambit of Lokpal

Posted on December 8, 2011 by bizandlegis

After three long months of discussions the Parliamentary Standing Committee on Law and Justice finally met on Wednesday to examine the various provisions of the Lokpal Bill. The Congress president Sonia Gandhi who was speaking at a National Conference in New Delhi on Tuesday had asserted that her party is taking all steps possible to overcome the ‘plague’ of corruption and has said that she seeks the help of the Opposition to pass the Lokpal Bill.

The Standing Committee after its meeting seems to have agreed to some of the recommendations made by the veteran social activist Anna Hazare and his team. Group C government employees will now be included under the Lokpal. On the issue of including the lower bureaucracy and the citizen’s charter, Abhishek Manu Singhvi, chairman of the Standing Committee said that the Opposition does not agree to it and thus he has asked them to record their dissenting notes and submit to the committee.

Inclusion of the CBI under the Lokpal was also a point of contention put forward by Team Anna. The committee has agreed that the appointment of the CBI director be made independent of any government’s influence and a selection committee was suggested for the appointment of the CBI director. Kiran Bedi, a former Police Officer and a key aide of the anti corruption crusader Anna Hazare has expressed her disagreement on the Standing Committee not including the anti-corruption wing of the CBI under the Lokpal.

The committee seems to have achieved a consensus on the issue of the exclusion of the judiciary from the Lokpal. But no consensus has been reached on the issue of including the Prime Minister the anti-corruption bill. The debate still continues on this point. The committee members are divided on this issue. There are a few who believe that the PM must be included under the Lokpal.

The government had assured a strong Lokpal bill in the Parliament and this would not be achieved without bringing in the Prime Minister and other MP’s under the ambit of the Lokpal Bill.

The Lokpal bill is to be passed in the winter session of the parliament as promised by the Prime Minister, failing which Anna Hazare and his team members have threatened to go on an indefinite strike.

The Parliamentary Standing Committee is said to be submitting its report before December 7^th.

Bailout Package For Italy leads to rise of Asian Shares

Posted on December 8, 2011 by bizandlegis

On Monday speculation that the International Monetary Fund (IMF) was preparing a bailout package for Italy, Asian shares rose up to a considerable extent .The Nikkei 225 index rose 1.7%, South Korea’s Kospi gained 2% and Australia’s ASX 200 added 1.7%.Considering that this was after the Italian newspaper, La Stampa, reported that the IMF was preparing a 600bn euro ($794bn; £515bn) loan as a part of bailout package for Italy.

However, the concerns regarding about Italy’s ability to pay back its debts are rising. Concerns about the outcome of the Italian debt crisis have resulted in huge volatility in the global stock markets as the Italian government’s debt stands at 118% of the gross domestic product (GDP).

The annual economic growth rate of Italy over the past 15 years has been just 0.75%, which is much lower than the rate of interest it pays on its debts. Due to enormous debt levels and slow rate of growth, Italy may find it really tough to pay back its debt and to raise further cash from the markets which is so much needed by it right now due to its poor economic condition.

ON Friday, the latest bond auction saw the interest rates hit a record high.

The rate of interest for the new debts due to be repaid in six months rose to 6.504%, compared with 3.535% in the last comparable sale on 26 October, while the rate for two-year borrowing hit 7.814%, up from 4.628% last time.

According to the report in La Stampa, the IMF loan would be made available at a rate of between 4% to 5% bringing down Italy’s borrowing cost. However, the IMF deal is expected to help ease the burden on the Italian government.

The factor which has renewed the confidence among Asian investors has been the retail sales which was much better than expected during the Thanksgiving weekend in the United States. According to the National Retail Federation, sales during the holiday weekend climbed 16% to a record $52.4bn.This is good news as Asian exporters actually rely heavily on demand from the US and Europe for their growth. The strong numbers resulted in shares of major electronics makers surging on the Kospi index.

U.K. public sectors take to the streets.

Posted on December 8, 2011 by bizandlegis

Over 2 million public sector workers which included nurses, doctors, teachers and border guards took to the streets on Wednesday to protest against the pension reforms put forward by the government.

Pension contributions have been raised by an average of 3.2% of the salary. This has been done to help equalize the contributions coming in and the benefits being paid out. The British Prime Minister David Cameroon said that these reforms have been introduced to reduce the country’s 967 billion pound debt. He considers the offer made to be a very fair and reasonable one.

The Public sector workers strike is seen as the largest since the 1979 ‘Winter of Discontent’. The government claimed that the strike on Wednesday did not have any significant impact and that the major public sector services remained open. London’s Heathrow airport which was expected to be majorly affected by the strike remained largely unaffected as civil servants and even Downing Street staff stood in for the striking officers.

Rage grips Pakistan over NATO attack

Posted on December 8, 2011 by bizandlegis

The relationship between Pakistan and USA appears to be in crises when a cross-border air attack by NATO forces killed 27 Pakistani soldiers.

NATO described the killings as a “tragic unintended incident” and said an investigation was underway. A Western official and an Afghan security official who requested anonymity said NATO troops were responding to fire from across the border.

Both officials agreed the mountainous terrain in the Pak-Afghan border makes identifying between a foe and friend very difficult.

Militants often attack from the Pakistan Border or flee towards it after attacking making it impossible for the NATO troops to follow them as United Nations mandates that NATO troops cannot cross into other countries.

What is clear is the incident could destabilize U.S. efforts to improve ties with Pakistan so that the regional power helps stabilize Afghanistan before NATO combat troops go home by the end of 2014.

Thousands gathered outside the American consulate in the city of Karachi to protest against the NATO attack.

The NATO attack shows the difficulties faced by the United States as it tries to secure the unruly border area that is home to some of the world’s most dangerous militant groups who have made the harsh mountainous landscape their home.

Pakistan later said in a statement that the attack was an unprovoked assault and has said it reserves the right to retaliate.

Ex US President shooter’s release to be decided

Posted on December 8, 2011 by bizandlegis

The future of John Hinckley Jr., the shooter of President Ronald Reagan in 1981 is to be decided today. The trial of Mr. Hinckley had ended with the jury deciding in his favour. He has been a patient of a mental hospital since 1982 and a federal judge is to decide as to whether or not he is to be released from the hospital. The jury is said to have decided in his favour by reason of insanity.

The prosecution has been fighting for non release of Hinckley as they claim that he is very dangerous and has also been very deceptive about his activities outside. Hinckley’s attorneys are trying very hard for his release and strongly oppose the prosecutions claim of Hinckley being a danger.

Mental Health experts as well as the secret service agents are said to be testifying along with Hinckley’s mother and brother. It is not clear as to how the judge would pass a ruling in this case.