Tuesday, June 28, 2005

São Paulo, Brazil — The government of the Brazilian President Luiz Inácio Lula da Silva and his party, the Workers’ Party are the target of several serious accusations of corruption.

This is the most severe political crisis since Brazilians first attained their right to vote for a President in 1989, the former President Fernando Collor de Mello was elected.

The ruling Workers’ Party has not succeeded in its defense against the accusations. The Brazilian deputy Roberto Jefferson said that the ruling party bought the support of some Brazilian deputies, paying 30 thousand Brazilian Reals (US$ 12 thousand) each, every month. Although Jefferson said that he had no proof of this, he gave a very detailed description of the alleged corruption scheme.

The testimonies of other witnesses and the investigation that is being made by police gave support for some of the Jefferson’s claims. Independent investigation being made by newspapers and magazines, and the publication of documents and other evidences, expose the government and Workers’ Party more and more.

Popular support for the President is deteriorating. Except for the Workers’ Party and the Communist Party of Brazil (PCdoB) which are part of the government, there is not another political party in Brazil denying the accusations. All newspapers and magazines publish stories every day related to the scandal. The Workers’ Party itself is divided: some members believe that the accusations are true and that something went wrong, others prefer to deny the evidences and they argue that the party is innocent.

A great part of the work of the Brazilian parliamentarians is related to the investigation of the scandals. Besides the Votes-for-cash scandal dennounced by Jefferson, there are the Bingo’s scandal, the Post Office scandal and the Brazilian Reinsurance Institute (IRB) scandal. All of these scandals are being submited to investigation by Brazilian parliamentarians.

One important question is whether President Lula knew about the alleged scandals in his government or not. If he knew and he did nothing he was conniving or he participated, it is the worst. If he didn’t know, someone can say that he was very incompetent because he didn’t see something so big under his nose.

Today, the authority and the efficiency of the President is being questioned. Some people say that it was the former Minister José Dirceu who actually took great part of the decisions in Lula’s government. The politicians say that President Lula must take control of his government, that he should do a major reform of his government and that he should get away from the people who are involved in the scandals.

Besides the corruption dennounciations, the government of President Lula is being criticized by his weak social agenda. The programme called “Zero Hunger” has showed little results and many people accuse it of being just a marketing strategy.

The management of the economy has being praised by some analysts. However, critics, even inside the government like the Vice-President José Alencar have already criticized it, because of the high interest rates. There is not severe inflation, but unemployment is high, and salaries are low.

The next days or the next month may be decisive to the future of Lula. He must show that he is not involved in the corruption scandals, he must reform the government and he must prove that he is competent. The positive factor are that the Brazilian economy is not seriously contaminated by the political crisis until now, the population is perplexed but calm and the politicians are not envolving the President in the denunciations, although they demand the investigation of all corruption allegations. However, nobody knows how much this situation will remain or if it will remain until the end of the government of President Lula in 2006.

Monday, June 30, 2014

State Bank of India (SBI) and Bank of Baroda (BoB), two of the largest public sector banks of India, proposed on Saturday their gold deposits should be allowed to count toward their state-mandated cash reserve ratio (CRR) or statutory liquidity ratio (SLR).

Arundhati Bhattacharya, the chairperson of SBI, made the proposal at a Gem & Jewellery Export Promotion Council event held in Mumbai on Saturday. She said the need for gold deposits to become more liquid has increased because gold import is putting a strain on the country’s current account deficit. S. S. Mundra, Chairperson and managing director of BoB, agreed and said it would help bringing gold into the more productive sectors of the economy.

Bhattacharya added SBI has no longer any incentive to run its gold deposit scheme as it cannot fully deploy the assets, noting SBI is the party most involved with gold deposits in India. G. S. Sandhu, Union financial services secretary, also at the event, responded that the government is looking for ways to monetize the gold held by the public, as import of gold can strain the current account deficit and foreign exchange reserves.

Currently, the Reserve Bank of India has set the CRR at 4% and the SLR at 22.5%. SLR is the portion of deposits that must be invested in recognized safe securities and assets.

Sunday, February 13, 2011

With a fourth-quarter investment earnings of $3.9 Billion CAD, largely driven by stock market rises, the Canada Pension Plan’s (CPP) assets rose to $140.1 Billion reported the CPP Investment Board on Thursday.

Rate of return for the quarter netted three percent, bringing the first nine months of the fiscal year to 8.3%. The fund’s broad exposure to equities, in concert with a good quarter for stocks both in Canada and internationally, was largely to be credited according to CEO David Deneson.

The assets value rose from $127.6 Billion March 31st 2010, to $138.6 B on September 30th, to $140.1 B December 31st. The $3.9 B investment earnings, 3.58 of which came from the 54% of the portfolio in equities, was partially offset by seasonal outlays of $2.4 B to plan members.

The fund was very active throughout the calendar year, and particularly active in infrastructure, real estate, and private equity. As part of a consortium they completed the $4.8 B purchase of UK-based Tomkins plc, as well as purchasing Australian-based Intoll for $3.4 B thus acquiring a 30% stake in the 407 Express Toll Route (ETR) near Toronto — which they expanded purchasing a further 10% stake from Spain’s Concesiones de Infraestructuras de Transporte, S.A. (CINTRA). They acquired a 25% equity stake in Westfield Stratford City, a retail complex adjacent to London’s Olympics venue, among many real estate ventures.

The CPP fund covers every province except Quebec, whose Caisse de Depot et Placement du Quebec is the only larger pension fund in Canada. The five-year annualised investment rate of return for the CPP reserve fund was 3.5%, its 10-year rate of return was 5.6%, at the close of 2010. The fund was established in 1997.

Wednesday, October 6, 2021

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After almost two months of radio silence over the telephone and fax lines that serve as a hotline between North Korea and South Korea, communication was restored between the two countries on Monday.

In a speech made at a Workers’ Party of Korea (WPK) meeting, North Korean leader Kim Jong Un called for the North-South communication lines to be reopened, wishing for an “early recovery of the present inter-Korean relations and settlement of durable peace on the Korean peninsula.”

The state-run Korean Central News Agency (KCNA) released a statement where Kim Jong Un’s wishes were expressed, and closed the short article with a cautionary statement directed at the South Korean government. This statement warned authorities in South Korea they “should keep in mind the meaning of reopening of the communication lines and make active efforts to solve pending important issues for saving the inter-Korean relations and opening its bright prospect.”

The communication lines had been severed on the North’s order in August as a method of protest exercised during US-South Korea joint military drills. The KCNA had previously stated communication would be re-established 9 AM on Monday KST (UTC midnight). In an article by CTV News, it is said officials exchanged greetings over telephone lines and discussed fishing activities in their disputed western maritime border.

This thawing of Korean relations comes at a heated time, with the North having conducted multiple missile tests last week. One of the said launches was confirmed by Japanese and South Korean defense ministries to be an early-stage hypersonic missile, launched only minutes before the representative of North Korea spoke before the UN General Assembly, heavily criticizing the US.

Sunday, October 7, 2007

Cecile Willert is running for the Green Party of Ontario in the Ontario provincial election, in the Ajax—Pickering riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.