Skip to main content

Posts

Showing posts from November, 2016

Adam Smith: On Reasons for Wider Income Gap

Adam Smith: On Reasons for Wider Income Gap

People's Choice Award: A Mother’s Hand, Alain Mafart Renodier, France

Photographer A. M. Renodier was on a wintertime visit to Japan’s Jigokudani Snow Monkey Park when he took this poignant photograph of a sleeping baby Japanese macaque, its mother’s hand protectively covering its head.

The Natural History Museum in the UK has shortlisted its nominees for the 2016 People’s Choice Award for wildlife photography.

From playful polar cubs to the horrified last gaze of a wildebeest calf, these images are guaranteed to astound.

Voting for this year’s competition ends on January 10, 2017. 
You can cast your vote for best wildlife photographer here, and be sure to share your favorite with @NHM_WPY on Twitter using the hashtag #MyWPY.

People's Choice Award: A Mother’s Hand, Alain Mafart Renodier, France

Photographer A. M. Renodier was on a wintertime visit to Japan’s Jigokudani Snow Monkey Park when he took this poignant photograph of a sleeping baby Japanese macaque, its mother’s hand protectively covering its head.

The Natural History Museum in the UK has shortlisted its nominees for the 2016 People’s Choice Award for wildlife photography.

From playful polar cubs to the horrified last gaze of a wildebeest calf, these images are guaranteed to astound.

Voting for this year’s competition ends on January 10, 2017. 
You can cast your vote for best wildlife photographer here, and be sure to share your favorite with @NHM_WPY on Twitter using the hashtag #MyWPY.

Adam Smith: Government Comprises a Large Part of the Organized Injustice in any Society

Adam Smith: Government Comprises a Large Part of the Organized Injustice in any Society

Here is How King Salman is Diversifying Saudi Economy Beyond Oil

Saudi Arabia’s King Salman underlined the kingdom’s intention to invest heavily in speeding up is diversification away from oil exports with the inauguration on Tuesday of a $35bn mining and minerals processing complex.

Riyadh has tried to reduce the economy’s reliance on oil for decades, but the challenge has become particularly urgent in the past couple of years as low prices have pushed state finances deep into deficit and growth has slowed sharply.


King Salman and his top ministers visited the complex at Ras al-Khair on Saudi Arabia’s eastern coast, where energy minister Khalid al-Falih said the government would invest in all available resources to develop strategic industries.

The vast complex showcases the government’s ability to use its oil wealth to push big industrial projects, but also shows how dependent the economy remains on state spending in the absence of a dynamic private sector. Most of the $35bn invested so far was arranged by the government.

Projects include a $5.6bn ph…

Here is How King Salman is Diversifying Saudi Economy Beyond Oil

Saudi Arabia’s King Salman underlined the kingdom’s intention to invest heavily in speeding up is diversification away from oil exports with the inauguration on Tuesday of a $35bn mining and minerals processing complex.

Riyadh has tried to reduce the economy’s reliance on oil for decades, but the challenge has become particularly urgent in the past couple of years as low prices have pushed state finances deep into deficit and growth has slowed sharply.


King Salman and his top ministers visited the complex at Ras al-Khair on Saudi Arabia’s eastern coast, where energy minister Khalid al-Falih said the government would invest in all available resources to develop strategic industries.

The vast complex showcases the government’s ability to use its oil wealth to push big industrial projects, but also shows how dependent the economy remains on state spending in the absence of a dynamic private sector. Most of the $35bn invested so far was arranged by the government.

Projects include a $5.6…

Iraq Ready to Cut Oil Production to Help OPEC Push Crude Prices - Iraqi Prime Minister

Iraq’s prime minister says his country will agree to cut its own oil production as part of a plan by OPEC to push crude prices higher, reported AFP.

Prime Minister Haider al-Abadi told The Associated Press that current prices are not sustainable for oil-producing countries.

Al-Abadi’s comments could be critical because Iraq - along with Iran - has been reluctant to go along with cuts, creating an obstacle for an OPEC deal, according to published reports.

Al-Abadi said he understands that OPEC members will agree to reduce production by between 900,000 and 1.2 million barrels per day - that would be a cut of between 2.7 percent and 3.6 percent from October levels. He said it would be enough to push prices up.

Source: Alarabiya

Here is What Vidya Balan Has to Say on Women's Post-Marriage Careers

Actress Vidya Balan has said that women's careers do not stop after they get married or have children and it should not be any different for female actors.

"[W]hen... changes are happening in society it's bound to be seen on screen... The kind of roles that [female actors] are getting have also really changed. 
The horizon has widened," added Vidya.

Vidya Balan, born 1 January 1978, is an Indian actress. She has established a career in Bollywood and is the recipient of several awards, including a National Film Award, five Filmfare Awards, and five Screen Awards, and was awarded the Padma Shri by the Government of India in 2014. 
She is known for portraying strong female protagonists and has been acknowledged in the media for pioneering a change in the concept of a Hindi film heroine.

People's Choice Award: Hitching a Ride, Daisy Gilardini, Switzerland

This female polar bear was resting with its two young cubs in Wapusk National Park, Manitoba, Canada, when it suddenly got up and rushed downhill through the deep snow. One of the cubs jumped on to her, holding onto her furry backside with a firm—and unexpected—bite.

The Natural History Museum in the UK has shortlisted its nominees for the 2016 People’s Choice Award for wildlife photography.

From playful polar cubs to the horrified last gaze of a wildebeest calf, these images are guaranteed to astound.

Voting for this year’s competition ends on January 10, 2017. 
You can cast your vote for best wildlife photographer here, and be sure to share your favorite with @NHM_WPY on Twitter using the hashtag #MyWPY.

People's Choice Award: The Stare of Death, Johan Kloppers, South Africa

The photographer saw this wildebeest calf shortly after it was born in the Kgalagadi Transfrontier Park, South Africa. Little did he know that he would witness its death later that same day; the small herd of wildebeest walked right past a pride of lions and the calf was caught by a lioness and then taken by this male lion.

The Natural History Museum in the UK has shortlisted its nominees for the 2016 People’s Choice Award for wildlife photography.

From playful polar cubs to the horrified last gaze of a wildebeest calf, these images are guaranteed to astound.

Voting for this year’s competition ends on January 10, 2017. 
You can cast your vote for best wildlife photographer here, and be sure to share your favorite with @NHM_WPY on Twitter using the hashtag #MyWPY.

People's Choice Award: Opportunistic Croc, Bence Máté, Hungary

After taking this stunning photo, Bence Máté recalls how chilling it was to see the frightening, killing eyes of this 13 foot-long (4 meters) Nile crocodile. This croc was baited with natural carcasses on an island in the Zimanga Private Game Reserve, South Africa.

The Natural History Museum in the UK has shortlisted its nominees for the 2016 People’s Choice Award for wildlife photography.

From playful polar cubs to the horrified last gaze of a wildebeest calf, these images are guaranteed to astound.

Voting for this year’s competition ends on January 10, 2017. 
You can cast your vote for best wildlife photographer here, and be sure to share your favorite with @NHM_WPY on Twitter using the hashtag #MyWPY.

A Bank Mistakenly Puts Rs 98 Billion in a Taxi Driver's Account

A taxi driver from Punjab State of India, Mr Balwinder Singh's Jan Dhan account was mistakenly credited with almost Rs 98 billion by the State Bank of Patiala earlier this month, reported Hindustan Times.

It is reported that Mr Balwinder Singh's account was credited with Rs 98,05,95,12,231 on November 4 by mistake while passing a credit entry of Rs 200, as a banker wrongly inserted the bank’s 11-digit internal general ledger account number in the amount column. 
However, the amount was debited from Singh’s account on November 5.

Adam Smith: Most Governments are Formed by the Rich for the Rich

Adam Smith: Governments Often Stand in Defence of the Rich against the Poor

Adam Smith: The Real Tragedy of the Poor is the Poverty of their Aspirations

Barcelona to Give Pigeons Contraceptive Pills

Pigeons in Barcelona will be given contraceptive pills to reduce their numbers, as authorities are abandoning the practice of culling.

Culling refers to killing animals to reduce their population.

From April next year, 40 dispensers containing contraceptive food are said to be installed across Spain’s second largest city.

The move means that culling of the feathered creatures will be stopped completely so the pill results can be properly analysed.

A council spokesman said: “We will be using nicarbazin which acts first on the younger birds.

“It’s predicted there will be a reduction of 20 per cent in the pigeon population in the first year and between 70 and 80 per cent in four or five years.”

Samsung Galaxy Note 5 Users in South Korea to Get Note 7 Features

Samsung killed its flagship Galaxy Note 7 smartphone due to battery explosion. Battery explosions were reported from many countries. 
Now, it is reported that Samsung has started rolling out most of the prominent features of Galaxy Note 7 on its earlier version Galaxy Note 5. 
But, it is reported that the features are given only to Galaxy Note 5 users in South Korea. 
The features include game tools, blue light filter, smart manager, wide selfie, and a power saving mode.

Here is How US Politicians Reacted to the Death of Cuban Political Leader Fidel Castro

Cuban revolutionary leader Fidel Castro has passed away at the age of 90 on Friday, Cuban state TV announced.

The lawyer-turned-guerrilla overthrew the US-backed dictator Batista's government and established a communist state in 1959. 
He later went on to repel a US-backed attack and survived countless assassination attempts during nearly half a century in power.
Here is how some of the US Politicians reacted to the death of Fidel Castro.

Vice President-elect Mike Pence:
'The tyrant #Castro is dead. New hope dawns. We will stand with the oppressed Cuban people for a free and democratic Cuba. Viva Cuba Libre!'

Texas Senator Ted Cruz:  'Fidel Castro's death cannot bring back his thousands of victims, nor can it bring comfort to their families,' wrote in a Facebook post.

'Today we remember them and honor the brave souls who fought the lonely fight against the brutal Communist dictatorship he imposed on Cuba.'

Former President Jimmy Carter: 'Rosalynn and…

Candy Vs Gun: Armed Robbers Flee as Shop Attendant Threw Candies at Them

A shocking YouTube video is making rounds as it shows an armed robber and his accomplice fleeing in a car after the shop attendant threw candies at the robbers. 
It is seen that two robbers drive to a shop, in Australia, and one armed robber tries to enter the shop. The reason is not yet known. 

When the armed robber headed to enter the shop, the shop attendant is seen throwing candies at the robber and the robber was seen fleeing away.

Timeline of Cuban Political Leader Fidel Castro's Life

August 13, 1926 - Fidel Castro Ruz born in eastern Cuban hamlet of Biran, son of a well-off Spanish-born landowner.

July 26, 1953 - Castro leads armed uprising against military dictator Fulgencio Batista, captured in failed attack on Moncada Barracks in Santiago de Cuba.

May, 1955 - Castro, who stated "History will absolve me" at his trial, is given amnesty and leaves prison for Mexico.

December 2, 1956 - Castro and 81 other would-be revolutionaries land in Cuba on the yacht "Granma.". Most are routed, but 12 survivors -- including Castro, his brother Raul Castro and Argentine Ernesto "Che" Guevara -- regroup in Sierra Maestra mountains where they launch a guerrilla war.

January 1, 1959 - Batista flees to Dominican Republic.

January 8, 1959 - Castro enters Havana after triumphal journey across Cuba. As supreme "Comandante" of the armed forces, he begins the political, economic and social transformation of Cuba, launching agrarian reform and nat…

Finland to Ban Coal Energy Before Coal Runs Out

Of all the fossil-fuel sources, coal is the least expensive for its energy content and is a major factor in the cost of electricity in the United States and many other countries. However, burning coal in electric power plants is a major source of carbon dioxide (CO2) emissions, and its use has other repercussions as well.

Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure.

Coal is composed primarily of carbon, along with variable quantities of other elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. A fossil fuel, coal forms when dead plant matter is converted into peat, which in turn is converted into lignite, then sub-bituminous coal, after that bituminous coal, and lastly anthracite. This involves biological and geological processes that ta…

Rogue One: A Star Wars Story Trailer #3 Out

A new trailer for 'Rogue One: A Star Wars Story', the first stand-alone film from the 'Star Wars Anthology' series, has been released on 24th November.

It is set ahead of the 1977 film 'Star Wars: Episode IV– A New Hope'. 

Starring Felicity Jones, Diego Luna and Ben Mendelsohn, the film is scheduled to release on December 16.


A significant part of the movie was played in Laamu Atoll, Maldives.


Airbus's Largest A350 Jet Carries Out Its Maiden Flight

Airbus' largest A350 jet, A350-1000, flew on its maiden flight on Thursday, reports said.

The A350-1000 is also Europe's largest twin-engine passenger jet with a seating capacity of 40 more than existing A350s which have around 320 seats. 
The 366-seater is reportedly designed to compete with Boeing in the mini-jumbo segment, typically involving large twin-engine jets carrying 350 people.

Adam Smith: It is Self Interest that Encourage the Sellers

Adam Smith: Inclusive Societies alone are Flourishing and Happy

Demonetization in Maldives, India and Europe

Demonetization is the act of stripping a currency unit of its status as legal tender.

Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.
Maldives replaced its old currency notes this year. According to a press release by MMA dated 26 January 2016, the Maldives Monetary Authority has introduced its new family of polymer banknotes. 

Existing notes circulated in parallel until 1 June 2016, and can be exchanged for new notes for a period of five years.
Neighboring India has demonetized its ₹500 and ₹1000 banknotes on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in India from 9 November 2016.

The announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 Indian Standard Time (IST) the same day. 
In the announcement, Modi declared circulat…

Pros and Cons of Joining EU

Turkey's President Recep Tayyip Erdogan said Turkey did not need to join the European Union "at all costs" and could instead become part of Shanghai Cooperation Organisation (SCO).

Turkey has been unsuccessfully negotiating its bid to enter the EU for 11 years. 
European leaders are reportedly skeptical of the membership due to Turkey's record on democratic freedoms and human rights.

The EU came into existence on 1st January 1958 with the Treaty of Rome signed by six countries. Now there are 28 member countries, including; France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Greece, Portugal, the UK, Denmark, Ireland, Austria, Finland and Sweden.  Aims of the European Union To remove trade restrictions and to encourage free trade among the member countries To apply Common External Tariff and a common commercial policy in their trade with non-member countries To allow free movement of factors of production between member countries To pursue common pol…

More than 102 Million Trees Dead due to California Drought. Time to Plant Trees?

With the death of 36 million trees since May, the death toll due to drought conditions in California has risen to over 102 million, reports the Guardian. 
The US state continues to face a severe drought since five years, marked by low mountain snowpack and warm temperature. 
The drought-stricken forests have increased the risk of catastrophic wildfires in the US state.
Drought has now become common everywhere. It is not only the natural calamities that cause drought but also human actions such as deforestation. 
We often forget that the economic benefits obtained from deforestation are directly or indirectly inviting us for devastation and destruction of human race on our own planet earth. 
To save the human race, we must take immediate actions to save mother earth. Everyone can do it. Planting trees can be something that each of us can do. 
Here’s how trees make a difference: Trees improve air quality by producing oxygen. They also store carbon, offsetting harmful byproducts of fossi…

Eliminating Modern Slavery is a Collective Responsibility

Unlike our forefathers, no one from the present generation has tasted the bitterness of conventional human slavery, thanks to improved education, social integration and international agreements. 
As people are advancing with time, the old police states were replaced by city states across the globe, leading to present day urbanization.
Urbanization took place rapidly in and around capital cities due to the fact that those cities were controlling the decision making power over the resources of the whole country. Irrespective of the location of the resources across the country, the waves of nationalization brought all resources under the control of the political elites in the capital.
It was particularly true for small states like the Maldives where capital Male alone is the sole decision maker.
The profit motive of the capitalists and the landlords of the capital city are the major powers of any government established in Male. Their #power over the state #authorities have systematical…

It is Not Deficit Budget But Priorities that Matter

Basic Keynesian analysis suggests that a deficit budget during a slowdown is a good thing.

In the present slowdown in the economy due to external shocks, private sector spending is observed to be falling, and individual saving is on the rise – leading to unused resources.

Government borrowing is a way of utilizing these unused savings and ‘#kickstarting’ the economy.

The #deficit spending, especially on #regional infrastructure, can help promote higher growth, which will enable higher tax revenues and the deficit will fall over time.

If you try to balance the budget in a slowdown, it will worsen the situation.

But, one need to understand that Projects aimed at Population Concentration result in (unfair) #Redistribution and hence will not help create any extra value.

Therefore, it is not the Deficit Budget but #Priorities that #Matter.

Child Mortality has Significantly Decreased in the Last Decades

Child mortality, also known as under-5 mortality or child death, refers to the death of infants and children under the age of five or between the age of one month to four years depending on the definition. A child's death is emotionally and physically hard on the parents.


According to WHO:
5.9 million children under the age of 5 years died in 2015.More than half of these early child deaths are due to conditions that could be prevented or treated with access to simple, affordable interventions.Leading causes of death in children under 5 years are preterm birth complications, pneumonia, birth asphyxia, diarrhea and malaria. About 45% of all child deaths are linked to malnutrition.Children in sub-Saharan Africa are more than 14 times more likely to die before the age of 5 than children in developed regions.


Be Aware of Deceptive Recruitment, Coercion and Forced Labour

Forced labour can take many different forms.

Victims are often tricked into jobs where they are paid little or nothing and then cannot leave because they have been manipulated into debt or had their identity documents confiscated. 
Poverty, illiteracy, discrimination and migration are some of the factors that make workers more vulnerable to forced labour.
A man, looking of a job, accepts a "good" offer from a recruiter.
Once at the destination, the reality is different: https://t.co/qtzu47RxT9pic.twitter.com/FHEavw6kD1 — ILO (@ilo) November 20, 2016
Explore the ILO's InfoStory to discover how someone looking for work can become trapped in forced labour.

Top 10 Reasons for the Growth of Online Shopping

The young and energetic youth of the country have less time for Conventional Shopping and the emergence of Online Shopping is helping them buy anything from any corner of the globe.

There are several reasons for the growth of Online Shopping.
Easy and convenient to access online shopTry or buy productsOriginal productsMeasure variety or qualityNominal costIntegrated payment gatewaysNo crowdDoor step connectionSeveral delivery optionsConvenient to return

Objectives and Functions of the World Trade Organization (WTO)

World Trade Organization (WTO), international organization established to supervise and liberalize world trade. The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947 in the expectation that it would soon be replaced by a specialized agency of the United Nations (UN) to be called the International Trade Organization (ITO).

Although the ITO never materialized, the GATT proved remarkably successful in liberalizing world trade over the next five decades. By the late 1980s there were calls for a stronger multilateral organization to monitor trade and resolve trade disputes. Following the completion of the Uruguay Round (1986–94) of multilateral trade negotiations, the WTO began operations on January 1, 1995.

Objectives:
The WTO has six key objectives:
(1) to set and enforce rules for international trade,
(2) to provide a forum for negotiating and monitoring further trade liberalization,
(3) to resolve trade disputes,
(4) to increase th…

Indian Central Bank Proposes "Islamic (Banking) Window" in Conventional Banks

The central bank of India has proposed opening of "Islamic Window" in Indian conventional banks in an effort to gradually introduce Islamic Sharia-compliant (or interest-free) banking in the country.

The Reserve Bank of India (India's central bank) and Indian government are said to be exploring the possibility of introducing Islamic Banking for long to ensure financial inclusion of those sections of the society that remain excluded partly due to religious reasons.

Islamic banking is a banking system that is based on the principles of Islamic law, also referred to as Shariah law, and guided by Islamic economics.

Two basic principles behind Islamic banking are the sharing of both profit and loss and, significantly, the prohibition of the collection and payment of interest by lenders and investors. Collecting interest or "Riba" is not permitted under Islamic law.

The origin of Islamic banking dates back to the very beginning of Islam in the seventh century. The…

Retaliation in International Trade

Retaliation refers to action taken by a country whose exports are adversely affected by the raising of tariff or other trade-restricting measures by another country. Also called retorsion.

GATT (now WTC) permitted imposition of restraints on imports from a country that has raised tariffs (or has introduced other trade restrictions) by the aggrieved country (called the adversely affected contracting party) up to the approximate value of the lost trade.

In many cases, countries responded to retaliation by further closing their markets—surely the opposite of what crowbar theorists intend. Consequently, the history of trade retaliation looks like a bad investment portfolio: small gains dwarfed by huge losses.

The crowbar theory has backfired so many times that a study of it, like the study of warfare, inevitably becomes a study of failure. Trade retaliation has failed to produce significant market openings for five principal reasons.

First, retaliation tends to inspire nationalism and xe…

What is a Customs Union?

A Customs Union is formed by an agreement between two or more (usually neighboring) countries to remove trade barriers, and reduce or eliminate customs duty on mutual trade. A customs union (unlike a free trade area) generally imposes a common external-tariff (CTF) on imports from non-member countries and (unlike a common market) generally does not allow free movement of capital and labor among member countries.
Definition and Theoretical Concepts
A customs union is a political structure entered into between two or more countries to establish a free trade market for member countries and create a common trade policy regarding nonmember countries including establishment of common trade barriers.

A customs union attempts to create a common market for free trade between member countries while using a common strategy regarding trade policy with nonmembers. The member countries can agree to limit imports of some goods and services by use of a trade quota. A member country may want this limi…

What is Bilateral Trade?

Bilateral Trade refers to the exchange of goods between two countries that facilitates trade and investment by reducing or eliminating tariffs, import quotas, export restraints and other trade barriers.

Bilateral Trade refers to the cross border transactions that occur between two countries.

A number of nations have set up bilateral trade agreements with a major trading partner in order to facilitate trade and economic stability between their respective countries.

Such agreements often substantially reduce barriers to trade such as duties, customs procedures and quotas.

What is Income Terms of Trade?

A refinement in the concept of net barter terms of trade was made by G.S. Dorrance by introducing the concept of income terms of trade. Dorrance defined income terms of trade as the index of the value of exports divided by the price index for imports. Thus:
Where, T stands for the income terms of trade,
P denotes prices, and
Q denotes quantity,
x denotes exports, and
m denotes imports.

The "income terms of trade" are also referred to as country's "capacity to import", for p determines Qm. Hence, it may be regarded as a superior concept to net barter terms of trade for the less developed countries' purposes.
Dorrance has improved upon the concept of the net barter terms of trade by formulating the concept of the income terms of trade. This index takes into account the volume of exports of a country and its export and import prices (the net barter terms of trade). It shows a country’s changing import capacity in relation to changes in its exports.

Thus, the …

What is Optimum Tariff?

The level of a tariff that maximizes a country's welfare. In a nondistorted small open economy, the optimal tariff is zero. In a large country it is positive, due to its effect on the terms of trade.
Normally, when a tariff is imposed, the terms of trade improve and gain accrues to the imposing country. But the tariff rate should be within a limit. If excessive tariff is imposed total gain resulting from improved terms of trade will not be large enough due to decline in the volume of trade. Hence, the question arises as to what should be the ideal rate of tariff? In this regard economists have devised the concept of 'optimum tariff.' The optimum tariff is one which maximises imposing country's gain or welfare from trade.

In technical jargon, however, optimum tariff implies that rate of tariff which intersects the opposite country's offer curve at a point which is tangent to the imposing country's highest community indifference curve.
In the absence of retaliat…