Category: Business

  • Juliana Palmieri, Can Social Media Corporations be held Liable Under International Law for Human Rights Atrocities?, Pace International Law Review, Volume 34, Issue 2 (May 2022). Abstract below. This article examines the relevant international law associated with genocide and hate…

    This post was originally published on Human Rights at Home Blog.

  • Indian economy expanded at 8.7 per cent pace for the financial year 2021-22 against a contraction of 6.6 per cent in FY21

  • ONGC displaced Tata Steel for the No.2 spot. Tata Steel on May 3 reported a standalone net profit of Rs 33,011.18 crore

    This post was originally published on The Asian Age | Home.

  • By Melisha Yafoi in Port Moresby

    The Papua New Guinean government can expect to be fined a hefty US$5 million (K17.6 million) each for six illegal shipments (K105 million total) of waste oil being transported to Singapore through Indonesian waters.

    A formal notice was issued by Indonesia’s Ministry of Environment and Forestry last Friday to PNG’s Conservation and Environment Protection Authority.

    This is after six shipments of waste oil from two large gold mines and a state utility company in PNG were seized in Singapore and Indonesia.

    These shipments were fuel oil delivered as vessel slops, refined oil and fuel oil claimed to be illegally shipped and labelled as fuel oil or refined oil to avoid the costly permit process.

    The issue is that these materials require different clean-ups in the event of a spill and could potentially cause significant delays in cleaning up.

    A letter from Indonesia’s chief compliance officer Basel Protocol Department Siti Muhammad, the Basel Protocol Department of the Ministry of Environment and Forestry (Indonesia) to CEPA, obtained by this newspaper, read that Indonesia was “highly disturbed” that this practice was continuing with no hindrance from the relevant authority (CEPA) in PNG.

    Muhammad said that next week their consular-general would deliver initial paperwork for the penalty of US$5 million per shipment to Prime Minister James Marape’s office for payment as they had been tolerant long enough.

    No document flow
    She claimed several of the shipments were sent with a clearance from CEPA, yet with no document flow as required under the Basel Convention.

    “This is highly irresponsible as not even basic analysis samples were provided,” she said.

    “Given that we have been absorbing the illegal materials from Papua New Guinea while this process was followed, we are no longer able to do so seeing as there is no actual program in place from PNG to manage their own hazardous materials.”

    PNG, as a signatory to the Basel/Waigani Conventions (international agreements) that outline conduct requirements for waste management, should be held liable or comply with strict guidelines regarding the trans-boundary shipments of waste oils in place.

    A Hachiko Efficiency Services spokesperson confirmed with the PNG Post-Courier that there were regular shipments of waste oil from PNG being transported to Indonesia and Singapore, and other international destinations.

    The spokesperson claimed that while they had been given the export permit by CEPA in 2019, they had not exported since, as their programme was put on hold pending approval from the PNG government.

    The Singapore-based company, Hachiko, has been working closely with the Singapore National Environmental Agency (NEA) and the Indonesian Department of Environment and Forestry under a blanket agreement that the refineries in Singapore can take in waste oil from PNG to be recycled using its export permit.

    Risk of illegal shipment oil spills
    “Until PNG has a formal waste oil management programme in place, it holds the risk of any illegal shipments causing spills and will be liable for any demurrage and cleanup costs (in the case of Singapore this would be US$40 million a day or K140 million),” the spokesperson said.

    “This is similar to the Simberi oil spill in Honiara a few years ago.”

    Last year, a shipment allegedly carrying Ok Tedi fuel oil shipped from Tabubil to a contractor in November and then left PNG for Malaysia in December.

    The containers were trans-shipped through Singapore and were inspected by the NEA as one of them was leaking.

    The Post-Courier was informed that the NEA conducted an investigation as the product was shipped in flex bags, which is illegal for fuel oil.

    The containers upon testing were found to contain contaminated waste oil (contaminated with glycol, cyanide, water and metal content) and were seized by the Pollution Control Department (PCD) in Singapore.

    CEPA acting managing director Gunther Joku said his office had not been informed of this issue and had not signed on any shipments as per the Basel Convention or given export permit to anyone.

    Commercial not regulatory issue
    He said this was a commercial and not a regulatory issue as the only company CEPA was aware of was Total Waste Management.

    Ok Tedi Mining Limited (OTML) in response to these reports said it did not export waste oil directly outside of PNG, maintaining the process was satisfactorily completed from its end before the waste oil was disposed.

    “OTML does not export waste oil directly from PNG,” the company said.

    “We have a certified contractor that provides this service for us, just as it does for other clients in PNG, which are then all combined and shipped to India, and not Indonesia and Singapore as claimed.

    “We have a robust industrial waste management system managed by a dedicated waste management team that ensures any industrial waste material is managed onsite following stringent environmental and health management guidelines before they are disposed.”

    According to industry sources, any given year around 15 million litres of waste oil is produced in Papua New Guinea from various industries using high volumes.

    Melisha Yafoi is a PNG Post-Courier reporter. Republished with permission.

    This post was originally published on Asia Pacific Report.

  • By Sheryl Lal and Akansha Narayan in Nadi, Fiji

    Although Fiji was unaffected by the first wave of covid-19, its tourism sector — the lifeblood of the economy — has been devastated by border closure across the world due to the pandemic in the past two years.

    Thus, when the Fijian Tourism Expo (FTE) returned after a break of two years, Fiji Tourism’s CEO Brent Hill was in an upbeat mood, especially because they have been able to attract more than 500 participants to the Expo in these competitive times for the travel industry.

    But, having experienced the vulnerabilities, sustainability was very much in focus during presentations at the event here.

    In 2022, Tourism Fiji comes with a vision to “inspire the world to come and experience Fiji — where happiness finds you” and our purpose is to “ensure that Fiji is promoted and marketed as a tourist destination for the purpose of maximising sustainable and long terms benefits to Fiji”, said Hill, in presenting a brief overview of their past achievements and their two-year strategic plan to the FTE.

    The 8th FTE was held on May 11-13 at the luxury Sheraton Beach Golf and Spa Resort near Nadi, the gateway to Fiji where its international airport and many tourist resort islands are located.

    The three-day event attracted more than 88 exhibiting companies, 90 buyers and 10 media delegates eager to learn the strategic plan Tourism Fiji has set for the small island nation.

    The semi-government agency was supported by Fiji’s Ministry of Commerce, Trade, Tourism and Transport and was declared opened by Minister Faiyaz Koya, who highlighted the negative impact of covid on the tourism industry.

    ‘Guided by robust policies’
    “During this time, we were guided by robust policies that led to our border re-opening,” he said in his opening address.

    “Our out-of-work tourism workers were among those supported by half a billion dollars (US$230 million) in direct and indirect assistance paid by the Fijian government. We took the last two years as an opportunity to re-invest.

    “From upgrading our tourism facilities and renowned hospitality, to piloting new products.”

    Hill’s presentation at the FTE highlighted that during the pre-pandemic period, the tourism sector represented 38 percent of the Fijian economy bringing in 36.5 percent employment making up over 118,000 jobs in a population of just over 896,000.

    In 2019, the overseas visitor economy in Fiji was worth F$3 billion (US$1.37 billion) and had attracted 960,000 international arrivals, mainly from Australia, New Zealand, Europe and the United States.

    Fast forward two years later into the post-pandemic period, the plan of tourism Fiji is to increase the visitor economy to F$3.37 billion.

    Also, a high end goal of attracting 1 million international visitors by 2024 has been set. Hill highlighted that the two year strategic plan, 2022 to 2024, was strategised after consultations were done by meeting with tourism industry and also seeking people’s feedback on what Tourism Fiji’s priorities should be.

    Six key priorities
    From these consultations, they have pulled out six key priorities for the two year plan.

    Sustainability is a key ingredient of the plan that includes shaping perceptions of Fiji, promoting the value of tourism to Fiji and enabling an efficient, high performing and innovative team to take the industry forward.

    “For Tourism Fiji, it is very important as an organisation that we set our values. As a team, we really wanted to identify the core of who we are as a true Fijian and I’m very proud of the values that we actually came up with as a team and we want to make a difference,” said Hill.

    Citing data from the global benchmarking agency Smith Travel Research (STR), Hill said that in 30 of Fiji’s key hotels that accounts for about 8500 rooms, the occupancy was running at 20 percent levels.

    “That is a stunning rebound recovery and not to be sneezed at,” he points out, adding, “I know that there is dozens of tourism organisations around the world that would be begging to have their occupancy at those kinds of levels.”

    Many of the exhibition booths at the FTE represented luxury boutique type resorts in small “paradise” islands that surround Fiji’s main islands of Viti Levu and Vanua Levu.

    Many of these islands are so small that it may include just the resort which is usually privately owned (leased from traditional land owners).

    Resort occupies whole island
    One such resort is Beachcomber Island, just 17 km and 40 minutes by fast ferry from Port Denarau, the site of the Expo.

    The resort occupies the whole of the privately owned 8 ha island, where staff works on a 21 day shift followed by 7 days leave to go back to “civilisation”. The resort which is very popular with foreign tourists was closed from 20 March 2020 until April 1 this year.

    The resort manager, Nemia Merani, that she had to keep a skeleton staff of 5 during this time to help maintain its facilities, even though they had no income coming.

    Pre-pandemic they used to employ 50-60 staff but now they only have 15-20 staff on the island.

    “People from overseas are still hesitant to come,” she said. “Things that help us are day visitors not only weekends but weekdays too.

    “We are selling to locals everyday. During the weekend we have a surge in numbers and after this we go right down again.”

    Ironically, this resort was too expensive for local tourists pre-pandemic but the prices have been reduced for locals now.

    ‘Overseas visitors slowly picking up’
    “Overseas visitors — especially from Australia — are slowly picking up and if that continues we will survive,” Merani said optimistically.

    From presentations made at the Expo, the pandemic has also raised awareness among tourism operators here about the sustainability of the industry and the need to tap into local resources much more.

    Even the five-star Sheraton hotel where the Expo was held made a special presentation on how they are developing a supply chain of local farmers feeding into their menus.

    Since the borders were opened on December 1 last year, according to government figures, 119,000 tourists have arrived in Fiji, with 46,000 coming in April alone.

    “I believe that we can work together collectively for providing the value of tourism to Fiji,” argues Hill pointing out the networking that took place here.

    “Part of that is that we need to continue to tell the story of tourism and tell the story of what it is that we’re all about.”

    Sheryl Lal and Akansha Narayan are final year journalism students at the University of the South Pacific in Suva, Fiji. This story ror In-Depth News was initially published in USP’s student journalism newspaper Wansolwara. Both IDN and Wansolwara collaborate with Asia Pacific Report.

    This post was originally published on Asia Pacific Report.

  • India’s retail inflation rose to an eight-year high in April, while wholesale inflation rose to at least a 17-year high

    This post was originally published on The Asian Age | Home.

  • India made 3.1 per cent of the world’s iPhones last year, and the proportion is expected to increase to 6 per cent to 7 per cent this year

    This post was originally published on The Asian Age | Home.

  • The World Economic Forum (WEF) said the Annual Meeting 2022 will focus on ‘history at a turning point’, the theme of the summit

    This post was originally published on The Asian Age | Home.

  • The contingency risk buffer has also been retained at 5.5 per cent

    This post was originally published on The Asian Age | Home.

  • Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in Delhi

    This post was originally published on The Asian Age | Home.

  • Report tells of 20-hour shifts for £3.50 an hour, racism and sexual abuse under cover of transit visa loophole

    A third of migrant workers on UK fishing vessels work 20-hour shifts, and 35% report regular physical violence, according to new research that concludes there is rampant exploitation and abuse on British ships.

    “Leaving is not possible because I’m not allowed off the vessel to ask for help,” one migrant worker told researchers at the University of Nottingham Rights Lab, which focuses on modern slavery. They found fishers reported working excessive hours, with few breaks, on an average salary of £3.51 an hour.

    Continue reading…

    This post was originally published on Human rights | The Guardian.

  • At the interbank foreign exchange, the rupee opened at 77.17 against the American dollar, then lost ground to quote at 77.42

    This post was originally published on The Asian Age | Home.

  • Ice Hockey Australia
    A bankrupt and failed pyramid schemer’s control of Australian ice hockey has come to a quick end thanks to an investigation in Michael West Media. Sandi Logan reports.

    This post was originally published on Michael West.

  • The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth

    This post was originally published on The Asian Age | Home.

  • The move will lead to an increase in lending rates and make retail loans, including home loans, costly

    This post was originally published on The Asian Age | Home.

  • If Twitter implements the pay-to-post policy, it would become the first major social media company to charge users to interact with its platform

    This post was originally published on The Asian Age | Home.

  • Higher energy prices were one of the key factors for the higher exports

    This post was originally published on The Asian Age | Home.

  • A probe was earlier launched against the company in connection with alleged ‘illegal remittances’ sent abroad by the Chinese firm

    This post was originally published on The Asian Age | Home.

  • JBS, meat processing, ABC Four Corners
    Australia’s dominant meat producer, the secretive Brazilian multinational JBS, has a free pass from regulators, accountants and governments. Following ABC Four Corners investigation into the company, Callum Foote discovers a raft of breaches by the group renamed as “Flora Green”.

    This post was originally published on Michael West.

  • By Lice Movono, RNZ Pacific correspondent in Suva

    A landmark case in Fiji today at the High Court in the capital Suva issued what is the country’s first environmental crime sentence.

    Controversial Chinese resort development company Freesoul Limited was fined FJ$1 million for breaching two counts of Fiji’s Environmental Management Act.

    The company is developing a resort on Malolo Island in the popular tourist hotspot, the Mamanuca Islands.

    The company was issued a prohibition notice in June 2018 after neighbours and indigenous landowners shed light on extensive environmental damage it was causing on the coast at Malolo Island.

    According to court documents, the company was issued with a prohibition notice by the Department of Environment after landowners and neighbours alerted authorities of extensive coral and mangrove damage.

    The company had dug an extensive sea channel and removed local marine life to gain direct access to the resort development.

    The DOE had authorised only land works because an Environmental Impact Assessment had not been done on marine works.

    Freesoul denied responsibility
    When charged for unauthorised development, Freesoul denied responsibility but the Magistrate Seini Puamau, who heard the initial case, was not satisfied, given DOE evidence produced in court showing Freesoul apologising for the damage.

    The case was referred to High Court judge Justice Daniel Gounder who ordered Freesoul pay the DOE FJ$1 million for the rehabilitation of the marine environment damage.

    Justice Gounder said he was unable to issue a custodial sentence given the EMA provides for jail terms for persons not corporations.

    “This case is about environment, criminal responsibility and punishment,” Justice Gounder said.

    “Although the offending is not the most serious type, the offenders culpability is high.”

    Justice Gounder sentenced Freesoul with the highest penalty possible under the EMA.

    This article is republished under a community partnership agreement with RNZ.

    This post was originally published on Asia Pacific Report.

  • The company has decided to reserve 10 per cent of shares on the offer for its policyholders under the policyholder reservation portion

    This post was originally published on The Asian Age | Home.

  • With the LIC IPO coming up, there has been a spurt in opening of demat account recently

    This post was originally published on The Asian Age | Home.

  • Amnesty International’s report JCB Off Track gives evidence that the company’s equipment has been used in the destruction of Palestinian homes, writes Stuart Penny

    Boris Johnson’s recent visit to a JCB factory in India inadvertently highlighted the use of JCB vehicles in the destruction of mainly Muslim settlements (Outcry in India as Boris Johnson visits JCB plant amid demolitions row, 21 April).

    These are not the only abuses of human rights committed using JCB equipment. Amnesty International’s report JCB Off Track, published in November last year, gives evidence of the use of JCB equipment in the destruction of Palestinian homes, agricultural land and other property in the occupied Palestinian territories. The report explains the steps that Amnesty says the company could take to prevent this.

    Continue reading…

    This post was originally published on Human rights | The Guardian.

  • Internal market commissioner raised concerns that hate speech will increase on the platform

    The EU has warned Elon Musk that Twitter must “comply with our rules” or face sanctions that range from fines to a total ban, as concerns were raised that hate speech will increase on the platform under his ownership.

    The world’s richest man has agreed a $44bn (£34bn) deal to buy the social media network, which will hand control of a platform with 217 million users to a self-confessed “free speech absolutist”.

    Continue reading…

    This post was originally published on Human rights | The Guardian.

  • Musk in a securities filing on April 14 had said he did not have confidence in Twitter’s management

    This post was originally published on The Asian Age | Home.

  • Musk, a self-proclaimed ‘free-speech absolutist’, said he wants to reform what he sees as the platform’s over-zealous content moderation

    This post was originally published on The Asian Age | Home.

  • Asian markets in Tokyo, Hong Kong, Seoul and Shanghai settled significantly lower

    This post was originally published on The Asian Age | Home.

  • Recently, there have been widespread incidents of electric scooters catching fire forcing manufacturers to recall their vehicles

    This post was originally published on The Asian Age | Home.

  • Central bank may shift its focus to taming inflation

    This post was originally published on The Asian Age | Home.

  • The Adani Group investment in Bengal will expand in world-class infrastructure, a state-of-the-art data centre and undersea cable

    This post was originally published on The Asian Age | Home.