Month: January 2022

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-Top News UK News

Next 24 hours could decide PM’s future

Picture by Simon Dawson/No 10 Downing Street

Boris Johnson’s immediate predecessor and Conservative party colleague Theresa May, whose exit he is said to have engineered, sarcastically asked him if he had not read Covid rules, did not understand them or thought he was exempt? reports Ashish Ray

Boris Johnson characteristically came out fighting in the House of Commons, as his future as the Prime Minister of Britain hung in the balance following an investigation by a senior civil servant, Sue Grey, into partying at his office-cum-residence at 10 Downing Street in London damningly violation of Covid-19 laws at the epicentre of political power in the UK.

He described the report as ‘a tissue of nonsense’ in response to the leader of the Labour party and of the opposition, Sir Keir Starmer, accusing him of ignoring it and calling him a ‘man without shame’.

Johnson cowered behind a police inquiry currently underway as a result of the facts unearthed by Grey.

Johnson’s immediate predecessor and Conservative party colleague Theresa May, whose exit he is said to have engineered, sarcastically asked him if he had not read Covid rules, did not understand them or thought he was exempt?

May is looked upon as a person who might navigate Johnson’s ouster from behind the scene. If 54 Conservative MPs ask for a leadership contest, this will automatically be triggered.

A leadership contest could open the door for Rishi Sunak, now Chancellor of the exchequer, to throw his hat into the ring.

Controversially, what surfaced in the public domain on Monday after a week of dilly-dallying was reportedly a heavily redacted report. The British capital’s metropolitan police, popularly known as Scotland Yard, insisted on this, so as not to jeopardise the criminal inquiry it has been entrusted with, based on Grey’s findings.

The Yard is probing 12 of the 16 parties examined by Grey, which will interrogate Johnson ‘under caution’, which means as a suspect, not as a witness.

Johnson in other words is believed to have committed the crime of allowing or himself being knowingly and willingly a participant in the concerned parties or social gatherings, thereby not following Covid-19 rules legislated by his own government.

Grey concluded: “At least some of the gatherings in question represent a serious failure to observe not just the high standards expected of those working at the heart of the government, but also of the standards expected of the entire British population at the time.”

She disclosed: “Some staff wanted to raise concerns about behaviours they witnessed at work but at times felt unable to do so.”

“The whole of the country rose to the challenge,” she wrote, adding: “Ministers, special advisers and the Civil Service, of which I am proud to be a part, were a key and dedicated part of that national effort. However, as I have noted, a number of these gatherings should not have been allowed to take place or to develop in the way that they did.”

It was circulating in media that Grey admitted her report does not provide a ‘meaningful’ account of ‘partygate’ because of omissions requested by the police. It was, though, still quite a bombshell, as expected.

In a rowdy session of the Commons, leader of the Scottish National Party, Ian Blackford, was ordered to leave the chamber by the Speaker after the former insisted on saying Johnson had ‘misled the House’ – by convention a resigning matter in British politics.

The parties allegedly took place between March 28, 2020 and May 17, 2021.

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-Top News UK News

Boris ‘sorry’ after ‘partygate’

Prime Minister Boris Johnson holds a virtual Cabinet meeting in 10 Downing Street. Picture by Simon Dawson / No 10 Downing Street

He also pledged to get on with the job” despite widespread political and public anger and calls for him to quit or be forced out…reports Asian Lite News

UK Prime Minister Boris Johnson has apologised after his government was criticised for “failures of leadership and judgment” in allowing lockdown-breaching parties at his offices, media reported.
The prime minister told the House of Commons: “I’m sorry for the things that we simply didn’t get right and also sorry for the way this matter has been handled.”

He also pledged to get on with the job” despite widespread political and public anger and calls for him to quit or be forced out, it was reported.
“I get it and I will fix it,” Johnson added, promising sweeping changes to his Downing Street operation.

Boris Johnson on Monday refused calls to resign after an investigation into a string of parties held at his official residence in Downing
Street during the COVID-19 lockdown found there were serious “failures of leadership and judgment.” “I am going to get on with the job,” Johnson told Parliament following the release of the report on the inquiry conducted by senior civil servant Sue Gray.

Report finds ‘failures of leadership and judgement’

The long-awaited report, which was published as an update because the London Metropolitan Police had asked the senior civil servant conducting the probe to make minimal reference to some of the gatherings to avoid prejudice to their own investigation, concluded that the parties held at Downing Street during the lockdown “should not have been allowed to take place.”

“Against the backdrop of the pandemic, when the government was asking citizens to accept far-reaching restrictions on their lives, some of the behaviour surrounding these gatherings is difficult to justify,” Gray said. Johnson has been grappling with calls to resign after a series of revelations showed that several social gatherings were held at his offices throughout 2020 and 2021, flouting COVID-19 social distancing rules.
Calls for him to step down from his role were renewed during the heated debate that took place in Parliament following the publication of the damning report but the prime minister said people must wait for the conclusions of the police inquiry.

The British government on Monday published a long-awaited report into parties held at Downing Street that allegedly breached the country’s COVID-19 rules, found serious “failures of leadership and judgment” by the UK government. “At times it seems there was too little thought given to what was happening across the country in considering the
appropriateness of some of these gatherings, the risks they presented to public health and how they might appear to the public. There were failures of leadership and judgment by different parts of No 10 and the Cabinet Office at different times. Some of the events should not have been allowed to take place. Other events should not have been allowed to develop as they did,” the findings of the report said. “A number of these gatherings should not have been allowed to take place or to develop in the way that they did. There is significant learning to be drawn from these events which must be addressed immediately across Government,” the text added.

Earlier UK Prime Minister Boris Johnson’s office apologized to the royal family for holding staff parties in Downing Street on the eve of Prince Philip’s funeral last year, when COVID-19 rules barred indoor socializing. “It is deeply regrettable that this took place at a time of national mourning and Number 10 has apologized to the Palace,”
Xinhua News Agency had reported quoting a spokesperson for British Prime Minister. The prime minister had conceded: “With hindsight, I should have sent everyone back inside. I should have found some
other way to thank them.” Keir Starmer, leader of the opposition Labour Party, had raged against Johnson’s “ridiculous” apology, saying the prime minister’s excuse that he “did not realize he was at a party” was “offensive” to the British public. (ANI/Sputnik)

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Tech Lite Technology

Tesla postpones plan for $25,000 electric car

In 2020, Tesla announced plans to establish a new R&D center in China to build “Chinese-style” electric car…reports Asian Lite News

Tesla CEO Elon Musk has confirmed that its electric vehicle company is not working on its previously announced $25,000 electric car right now because it has “too much on its plate”.

During Tesla’s fourth-quarter earnings, Musk was asked by shareholders about the status of the $25,000 Tesla, the auto-tech website Electrek reported.

“Well, we are not currently working on the $25,000 car. At some point, we will, but we have enough on our plate right now, too much on our plate, frankly. So, at some point, there will be,” Musk responded.

At Tesla Battery Day in 2020, CEO Elon Musk announced that Tesla will be making a $25,000 electric car.

He made it clear that this new price point is achieved through Tesla’s new battery cell and battery manufacturing effort, which could reduce battery costs by over 50 per cent.

The $25,000 Tesla electric car, which is often referred to as the “Tesla Model 2”, has been likened to a new electric hatchback that Tesla has been planning to produce at Gigafactory Shanghai in China and export globally.

In 2020, Tesla announced plans to establish a new R&D center in China to build “Chinese-style” electric car.

Tesla started taking design submissions for its Chinese-made small electric car that summer and started hiring for the programme shortly afterward.

At the time, the automaker also released this early design drawing of a small electric hatchback. It led many to think that it was the design direction and form factor that Tesla is going for in the upcoming electric vehicle.

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Business Tech Lite

Q4 of 2021: Tablet sales dropped 25%

While remaining the top Android vendor, Samsung tablet shipments declined 28 per cent YoY to 7.3 million units; market share declined by 0.7 percentage points to 16 per cent during the same period…reports Asian Lite News

The once-booming tablet market appears to have hit a snag, with shipments dropping 25 per cent in the fourth quarter of 2021, says a new report.

According to research firm Strategy Analytics, supply constraints held market growth to a decline of 25 per cent year-on-year (YoY).

“Last year’s pre-vaccine holiday quarter was a tough one to compare against and when you add on the severe supply constraints impacting tablet vendors, it added up to a disappointing quarter, “Eric Smith, Director, Connected Computing, said in a statement.

“The maddening thing is, demand far exceeded supply at the end of 2021, holding back higher revenues for everyone,” Smith added.

Microsoft cashed in on the need for mobile productivity devices with its massive Surface portfolio refresh and joined the ranks of the top global tablet vendors for the first time ever.

Meanwhile, most vendors experienced setbacks in securing components to meet persistently high demand.

Apple shipments (sell-in) fell 22 per cent YoY to 14.6 million units, with worldwide market share climbing one percentage point to 31 per cent as the vendor outpaced the market.

While remaining the top Android vendor, Samsung tablet shipments declined 28 per cent YoY to 7.3 million units; market share declined by 0.7 percentage points to 16 per cent during the same period.

Amazon performed the best among Android vendors with its deep holiday discounts; shipments declined 13 per cent to 5.8 million units.

Lenovo tablet shipments broke a nine-quarter streak of growth to fall 17 per cent to reach 4.6 million units. And for the first time, Microsoft cracked the top five global vendor list with tablet shipments totaling 1.9 million units and a marginal 1 per cent YoY growth rate.

ALSO READ-Common folk still hopeful of a ‘miracle budget’

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Business India News

Common folk still hopeful of a ‘miracle budget’

The middle class wants jobs, tax breaks, concessions on healthcare and education, and reduced prices. The lowering of fuel prices is one such wish. After the deregulation of fuel prices, diesel and petrol rates have only risen relentlessly…reports Deepika Bhan

If wishes were horses, then ‘Nirmala would lower all prices’. The change in the original proverb may seem contrived, but the thought is not unwarranted, as it reflects the sentiment of common folk in the country today.

The customary presentation of the Union Budget on February 1 invariably raises expectations that there may be a cut here or there to help people save money or earn more.

The Budget presentation is all about big numbers, lots and lots of money, multi-million-rupee projects and schemes, and policy stipulations, but all that common folk care about are announcements of relief measures.

These could be reductions in prices of food, clothing, medicine, education, housing and health, and above all, in taxes and fuel rates. This is the basic list of just about any family in the country.

Talk to any person and the principal complaint is about the ever-increasing prices of the basic items required for normal living. These include basic food items — vegetables, fruits, grains, pulses, spices, edible oil and milk; stationery and items of clothing; and expenses on travel and healthcare.

Especially because of the Covid surge, the per capita personal expenditure on healthcare has increased multifold. Almost every family has seen a rise in medical expenses, from minor medical consultations to major hospitalisations.

Covid has altered the economic picture of households, especially in middle-income settings. Many spent their life savings on the medical treatment of their near and dear ones. When the Covid second wave struck the country in April-May 2021, a number of families had to resort to external help and crowd-funding to pay their hospital bills.

The desperation for treatment, hospital beds, medicines and even medical consultations has not been seen on such a massive, heartbreaking scale in recent times.

Covid exposed the huge gaps in the country’s healthcare system and for some time even created a sense of hopelessness all around. The suffering has affected common people gravely and they desperately aspire for some relief, either in the form of tax cuts or a lowering of the cost of the medical treatment of Covid-19 and other chronic major illnesses.

Since 2014, the Centre has increased the basic income-tax exemption limit and 80C deduction, introduced standard deduction and optional tax slab rates. This has been helpful, but in the Covid-affected environment, more needs to be done. So, hopes for some relief are expected in the family units.

Along with increased expenditure on health, the Covid surge has also affected the creation of new jobs. Hiring is muted; in fact, in the private sector a significant number of people have been laid off, many have suffered salary cuts, and many more have either been not paid or are poorly paid.

The simmering frustration was lately manifested when a train in Bihar was set on fire by job aspirants. The Railways had received about 1.25 crore applications for 3,528 vacancies, and just 7,05,446 candidates had been shortlisted — mind-boggling statistics.

For any government, the challenge of creating jobs in these times is huge, but those who are unemployed continue to nurture the hope that vacancies in government departments are filled and private companies get an enabling business environment to bloom.

The middle class wants jobs, tax breaks, concessions on healthcare and education, and reduced prices. The lowering of fuel prices is one such wish. After the deregulation of fuel prices, diesel and petrol rates have only risen relentlessly.

Some time ago, sensing the disquiet among the people over the continually rising fuel prices, the Centre, as well as certain state governments, lowered the prices by a few rupees. A large cut is wished for, but with the Covid pandemic not ebbing and global crude oil prices rising yet again because of the Russia-Ukraine tensions, we can’t hope for much on this front.

The wishes of common folk are best expressed by the nursery rhyme:

If wishes were horses, beggars would ride

If turnips were watches, I’d wear one by my side

If ‘ifs’ and ‘ands’ were pots and pans

There’d be no work for tinkers’ hands.

In the present context, we will have to change the opening line to: “If wishes were horses, prices would come down.”

With the Covid surge still showing no signs of slowing down, economies have taken a hit everywhere, whether at the global level or in family units. The macro and the micro are all affected equally.

A miracle budget is the need of the hour. And even a bigger miracle is needed to rid the country and the world of the pandemic. The economy needs to boom again and the wishes of common folk need to come true.

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Business Economy India News

Service sector rebounds amid pandemic threats: Economy Survey

During the first half of 2021-22, the services sector received over $16.7 billion FDI accounting for almost 54 per cent of the total FDI inflows into the country…reports Asian Lite News

The services sector’s sub-sector, which is contact-intensive in nature, is still below the pre-pandemic level, the Economy Survey 2021-22 said.

Those sub-sectors are trade, hotels, transport, communication and services related to broadcasting, it said.

“The services sector, as a whole, has mostly recovered from the impact of the nationwide lockdown imposed during March-May 2020 and localised lockdowns during the second Covid wave in April-May 2021, although some of the sub-sectors continue to be impacted.”

During the first half of FY22, the services sector grew by 10.8 per cent.

During the first half of 2021-22, the services sector received over $16.7 billion FDI accounting for almost 54 per cent of the total FDI inflows into the country.

The overall services sector, in terms of Gross Value Added, is expected to grow by 8.2 per cent in FY22, although the spread of Omicron variant brings in a degree of uncertainty for the near term, especially in segments that require human contact.

Further, domestic air and rail passenger traffic also increased gradually, while the global issue of container shortage impacted port traffic.

ALSO READ: Health sector expenditure up 73%: Economic Survey

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Business Economy India News

Health sector expenditure up 73%: Economic Survey

New Delhi: Health workers wearing PPE suits and treatment for COVID-19 positive patient admit in Emergency Covid-19 care center by Delhi Government at Shahnai banquet Hall in front of LNJP hospital in New Delhi on Thursday April 15th, 2021.(Photo:Wasim Sarvar/IANS)

During the last five years, social services accounted for about 25 per cent of the total government expenditure (Centre and states taken together). In 2021-22 (BE), it was 26.6 per cent…reports Asian Lite News

Although the Covid-19 pandemic has affected almost all social services, the health sector has by far been the worst hit.

Expenditure on health sector increased from Rs 2.73 lakh crore in 2019-20 (pre-Covid) to Rs 4.72 lakh crore in 2021-22, an increase of nearly 73 per cent, the Economic Survey 2021-22 said.

The government’s spending on social services increased significantly during the pandemic. In 2021-22 (BE), the Centre and state governments earmarked an aggregate of Rs 71.61 lakh crore for spending on the social services sector, an increase of 9.8 per cent over 2020-21.

Last year’s (2020-21) revised expenditure has also gone up by Rs 54,000 crore from the budgeted amount.

In 2021-22 (BE), funds to the sector increased to 8.6 per cent of Gross Domestic Product (GDP), up from 8.3 per cent in 2020-21.

During the last five years, social services accounted for about 25 per cent of the total government expenditure (Centre and states taken together). In 2021-22 (BE), it was 26.6 per cent.

It is difficult to gauge the real time impact of repeated lockdowns on the education sector because the latest available comprehensive official data dates back to 2019-20.

This provides the longer time pre-Covid trends, but does not tell us how the trend may have been impacted by the Covid-induced restrictions.

Various smaller surveys by the government, and by citizen-led non-government agencies, such as the Annual Status of Education Report (ASER) 2021, have assessed the impact during pandemic for the education sector in rural areas.

ASER found that despite the pandemic, enrolment in the age cohort of 15-16 years continued to improve as the number of not enrolled children in this age group declined from 12.1 per cent in 2018 to 6.6 percent in 2021.

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Business Economy India News

India’s BoP surplus hits $63.1 bn in H1FY22: Economic Survey

It said that inflows augmented foreign exchange reserves crossing the milestone of $600 billion….reports Asian Lite News

Robust capital flows into India resulted in an overall balance of payments (BoP) surplus of $63.1 billion in H1FY22, the Economic Survey 2021-22 said.

According to the Survey tabled in the Parliament on Monday, the robust capital flows were sufficient to finance the modest current account deficit.

It said that inflows augmented foreign exchange reserves crossing the milestone of $600 billion.

India’s forex reserve as of December 31, 2021 stood at $633.6 billion.

“As of end November 2021, India was the fourth largest forex reserves holder in the world after China, Japan, and Switzerland.

“A sizable accretion in reserves led to an improvement in external vulnerability indicators such as foreign exchange reserves to total external debt, short-term debt to foreign exchange reserves, etc.”

In addition, the Survey document pointed out that India’s external sector is resilient to face any unwinding of the global liquidity arising out of the likelihood of faster normalisation of monetary policy by systemically important central banks, including the US Fed, in response to elevated inflationary pressures.

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Business Social Media

Meta partners FICCI to support women-led SMBs in India

In addition, Meta’s Commerce Partners Programme will enable businesses to build a digital presence, go direct-to-customer and grow using the power of technology…reports Asian Lite News

Meta, under its #SheMeansBusiness programme, announced its partnership with the Federation of Indian Chambers of Commerce and Industry’s (FICCI) ‘Empowering the Greater 50 per cent’ to enable and support 5 lakh women-led small and medium-sized businesses (SMBs) across India.

The announcement was made during Meta’s inaugural National Women Entrepreneurship Summit to encourage industry dialogue and steps to support MSMEs across sectors.

“We are hopeful that Meta’s pledge to support 5 lakh women-owned businesses will create a supportive ecosystem for women and inspire them to become contributors to the overall development of the country,” Narayan Rane, Union Minister for Micro, Small and Medium Enterprises, said in a statement.

Together with FICCI, Meta will address the barrier to access the right digital tools and resources by offering easy access to tools, programmes and resources by Meta to women entrepreneurs in India.

With this partnership, Meta will extend its support via three initiatives.

The Facebook Business Coach will let women entrepreneurs access self-paced lessons via Meta’s educational chatbot tool on WhatsApp and learn how to establish and maintain a digital presence.

Grow Your Business Hub is a one-stop online destination for micro, small and medium businesses to find relevant information, tools, and resources to further empower these businesses to find tools curated to their growth needs.

In addition, Meta’s Commerce Partners Programme will enable businesses to build a digital presence, go direct-to-customer and grow using the power of technology.

These businesses will have the opportunity to adopt best-in-class solutions across the retail value chain via our partners, with additional onboarding support, training and preferential pricing.

“To help women-led businesses of India, we are partnering with FICCI to enable 5 lakh women at grassroot levels with appropriate digital tools and resources,” said Mohan, Vice-President and Managing Director, Facebook India (Meta).

“This is a part of our commitment to enable 1 crore small businesses over the next 3 years via our Centre for Fuelling India’s New Economy (C-FINE) at our new office in Gurgaon,” Mohan added.

The #SheMeansBusiness programme was launched in 2016 as a space for entrepreneurial women to make valuable connections, share advice and move forward together.

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Fashion Lite Blogs

Jewellery fashion switches to new trends

Whether you prefer a more vintage feel or have a modernized touch, drop earrings are versatile and can fit almost any aesthetic that you can think of…writes N. Lothungbeni Humtsoe

From charm bracelets to statement drop earrings, new jewellery trends have begun to emerge, gracing occasions and personifying elegance, with novel themes set to take centre-stage through the course of the year.

Talking about a pop of colour, glamorous hoops and luxe drop trends that are set to make a splash in 2022, Vipin Sharma, Chief Merchandising Officer, BlueStone says, “The time is ripe to explore the latest jewellery trends to be a trendsetter in the world of fine jewellery in your circles”.

Let’s dive deeper into the subject:

A Pop of Colour: Coloured jewellery has been making a big splash this year, and more so with the numerous ways in which coloured gems can be incorporated into a variety of fine jewellery pieces. Jewellery in hues of green and blue have been growing incredibly popular, especially when it comes to delicate rings and exquisite necklaces and dainty pendants. Emerald jewellery in particular has carved out a special space for itself in 2022, with fashion icons utilizing this brilliant green stone to give their outfits a much-needed touch of colour and sparkle.

The Glamorous Hoops: Hoop earrings have been a big trend since 2021 and well-received as they were, there’s no surprise that this trend has poured out into 2022 as well. This year, hoop earrings that are sleeker and more embellished have been making the rounds, especially ones that are coupled with gemstones and pearls. The brilliant thing about hoop earrings is that they can last you years, and will definitely remain in fashion for years to come.

The Luxe Drops: Move over hoops, there’s a new dangly superstar in town- the drop earrings! Whether they are adorned with multiple gemstones, diamonds or pearls, drop earrings are here to rule. Drop earrings are perfect to glam up any outfit combination and can work well to elevate even a simple sweater jeans combo. Whether you prefer a more vintage feel or have a modernized touch, drop earrings are versatile and can fit almost any aesthetic that you can think of.

Glittering Shoulder Dusters: If you are on the lookout for a piece of jewellery that stands out and makes a statement, shoulder dusters are the piece of jewellery that you need. The newest big trend that has been gracing runways across the world, shoulder dusters are ideal for anyone who wants to make their jewellery the focus point of their outfit. Shoulder dusters with gemstones, diamonds or even coloured metals can stand out, look extremely elegant and can truly make heads turn, no matter what kind of style you like.

Bold and Beautiful: While delicate jewellery might be a classic that never goes out of style, 2022 is the year for going big, bold and beautiful. Rings with coloured stones, colourful chunky bangles and statement necklaces are set to take centre stage, especially when paired with outfits that match its overall aesthetic.

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