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first_img Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” Related Posts By EH News Bureau on April 24, 2020 COVID-19CSRCSR Health initiativeJohnson Controls – Hitachi Air Conditioning Indiamobile primary health centresprimary health centres Share News Phoenix Business Consulting invests in telehealth platform Healpha These mobile PHCs are travelling village to village, addressing medical needs of villagers especially pregnant women who are unable to travel to PHCIn its endeavour to support the Gujarat Government in ensuring successful lockdown and encourage villagers to stay at home, Johnson Controls – Hitachi Air Conditioning India (JCH-IN) has initiated mobile primary health centres (PHCs). To combat COVID-19 it is very critical to ensure lockdown in rural areas so as to minimise the spread of the deadly virus. As part of its CSR initiative, JCH-IN has equipped its PHCs with medical specialists, paramedic and 24×7 kitted ambulance to address the medical needs of villagers at their doorsteps. Also, specially trained staff of the PHC is educating villagers on the significance of sanitisation, social distancing, immunity boosting and other preventive measures to combat COVID-19.Gurmeet Singh, Chairman and Managing Director, JCH-IN said, “The COVID-19 crisis is one of the toughest challenges that mankind is facing today. As a socially responsible company, JCH-IN is committed to support India in fighting the COVID-19 disaster. Generating high decibel awareness around sanitisation and social distancing is a big task in front of rural India. The medical specialists provided by JCH-IN have been advising, guiding and encouraging the rural populace in Gujarat to stringently follow the various Central and State government guidelines issued on combating COVID-19. Also, timely and accurate diagnosis is provided by the medical specialists for ailments is helping the State government medical authorities to mitigate the huge overload on the medical system caused by the pandemic.”With the advent of COVID-19 pandemic in India and its spread to Gujarat, the PHC Karannagar medical apparatus set up in the rural vicinity of Kadi, Gujarat by the CSR division of JCH-IN is completely reoriented to propagate preventive measures, address health needs and educate the villagers on basic tenets of sanitisation, social distancing and strengthening immunity.These mobile PHCs are travelling village to village and addressing the medical needs of the villagers especially pregnant women who are unable to travel to PHC. This has not only ensured timely provision of medical intervention but also reduced risk of COVID-19 exposure by ensuring ailing elderly rural and other susceptible populace do not have to venture out. The confidence-building within the community on the ability to protect self and others against COVID-19 has been the hallmark of the CSR Health initiative of JCH-IN in this rural belt. MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” Comments (0) Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app JCH-IN initiates mobile PHCs to combat COVID-19 in rural Gujarat WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals Read Article Menopause to become the next game-changer in global femtech solutions industry by 2025 The missing informal workers in India’s vaccine story Add Commentlast_img read more

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first_img Twitter Almost 30 people awaiting admission to LUH Pinterest There were 28 people awaiting admission to Letterkenny University Hospital this morning according to the latest trolley watch report. Seven people were on trolleys in its Emergency Department while a further 21 were waiting on wards.The number is down significantly on yesterday’s figure of 40.University Hospital Limerick was the most overcrowded with 48 people waiting there.Nationally, there were 489 people waiting at hospitals across the country today. Twitter Disruption to cancer service will increase mortality – Oncologist Facebook WhatsApp WhatsApp Google+ Pinterest Donegal hoteliers enjoy morale boost as bookings increase center_img Google+ By News Highland – April 11, 2019 Previous articleMinister reassures that Mica Redress is proceeding as plannedNext articleCasey to run in European Parliament elections News Highland Hospitalisations rise as Donnelly suggests masks will stay ’til autumn Facebook Today is the 30th anniversary of Eddie Fullerton’s murder RELATED ARTICLESMORE FROM AUTHOR Homepage BannerNews 45 new social homes to be built in Dungloe Consultation launched on proposal to limit HGV traffic in Cladylast_img read more

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first_img Forgotten your password? Please click here Please either REGISTER or login below to continue Premium subscriber LOGIN Email* Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium New Premium subscriber REGISTER By Alessandro Pasetti 11/06/2019 Please Login LOGIN Password* “Richard White’s software logistics firm, WiseTech Global, is the new millionaires’ factory, with the billionaire set to be joined by three other directors and executives among the ranks of Australia’s wealthy elite.” – The Australian, “WiseTech cranks out fortunes for leaders”, 10 June (sub required).Up, up & up: While perhaps you know I was incredibly bullish when WTC traded at A$9 a share, talking of a 100% upside as being on the cards in April last year, it is now … Reset Your Password << Go back Email* Resetlast_img read more

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first_img Despite pledges of less bureaucracy and frictionless trade with the EU after the Brexit transition period ends in January, the UK government has admitted there is likely to be disruption and additional red tape.It has given the industry less than three weeks to consult on “plans both to minimise the risk of disruption and to mitigate its impact”.These include putting the onus on truck drivers, who will face a personal fine if they are not “border-ready”, and re-introducing Operation Brock, which attempted to mitigate disruption on local roads.The plans have been lambasted by Logistics UK, formerly the Freight Transport Association. “It is disappointing to see that the government is expecting significant friction at the border after the logistics industry had been given reassurances that friction would be minimised,” said Chris Yarsley, policy manager for road infrastructure.“Our members are dismayed that the onus for compliance will be placed on drivers themselves, leaving them personally liable for a fine if they do not comply with the new rules.“The current proposals also create an internal UK border by introducing Kent Access Permits, adding more red tape to the work hauliers will be obliged to comply with.”The government is planning to extend legislation due to expire on 31 December that allows trucks to proceed only on designated routes, and allows for penalties for drivers breaching the rules. It also plans “to incentivise hauliers to ensure they are border-ready before setting off for the Short Straits by making use of the proposed Smart Freight Service”.Mr Yarsely said: “We are pleased to see the focus on upstream compliance, with pre-checks performed before the start of the journey. When fully implemented, the new Smart Freight system should help to keep traffic moving through Kent. To ensure this happens, it is vital that the UK government works with its EU counterparts to ensure all the border systems are joined up.”But he warned: “It is unclear when Smart Freight will be ready and available for testing. Our members will need to see and learn the new system in order to have confidence in it.  Having enough time to adjust is vital, especially with planning for the Christmas season about to start. So government needs to provide reassurance that the system will be available and ready to use on 1 January.”The government proposals warn that “any delay due to the new checks could be exacerbated by low levels of trader and haulier readiness.For example, an HGV without the required customs and import/export documentation risks being held at port until it has been provided, and in some circumstances having their goods seized or destroyed.Analysis conducted before last October suggested many businesses “would not have been ready for the new trading arrangements under a reasonable worst-case scenario.”But Logistics UK said: “We need the government’s assistance to ensure logistics vehicles can continue to move smoothly into and out of the EU. The current proposals leave too many questions unanswered, and very little time available to identify and implement solutions to keep the country trading.”You can read the government’s proposals and respond to its consultation here. Lorries queue to cross to France © Daisymay11 |center_img By Alex Lennane 04/08/2020last_img read more

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first_img‘ Posted in Springboks, Teams, Test Rugby, Top headlines, Tournaments Tagged Test Rugby Post by Craig Lewis Watch: I wanted to rip Jean’s head off – Jaque FourieSA Rugby MagUndo  0  0 James Dalton back in his playing days ‘ Published on November 21, 2019 Life Exact BrazilRemember Grace Jones? She Is Almost 73, See Her NowLife Exact Brazil|SponsoredSponsoredUndo Dalton’s winter of contentcenter_img Buzz TreatmentRemember Grace Jones? Try Not To Smile When You See Her NowBuzz Treatment|SponsoredSponsoredUndo ‘ In an extract from former Bok hooker James Dalton’s autobiography, Bulletproof, he reflects on an iconic battle with the All Blacks.There was a moment when I wondered if I would ever get to play the All Blacks. I had warmed the bench on the Springboks’ tour to New Zealand in 1994, with coach Ian McIntosh preferring Natal’s John Allan. In 1995 I was suspended when the Springboks won the World Cup final against them and in August of 1996, I again found myself on the bench in Durban for the first of the three-Test series against our greatest rivals.Andre Markgraaff, appointed to the Bok job in 1996, was the third Springbok coach I’d play under in three years and, even though I went through the pre-match ritual and the high of finally fronting the men in black, I did not engage in a scrum, let alone a tackle.John Allan was Mac’s boy in 1994 and Markgraaff initially entrusted him to start in the Tri-Nations, but it didn’t yield different results as Allan didn’t win against the All Blacks in three attempts during 1994, or two more in 1996.Markgraaff favoured bigger hookers who he felt would give the scrum greater presence and strength. Throughout my career, however, I’d proved that a hooker doesn’t have to weigh 110kg to be effective. In the first 35 Test matches I played, we lost just three.One of those defeats came in the second Test of the 1996 series in South Africa, when the All Blacks beat us 33-26 in the most dramatic of matches. I replaced Henry Tromp with 15 minutes to go and was convinced we could at least draw the match when we attacked ferociously in the final few minutes. The All Blacks had never won a Test series in South Africa and victory at Loftus Versfeld in Pretoria would be history-making for them.Those final 15 minutes were frantic in that it was all-out South African attack. The crowd noise was incredible and it was as if 50 000 spectators, plus the 15 Boks on the field, were pushing for a final converted try that could keep the series alive.The third and final Test was to be played at Ellis Park and, up until that point, the All Blacks had rarely won there in the history of this rivalry. They knew the significance of a ground that had a reputation for spooking them and the manner in which they defended their line at Loftus in those final minutes of the second Test was as much about making history in Pretoria as it was about knowing they’d be incapable of winning the series in Johannesburg.They hung on, history was made and my 15 minutes against the All Blacks was not one of fame, but pain. It hurt to lose and it felt even worse because we had come so close. I wanted to be part of history against the All Blacks but this was the wrong kind of history. Fortunately, a few years later I would get to experience the right kind of history-making against them. Playing off the bench at Loftus was my first time fronting All Blacks captain Sean Fitzpatrick and I loved testing myself against the player, who for the best part of a decade, had been regarded as the best hooker in Test rugby. He was also the All Blacks captain and individually it didn’t get bigger for me than playing against him, with Ireland’s Keith Wood the only hooker in my era who would rival Fitzpatrick’s all-round game.We lost but I had finally done enough to convince Markgraaff that a hooker with skills, doggedness, mongrel and attitude could do the job, even if he weighed less than 100kg. My 1995 Rugby World Cup final against the All Blacks would come 14 months after the official one when I lined up to face the haka in the third Test of the series at Ellis Park.The All Blacks picked their strongest side, despite having won the series, but I got a sense they were mentally already on a plane home. They were still tough but they lacked the desperation I had experienced from them in Pretoria and we had all the desperation after four successive defeats to them in 1996.The highlight of my international career was always playing the All Blacks. They came with a reputation and with a presence that commands attention. They were like these black knights in armour and the power of the colour was almost invariably matched with the power of their performance. The haka was also thrilling to watch because I saw it as a challenge and an invite to go to battle. Some may view the haka as pre-match entertainment but I saw it as the start to the match. If you weren’t switched on facing that haka, you’d never get the chance to switch on during the game. You’d take a beating.I was proud to be a Springbok standing there and understanding the significance of the cultural war dance. You weren’t just playing an opponent, you were playing legacy, history, culture and then the player.Fitzpatrick will always be among the most iconic of All Blacks and it gives me great satisfaction when I think of the success that I had against him and the highs we had as a team against the All Blacks, starting with a dominant performance at Ellis Park in 1996.We won 32-22 after leading 32-8 with only a few minutes to go and I started and finished the game.The wait had been worth every one of those 465 minutes I warmed the bench against them and Fitzpatrick was as gracious in defeat as he was in your face on the field.What I enjoyed about him the most as a player was that he could give it and he could take it, whether it was a chirp, a punch or being cleaned out in a ruck. He was intelligent but he was also hard and in the times that I played him, we never held back when having a go at each other.He was also so clever in getting an advantage at the scrum engage. For example, in 1996 and 1997 there was no distance in the scrum engage and it was first come, first set and first go. If you and your pack were ready, you went and the opposition ordinarily had to follow. If you set first it was a decided advantage, but what he would do so often is allow the opposition to set, then retreat and, as you hesitated, he’d move forward with his crotch over your head to mock a mistimed engagement which then forced the referee to pull up the opposing hooker. It was in that moment, as I was being pulled up by the referee, when he would then engage in tandem with his tighthead prop, who would be slightly in front of him. The two would then hit me at an angle, into the ribs and both would drive me upwards and milk a penalty, or at least plead to the referee for a penalty. None of it would be legal today but I am sure Fitzpatrick would have found a way to manipulate the scrum and referee if he was still playing.Fitzpatrick was a great competitor and he knew how to work the referee. I used to call him a proper alley cat because he always seemed to get away with his shenanigans.I confess to landing the odd big blow on him. Springboks and Sharks lock Mark Andrews reckons in the Durban Test match in 1998 he actually saw Fitzpatrick’s lights go out from one of my punches but I wouldn’t know because he just kept on playing, scrumming and getting from one set phase to another. His lights may have been out but his motor was still running. He was that kind of player.I genuinely liked playing against him because he may have manipulated referees and pissed off the opposition, but he was never one to bitch and moan about getting hit. Fitzpatrick, like me, accepted that the cuts and bruises came packaged with the position. Both of us were masters of creating just enough of a gap when we engaged for our locks to land an uppercut on the impact of the engage. It really was old-school stuff but with today’s cameras and television match official replays you don’t find the dark arts being practised too much. The game really has been cleaned up and when I watch some of the clips from the Springboks battling the All Blacks in the 1990s, many of those Tests in today’s climate would have started 15-a-side and ended 7-a-side.Fitzpatrick was as technical as he was hard. He was good at engaging late and at an angle, so that he could butt you on the top of your eyelid and cut you quickly.He was generous in his praise after we beat the All Blacks at Ellis Park in 1996 and he was from the old school whose rugby students believed that what happened on the field, stayed on the field. *James Dalton was born on 16 August, 1972 in Johannesburg. He played in 43 Test matches with 35 on the winning side and eight on the losing side – an impressive 81% win ratio. Only Adrian Garvey (86%) and Morne du Plessis (82%) have a better ratio of all Springboks who played in 20 or more Tests.He made 10 appearances in the Tri Nations, scoring two tries, and played in two Tests at the 1995 Rugby World Cup.He is the fourth-most capped Springbok hooker behind John Smit (111), Bismarck du Plessis (79) and Adriaan Strauss (66).He is fourth on the list of tries scored by a hooker (5) with Bismarck du Plessis (11), John Smit (8) and Adriaan Strauss (6) the top try-scorers for South Africa.In his eight years of International rugby, he played against 11 countries and against the British & Irish Lions.*This extract initially appeared in the November issue of SA Rugby magazine. Get the latest issue now.New issue: How the Boks united a nation Photo: David Rogers/Allsport World Cup-winning Bok quartet in Eddie Jones’ all-time XVMaverick coach Eddie Jones has named his Test dream team made up of players he has worked with throughout his illustrious career.SA Rugby MagUndoDatemyage.comOver 40 And Single?Datemyage.com|SponsoredSponsoredUndoGoGoPeak10 Most Beautiful Cities You Should Visit Once In Your LifetimeGoGoPeak|SponsoredSponsoredUndoBuzzAura16 Cancer Causing Foods You Probably Eat Every DayBuzzAura|SponsoredSponsoredUndoLoans | Search AdsGetting a loan in Hong Kong may be easier than you thinkLoans | Search Ads|SponsoredSponsoredUndoBuzzSuperDetails About Meghan Markle’s Wedding Will Leave You SpeechlessBuzzSuper|SponsoredSponsoredUndo ‘ ‘ 熱門話題小心會瘦過快…網友推爆:「真的瘦的超誇張!」熱門話題|SponsoredSponsoredUndo ‘ AlphaCuteOprah’s New House Cost $90 Million, And This Is What It Looks LikeAlphaCute|SponsoredSponsoredUndoAaron Smith names South African as greatest World Cup scrumhalfSA Rugby MagUndoJapan-based Kiwi player: I hope to never experience this againSA Rugby MagUndo熱門話題對肚腩脂肪感到後悔!試了在萬寧賣的這個後…熱門話題|SponsoredSponsoredUndolast_img read more

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first_imgSurrogate raises $2m in seed roundFunding will go toward development of “Surrogate Reality” portfolio of gamesRebekah ValentineSenior Staff WriterMonday 15th July 2019Share this article Recommend Tweet ShareHelsinki-based game development studio and video streaming company Surrogate has secured $2 million in seed funding toward its Surrogate Reality portfolio and other development endeavors.The investment was led by Initial Capital, with PROfounders Capital, Brighteye Ventures, and Business Finland also participating.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Surrogate will use the money to continue development on its Surrogate Reality project, which aims to create games that “blur the lines” between reality and gaming. Currently, it plans to launch its first minigame series in August of this year.”To date, video games continue to be developed with the same limitations that existed at the time of Pong – creating fake physics and fake graphics in an attempt to mimic real-life,” said CEO Shane Allen. “At Surrogate, we want to rethink this process by bringing in unique benefits that the real world has to offer and using them as major elements in the video gaming experience.”Backed by some of the most well-recognized venture funds in the world, we’re building a new category of online entertainment – completely blurring the lines between what real and virtual worlds should and can be. We look forward to releasing the first stages of Surrogate gaming in the coming months.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesAdopt Me developers unveil new studio, Uplift GamesTeam behind hit Roblox game has grown to over 40 employeesBy Danielle Partis 10 hours agoDeveloper wins against Grand Theft Auto DMCA takedownTake-Two loses claim to reversed-engineered source made by fansBy Danielle Partis 13 hours agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

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first_imgWe went behind the scenes as the biggest event in the African power and energy sector – African Utility Week – begins to take shape. African Utility Week is the market-leading trade exhibition which brings together over 7000 of Africa’s thought leaders and visionaries over 3 days.The Cape Town International Convention Centre was a hub of activity over the weekend as the show gets ready to kickoff on Tuesday.The build is in full swing!The hard hats will soon be replaced by suits!ESI-Africa will be in the hands of all the people that matter!The Elites Network lounge is coming up fast and smart. In collaboration with The African Power & Energy Elites publication. Be sure to get a copy of the 2018 edition!The German pavilion begins to take shapeA custom-built stand for Landis+GyrThe Conlog logo rises highDelegate coffee stations are conveniently placed near the workshopsHow can we help?Events are all about business!The Hexing stand is looking good.The China pavilion has multiple standsThere is work to be done!On Sunday, the final preparations for the Monday registration rush were completed BRICS AFD and Eskom commit to a competitive electricity sector Low carbon, solar future could increase jobs in the future – SAPVIA Generationcenter_img Finance and Policy TAGSAfrican Utility Week and POWERGEN Africa Previous articleNigeria: Gas-to-power supply increases year on yearNext articleZimbabwe: Kwekwe City Council halts solar street light project Ross Hastie RELATED ARTICLESMORE FROM AUTHOR UNDP China, CCIEE launch report to facilitate low-carbon developmentlast_img read more

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first_imgAn idle man’s brain is devil’s workshop-john Bunyan.When you are alone and isolated your brain feels to do an enormous activity which leads to a good and bad scenario. Some people make use of their time whenever they get, even if it is Sunday but, the majority of people get to feel lonely and isolated with a confused mindset. They will rather do any unwanted activity to spoil their time or others time.There is a saying “The future belongs to those who prepare for today”-Malcolm.When you make use of today’s time, you can rest tomorrow, and own the world as per you like. As all of us are going through Covid days in today’s scenario, many are losing their confidence and feeling depressed most of the time because of the lockdown period where they couldn’t able to go outside see their families and friends, go to the beach, eat what they like etc. Even the positive mindset people started to lose to hope during these circumstances. Remember nothing will stand for long and everything has a remedy, so never lose hope people and stay positive as always. This lockdown time period will help for many carrier oriented students, staffs, and also could be able to spend the togetherness with their families where they will understand each other’s choices. People who love reading books can read enormous novels, and why not, people like me can blog more content and share their friends. Also, doing exercise and yoga on regular aspects will keep their body and soul fit as well as positive which will help their surrounding also to spread their positive thoughts. Therefore, 60% of the people suffer from insomnia and 20% from stress eating and the remaining 20% make use of this valuable time period through the sources which they like to spend for themselves. There were days we get only weekends free to spend time for ourselves at home as well as outside going to beech or restraint. But, now we got one to two months of time for every aspect we can enjoy things to do for ourselves. One who wants to explore their activity online like taking seminars and teaching children’s dance or music, you can even do video call with your friends. Fun can fulfil in any manner, it all depends on your own mindset. How to utilize this time, and where to procure further. We all know time and parents are precious, ones you grow older, both will never be gained as they are worth a great deal of money. So, stay positive and stay unique for your future to shine gloriously with your friends and families. We live to serve people not to kill the time.last_img read more

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first_imgCovid-19 has been another worst tragedy that the world has ever experienced. It has obstructed the world’s economic growth as if someone pressed the pause button at the beginning of the year 2020. After such a great hurdle all industries are on the verge of declining slowly and gradually. The worst stricken is the hospitality industry based on TOUCH, (an emotional home-like touch). Now since covid has pushed the entire population back within the four walls of their house, no travelling is taking place which has led to a decrease in revenue as bad as making it fall to zero. The existing employees are losing their jobs, the students in colleges are left with no hope for placements. Its all a messed up scenario. The industry-based upon servicing the people has its hand-tied to prevent contamination. Hotels and restaurants are suffering great loses. No one knows when all of it can be back on track but what is known is the continuous striving towards the achievement of goals and which will definitely be conquered. Everything may be at a halt but not at an end.  The world has not yet accepted a defeat, in the blink of eye hotels and restaurants will be back to business along with tourism.The industry has not yet lost, not yet defeated. Hotels are trying their best to overcome these challenges by ensuring safe distance, proper sanitation and going online for most of their procedures. While tourism is finding new techniques to make travelling easy and less dangerous. The results are eagerly awaited. All eyes on hoteliers and prayers for the best…last_img read more

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first_imgIn the wake of the Fed rate cut, worried voices could be heard saying that Bernanke was putting at risk the central bank’s anti-inflation credentials. The dollar began to sink again, much to the consternation of European policymakers and businessmen who saw the euro move upwards to record levels. This, they fear, could threaten EU export growth. Signs of an erosion of Fed credibility make it more likely that aggressive rate cutting by the Fed à la 2001-03 would trigger a disorderly dollar crash, the last thing needed in the middle of an international banking crisis. So the Fed’s freedom of manoeuvre to head off the looming economic slowdown is not what it was six years ago, to put it mildly. The same is true for the White House and the Congress. Fiscal irresponsibility will also be punished now that the rest of the world is becoming unwilling to finance America’s excessive consumption on terms that Americans are happy with.Last week (20 September) the stock market of Dubai announced that it had bought a 19.99 % stake in Nasdaq, a US stock exchange, a move which in turn gave it a 28% stake in the London Stock Exchange (LSE). Hours later the Qatar Investment Authority, a sovereign investment fund, said it had bought a 20% stake in the LSE too, but that was a separate issue. The news of the Dubai move had hardly broken before President George W. Bush let it be known that he was planning a national security investigation into the deal. The moves by Dubai and Qatar illustrate the forces of change being unleashed as the balance of the world economy shifts. China and the oil-rich states of the world are fed up with investing their trade and oil surpluses in low-yielding US Treasury bills. They want – partly through their new specialist, sovereign investment funds – to buy more real assets. Washington is not alone in its uneasy reaction to new forms of foreign direct investment. The EU is also, quite rightly, uneasy at Chinese, Middle Eastern and Russian sovereign investment funds buying big blocks of ‘strategic’ European companies. There is, governments say, a political dimension to these new sovereign funds which makes them a qualitatively different sort of investor from, say, a Japanese private sector life assurance company that is diversifying its share-holdings internationally. In principle the US and the EU are strong enough to push back against the power of Russian, Chinese or Middle Eastern money. But, because of its dependence on foreign capital, the US is less well placed to do this than the EU. Morgan Stanley estimates that the assets held within sovereign funds could rise to $17,500 billion in the next ten years from $2,600bn.Hopefully, Bush’s decision to raise the national security flag over Nasdaq was intended to take control of the issue and defuse it. A knee-jerk protectionist reaction to foreign direct investment as the US economy slows is the last thing Europe needs. Rebalancing the US economy would then require higher interest rates, an even lower dollar and a sharper US slowdown. Some far-reaching adjustments to the way that the global economy has been functioning in the past decade are now under way. A protracted economic slowdown, probably a recession, is brewing in America. The US is ceasing to be the global “consumer of last resort”, importing in huge volumes some of the goods it needs and so keeping the world (especially the Chinese) economy primed. This time round, economic policy-makers in the US are not going to be able to pull off the same trick to which they resorted in 2001-03 after the dot com bust. Back then, the US central bank, the Federal Reserve, slashed interest rates to 1% (in 2003) while the White House and the Congress cut taxes and went on a deficit-financed spending binge. Last week (18 September) Ben Bernanke, the chairman of the Fed, did indeed cut the policy rate by half a percentage point to 4.75% and hinted at more cuts to come. But interest rates in the inflation-sensitive longer-term bond market actually moved higher in response. Like Nelson at Copenhagen, Bernanke is standing on the bridge with his telescope to his bad eye. “I see no inflation,” he cries, as oil prices hit record levels, food prices soar, raw materials prices continue to hover at peaks not seen for a generation and the price of gold, the safe haven par excellence for many investors, surges. Even China has resorted to (probably ineffectual) price controls on staples to curb its 6% inflation rate. Stewart Fleming is a freelance journalist based in Brussels.last_img read more

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