Notice: Undefined index: slug in /home/z7wdyktw/pinmybis.net/wp-includes/class-wp-theme-json.php on line 1110

Notice: Undefined index: slug in /home/z7wdyktw/pinmybis.net/wp-includes/class-wp-theme-json.php on line 1110

Notice: Undefined index: slug in /home/z7wdyktw/pinmybis.net/wp-includes/class-wp-theme-json.php on line 1110
Connect with us

News

Diplomats work to avert attack on Ethiopian capital By Reuters

Published

on



© Reuters. A general view of the skyline of Addis Ababa, Ethiopia November 3, 2021. REUTERS/Tiksa Negeri

ADDIS ABABA (Reuters) -Diplomatic efforts to try to avert an attack on Ethiopia’s capital gathered pace on Thursday after Tigrayan forces from the north of the country made advances towards the city this week.

The U.S. special envoy for the Horn of Africa, Jeffrey Feltman, was expected to arrive in Addis Ababa later in the day to press for a halt to military operations and a start to ceasefire talks.

Ugandan President Yoweri Museveni called an East African bloc leaders’ meeting on Nov. 16 to discuss the conflict, which pits the central government against the Tigray People’s Liberation Front (TPLF) and its allies.

Separately, the bloc, the Intergovernmental Authority on Development, appealed for an immediate ceasefire. It urged the parties to show restraint, de-escalate tensions and resolve their differences through dialogue.

Kenyan President Uhuru Kenyatta issued a statement on Wednesday saying “The fighting must stop!”

He called on the rival parties “to put down their arms and to cease the fighting, to talk, and to find a path to sustainable peace”.

U.N. Secretary-General Antonio Guterres said he had spoken to Ethiopian Prime Minister Abiy Ahmed on Wednesday “to offer my good offices to create the conditions for a dialogue so the fighting stops”.

In another sign of alarm, the U.S. Embassy in Addis Ababa authorised the voluntary departure of some staff and family members because of the intensifying hostilities.

Washington said on Wednesday https://www.reuters.com/world/africa/us-gravely-concerned-by-escalating-violence-ethiopia-ahead-envoys-visit-2021-11-03 it was “gravely concerned” about the situation and called for a halt to military operations in favour of ceasefire talks.

“The (State) Department authorized the voluntary departure of non-emergency U.S. government employees and family members of emergency and non-emergency employees from Ethiopia due to armed conflict, civil unrest, and possible supply shortages,” the embassy said in a statement.

Police had arrested “many people” in Addis Ababa since the government declared a state of emergency on Tuesday, police spokesperson Fasika Fanta said on Thursday.

Residents told Reuters on Wednesday that many Tigrayans had been arrested, but Fasika said arrests were not based on ethnicity.

“We are only arresting those who are directly or indirectly supporting the illegal terrorist group,” he said. “This includes moral, financial and propaganda support.”

He also said many people were registering weapons at police stations around the city in line with a government directive issued on Tuesday for people to prepare to defend their neighbourhoods.

“Some are even coming with bombs and heavy weapons. We are registering those too,” he said.

The streets and shops in Addis Ababa, a city of around five million people, were busy as usual on Thursday morning, though some residents said there was a feeling of uneasy calm.

“There are rumors about the approach of the rebels. People debate about the conflict, most of the people accuse the government for what happened,” said one man, who spoke on condition of anonymity.

Abiy’s government declared the state of emergency https://www.reuters.com/world/africa/addis-ababa-government-urges-residents-register-arms-media-2021-11-02 on Tuesday as the Tigrayan forces threatened to push forward to Addis Ababa.

The Tigrayan troops are in the town of Kemise in Amhara state, 325 km (200 miles) from the capital, TPLF spokesman Getachew Reda, said on Wednesday.

Government spokesperson Legesse Tulu did not respond to requests for comment.

YEAR-OLD CONFLICT

Abiy’s spokesperson, Billene Seyoum, accused the international media of being “overly alarmist” in its coverage of Ethiopia.

“Perpetuating terrorist propaganda as truth from offices far off and detached from the ground is highly unethical, she said in a tweet.

On Wednesday, Britain urged its citizens to consider leaving Ethiopia while commercial options were available.

The conflict started a year ago when forces loyal to the TPLF, including some soldiers, seized military bases in Tigray. In response, Abiy sent more troops to the northern region.

The TPLF had dominated national politics for nearly three decades but lost much influence when Abiy took office in 2018 following years of anti-government protests.

The TPLF then accused him of centralising power at the expense of Ethiopia’s regional states – an accusation Abiy denies.

The Tigrayan forces and their Oromo allies have made significant advances in the past week. Spokesman Getachew on Wednesday pledged to minimise casualties in their drive to take Addis Ababa.

“We don’t intend to shoot at civilians and we don’t want bloodshed. If possible we would like the process to be peaceful,” he said.

A regional analyst, who spoke on condition of anonymity, said the TPLF was likely to hold off on any advance on Addis Ababa until they secured the highway running from neighbouring Djibouti to the capital.

That requires seizing the town of Mille. Getachew said on Tuesday that Tigrayan forces were closing in on Mille.

Ethiopian military spokesman Colonel Getnet Adane did not immediately respond to a request for comment.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

News

Saudi Arabia’s Most admired Companies in 2022

Published

on


Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.



Source link

Continue Reading

News

Bank of England raises base interest rate to 1.75%

Published

on


The Bank of England has raised the base interest rate by half a percentage point to 1.75 per cent, the biggest rise since 1995, in an attempt to combat runaway inflation.

The nine-strong monetary policy committee voted eight to one in favour of a 50 basis point rise, defying some market expectations for an increase by 25 basis points.

It is the Bank’s sixth consecutive tightening in monetary policy and follows in the footsteps of the US Federal Reserve and European Central Bank, which have begun aggressively raising rates by larger increments.

Interest rates are now the highest since 2009 as the Bank attempts to bring down inflation, which is running at a 40-year high of 9.4 per cent and is on course to exceed 11 per cent later this year.

These would be the worst inflation rates in the G7, caused in large part by rising global energy prices driving household bills higher this year. The UK economy is also heading for a slowdown this year as consumer incomes are squeezed more tightly than since the 1950s.

Andrew Bailey, the Bank’s governor, has hinted that it will also announce how it intends to begin unwinding the £850 billion of government debt pumped into the economy since the financial crisis, offloading bonds worth between £50 billion and £100 billion from as early as next month.

The Bank will also deliver its quarterly outlook, with Bailey expected to forecast that inflation will rise beyond 11 per cent and remain in double digits into next year. The Bank’s target is 2 per cent.

Commenting on today’s Bank of England interest rate rise, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: “This rise is the clearest signal yet of the Bank of England’s intention to get inflation under control. Spiralling prices are cited by businesses as by far and away the top concern right now.

“However, given the extremely precarious state of the economy, this decision is not without risk for businesses and consumers that are exposed to banking or overdraft facilities.

“There are many causes of the current inflation crisis – global supply chain problems, trade barriers, soaring energy costs, increased taxes, and labour market shortages. Interest rate rises alone will do little to address these.

“Worryingly, our research indicates strongly that most small businesses are not investing for growth, and that longer-term confidence is beginning to wane.





Source link

Continue Reading

News

Opinion: OSC appointment fuss is a tempest in a teapot

Published

on


Jeffrey MacIntosh: The government has the legislated right to have a say in the agency’s course

Article content

Ed Waitzer’s recent op-ed (“The issue at the OSC is integrity, not debate,” July 14, 2022) expresses surprise and disappointment in my recent op-ed (“Conflict at the OSC: Why the regulator needs to make room for dissent,” July 7, 2022). In that op-ed, I argued that lawyer Heather Zordel’s appointment as non-executive chair of the OSC in March of this year should be met with open arms, as it introduces new points of view into what seems to be a rather intellectually closed shop. I don’t suppose it will come as a shock to Ed Waitzer or anyone else that I am surprised and disappointed at his rebuttal.

Advertisement 2

Article content

To begin with, it contains a number of inaccuracies. It states that Ms. Zordel was denied reappointment to her earlier position (2019-2021) as part-time commissioner. In fact, given her busy legal practice, she took herself out of the running. This puts a rather different complexion on the matter.

And I never stated or implied that Ms. Zordel was not reappointed as part-time commissioner because of two dissenting opinions that she wrote as commissioner. My point was that for Ms. Zordel’s critics the dissents were a factor in opposing her appointment as chair of the board.

The nub of my argument was that the OSC could benefit from greater variety of viewpoints among its brass as to what investor protection and other aspects of the OSC’s mission entail. By contrast, Mr. Waitzer argues: “the importance of debate and dissent is not the point here.” I beg to differ. As I indicated, some prominent accounts of Ms. Zordel’s appointment have put a pejorative cast on her disagreements with her fellow commissioners. That puts the issue of debate and dissent front and centre.

Advertisement 3

Article content

I certainly agree with Mr. Waitzer that the independence of administrative agencies is a cornerstone of our democracy. But does that mean that every administrative agency should be entirely divorced from any government oversight whatsoever — a little fiefdom unto itself and in no sense answerable to its political masters? Not a whit. It is the government that creates the agency, defines its mandate, gives it the powers that it needs to carry out that mandate and defines its organizational structure. And it is entirely within the purview of the government to enlist its legislative power to re-define that mandate, powers, and organizational structure if it chooses.

We don’t have to look into the distant past to find an example. On the advice of a non-partisan blue ribbon panel — the Capital Markets Modernization Taskforce (“CMMT”) — the Conservative government has recently substantially reorganized the OSC via the Securities Commission Act, 2021 (declared in force in April). That legislation splits the adjudicative function (the “Capital Markets Tribunal”) from the regulatory function. Moreover, where before the reorganization the OSC Chair and CEO were the same person, the two offices are now split. As expressed by the CMMT, “The Board of Directors, led by the Chair, (will) focus on the strategic oversight and corporate governance of the regulator,” while “The CEO (will) be responsible for the overall management of the organization and execution of the OSC’s mandate.” The directors, including the chair, are all government appointees.

Advertisement 4

Article content

This new structure, recommended by a non-partisan committee, gives the government of the day the power to influence, at the highest level, the strategic direction of the OSC. But why should it not? If the government is dissatisfied with the strategic vision or regulatory philosophy of the regulator or the manner in which it is being implemented, it would be profoundly anti-democratic — and at odds with the rule of law — to forbid the government from seeking to alter the agency’s course.

Indeed, the Ontario Securities Act states “The Commission is an agent of the Crown in right of Ontario.” The key word here is “agent.” It is not “hegemony,” “fiefdom” or “satrapy.” At the end of the day, the OSC is a government creation performing regulatory functions ceded to it by the government.

Advertisement 5

Article content

Do Ms. Zordel’s conservative connections compromise the independence of the institution of which she is now head? Absolutely not. In the making of such appointments, the twin issues of competence and integrity will take up a lot of shelf space. But why should the government not also consider, if it chooses, whether potential nominees share the government’s regulatory philosophy

The true worry about political interference is that the government might attempt to dictate or influence the result of particular cases. But the new legislation builds in the important protection of ceding no operational powers to the board of directors. Thus, aside from the government’s power to approve or decline proposed rule changes (a longstanding feature of securities regulation), its sole discretionary avenue of influence lies in its power to appoint directors and hence influence high-level strategic direction.

Advertisement 6

Article content

What is left of the argument that there has been inappropriate political interference over the OSC? Only the assertion that Ms. Zordel and three other part-time commissioners were appointed without the government having consulted the OSC, as has customarily been done. Yes, it would have been better if the government had consulted the OSC. In all likelihood, however, the outcome would have been the same. The OSC might not like not having been consulted but at best this is a foible not a fiasco.

In the end, this tempest easily fits within a standard-issue teapot.

Financial Post

Jeffrey MacIntosh is a professor of law at the Faculty of Law, University of Toronto, and a director of the Canadian Securities Exchange.

Advertisement

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.



Source link

Continue Reading

Trending