In a move to increase the transparency of Chinese companies, Washington and Beijing on Friday signed an agreement to “inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong.” The move comes after Chinese companies were delisted from the US stock market amid concerns of security threats.
The Public Company Accounting Oversight Board (PCAOB) signed an agreement with Chinese authorities, taking the first step toward complete access for PCAOB to select, inspect and investigate in China.
The PCAOB is a non-profit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
PCAOB Chair Erica Y Williams underscored agreement is just the first step and said that PCAOB must now test it before making a December determination.
“Today, I directed the PCAOB inspection team to finalize their preparations to be on the ground by mid-September so we can put this agreement to the test,” said Williams.
Williams released the following statement today after the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People’s Republic of China.
“On paper, the agreement signed today grants the PCAOB complete access to the audit work papers, audit personnel, and other information we need to inspect and investigate any firm we choose, with no loopholes and no exceptions. But the real test will be whether the words agreed to on paper translate into complete access in practice,” said Williams.
“The US Congress sent a strong message with the passage of the Holding Foreign Companies Accountable Act that access to the US capital markets is a privilege, not a right. The PCAOB has been working to execute our mandate under the law,” added Williams.
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Court sends Waqf Board scam co-accused to 14 day judicial custody
A Delhi court on Monday remanded Kausar Imran Siddiqui alias Laddan, co-accused in Delhi Waqf board scam case, to 14 days custody.
AAP MLA Amanatullah Khan is the primary accused in the case and is out on bail. The Anti-Corruption Bureau (ACB) has stated that Laddan is a fund manager for Khan. The Duty Sessions Judge at Rouse Avenue Court also expressed its displeasure over the non-presence of ACB on the previous date.
ACB had submitted to the court Ladan’s “handwriting sample” and sought 7 days of custody for him.
The court observed that the agency had not given any reasonable answer for its absence on previous occasion. Thereafter, he was sent to 14 day judicial custody.
AAP MLA was arrested for alleged irregularities in appointment in Delhi Waqf Board during his chairmanship.
Accused Kausar Imran Siddiqui alias Laddan was produced on a production warrant before the court on 27th September. He was interrogated and arrested with the permission of the court.
Laddan’s name came into the frame, when additional public prosecutor Anil Srivastava opposed Khan’s bail plea. He stated that a diary was recovered from Ladan’s house. It was alleged that he was Khan’s fund manager. Earlier, the (ACB) had said that money was sent to Dubai and other money transactions need to be investigated. It also stated that a large amount of money was transferred to a party via Dubai. There were 100 people who either received or paid money to Laddan. Out of these 37 people have transactions of crores of rupees.
This diary also has an entry about one Zeeshan Haider, who received crores of rupees. He is also a close associate of the accused, ACB had argued. The ACB has also submitted that Laddan is a nominated functionary of a political party. He has photographs with the accused during an iftar party. Additionally, 14 crores sale deed is recovered, which is said to be a ‘Benami property’.
Previously, Ladan was in judicial custody in another case lodged at Jamia Nagar police station. He was arrested from Telangana.
Prior the festival season, India’s unemployment rate falls to a 4-year low.
India’s unemployment is the major issue the country is facing in today’s time. The govt, the opposition and the citizens often have clashed for the reason. The Indian unemployment rate dropped to the lowest in the past 4 years in September 2022.
The jobless rate sharply fell to 6.43%, data from the Centre for Monitoring Indian Economy Pvt. showed. The reading is the lowest since August 2018 and compares with a one-year high of 8.3% in August.
The decline is seen even after 10 million new jobs were added; the workers who entered the market couldn’t find any work. In rural areas, the unemployment rate declined to 5.8% from 7.7% in August, while in urban areas it stood at 7.7%, lower than 9.6% in the previous month.
To a surprise, this data came just before the Indian festive season which typically aids employment growth and aids job growth. Strong demand in the services sector along with steady monsoon rains also likely boosted employment opportunities.
India’s economic expansion has been at one of the fastest rates in the world, but not enough to create jobs. That has led to some discontent among the country’s youth while giving ammunition to opposition parties to ratchet up the rhetoric against unemployment.
Pakistan floods: 5.7 million victims to face food crisis, says UN
The humanitarian agency of the United Nations has warned that about 5.7 victims of the Pakistan floods will face a serious food crisis in the next three months.
Pakistan recently faced heavy floods from the deluge that has killed and taken away the shelter of many people.
Pakistan’s National Disaster Management Authority reported that floods fueled by abnormally heavy monsoon rains have killed 1,695 people, affected 33 million, damaged more than 2 million homes and displaced hundreds of thousands now living in tents or makeshift homes.
The latest reports on Saturday by the U.N. Office for the Coordination of Humanitarian Affairs said that the current floods will worsen the food crisis between September and November.
According to the World Health Organisation, 16% of the country’s population was living in moderate or severe food insecurity.
However, the government has a different take on the issue. The govt is insisting that there is no immediate worry about food supplies as the grain stocks are enough to last through the next harvest and the govt is importing more.
The U.N. agency and other partners have scaled up their flood response and delivered help to 1.6 million people affected by the deluge.
The U.N. is due to issue a revised appeal seeking an additional $800 million from the international community to respond to the soaring life-saving needs of Pakistani flood survivors. The U.N. said last week that “food is being delivered to vulnerable families; however, it is still not enough to meet the nutrition needs of the people.”
Sonia arrives in Mysuru to join ‘Bharat Jodo Yatra’
All India Congress Interim president Sonia Gandhi is set to be a part of the ‘Bharat Jodo Yatra’ as she arrived in Mysuru on Monday.
Sources have said that Gandhi will stay at a resort in the Kodagu district for two days, before joining the Yatra on 6th October, which is currently in it’s Karnataka leg.
Priyanka Gandhi Vadhra will take part in the event, the next day, according to the Karnataka Congress.
This will be the first time that all the members of the Gandhi family will be present in the Yatra that began on 7th September from Kanyakumari and has covered Tamil Nadu, Kerala and will finish up 511 kilometres of the area in 21 days.
The march was aimed at covering as many as 12 states in five months. It recently reached Karnataka on Friday (30th September) and will be here for the next 21 days before moving north. A distance of 25 km is covered every day in the Padyatra (march).
According to the Congress, the ‘Bharat Jodo Yatra’ is being held to combat the divisive policies of the BJP-led central government and to make people aware of the dangers of economic inequality, social polarisation, and political centralisation. It includes marches, rallies, and public meetings.
The Congress suffered a debacle in the assembly polls held earlier this year, and the Yatra is seen as an attempt to increase the party’s outreach to the public and prepare it for the upcoming polls.
Nobel Prizes 2022: The honours of the year set to be announced
The Nobel Prizes 2022 are set to be announced through this week. Each day is dedicated to different categories. The medicine award set to be given on Monday followed by physics on Tuesday, chemistry on Wednesday and literature on Thursday. The Nobel Peace Prize will be announced on Friday and the Economics award on October 10.
The Prizes in medicine, physics, chemistry, literature and peace were established by Alfred Nobel. According to Alfred Nobel’s will of 1895, Nobel prizes are awarded to “those who, during the preceding year, have conferred the greatest benefit to humankind.” Alfred was a Swedish chemist, engineer, and industrialist most famously known for the invention of dynamite. He died in 1896. In his will, he bequeathed all of his “remaining realisable assets” to be used to establish five prizes which became to be known as “Nobel Prizes”. These prizes were first awarded in 1901.
Here is everything you need to know about the Nobel Prizes:
1. The prizes in medicine, physics, chemistry, literature and peace were established by Swedish industrialist and the inventor of dynamite Alfred Nobel.
2. The first Nobel awards were handed out in 1901.
3. The Nobel prize is worth 10 million kronor (nearly $900,000).
4. The economics award was created by Sweden’s central bank in 1968.
5. The coveted prizes have been awarded 609 times.
6. People are free to submit nominations for the Nobel Prizes.
7. The Nobel Peace Prize is given in Norway while the other awards are given in Sweden.
8. The Nobel committees are very secretive and they never hint as to who will win the prizes.
Diary entry by young Modi reveal the origins of ‘Sabka Saath, sabka vikas’
The inspiration for Prime Minister Narendra Modi’s idea of ‘Sabka saath, sabka vikas’ came from a quote by Mahatma Gandhi which he penned in his diary in 1980’s, a diary entry from the Modi Archive revealed.
The Modi archive, a platform that tracks the prime minister’s life, his early days and journey, features his handwritten notes and his mind on a range of issues. The entries by a young Modi show that Mahatma Gandhi’s ideals had left an impact on his life, since he was young. The same is also reflected in the Centre’s welfare schemes.
The country celebrated Mahatma Gandhi’s 153rd birth anniversary on Sunday.
“I do not believe in the doctrine of the greatest good of the greatest number. It is to sacrifice the good of forty-nine per cent to achieve the supposed good of fifty-one per cent. It is a heartless doctrine and has done harm to humanity. “The only real, dignified human doctrine is the greatest good of all,” wrote young Modi in a note.
The Modi Archive’s twitter handle shared moments when he visited Gandhi’s birthplace, Porbandar, and sought his blessings, just days before he was sworn in as Gujarat’s Chief Minister in 2001.
“At Porbandar, the place where #MahatmaGandhi was born, Modi looks at a portrait of the Mahatma. “After a few days, Modi was sworn in as Gujarat’s Chief Minister and has been in public office for 21 years since,” said the tweet by Modi Archive.
PM Modi replied to the tweet by sharing the lessons of water conservation which his hometown teaches and provided the link for the same.
Modi’s ability to turn schemes into mass movements like the Swach Bharat Abhiyan also finds its roots in Gandhi who turned the fight with Britishers into a mass movement through “Jan Bhagidari’.
Speaking at a media conclave in 2007, Modi, who was the then Chief Minister of Gujarat said, “As far as the development of concerned, it is my opinion that the way every citizen came together during the time of independence, numerous people sacrificed and tried to make the country free, and hundreds of people were spending captured in the jails of Andaman and Nicobar, but the biggest contribution of Mahatma Gandhi was that he converted freedom into a mass movement.”
Earlier on Sunday PM Modi, along with Vice President Jagdeep Dhankar paid floral tributes to Mahatma Gandhi and Lal Bahadur Shastri at the parliament house.
He, along with Vice-President Jagdeep Dhankar also attended a prayer meet organised at Gandhi Smriti on the occasion of Gandhi Jayanti.
Paying homage to Mahatma Gandhi on his 153rd birth anniversary, PM Modi tweeted, “This Gandhi Jayanti is, even more, special because India marks Azadi Ka Amrit Mahotsav. I also encourage you to buy Khadi and handicrafts as a tribute to Gandhi Ji.”
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