Fitch Ratings' arguments fail the stress test
When Fitch Ratings, Moody's and Standard & Poor's get up and apologise unreservedly to everyone around the world for getting it so wrong for so long on rating debt, then take yesterday's statement that Fitch will "stress test" Australian banks seriously.
When Fitch Ratings, Moody's and Standard & Poor's get up and apologise unreservedly to everyone around the world for getting it so wrong for so long on rating debt, especially housing-related debt and derivatives, then I will take Fitch's Australian banks "stress test" release on house price declines seriously.
Until that happens, we can only look askance at Fitch's stunt and the way it was lapped up by the media yesterday afternoon and this morning.
The justification for the stunt was advanced by Ben McCarthy, managing director for Australia and head of Asia Pacific Structured Finance: "Over the last few months, Fitch has received numerous enquiries as to the sustainability of Australian residential property prices and the possible impacts of a correction."
Yet none of the reports carried important background information, or even so much as an accurate figure for the rise in Australian home prices. The Fairfax broadsheets this morning announced: "Australia's capital city home prices have risen 41% since June 2006, on official Australian Bureau of Statistics data. Over the same period, prices plunged in the US, Britain, Ireland and Spain."
Well, yes the prices in the US, Britain, Ireland and Spain have fallen. All four economies have had or are still in recession, all four overbuilt houses and all four compounded the error by allowing derivatives and securitisation of those mortgages to carry dodgy credit ratings from the likes of Fitch and its mates. And their regulators (even the strong Bank of Spain) got it wrong. Governments in all four countries compounded the errors.
That 41% rise referred to is just in the eight capital cities as measured by the ABS. No account is taken of prices in regional areas, which remains the major omission in the ABS Index. For example, in the early naughties home prices on the Gold Coast jumped 35% in a year.
In fact, the more broader and more accurate RPData Rismark group (latest figures out tomorrow), has pointed out that the market is cooling, because its index measures all of the country, capital cities and regional centres. The ABS index has yet to pick up fully on that cooling.
"As a result of the housing market's cooling in the June quarter, the year-on-year capital growth rate has fallen from 13.6% in the 12 months to March 2010 to 10.5% in the year to June 2010 (seasonally-adjusted)," the firm said in its report on the June month, quarter and year data.
And then there's this comment:
"Despite the recent moderation in capital gains, the risk of a dramatic decline in Australian dwelling values remains remote.
"As the RBA has independently confirmed, arguments in favour of house price "bubbles" remain, in my opinion, overstated. Australia's housing market has a structural shortage of roughly 200,000 homes, which has been substantiated by the National Housing Supply Council. While the inventory of unsold homes has risen of late, our Market Activity Index suggests that new listings activity will slow over the coming months. And although average time on market and vendor discounting have also expanded with the weaker conditions, these remain in line with historically reasonable levels…"
All this was ignored in the reporting. And there was no background as to the mortgage holdings of banks. There was this in one report in The Age: "With an estimated 60 per cent of Australian banks' loan books secured by residential property, international investors have questioned the sustainability of house prices." Has that changed over time? What about the level back in the housing slump in the early years of last decade, or the early 1990s crash for comparison?
The breakdown of Australian homes is as follows: around 30% of homes are owned outright, 40% have a mortgage, 30% are rented (and these homes, in many cases, would have been negatively geared and therefore have a mortgage). The level of subprime home loans is now down to around 1% at most. Around 20% of all mortgages were being securitised in 2007 (and most were prime). That has fallen to 10% at best, with government support.
This means the banks have a substantial buffer. And unlike what happened in the US for example, our banks haven't compounded problems like the already-high leverage in their balance sheets. But they're still borrowing more, gearing up further and punting on things like collateralised debt obligations (CDOs) and the various other symptoms of derivative hell.
And the reporting of the Fitch move was light on the differences between Australia and those other countries.
As RP Data pointed out, we have unmet demand for homes. Australia also has a strong economy, rising employment and falling unemployment. Incomes are rising at between 2.5% and 4.5% a year. Our home loan providers are all well capitalised and have low levels of bad debts in the sector, unlike banks in the US, UK, Ireland (the banking system is broke and on government life support) and Spain. We have full recourse loans, meaning you go bankrupt if you can't pay, unlike in the US where people just walk away and challenge their banks to deal with them. We also don't have tax concessions for owner occupiers like America does, nor do we have strange bodies like Fannie Mae and Freddie Mac which added an implied Federal Government guarantee to many of the securitised loans, allowing bigger and bigger risks to be taken.
Meanwhile, the International Monetary Fund delivered its annual report on the Australian economy overnight, but it's odd that the only reference made in that report to the housing "bubble" was in the risk section of the final statement: "On the domestic front, a fall in house prices could hit consumer confidence and slow the recovery, or the mining boom may have a larger-than-expected impact on output and inflation."
So the IMF, after talking to the RBA, APRA and the Federal Government (and others) found no fears or concerns from Australian housing, except as potential risk to "consumer confidence" (Which would be a good thing anyway, if the resources boom is really straining the economy and boosting inflation).
But the experts at Fitch are now so concerned they are going to do a stress test, even though their track record on housing is appalling. So will Fitch publish all the details of its tests, their basis, parameters and all the findings? And will they compare them to the stress tests that APRA uses? There is a major Trans Tasman crisis test coming up…
The IMF said this about APRA (and didn't mention housing in its assessment of the financial system either): "In particular, we commend APRA's approach to stress testing as it carefully assesses the vulnerabilities that banks face. The severity of the scenarios provides reassurance about the resilience of the banks to large but plausible shocks."
And, given the appalling track record of Fitch and its peers, if Australian banks pass the test, will any of the bubbleistas here or offshore believe it?
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michael matusik
Another good balanced article.
The long-term trend suggests that Australian house prices have been expensive for much of the last ten years. The last time they were below the long-term trend was around 1995. Today, residential property is between 30% and 40% above the long-term average, indicating that buyers are purchasing in an expensive period. In the recent past, the aggressive relaxation of credit allowed end prices to rise. There is limited room for credit to be further eased.
However, and despite the gloomy nature of the bubbleistas (to borrow your phase) the risk of big price declines in the near term seems low. I think – and this is a good result (believe it or not) – that the real return on residential property over the next three to five years (maybe even a decade) is likely to be negative. And as a result, houses will once again be somewhere to live, not vehicles for speculation.
What may deflate the "housing bubble" faster is broad-based job losses. That doesn't appear likely in the near term at least. In fact, jobs, at present are being created rather than lost. But the more likely and imminent triggers include the tightening of credit – interest rates are predicted to rise, not fall, in coming months – and our middle-aged (and older) loss-making landlords starting to sell. Despite strong price growth over the last ten years, the number of loss-making landlords has risen from 50% to 70%.
It is sad that a more balanced conversation is not taking place re: Aussie house values.
Michael Beggs
I don't disagree with the thrust of this piece, and the reports certainly should have provided historical context here. But it is true that residential lending is historically high as a proportion of bank assets. It was above 40 per cent for the first time in August this year, a record. In the early 1990s it was only around 20 per cent. The real shift came in the mid-1990s, though, not more recently. It rose from 20 to 35 per cent between 1992 and 1995, hovered there for the rest of the decade, then fluctuated between 32 and 40 per cent over the 2000s. Between 2005 and 2008 it looked like it might be heading back down, but it's been rising with dwelling prices since 2008.
Data is from RBA Statistical Table B2: http://www.rba.gov.au/statistics/tables/index.html


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Hacked Cryptopia exchange placed in liquidation
15 May, 2019 2:24pm
Cryptopia founders Adam Clark and Rob Dawson. Photo / Supplied
Hacked Christchurch-based cryptocurrency exchange Cryptopia has been placed in liquidation after attempts to re-open the business failed.
David Ruscoe and Russell Moore from Grant Thornton were appointed yesterday, according to Companies Office records.
Cryptocurrency experts have estimated that $23 million-worth of investors' crypto coins were stolen when a hacker or hackers broke into the Christchurch exchange on January 13.
The liquidators said their initial focus is on securing the assets for the benefit of all stakeholders. Trading on the exchange has been suspended while investigations take place.
Cryptopia has been working with New Zealand Police to try to work out who the hacker is and where the cryptocurrency has gone, but investors have been frustrated by the lack of information.
"We realise Cryptopia's customers will want to have this matter resolved as soon as possible," Ruscoe said in a statement.
"We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders.
"Given the complexities involved we expect the investigation to take months rather than weeks."
"Police continue to investigate the unauthorised transfer of crypto-currency worth a significant sum from Christchurch-based crypto-currency trading company Cryptopia on 13-14 January 2019."
The liquidators are also working with independent experts and the relevant authorities with regards to the company's obligations.
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The heist has also seen Lowndes Jordan partner Rick Shera and others highlight some of the drawbacks of cryptocurrency, from the fact that digital currency earns no interest to the lack of regulation to potential tax complications to the inaccessibility of funds if a password is lost to the fact crypto-exchanges typically lack a deposit guarantee, or the financial wherewithal to follow it through one if they do."
• Police give Cryptopia green light to re-open; it doesn't
• Hacked Cryptopia investors in the dark over 'rebate'
Cryptopia has not responded to questions on its deposit guarantee policy or other issues related to the January hack.
Last year, Cryptopia said it had 80 staff (although it was not clear how many were contractors) and 1.4 million users worldwide.
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Eugene Levy's 'Schitt's Creek' Renewed for Second Season
The comedy will debut Tuesday night on the CBC and POP stateside
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Eugene Levy's Schitt's Creek has been renewed for a second season on the CBC ahead of its rookie season debut on the Canadian network and POP stateside.
POP, formerly known as the TV Guide Network, earlier picked up the first season, 13 episodes, of Schitt's Creek, which Levy and his son, Daniel Levy, co-created and star in. The Canadian-made comedy focuses on video store billionaire Johnny Rose (Eugene Levy), his soap star wife Moira (Catherine O'Hara) and their two kids after they go broke and are forced to move to a small, depressing town they once bought as a joke.
Read more MIPCOM: Eugene Levy on Celebrity Overkill Inspiring 'Schitt's Creek' Comedy
"Daniel and I, along with everyone on our production team, have worked extremely hard to give CBC and all Canadians a funny, entertaining half hour of television, and we could not be more appreciative of the ongoing support CBC has shown us," Eugene Levy said in a statement on Monday.
Schitt's Creek, which also stars Annie Murphy and Chris Elliot, is being shopping worldwide by ITV Studios Global Entertainment after the show was launched at MIPCOM.
Eugene Levy
Schitt's Creek
TVGN


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The emotional highlight of the second day of Brainstorm Tech was the town hall meeting on how tech should be regulated, moderated by Marketplace's Kai Ryssdal.
The Heritage Foundation's Diane Katz drew hisses for suggesting hate speech can't be defined, as she also made the broader case that government is ill-equipped to regulate tech companies. "If you don't like the speech on Twitter, don't go on Twitter," she said. The University of Chicago's Luigi Zingales passionately argued for regulating Big Tech through antitrust law as an antidote to their dangerously concentrated power. But the simpler break-up strategy may not work, he noted. "Breaking up Facebook from Instagram and WhatsApp is only going to create a temporary wall…eventually one of the three will emerge," he said. "How are you going to break up (Google's) search engine, from A to L and M to Z?"
Multiple participants at the event in Aspen, Colo., weighed in on all sides of the contentious topic. "As clueless as Congress is about tech, tech is about government," VC Roy Bahat quipped. It was a gloriously open, robust, and rigorous conversation. We've posted the entire hour-long video on YouTube.
Other notable moments:
• Beth Ford, CEO of farmer cooperative Land O'Lakes argued for government action on the magnitude of the New Deal's rural electrification program to bring broadband access to rural areas. She said 25% to 30% of all farmers lack broadband.
• Pro-market Securities and Exchange Commissioner Hester Peirce made the case for light regulation of cryptocurrencies. She thinks it's down-right ridiculous that her agency would even look at regulating Starbucks gift cards.
• Corynne McSherry, legal director of the Electronic Frontier Foundation, said during the town hall that it is "magical thinking" to believe content moderation can remove online hate speech.
• Jeffrey Katzenberg and Meg Whitman made the case for their new Quibi short-form video service. Significant portions of the audience didn't seem to be buying it.
You can follow many of today's events on our livestream, starting at 9:15 a.m. Mountain Time, and I'll have much more in my wrap-up tomorrow.
On Twitter: @adamlashinsky
Email: adam_lashinsky@fortune.com
A whole lot of shakin' going on. Speaking of regulating tech, Congress held three different hearings on Tuesday covering different controversies in tech. Facebook had to defend its Libra digital currency proposal from hostile questioning (Ohio Senator Sherrod Brown called it "delusional"). Antitrust was the focus of another hearing with representatives of Facebook plus Apple, Amazon, and Google. Finally, another group of lawmakers examined alleged censorship and bias in Google's search results.
Some like it hot. In some more advanced regulatory maneuvering, the European Union opened an official probe into Amazon's impact on competition among retailers. And Qualcomm got support in its court battle with the Federal Trade Commission that threatens to upend its licensing model. The departments of Justice, Energy, and Defense asked the court to set aside, at least temporarily, a May court ruling in favor of the FTC. "The district court's ruling threatens competition, innovation and national security," the filing warned.
Glitching. The reason Twitter didn't label or hide President Trump's racist tweet attacking four Congresswomen was because it didn't violate Twitter's standards, CFO Ned Segal said at the Brainstorm Tech conference. "If you see something on Twitter, it means it didn't violate our policy," Segal explained.
Zapped. Electric automaker Tesla raised the price of the entry-level versions of its Model S sedan by almost $5,000 to $79,900 and Model X SUV by almost $4,000 to $84,990. Tesla also cut its low-end Model 3 sedan's price by about $500 to $38,990.
Vegan volatility. Meal kit company Blue Apron has taken investors on a volatile ride since its 2017 IPO. But investors got a reprieve on Tuesday. The stock jumped 36% after the company announced a partnership with alternative-meat startup Beyond Meat. Shareholders of Spotify weren't so lucky. Its shares fell 2% on news that Apple may expand into funding premium podcasts in competition with Spotify's similar strategy. Apple also announced new emojis coming to the iPhone in the fall, including a sloth, skunk, and falafel. More significantly, new emojis will offer a wider array of couples holding hands and add some key items to represent disabilities, such as a guide dog, a wheelchair, and a prosthetic arm.
Brighter prospects. In the cloud market, IBM said it signed AT&T to a multi-billion dollar deal for hosting business applications. AT&T will also rely on IBM's newly-acquired Red Hat unit to help manage its cloud workloads.
Getting excited. After a controversy over an award for a company that made women's sex toys at last year's annual consumer electronics show, the Consumer Technology Association said on Tuesday it will feature some devices in the category at next year's show–as long as they offer innovation. "We don't want to see rows and rows of just standard vibrators," association EVP Karen Chupka said.
The fears of possible harmful health effects from wireless technology go back to the dawn of the mobile era. But there's not much science backing up the most alarming claims that phones or cell towers cause cancer. New York Times reporter William Broad delves into the history of a particularly incorrect and misleading chart that was prepared for a Florida school district in 2000 and has since spread far and wide. The chart purports to show that humans receive a higher dose of radiation the higher the frequency of wireless transmissions. Only one problem:
According to experts on the biological effects of electromagnetic radiation, radio waves become safer at higher frequencies, not more dangerous. (Extremely high-frequency energies, such as X-rays, behave differently and do pose a health risk.) In his research, Dr. Curry looked at studies on how radio waves affect tissues isolated in the lab, and misinterpreted the results as applying to cells deep inside the human body. His analysis failed to recognize the protective effect of human skin. At higher radio frequencies, the skin acts as a barrier, shielding the internal organs, including the brain, from exposure. Human skin blocks the even higher frequencies of sunlight.
A.I.'s Hidden Biases Are Continuing to Bedevil Businesses. Can They Be Stopped? By Jeremy Kahn
Twitter, Unable to Control Its Worst Elements, Rolls out a Site Redesign By Xavier Harding
Andreessen Horowitz Leads $15.3 Million Funding Round in Newsletter Publishing Platform Substack By Polina Marinova
London Hasn't Legalized E-Scooters. But a YouTube Star's Death Shows It's Still Confronting Their Risks By Katherine Dunn
Intel's New CEO Blames Years-Long Chip Delay on Being Too 'Aggressive' By Aaron Pressman
Lime Exec: Scooters, Bikes, and Ride-Sharing Will Boost Real Estate Values By Robert Hackett
Why Away Doesn't Sell Luggage on Amazon By Jen Wieczner
The award for the best lead of an article this week should go to Financial Times columnist Pilita Clark, who started her column about good office design practices with this gem: "For the past two months I have stopped doing something at work that I thought I would do for ever. I no longer flush the loo."
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SEA Brew new partner in the Beviale Family Network
24 September 2018 // NürnbergMesse
New partner in Beviale Family network: SEA Brew
The Beviale Family is extending its global network in beverage production and welcomes SEA Brew as its official partner with immediate effect. South-East Asia's annual conference and trade fair for the brewing industry is an itinerant event that has already been successfully held four times. The aim of the partnership is to combine the resources of the two established trade fairs and mutually develop new markets. This marketing alliance will allow the Beviale Family to further expand its presence in South-East Asia.
The Southeast Asia Brewers Conference & Trade Fair (SEA Brew) has become established in the South-East Asia region as a professional development event with a concurrent exhibition for brewers and beer distributors. As an itinerant event it has already taken place in Singapore (2015, 2016), Ho Chi Minh City (2017) and Manila (2018). In September 2019 it will be hosted in Bangkok. Its aim is to drive the potential of the evolving Asian beer market and inform brewery owners, brewers and retailers throughout Asia about the latest trends in ingredients, processes and equipment. "This is why SEA Brew is the ideal partner for us in the South-East Asian market," says Andrea Kalrait, Director Exhibition BrauBeviale and international product manager for the Beviale Family. "We have been monitoring developments locally for some time now and have determined that there is great potential in the beer and brewing segment. In SEA Brew we have found a partner that is very familiar with the realities of the respective markets and also has excellent networks. We are looking forward to working together to develop new target groups."
Charles Guerrier, founder of SEA Brew, had this to say: "We are excited to partner with the Beviale Family and be part of their global network of international beverage and brewing trade shows. This cooperation will help grow awareness of the opportunities emerging within Asia for both brewers and industry suppliers and help unlock the region's potential".
SEA Brew, the annual Southeast Asia Brewers Conference & Trade Fair attracts brewers, distributors and investors from across the Asian region. They come together to exchange ideas and gain insights from global experts into the latest technological innovations in order to keep up with the fast-paced developments of the industry. The conference and attached trade fair was established in 2015 to support the growing demands on both production and distribution in a rapidly developing industry. In line with being a truly regional event, SEA Brew moves to a new host city every year.
For more information please visit: www.sea-brew.com
Beviale Family offers international expertise in the beverage industry
NürnbergMesse Group demonstrates its expertise in the beverage industry on an international stage, beginning with BrauBeviale, the international capital goods fair for the beverage industry in Nuremberg. This is where for over 40 years, the sector has been showcasing all aspects of the production process chain for beverages, such as raw materials, technologies, logistics and marketing. Other members of the product family are operating in important growth markets worldwide: Beviale Moscow, for example, is the first and only trade fair for the entire beverage industry in Eastern Europe. CRAFT BEER CHINA in Shanghai is becoming established as the gathering place for the Chinese craft beer community, while CRAFT BEER ITALY in Milan is the B2B platform for the Italian sector. In Bangalore, CRAFT DRINKS INDIA is designed to meet the needs and interests of the fast-growing drinks market in India. The Beviale Family also supports other projects through collaborations. It is represented in Brazil, for example, through the Feira Brasileira da Cerveja in Blumenau. SIBA's BeerX, Britain's largest trade fair about beer and brewing, is also an official partner to the Beviale Family. And ProPak Asia is likewise a part of the global network for the beverage industry. The "international sponsors" of the Beviale Family are Doemens Akademie and the VLB, the Berlin-based teaching and training institute for brewing. Other projects are in the planning phase.
For details and dates go to: www.beviale-family.com
Contact for press and media, SEA Brew
Charles Guerrier
charles@sea-brew.com


MQM urges govt to invoke Article 245 in Karachi
APPUpdated August 27, 2013
Apparently being an undemocratic demand, handing over Karachi to Pak Army has become imperative, MQM's Dr Farooq Sattar said in the National Assembly on Tuesday. – File Photo
ISLAMABAD: Muttahida Qaumi Movement (MQM), a major opposition party in the National Assembly having an electoral mandate from Karachi, on Tuesday called upon the government to invoke Article 245 of the Constitution for handling the prevailing law and order situation in the city.
"The situation in Karachi is worsening. Killings, robberies, kidnappings for ransom and other crimes have paralysed the city. Criminals are being patronised and the situation has gone beyond control," claimed Dr Farooq Sattar, MQM's parliamentary leader in lower house of the parliament.
The statement came in the wake of MQM chief Altaf Hussain's demand of handing over Karachi to Pakistani armed forces earlier in the day.
In a statement issued from London, Hussain said the situation of Karachi was worsening day by day and Prime Minister Nawaz Sharif should hand over responsibilities of the city to army personnel.
"Apparently being an undemocratic demand, invoking Article 245 has become imperative as nothing is more important than lives and property of citizens," said Sattar in the National Assembly.
Article 245 of the Constitution says, "The Armed Forces shall, under the directions of the Federal Government, defend Pakistan against external aggression or threat of war, and, subject to law, act in aid of civil power when called upon to do so."
It further says, "The validity of any direction issued by the Federal Government under clause (1), shall not be called in question in any Court."
Farooq Sattar called upon the federal government to take notice of the situation, which he said was normal three days before the by-election, but killings and other crimes gripped the city from the very next day.
Pakistan Tehrik-i-Insaf (PTI) leader Shah Mahmood Qureshi contested the demand, saying that the current situation in Karachi was worrying, however, invoking Article 245 was not the right course to take.
He demanded the government to take the opposition into confidence and update the house on measures being taken to maintain law and order in the port city, which is considered financial hub of the country.
Syed Naveed Qamar of the Pakistan People's Party (PPP) said there could be other ways to tackle the situation than invoking Article 245.
"We invite the MQM to sit with us and discuss measures to improve law and order as they evolved consensus with us on the Local Government Law," he stated.
Leader of the Opposition Syed Khursheed Ahmed Shah went a step ahead and invited the MQM to join the Sindh government. He, however, described the demand of Farooq Sattar as "undemocratic".
Invoking Article 245, Shah said, would "not only be an undemocratic decision but also a political blunder. We do not know where this conspiracy has been hatched."
He added that the MQM was partially a part of the government as they had their governor in Sindh province. "And if they demand so, they should first leave the office of the governor."
Replying to the points raised by the PPP, MQM's Nabeel Gabol said the PPP itself had taken such decisions in the past when its governments had imposed governor's rule in provinces in 1997 and 2009 and slapped curfew in Karachi in 1974.
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MqMs demand and advice to the FEDs is justified,only army can control the present pathetic situation as the PP has been and is still in power in Sindh but they are totally incapable to control the law and order situation in Karachi.
MQM is right.......
Dawar Naqvi
Karachi should be handing over to Pakistani armed forces before enemies ot the state take over completely.
Najamuddin
Who are responsible for all the plights of bleeding and falling Karachi? Who were the culprits initially carrying out organized extortion by terrorizing the people for decades and those not submitting to their extortion demands were bloodbathed, abducted or eliminated? These extortionists enjoyed for decades free hands during till the reign of the worst last dictatorship as also enjoying his fullest support and alliance in Govt and also till the last civilian govt. All the agencies and law enforcement authorities as well as the media know it well but can not dare to expose them. Also because of their power of terror and buying out the loyalties. These are the people who turned the City of Quaid being the haven of lights, fraternity, patriotism, love and peace into the City of hatred, loot, plunder, extortion, fratricidal, deaths and destruction. This was the natural and logical outcome of their long extortion and terrorism that today the hardened criminals, extortionists, abductors and terrorists of all types seeing Karachi as the most fertile place for their criminal business have moved to this City and finally have taken over it for quite a good time. In fact the corrupt rulers, dictators and politicians are mainly responsible for the fall of this most beautiful city. Because of their criminal negligence the ethnic minorities, many groups of communities, commercial, industrial and even religious entities had to hire their own armed men or had to arm and train their own youths for self protection. Many of whom starting from defensive, then offensive mode, provoked by the power of arms, ammunition and terrorization also joined the criminal spree of extortion. Whatever is the most hopeless condition of Karachi today is the logical end of a long criminal rule and neglection by those who were responsible and taken oath of protecting the people? . .
Can't deny have to side with MQM on this one. Karachi & its citizens have been left at the mercy of terrorist. And Clearly PPP Govt doesn't seem bothered.
Kolachi-
Oh Stop it Farooq Sattar, if military had solution for this city we wouldn't have gotten to this point, and you of all the people are guilty of making a mess of this glorious city. This city will be rescued by partnership between the citizens and civilian law enforcement agencies rooted in this city, it needs participation from all stake holder. Militaries are not meant to run cities they are to guard us from foreign aggression. Stop manipulation of your bretherns and send a unifying message, if you have any honesty left towards the people of this town.
Nizamuddin Ali Ahmad
Very disturbing news from Karachi and from MQM leadership. The martial law and military dictatorships have poisoned and brain washed the public. Army is not the solution. The army is a subordinate entity of government under department of defense and not a law enforcement agency. The police department and police rangers should be overhauled and should be done quickly. Lack of enforcement is lack of will. There is no excuse for not securing the streets of Karachi from hoodlums and criminals. Mr. Sharif got the job to bring Pakistan to.
The Power of Reason
PPP has been having a golden opportunity over the last two decades, since mqm finally buried the hatchet of a separate province, to do away with the divide between urban and rural sindhis by removing all discriminating laws and actions. Unfortunately, statesmanship never touched PPP as its tecent attempts to bulldoze the urban area mandate on the issue of local government - an issue of seminal mportance for urban areas. MQM, for once, is justified in raising the demand it has raised. PPP can only rue the lost opportunities.
Gerry D'Cunha
the best solution is to impose curfew in trouble and sensitive areas of karachi choosing the timings according to the troubles taking place in these areas and releasing the timing as it gets better.
MQM must rein in its militant wing and peace will return to karachi. Funny how this demand never came up when MQM was part of the PPP government in the past and the situatiion was equally bad then.
zia khan
Altaf Hussain is trying to run federal government from London. The provincial government has to be taken on board for handing over Karachi to army personnel. Why MQM did not go for this option when they were coalition partners in the federal and provincial governments?
What kind of people are these? their leader has lived longer in other countries, is a citizen of another country and they call him their Godfather?
Just want to say to all the politicians to stop playing with the lives of the people of Karachi. When Nawaz Sharif was not in the government, he several times asked for the government to invoke article 245 and and demanded Army to take over the control of this city. At that time, PPP didnt accept the fact or the need of Army... And now, this government is playing... Please do something for this city. No one is safe here.. Army is the solution now, and the can plan the situation accordingly but do something... It will be useless if more people loose there lives...
gangadin
Advice for farooq sattar: Invoke nothing. Its either your exit peacefully and voluntarily or the current war goes on till each and every one of you is out.


Worlds of Journalism Study
Data Sharing Protocol
WJS3: 2021–2023
Data and Key Tables
Data and key tables: WJS2 (2012–2016)
WJS Association
WJSA Statute
Methodological Framework
Like its precursors, WJS3 is based on a common conceptual and methodological framework developed and adopted by researchers from more than 110 countries collaborating in the project. All participating country teams are required to adhere to this framework, which includes a shared questionnaire along with instructions for translating questions, defining populations, constructing samples, selecting respondents, conducting interviews as well as proper recording and handling of survey data. Field research is scheduled to take place between 2020 and 2022 for all countries. In adherence to these general guidelines, WJS3 will proceed in four steps, each of which forms a research module built around specific methodological aims. These include a Structural Module, a Survey Module, an Analysis Module, and a Dissemination Module.
(1) Structural Module: structure of media system, population and questionnaire
In this module, research teams in the participating countries gather information about (a) respective national media systems, (b) structural parameters of the population of journalists, and (c) the opportunity structures within which journalism operates. This allows drawing an informed picture of the national media landscapes as well as the number and distribution of journalists in the WJS countries.
The standard questionnaire modules will be provided by the WJS Center; all research teams are obliged to apply the questionnaire to their countries. No deviations from the standard questionnaire, which is constructed in English, are permitted. National teams outside the Anglo-Saxon world are required to obtain a native-language version of the standard questionnaire using a strict translation-back translation procedure or a multilingual-experts approach.
(2) Survey Module: sampling, survey, and data handling
The minimal required sample size will be calculated, according to statistical conventions, based on a confidence level of 95% and a level of sampling precision ("sampling error") of not more than 5% (teams are encouraged to stay within a 3% maximum sampling error). All national samples should provide reasonable representations of the populations of journalists in the investigated countries.
Sampling will thus proceed in two steps. First, teams construct a national target sample based on the information obtained through the Structural Module. The target sample will specify quotas for each combination of the following criteria: media channel (newspapers, magazines, agencies etc.), content orientation (quality vs. tabloid, if applicable), distribution (local, regional, national, or transnational), and primary ownership (private, public, state-run, or community). For each target quota, teams will randomly (or systematically) select editorial organizations and then choose journalists randomly (or systematically) from within these organizations until they reach the target quota.
(3) Analysis Module: description, comparison, explanation and tracing adaptation
In the Analysis Module, research teams will proceed as follows:
Descriptive analysis: All national teams establish key findings on journalists' perceptions of risk and uncertainty in their respective countries. Each team is expected to prepare a country report summarizing key findings for publication on the WJS website (a template will be provided by the WJS Center).
Comparative analysis: In this step, researchers collaborating in WJS3 will form multinational teams, each focusing on a specific research question. Teams are charged with the task of identifying comparative patterns (of similarity and difference) in the cross-national dataset.
Explanatory analysis: In the following step, multinational teams will continue their work and focus on the identification of key factors that drive journalists' perceptions of risk and uncertainty across levels of analysis (individual, organizational, and societal). For this purpose, a range of contextual data (see Structural Module) will be included in the analysis.
Longitudinal analysis: Finally, the established multinational teams will track developments in journalists' perceptions of risk and uncertainty over time. These developments will also point to ways in which journalism is coping with and adjusting to risk and uncertainty. Such a comparison is possible as WJS3 will replicate several measures used in earlier research (by WJS and beyond).
For this purpose, all research teams delivering a dataset deemed reliable by the WJS Center will get access to the consolidated dataset, which contains data from all participating countries.
(4) Dissemination Module: coordination, dissemination, and outreach
In order to reach out beyond the scientific community, the WJS network will organize national and international workshops to share key insights from the study with leading journalists, journalism educators, representatives of journalism unions, and media policy makers. Furthermore, members of the WJS network will contribute their expertise to national and international organizations concerned with the future of journalism (e.g., with the International Federation of Journalists, Reporters Without Borders, and UNESCO). Overall, WJS aspires to become a global research hub for the comparative assessments of journalists' perceptions of risk and uncertainty in a changing mediascape.
2021–2023 Menu Selections
Methodological Documentation
Principal Investigators (2021–2023)
© 2006-2022 | The Worlds of Journalism Study | email: info@worldsofjournalism.org


Rosemary Hill, a contributing editor at the LRB, is writing a history of antiquarianism.
In Memory of Eustache-Hyacinthe Langlois
Where is Bohemia?
Gentlemen Did Not Dig
18th-Century Gap Years
Impervious to Draughts
Das englische Haus
Small Special Points
Darwin and the Europeans
At Pallant House
At Tate Britain (2)
Against Michelangelo
'The Pinecone'
Modernism plc
Neal Ascherson
Memories of the Fog
Gandhi Centre Stage
John Pemble
Farmer Eliot
Charles Tripp
Invading Iraq in 1914
Literature and literary criticism, Critical theory, History, Cultural history, 1900-1999, 1900-1945, Graham Greene, Sex, War
Vol. 35 No. 4 · 21 February 2013
Rosemary Hill
The Love-Charm of Bombs: Restless Lives in the Second World War by Lara Feigel
Bloomsbury, 519 pp, £25.00, January 2013, ISBN 978 1 4088 3044 4
On 31 August 1939 Alan Cameron was at his desk at the BBC, where he was secretary to the Central Council of School Broadcasting, when he heard that the British fleet was mobilising. This meant that war with Germany was imminent and Cameron telephoned home to give his wife, the novelist Elizabeth Bowen, the news. She received it without apparent emotion and with an awkwardness of tone that made an impression on the Irish writer and occasional IRA gunman Sean O'Faolain, with whom she was in bed at the time. He made a joke about it, which she considered in poor taste and there was a subsequent cooling in their relationship. It was to be his last visit to her house and the first change of partners in a frantic dance of infidelities, ménages à trois and other more complex triangulations among writers in London that lasted like an epic 'excuse me' throughout the Second World War. Bowen later remembered it as the 'most interesting period of my life'.
Lara Feigel unravels the tangled web, concentrating on the experiences of six novelists: Bowen, Graham Greene, Henry Yorke (who wrote as Henry Green), Rose Macaulay, Rosamond Lehmann and the Austrian émigrée Hilde Spiel. The combination of danger and novelty made the times 'an absolute gift to the writer', as Yorke put it to Lehmann: 'Everything is breaking up.' Amid the physical and emotional ruins cracks opened in the social fabric and with them opportunities for romantic release. Danger has always been a noted aphrodisiac, but this particular situation was new. Never before had war come so close to civilian life in London.
The First World War, which cast a livid shadow over the experiences of the Second and was a constant point of comparison, had for the most part taken place far away. The fighting was done by soldiers and involved men almost exclusively. This time men and women, services and non-combatants were in it together. The home front was as important and at times more dangerous than the battle front. Evelyn Waugh, who was in the Marines, found himself in Gibraltar in the autumn of 1940 at a loose end while he waited for a ship home and wrote of the change as something amounting to the roles of the sexes being reversed. Speculating that in London Yorke was 'no doubt fighting fires day and night', Waugh reflected that 'the armed forces cut a small figure. We are like wives reading letters from the trenches.'
The usual situation of wives was one of the many things breaking up for the duration. Macaulay for one was glad. 'How to be useful though married' is a question put but never satisfactorily answered by Neville, the wistful middle-aged woman in her prewar novel Dangerous Ages. Now women of all kinds were thrown into action fighting fires, monitoring the blackout and getting hurt. 'It is no worse that women should be killed than men,' Macaulay, who drove an ambulance, noted. And with equal danger came equal opportunity. This was the first time that a substantial body of what might be called war writing was produced by women. It took the form mostly of novels and journalism. Another contrast with 1914-18 was that this was to be a war more of prose than poetry.
Feigel might have made more effort to develop some of these themes. As it is, despite its considerable incidental interest, her narrative doesn't cohere. The writers she has chosen mostly knew or were aware of one another, but they didn't form anything like a group. Nor is the scene confined to London, or even to the war, which ends about halfway through the book. It is hard to see why Spiel, who had virtually no contact with the others and whose work is not widely known, is in when Waugh is out, and among literary ARP wardens with complicated love lives, T.S. Eliot is surely as noteworthy as Greene. For all of which the first part of the book tells a good story and casts sharp sidelights on the mythology of the Blitz, to which the writers were not always inclined to subscribe. Macaulay's article for Time and Tide describing one raid as 'a sample corner of total war' barely made it into print. Censors had requested that journalists should not be 'too vivid' about that sort of thing and Macaulay's report of a rescue worker wondering out loud 'How long will people stick it?' was cut.
Not every writer was thrilled by the first wailing of the air-raid sirens and, as Feigel makes clear, many of those who were alert to the artistic possibilities of war engaged with it on their own terms. Greene, an energetic air-raid warden, was disgusted by the 'faint susurrus' of intellectuals dashing for desk jobs. Stephen Spender, he sneered, had 'feathered his young nest in the Ministry of Information'. Just months later Greene, who embodied in his own tortured personality as many contradictions, deceptions and hypocrisies as the other five combined, avoided being called up by taking a post at the ministry, where he worked on propaganda with Malcolm Muggeridge. Thus he secured the time he wanted for his own writing. Yorke was in the Auxiliary Fire Service, which he had taken the precaution of joining in 1938 so that if war came he would not be conscripted and have to give up his normal London routine which consisted of working himself 'silly', after which he would 'go out … about once a week and get blind drunk'. Macaulay, an enthusiastic but erratic driver who had recently caused an accident in which her married lover Gerald O'Donovan was badly injured, careered around in her ambulance with the potential for doing more harm than good.
The comedy of it was caught with cruel economy by Waugh in the opening of Officers and Gentlemen. It is a scene Feigel might have quoted at more length, in which Guy Crouchback and Ian Kilbannock stand in Piccadilly during an air-raid, arguing about whether the night sky, riven with fire and the beams of searchlights, is more like a Turner or a John Martin. Further down St James's Street, on the opposite pavement from where a club that is more or less Brooks's has been bombed, 'a group of progressive novelists in firemen's uniform were squirting a little jet of water into the morning room … "It was never much of a club," said Ian, "my father belonged."'
Where Waugh was sharp about the ridiculous aspect of aesthetes at war, it was Bowen who invented the sublime. Her novels and essays are alive with the erotic tensions of the blackout, the Blitz and the heightened pleasures of sex in the proximity of death. Preternaturally sensitive to colour, light and detail, she caught the nuances of the unnameable new sensations Londoners experienced. She wrote about the eerie white light that came through canvas put up in place of broken windows and the accidental picturesque of architectural fragments after a raid: 'A pediment has fallen on a lawn.' Later she recalled the way 'walking in the darkness of the nights for six years (darkness which transformed a capital city into a network of inscrutable canyons), one developed new bare alert senses, with their own savage warnings and notations.' The Heat of the Day, one of her best novels, is the product of these years and is redolent of that heightened perception generated by a civilians' war in which the domestic and the familiar were constantly transformed into strangeness and danger. By day the sunlit roses in Regent's Park glowed with unnatural brightness and in the blackout every woman became mysterious and provocative: 'Nature tapped out with the heels on the pavement an illicit semaphore.'
Most of the writers Feigel discusses were already accustomed to irregular love lives. War merely brought new opportunities and quickened the pace. Bowen, whose marriage to Cameron was celibate, had for some time taken lovers, one of whom, Goronwy Rees, she had lost to Lehmann in the course of a disastrous weekend house party. By 1940 Lehmann thought that Rees was losing interest in her. Her remarkable, statuesque beauty, combined with a complete lack of judgment when it came to male character, propelled her through a succession of marriages, affairs and brief encounters, all of which ended unhappily. Now she was drifting towards the minefield that was the Yorkes' marriage. Yorke and his wife Adelaide (known as 'Dig') stayed together despite his many affairs, including one with Dig's sister. They seem to have been bound on her side by a sense of propriety which she concealed, according to one of her husband's mistresses, behind 'the most brilliant feyness', while for him presumably a divorce would have removed his excuse for not marrying anyone else.
Yorke's fling with Lehmann was brief and he soon moved on. On the wartime merry-go-round he was one of the merriest, passing from woman to woman with apparently few of the heartaches, jealousies and guilts that were the constant shadows cast by adventures of the others. Lehmann with her usual capacity to idealise cads called him 'a disinterested affection giver'. Such extreme 'disinterest' looks much like brutal indifference. If there was suffering to be done in his relationships he usually made sure it was the woman who did it. In 1943, when the novelist Mary Keene told him she was pregnant with their child, he wrote her a characteristically self-serving letter in which a steely abnegation of responsibility came wrapped in the flannel of warm concern. He said that he hoped that once the baby ceased to be too preoccupying they would meet again, adding: 'Being yours I shall love it and I only hope it will not make any fundamental difference to you.'
For a time Keene contrived to stay with her husband Bunny while completing the Yorke triangle by entering into an edgy friendship with Dig. Then early in 1945, sick of the war and of Bunny, she went with her daughter to stay in Wales with Dylan and Caitlin Thomas. After a brief period of peaceful country life, during which Dylan took her 'very much under his wing', a neighbour with more conventional views of sexual propriety, annoyed by Thomas's flirtatious behaviour towards his wife, broke into the cottage with a machine gun and sprayed bullets liberally all around. 'My dearest darling,' Dig wrote to Keene when she heard the news, adding, perhaps with some ambivalence: 'You might have been shot.'
Meanwhile Greene was making a more agonised progress than Yorke through a smaller number of women. In his nihilistic state of mind at the time, the separations inevitable in war were welcome. War itself 'was good for someone like me who has always suffered from an anxiety neurosis'. He expected, indeed hoped, to be killed and when his house in Clapham was destroyed in October 1940 that too came as something of a relief. 'It's sad,' he wrote, 'because it was a pretty house, but oddly enough it leaves one very carefree.' He was more cheerful from then on, free not only of possessions and a large mortgage, but also of his wife Vivien, who decamped to Oxford, where she stayed at Trinity College and was miserable. Greene's dutiful monthly visits were, she suggested, the equivalent of 'the termly tea out with relations'. In London he led 'a chequered and rather disreputable life' going to the Windmill Theatre with Muggeridge, who was less taken than Greene with the seedy spectacle of wartime nudes, looking 'pinched and ravaged in the footlights' glare'.
Greene continued as an ARP warden through the thick of the Blitz. The terrible night of 16 April 1941 found him in the Horseshoe pub in Soho, drinking with his mistress Dorothy Glover. Shortly after two in the morning he was at Malet Street where a parachute mine had landed on the Victoria Club and the 350 Canadian soldiers who were sleeping there. The efforts to rescue the wounded and dying while more bombs fell were exhausting but also, like losing the house, a kind of freedom. 'One really thought that this was the end, but it wasn't exactly frightening – one had ceased to believe in the possibility of surviving the night.'
His marriage did survive, but only just. It came to an end in 1947 when Greene encountered the love of his life, the American socialite Catherine Walston, who had converted to Catholicism under the influence of his writings. Neither their faith nor their marriages stopped Greene and Walston from conducting a passionate and barely concealed relationship. For Vivien the last straw came when the conventional and unconventional sides of her husband's life collided at a party he gave in Oxford, supposedly for François Mauriac but actually to introduce Walston to the most glittering of his circle of literary friends. Vivien was delegated to provide food, which meant eking out the two-ounce weekly butter ration, and she found herself ignored, handing round inadequate canapés while Greene gave his entire attention to his new mistress. Shortly afterwards, in an all too rare gesture of defiance, she went to mass and dropped her engagement ring into the collection.
If it was an equal opportunities war for writers, the women who had no such outlet and who tried to uphold more traditional roles as wives and mothers seem, from their brief appearances, to have accounted for most of the collateral damage. Feigel further strengthens the writers' upper hand by indulging in long plot summaries of the novels which make dubious assumptions about the extent to which literature can be treated as biographical source material – for example that The End of the Affair 'describes' Greene's relationship with Walston. More research would have helped, and some of the critical readings are oddly blunt. Among other things, she suggests that Rupert Brooke's burial on Skyros meant that his death 'failed to ennoble' because he was deprived of the hope he expressed in 'The Soldier' of a grave in England's 'rich earth'. But the whole point of the poem is that it would be, as in the event it was, some corner of a foreign field that would be made, by his remains, forever England.
With so much lying, deceiving and double-crossing going on in their private lives it was not surprising that some of the writers became keen spies. Any novelist, Greene said, 'has something in common with a spy: he watches, he overhears, he seeks motives and analyses character, and in his attempt to serve literature he is unscrupulous.' When after the Blitz there was a lull as the war moved again, as Bowen put it, 'from the horizon to the map', Greene was bored. Impatient to get back into some danger, he had himself recruited into the SIS – the Special Intelligence Service. In December 1941 he set sail for West Africa. By March 1942 he was in Freetown, Sierra Leone, in the guise of a Special Branch CID officer, gleaning as much information as possible about the condition of the Richelieu, the battleship that the Vichy French had been using to attack Britain and the Free French to prevent them from taking Dakar.
At the same time Greene was laying the foundation for many later stories, both novels and exaggerated reminiscences in which the lying he so much enjoyed could be elevated above even the service of literature, into a patriotic duty. Bowen too combined writing and sex with a little light espionage. For her the question of patriotism was more complicated. She was Anglo-Irish and neutral Ireland, where Bowen's Court, her beloved family home, was, divided her loyalties as much as any lover. Sometimes it came to the same thing. In July 1940 she made her first report back to London from Dublin, where her investigations into the state of mind among the Irish people involved a renewal of relations with O'Faolain, who in return published one of her articles in the Bell, a new literary magazine he was editing.
The extent, however, to which writers made reliable spies is questionable. Feigel gives some spectacular examples of their political naivety. Yorke was joking when he told Waugh that he had to fight the Nazis because the alternative was 'domination by Hitler and the Mitfords', but Greene seems to have been perfectly serious when he wrote, about a satirical review, that it demonstrated how thoroughly this was a 'people's war' and that Edith Evans playing a bombed-out hop-picker with the 'unembittered humour' of the Cockneys and their 'silly simple smile' was close to that 'heroic truth at which the world is beginning to wonder'. After the war he was disappointed to find the Labour Party was not much like Dame Edith and told his mother he had decided to vote Conservative. Bowen too, who had been thrilled in 1940 to discover that 'for the first time, we are a democracy. We are more, we are almost a commune,' was horrified by Labour's postwar election victory which left her in a state of 'terrific psychic shock … I felt sick, and shortly afterwards was.' From now on, she decided, she felt more Irish than English. Waugh, who had never been keen on democracy, also contemplated buying a castle in Ireland as 'shelter from the Attlee terror'.
The end of the war was an anti-climax for the writers as much as a relief. Afterwards reputations shifted again. Lehmann's declined; Bowen, though her best work was generated by the experience of the war, maintained hers. Yorke's novel Caught, of 1943, had been slightly better received than Greene's The Ministry of Fear of the same year, but peace reversed the critical balance. Much of Greene's best work still lay ahead of him. All of them had been changed as writers, even Macaulay, the oldest of them. The sense of place and of places lost pervades her later work. Pleasure of Ruins and her last novel, The Towers of Trebizond, were among her most successful books. For all of them the dangers and privations had been so liberally laced with pleasure and excitement that Macaulay, like Bowen, could not regret the past and the opportunities it brought to behave, as she put it with typical frankness, 'dishonestly and selfishly' in pursuit of the artistic spoils of war.
Vol. 35 No. 4 · 21 February 2013 » Rosemary Hill » Flings


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HIGHLIGHTS – DIRECT TAX PROPOSALS OF UNION BUDGET 2015-16
No change in the basic exemption limit and the tax rates of individuals
Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year.
The existing rate of tax on Income by way of Royalty and Fees for technical services in case of non-residents @25% proposed to be reduced to 10%.
Additional surcharge @ 2% being levied on income exceeding Rs. 1 crore. This surcharge would be levied in place of Wealth-tax which is proposed to be abolished.
Deductions from Gross Total Income
Exempt-Exempt-Exempt (EEE) tax benefit proposed for assessee having a girl child and investing under the Sukanya Samriddhi Account Scheme. The investments made in the Scheme will be eligible for deduction under section 80C of the Act, the interest accruing on deposits in such account will be exempt from income tax and the withdrawal from the said scheme in accordance with the rules of the said scheme will be exempt from tax.
In view of continuous rise in the cost of medical expenditure, section 80D is proposed to be amended to raise the limit of deduction from Rs. 15,000 to Rs. 25,000. Further, the limit of deduction for senior citizens is also proposed to be increased from Rs. 20,000 to Rs. 30,000.
As a welfare measure towards very senior citizens, a deduction under section 80D is proposed for any payment made on account of medical expenditure in respect of a very senior citizen, subject to a limit Rs. 30,000.
The limit for deduction under section 80DDB is proposed to be increased to Rs. 80,000 in respect of amount paid for medical treatment of very senior citizen.
Section 80DD and section 80U is proposed to be amended to increase the limit from Rs. 50,000 to Rs. 75,000 and from Rs. 1 lakh to Rs. 1.25 lakh, as the case may be.
In order to promote social security, deduction section 80CCC(1) which provides for deduction of amount paid or deposited to effect or keep in force a contract for any annuity plan of LIC or any other insurer for receiving pension from a fund set up under a pension scheme is proposed to be amended to raise the limit of deduction from Rs. 1 lakh to Rs. 1.5 lakh, within the overall limit provided in section 80CCE.
Section 80G is proposed to be amended to provide for 100% deduction in respect of donations made to the National Fund for Control of Drug Abuse.
With a view to encourage and enhance people's participation in the national effort to improve sanitation facilities and rejuvenation of river Ganga, section 80G is proposed to be amended so as to provide 100% deduction for donations made by any donor to the Swachh Bharat Kosh and to Clean Ganga Fund.
Measures to curb black money
In order to curb generation of black money by way of dealings in cash in immovable property transactions, section 269SS is proposed to be amended so as to provide that no person shall accept from any person, any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.
Similarly, section 269T also is proposed to be amended so as to provide that no person shall repay any loan or deposit made with it or any specified advance received by it in relation to transfer of an immovable property whether or not the transfer takes place, otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount or aggregate amount of loans or deposits or specified advances is twenty thousand rupees or more.
General Anti Avoidance Rule (GAAR)
The implementation of General Anti Avoidance Rule (GAAR) is proposed to be deferred by two years. Accordingly, it would be applicable for the financial year 2017-18 (A.Y. 2018-19) and subsequent years. Further, it is also proposed that the investments made upto 31.03.2017 shall not be subject to GAAR.
Additional Investment Allowance and provisions in respect of additional depreciation
A new section 32AD is proposed to be inserted to provide for an additional investment allowance of an amount equal to 15% of the cost of new asset acquired and installed by an assessee, if—
he sets up an undertaking or enterprise for manufacture or production of any article or thing on or after 1st April, 2015 in any notified backward areas in the State of Andhra Pradesh and the State of Telangana; and
the new assets are acquired and installed for the purposes of the said undertaking or enterprise during the period beginning from the 1st April, 2015 to 31st March, 2020.
This deduction shall be available over and above the existing deduction available under section 32AC of the Act.
Further, in order to incentivise acquisition and installation of plant and machinery for setting up of manufacturing units in the notified backward area in the State of Andhra Pradesh or the State of Telangana, it is proposed to allow higher additional depreciation at the rate of 35% (instead of 20%) in respect of the actual cost of new machinery or plant (other than a ship and aircraft) acquired and installed by a manufacturing undertaking or enterprise which is set up in the notified backward area of the State of Andhra Pradesh or the State of Telangana on or after the 1st day of April, 2015.
To remove the discrimination in the matter of allowing additional depreciation under section 32(1)(iia) on plant or machinery used for less than 180 days and used for 180 days or more, it is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days which has not been allowed in the year of acquisition and installation of such plant or machinery, shall be allowed in the immediately succeeding previous year.
Definition of charitable purpose
The definition for charitable purpose provided under section 2(15) is proposed to be amended to include the activity of Yoga as a special category of activity to be considered as charitable purpose on the lines of education.
The definition is proposed to be further amended to provide that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade,commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity, unless,-
such activity is undertaken in the course of actual carrying out of such advancement of any other object of general public utility; and
the aggregate receipts from such activity or activities, during the previous year, do not exceed 20% of the total receipts, of the trust or institution undertaking such activity or activities, for the previous year .
Cost of acquisition in the hands of resulting company
There is no express provision under the Income-tax Act, with regard to value to be considered as cost of acquisition of a capital asset in the hands of resulting company on transfer of capital assets acquired on demerger. Accordingly, section 49 is proposed to be amended to provide that the cost of acquisition of an asset acquired by resulting company shall be the cost for which the demerged company acquired the capital asset as increased by the cost of improvement incurred by the demerged company.
Direct Taxes Code
Since the jurisprudence under the Income-tax Act is well evolved and a large number of provisions of the proposed DTC have already been included in the Income-tax Act, 1961 and the remaining are proposed to be included through the Finance Bill, 2015, the Government has expressed its resolve of not going ahead with the DTC.
SYNOPSIS- INTERNATIONAL TAXATION PROVISIONS
Fund Managers in India not to constitute business connection of offshore funds
It is proposed that mere presence of a fund manager in India would not constitute PE of the offshore funds, as this is resulting in adverse tax consequences currently.
In order to facilitate location of fund managers of off-shore funds in India a specific regime has been proposed in the Act in line with international best practices with the objective that, subject to fulfilment of certain conditions by the fund and the fund manager,-
the tax liability in respect of income arising to the Fund from investment in India would be neutral to the fact as to whether the investment is made directly by the fund or through engagement of Fund manager located in India; and
that income of the fund from the investments outside India would not be taxable in India solely on the basis that the Fund management activity in respect of such investments have been undertaken through a fund manager located in India.
In the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund.
Reduction in rate of tax on Income by way of Royalty and Fees for technical services in case of non - residents - Proposed Reduction in Royalty / FTS rate to 10% from 25%
It is proposed to reduce the rate of tax provided under section 115A on royalty and FTS payments made to non-residents from 25% to 10%.
Clarity relating to Indirect transfer provisions - Further clarification to Explanation 5 in section 9(1)(i)
Currently The Explanation 5 in section 9(1)(i) clarified that an asset or capital asset, being any share or interest in a company or entity registered or incorporated outside India shall be deemed to be situated in India if the share or interest derives, directly or indirectly, its value substantially from the assets located in India.
The share or interest of a foreign company or entity shall be deemed to derive its value substantially from the assets (whether tangible or intangible) located in India, if on the specified date, the value of Indian assets,-
exceeds the amount of ten Crore rupees ; and
Represents at least fifty per cent. of the value of all the assets owned by the company or entity.
Value of an asset shall mean the fair market value of such asset without reduction of liabilities, if any, in respect of the asset.
The specified date of valuation shall be the date on which the accounting period of the company or entity, as the case may be, ends preceding the date of transfer.
Raising the threshold for specified domestic transaction- Increase in limit of specified domestic transaction from 5 Crores to 20 Crores rupees
It is proposed to amend section 92BA by increasing the limit of specified domestic transactions entered into by the assessee from 5 Crores to 20 Crores rupees.
Enabling the Board to notify rules for giving foreign tax credit - Rules will be prescribed to claim foreign tax credit u/s 90, 90A and 91
CBDT may make rules to provide the procedure for granting relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90, or under section 90A, or under section 91, against the income-tax payable under the Act. This amendment will take effect from 1st day of June, 2015.
Clarity regarding source rule in respect of interest received by the non-resident in certain cases
In the case of a non-resident, being a person engaged in the business of banking, the PE in India of such non-resident shall be obligated to deduct tax at source on any interest payable to either the head office or any other branch or PE, etc. of the non-resident outside India. Further, non-deduction would result in disallowance of interest claimed as expenditure by the PE and may also attract levy of interest and penalty in accordance with relevant provisions of the Act.
Amendment to the conditions for determining residency status in respect of Companies
POEM is proposed to be introduced for determining the residential status of company which is in line with DTAA
It is proposed to amend the provisions of section 6 to provide that a person being a company shall be said to be resident in India in any previous year, if-
it is an Indian company; or
Its place of effective management, at any time in that year, is in India. (Earlier the provision was - during that year, the control and management of its affairs is situated wholly in India)
Further, it is proposed to define the place of effective management to mean a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance made.
Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) - Penalty of 1 lakh proposed for providing incorrect information or non-providing of information as per 195(6)
It is proposed to amend the provisions of section 195 of the Act to provide that the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident individual or foreign company, shall be required to furnish the information of the prescribed sum in such form and manner as may be prescribed.
It is further proposed to insert a new provision in the Act to provide that in case of non-furnishing of information or furnishing of incorrect information under sub-section (6) of section 195(6) of the Act, a penalty of one lakh rupees shall be levied.
It is also proposed to amend the provisions of section 273B of the Act to provide that no penalty shall be imposable under this new provision if it is proved that there was reasonable cause for non - furnishing or incorrect furnishing of information under sub-section (6) of section 195 of the Act. These amendments will take effect from 1st June, 2015.
Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India
It is proposed to amend the Act to provide that in the case of an Individual, being a citizen of India and a member of the crew of a foreign bound ship leaving India, the period or periods of stay in India shall, in respect of such voyage, be determined in the manner and subject to such conditions as may be prescribed. This amendment will take effect retrospectively from 1st April, 2015.
Posted by Accounting & Taxation at 10:55 PM
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Brian Eagles
[javascript protected email address] 020 7529 5420
Media & EntertainmentData ProtectionCommercial Intellectual PropertyPrivate Client
Experience & Background
Brian enjoys over forty years' experience as a commercial lawyer, specialising in the fields of IP and media. He advises UK and international clients, both corporate and personal, in the fields of theatre, film, television, publishing, music and sports. A veteran of the media industry, his expertise includes advice in relation to financing, production, distribution, franchising and merchandising as well as upon digital and internet issues and data protection. He is an experienced mediator and arbitrator and sits on several panels including those of the Independent Film and Television Alliance, the Law Society and the Institute of Chartered Accountants. Brian also provides advice on probate matters and has many years' experience in handling a range of probate cases both straightforward and complex.
Over the many years of his practice he has represented top talent across many fields including Elizabeth Taylor, Richard Burrton, Rex Harrison, Sir Georg Solti, The Stranglers, Chas and Dave, Bruce Forsyth, Dick Emery, top selling authors, screenwriters and musicians, a world champion F1 driver, a title winning boxer and corporate media and sports entities including Peter Schaufuss Balletten, Lord Lew Grade, The Old Vic , Rugby World Cup, the IRB, a major international publishing company etc and a plethora of films, TV programmes and series.
Brian advised upon and did all the legal work relating to the transfer of the hit musical 'Chicago' from Broadway to the West End where it ran for 14 years and he also dealt with its touring productions. He was instructed in relation to the West End musicals of 'The Commitments', 'Sunset Boulevard' starring Glenn Close and "Only Fools and Horses". He has recently concluded the contractual work for a production of a musical spectacular of "Gone with the Wind" in China. He is currently working on a potential transfer to the West End of the play 'The Guinea Pig Club' from York Theatre Royal and a parody in France of 'Gone with the Wind', as well as a diverse number of matters including the film "Silver Ghost" being co-produced by Anthony Haas and Martin Scorsese, licence agreements for the merchandising of famous international marks and brands and agreements for several television series and theatrical presentations for international authors and playwrights.
Brian is a founder trustee/director of The Ralph and Meriel Richardson Foundation and The Solti Foundation and is a voting member of BAFTA.


Cruise NewsHolland America Line
Holland America Line Details 94-Day Roundtrip Voyage
Holland America Line details its 94-day Grand Voyage from San Diego, California, which returns after a decade.
Modified Date: Sep 13, 2022
Photo Credit: RudenkoStudio / Shutterstock
Sailing 94 days with a circumnavigation of Australia and exploration of New Zealand, Holland America Line's Grand Australia and New Zealand voyage onboard Volendam is the newest Grand Voyage released by the Seattle-based cruise line.
Sailing roundtrip from San Diego, there will be 43 port calls while visiting the Great Barrier Reef, the natural wonders of Hawaii and the South Pacific, and the lush landscapes of New Zealand.
Volendam's Grand Voyage
Holland America Line's Volendam will sail on a 94-day Grand Voyages on January 3, 2024, visiting 43 ports around Australia, New Zealand, the Pacific, and Asia.
The Seattle-based cruise line has been working on several longer cruises over the past period, and this epic exploration is the newest addition to the company's portfolio. A cruise that the cruise line has been in the making for over ten years.
Photo Courtesy: Holland America Line
Beth Bodensteiner, the chief commercial officer of Holland America Line: "Australia continues to be a sought-after cruising destination, and by offering it as a Grand Voyage we're able to take our time and feature other beautiful locales like the islands of the South Pacific, New Zealand and the Great Barrier Reef."
"It's been more than ten years since we've offered this Grand Voyage itinerary, and we listened to our guests who requested that we bring it back. The San Diego departure makes it easy for our North American guests to explore this region and make it a memorable journey along the way."
Sailing from San Diego, the cruise includes a circumnavigation of Australia, a visit to the Great Barrier Reef, the Hawaiian islands and other islands around the Pacific Ocean, the Komodo dragons in Indonesia, and the incredible landscapes of New Zealand.
After 94 days, the 60,906 gross tons, 1,432-passenger Volendam will return to San Diego, California, ensuring that guests in the US or Canada will not have to endure extensive flights to be able to see some of the remotest destinations on earth.
Holland America Line's Volendam has been in the news recently as the Dutch government uses it to house Ukrainian refugees in the Port of Rotterdam.
Shorter Grand Voyage Options Also Available
Highlights of the voyage include 43 port calls, with 17 of those in Australia. There will be four overnight calls in Fremantle and Sydney, Australia; Auckland, New Zealand; Papeete, Tahiti, and two evening departures in Honolulu, Hawaii, and Brisbane, Australia.
Guests will be able to spend two full days of scenic cruising around the Great Barrier Reef, exploring the Ribbon Reef and Far North regions. There will also be scenic cruising in the Torres Strait between Australia and New Guinea and Milford Sound in New Zealand.
For the adventurous types, there will also be a visit to Komodo Island in Indonesia, the home of the stunning but frighteningly terrifying Komodo Dragons.
Holland America will provide local cultural entertainment and notable guest headliners for those days at sea and evening entertainment. Dining will be elevated to a new level with menus that change regularly, featuring local ingredients and regional cuisine.
While 94 days onboard is undoubtedly something that not many people will say no to, there are shorter options available for those that do not want to be or can't be onboard for such an extended time. Opportunities exist for a 58-day segment from San Diego to Sydney and a 36-day segment from Sydney to San Diego.
Other Grand Voyages released by Holland America Line include the 2022 and 2023 Grand Africa Voyage, the 2023 and 2024 Grand World Voyages, and the 2023 Grand South America and Antarctica Voyage.
Robert McGillivray - 28 mins ago


Home > Ministries > Women's Ministry
Our western culture says that women ought to overcome the traditional gender stereotypes and break free from the roles of a previous era.
What does the Bible say about the role of women in our culture?
What does it say about the difference between men and women?
Does it really advocate for oppression and subservience or is it really promoting a greater type of liberation than the world can offer?
Whether married or single, whether older or younger, the Bible has a lot to say about what it means to be a woman who glorifies God. The women's ministry at GCBC recognizes the need that exists to train and equip women to live out their calling as Christians.
The ministry features regular prayer and fellowship nights where there is an opportunity to learn from each other about walking as godly women and to pray with each other. They also hold special events such as the end of year ladies function and there are also small group opportunities where women are able to have more dedicated mentoring and accountability.
What's on this Month
Sunday @ 9:00 am - 9:45 am
Sunday @ 10:00 am - 12:00 pm
gracebiblechurch.org.au


Tag Archives: steel hammer
ALBUM OF THE WEEK: Julia Wolfe's "Steel Hammer"
Posted on August 18, 2014 by maestrobeats
by Jill Kimball
Almost everyone has heard some version of a song about the man called John Henry. Legend has it that John Henry was a steel driver–someone who drilled holes into rock so that explosives could blast entire mountainsides and make way for tunnels and railroads. One day, he tried to keep up with a machine and succeeded, only to die of stress-induced heart failure on the spot.
A statue of John Henry in Summers County, West Virginia.
The character is fictional, but he represented the hordes of exploited laborers who built miles of American railroad in the late 19th century in harsh conditions for next to no pay. To this day, he is a symbol of unfair labor practices, of human strength, and of the skilled worker's ongoing struggle to find work in an age of machines.
The folk song "John Henry" is well-known across so many genres. Everybody from Bruce Springsteen to Johnny Cash to Aaron Copland to They Might Be Giants has recorded, arranged or referenced it. Rather than being deterred by its ubiquity, though, the composer Julia Wolfe was inspired by it. Believe it or not, she waded through every version of "John Henry" she could find, noted all the lyric differences–since it's an old folk tale, there are many–and wrote her own tribute in an album called Steel Hammer.
Musically, there's a lot going on in this album. Norway's vocal Trio Mediaeval provides strange, haunting and ethereal vocals throughout, accompanied by vastly different groups of instruments on each track. But the concept is simple: it's an amalgamation of every John Henry story ever told, the details of which are often contradictory.
The album begins with mysterious, minimalistic vocals that reminded me a lot of fellow Bang on A Can composer David Lang. Then, a few effects are layered over the voices as they mimic the sound of a train whistle amid what sounds like a steel hammer driving into rock and the constant chug-a-chug of a steam engine.
According to legend, John Henry worked on a railroad in West Virginia. Or perhaps it was Kentucky. Or was it Columbus, Ohio? All of John Henry's supposed locations are listed off in the folky, meandering second track, "The States," which is pleasantly dissonant in all the right places. I especially like the introduction of driving percussion later in the track.
Two other tracks, "Characteristics" and "Polly Ann – The Race," poke fun at the inconsistencies between John Henry stories. Some say he was tall; others say he was small. While some versions call his lover Polly Ann, others call her Mary Ann.
In "Destiny," we learn that John Henry sealed his fate when he discovered his strength. "This hammer's gonna be the death of me," the vocal trio repeats as a piano and a cello play frenetic dissonant patterns and grow ever louder. The whole track ends loudly and abruptly, creating a frightening cliffhanger. We're on the edge of our seats even though we all know the story's tragic end.
"Mountain" paints a musical picture of the setting around which John Henry worked. At first it's contemplative and tonal, but it grows increasingly dissonant as the steel driver's death sinks in.
The two last movements, "Winner" and "Lord, Lord", are like the modern answer to a Requiem mass, a seven-minute opportunity to come to grips with John Henry's death, to grieve, and finally to hope that he is at peace now.
There's a reason why this album was the runner-up for a Pulitzer Prize. It's a triumph: beautiful but challenging, modern but accessible, at once relaxed and disquieting. I highly recommend you check it out! It's available now on Cantaloupe Music's website.
Posted in New Releases, On Demand Clips, Reviews, Uncategorized	| Tagged bang on a can, cantaloupe records, david lang, folk, john henry, julia wolfe, minimalism, pulitzer runner-up, steam engine, steel hammer, train, trio mediaeval	| 1 Reply


Home Scholarships HSE University Global Scholarship Competition in Russia 2023
HSE University Global Scholarship Competition in Russia 2023
Would you like to study in Russia? Applications are open to apply for the HSE Global Scholarship Competition 2023 in Russia. International Students who want to study in Russia to pursue their Bachelor's Degree are highly encouraged to apply for the HSE Global Scholarship in Russia.
The HSE Global Scholarships are offered in 14 different subjects Foreign Languages (English), Asian Studies, International Relations, Advertising, and Public Relations, Journalism, Mathematics, Psychology, Modern Politics, Physics, Social Sciences, Cultural Studies, Media Communications, Law, History, Design, Philology, and Philosophy.
The HSE Consistently ranked as one of Russia's top universities; HSE University is a Russian education leader and one of the superior economics and social sciences universities in eastern Europe and Eurasia. Having rapidly grown into a well-known research university over 2 decades, HSE University established itself apart with its international presence and cooperation. You can also apply for UNIL Masters Scholarship Program 2023 in Switzerland
HSE Global Scholarship 2023 Details:
Scholarship Host Country: Russia
Host University: Higher School of Economics (HSE)
Course Level: Undergraduate Degree
Scholarship Value: Full Tuition
Eligibility: International Students
Deadline: 1 October 2022.
Check KAIST University Scholarship in South Korea 2023 (Fully Funded)
Benefits of HSE Global Scholarship 2023:
Selected candidates for HSE Global Scholarship Competition 2023 will get the following benefits.
HSE scholarship Winners are eligible for full-tuition waivers, partial scholarships, and 75% discount in tuition fees.
HSE Global Scholarship Competition winners get early admission decisions.
HSE University GSC diplomas are valid for 2 consecutive years following the Competition.
An excellent opportunity to earn more expertise in a particular field of study.
HSE GSC is a perfect way of career preparation.
New and exciting connections.
Check Chevening Scholarship in the UK 2023 (Fully Funded)
Available Study Fields & Majors:
History (World History)
Social Sciences (Person. Society. State)
Modern Politics
Philology and Philosophy.
Check Swiss Government Excellence Scholarships 2023
Eligibility Criteria for the HSE Global Scholarship 2023:
To be eligible for HSE Global Scholarship 2023, candidates need to meet the following eligibility criteria:
International candidates (non-Russian) citizens, stateless persons, or Russian nationals living outside Russia.
Applicants must be enrolled in either grades 10-11 of high schools for 11-year programs or levels 11-12 for 12-year programs.
International high school graduates are also eligible to apply.
All applicants must be under 30 years old.
Application Timeline:
Last date to apply online: 1st October 2022
HSE Competition date: 20 to 30th October 2022
How to Apply for the HSE Global Scholarship 2023?
Please read the how to Apply section for undergraduate programmes and select your programme.
Complete the HSE required online registration.
Identify Subjects (fields of study) that are relevant to you and your chosen degree programme.
Take part in the Competition in respective subjects (fields of study) in one of the countries outside Russia, and Russia.
Get your Competition results and find out more about your chances of admission to HSE undergraduate programmes.