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Phuket Gazette World News: India looks to head off junk status

Legacy Phuket Gazette

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Phuket Gazette World News: India looks to head off junk status | The Thaiger
PHUKET MEDIA WATCH

– World news selected by Gazette editors for Phuket’s international community

India budget increases spending, taxes the rich
Reuters / Phuket Gazette

PHUKET: India unveiled higher-than-expected spending for fiscal 2013/14 today, aiming to fund it with higher revenues – including new taxes on the rich and large companies – in a budget aimed at reviving growth amid the country’s worst slowdown in a decade.

The budget caps an intensive campaign by Finance Minister P. Chidambaram since he was appointed last August to turn around the fortunes of Asia’s third-largest economy after years of policy drift and global economic turmoil.

“Fiscal consolidation cannot be effective only by cutting expenditure,” Chidambaram said in his speech, a balancing act to stave off a credit rating downgrade and meet demands for populist spending heading into an election year.

Total budget expenditure will rise by an unexpectedly high 16 percent in the fiscal year that begins on April 1 to 16.65 trillion rupees (9.2 trillion baht; 1.81 rupee = 1 baht), even as the fiscal deficit for the current year will fall to 5.2 percent of gross domestic product, besting a revised target of 5.3 percent.

Next year’s deficit will be 4.8 percent of GDP, he said, in line with expectations.

Net market borrowing of 4.84 trillion rupees for the new fiscal year met investor hopes that the figure would not top 5 trillion rupees, but the gross figure exceeded expectations.

“The high gross borrowing and the higher spending is going to be inflationary and RBI would rather think of slowing the pace of monetary easing rather than increasing it,” said Rupa Rege Nitsure, chief economist at Bank of Baroda.

An added surcharge on local firms with incomes of over 100 million rupees and a 10 percent surcharge on individuals with taxable incomes of more than 10 million rupees – a group that now includes just 42,800 people – will be put in place for one year, moves that sent prices of Indian stocks falling.

Fending off ‘junk’
India’s fiscal and current account deficits have alarmed investors and ratings agencies, triggering warnings that the country’s sovereign bonds could be downgraded to ‘junk’ status if urgent steps are not taken to rein in spending.

Chidambaram has staked his reputation on hitting a fiscal deficit target of 5.3 percent of GDP this year and 4.8 percent in 2013/14. A no-nonsense, Harvard-educated, lawyer who commands both respect and fear in government, he squelched opposition from cabinet colleagues worried that spending cuts could ignite a backlash among voters.

Chidambaram has focused on winning back foreign investors unnerved by proposals of his predecessor, Pranab Mukherjee, to tax merger deals retrospectively and clamp down on tax evasion. Since September, he has implemented a spate of investor-friendly reforms, including allowing entry of foreign supermarkets.

Dozens of corporate executives, watching a telecast at an industry event, exchanged nervous smiles as Chidambaram introduced the surcharge on the rich.

“In the larger scheme of things, I guess that is one way of reducing his deficit. Am I going to lose sleep over it? No,” Ganesh Natarajan, CEO of IT outsourcer Zensar Technologies, told Reuters by phone.

A flagging economy left Chidambaram with little room for big-bang populist measures without raising revenue, with economic growth for the current fiscal year on track to hit just 5 percent, nearly half of what it was in 2007/08.

“This country must not lose any time – India must get its act together to accelerate the tempo of growth,” Prime Minister Manmohan Singh said in a TV interview after the budget speech.

The budget also reflects the realities of a country of 1.2 billion people, many of them poor.

“On the one side is the economic policy, on the other side is economic welfare. We are a developing country. The link between policy and welfare can be expressed in a few words: Opportunities, education, skills, jobs and income,” Chidambaram said.

— Phuket Gazette Editors

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Opinion

Buddhists call for boycott of Hilton & Waldorf Astoria Hotels with the opening of Siddhartha Lounge

The Thaiger

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Buddhists call for boycott of Hilton & Waldorf Astoria Hotels with the opening of Siddhartha Lounge | The Thaiger

OPINION: The Buddhist Times

Since its creation in 1996, Buddha-Bar Paris has been using the name and image of Buddha in it’s Bars and Hotels throughout the world. Typically the franchises use large statues of Buddha in their Bars and around dance floors and in restaurants similar to a Buddhist temple.

What makes the use of Buddha’s image in these bars most insulting to Buddhists around the world is that Buddhism does not support the consumption of alcohol. So to use the Buddha’s image as decoration to promote the consumption and sale of alcohol and as a prop on dance floors and in restaurants is especially disrespectful and hurtful to Buddhists.

Now comes a further insult with the Buddha-Bar franchise opening the Siddhartha Lounge at Waldorf Astoria Ras Al Khaimah. (Siddhartha Gautama being the full name of Buddha).

According to the Knowing Buddha Organisation in Thailand what the Buddha-Bar franchise is doing is not only disrespectful but it is immoral. The foundation points out that “Respect is Common Sense”.

Buddhists feel hurt by the misuse of the name and image of their father, as people of other faiths would be if the image of Christ or Mohammad were used to promote bars and nightclubs.

The Buddha–Bar, restaurant, and hotel franchise created by French-Romanian restaurateur Raymond Vișan and DJ and interior designer Claude Challe, with its original location having opened in Paris, France in 1996.

Raymond Vișan, according to Wikipedia, had the idea of establishing the chain of restaurants and bars which came from his fascination with the Orient. However at the age of 60 Visan suddenly died of terminal cancer. The franchise was continued by co-founder Claude Challe and Vișan’s wife Tarja, who took over the reins of the Buddha Bar franchise upon Vișan death.

Critics of the Vișan’s and Claude Challe say that these self described artists and creators have created nothing but bad Karma and Sin for themselves. They suggest that Buddha-Bar franchise is a form of “grotesque Plagiarism ” which has merely hi-jacked a 2500 year old religion, using the name and image of Buddha, who imparts peace, compassion and loving kindness, for the purpose of selling alcohol and making money. As any case of plagiarism it is expected that Buddha-Bar and Waldorf Astoria will soon find them selves in the courts say Buddhims advocats.

Buddhist around the world are calling the Boycotting of Waldorf Astoria Hotels Hilton Hotels, Buddha-Bars and the music of Claude Challe, demanding that they stop using the image of Buddha and instead creat their own brand.

The views expressed in this editorial do not necessarily reflect the opinions or views of The Thaiger or its staff

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Hong Kong

1000s flock to Hong Kong’s Chater Garden for pro-democracy rally

May Taylor

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1000s flock to Hong Kong’s Chater Garden for pro-democracy rally | The Thaiger

PHOTO: CHONG JUN LIANG

Last night, Chater Garden, located near government headquarters in the Central district of Hong Kong, was the scene of the city’s first approved rally since the face mask ban came into being about 10 days ago. So far, the face mask ban has been largely ineffectual.

A day after an explosive device was detonated during protests, tens of thousands of demonstrators assembled in the park. They were calling on Washington to approve proposed US legislation that could see some Chinese officials face sanctions.

The Hong Kong Human Rights and Democracy Act aims to review the territory’s special trading status and sanction those responsible for undermining the rights of Hong Kong citizens. It passed through the Senate Foreign Relations Committee and the House Foreign Affairs Committee late last month.

The Chinese Government has responded angrily, accusing the US of “interfering in China’s internal affairs” with the aim of harming its interests, and says the law will only serve to worsen the situation in Hong Kong.

Hong Kong has been the scene of often violent pro-democracy protests for over four months now, as its citizens call for greater democracy and less interference from Beijing.

SOURCE: The Nation

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World

Nigerian astronaut needs $3 million to get home

The Thaiger

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Nigerian astronaut needs $3 million to get home | The Thaiger

PHOTO: Lost In Space? Or lost in reality? Maybe someone will fall for it – Lost in Space’s Jupiter 2

The Nigerians have somewhat of a reputation for scams and scammers. Who hasn’t received an email offering loads of cash in return for your bank account and a moderate deposit? But this letter takes the famous Nigerian Scam to another level. Or perhaps it’s true (we don’t think so…)?

Subject: Nigerian Astronaut Wants To Come Home
Dr. Bakare Tunde – Astronautics Project Manager
National Space Research and Development Agency (NASRDA)
Plot 555, Misau Street, PMB 437
Garki, Abuja, FCT NIGERIA

Dear Mr. Sir,

REQUEST FOR ASSISTANCE-STRICTLY CONFIDENTIAL

I am Dr. Bakare Tunde, the cousin of Nigerian Astronaut, Air Force Major Abacha Tunde. He was the first African in space when he made a secret flight to the Salyut 6 space station in 1979. He was on a later Soviet spaceflight, Soyuz T-16Z to the secret Soviet military space station Salyut 8T in 1989. He was stranded there in 1990 when the Soviet Union was dissolved. His other Soviet crew members returned to earth on the Soyuz T-16Z, but his place was taken up by return cargo. There have been occasional Progrez supply flights to keep him going since that time. He is in good humor, but wants to come home.

In the 14 years since he has been on the station, he has accumulated flight pay and interest amounting to almost $ 15,000,000 American Dollars. This is held in a trust at the Lagos National Savings and Trust Association. If we can obtain access to this money, we can place a down payment with the Russian Space Authorities for a Soyuz return flight to bring him back to Earth. I am told this will cost $ 3,000,000 American Dollars. In order to access the his trust fund we need your assistance.

Consequently, my colleagues and I are willing to transfer the total amount to your account or subsequent disbursement, since we as civil servants are prohibited by the Code of Conduct Bureau (Civil Service Laws) from opening and/ or operating foreign accounts in our names.

Needless to say, the trust reposed on you at this juncture is enormous. In return, we have agreed to offer you 20 percent of the transferred sum, while 10 percent shall be set aside for incidental expenses (internal and external) between the parties in the course of the transaction. You will be mandated to remit the balance 70 percent to other accounts in due course.

Kindly expedite action as we are behind schedule to enable us include downpayment in this financial quarter.

Please acknowledge the receipt of this message via my direct number 234 (0) 9-234-XXXX only.

Yours Sincerely, Dr. Bakare Tunde
Astronautics Project Manager
XXXX@nasrda.gov.ng

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