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The World Health Organisation (<keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords">WHO</keyword>) has announced that <keyword id="22989608" type="General" weightage="100" keywordseo="M-Pox" source="keywords">M-Pox</keyword> will continue to be classified as a <keyword id="21952478" type="General" weightage="20" keywordseo="public-health-emergency" source="keywords">public health emergency</keyword> of international concern (PHEIC), citing a resurgence in cases and the virus's ongoing geographic spread. The high-alert status initially declared in August, was reaffirmed following a meeting of the WHO Emergency Committee, The Express Tribune reported on Friday. The decision comes as M-Pox cases surge, particularly with the spread of the <keyword id="22875864" type="General" weightage="20" keywordseo="clade-Ib-variant" source="keywords">clade Ib variant</keyword> beyond its origin in the Democratic Republic of Congo to neighbouring African nations, Europe, and Asia. "Rising case numbers, the continuing geographic spread, and the need for a cohesive response have made it essential to maintain this emergency status," the WHO said in its statement. Confirmed cases of clade Ib have been detected in the United Kingdom, Germany, Sweden, and India, highlighting the global scale of the outbreak, reported The Express Tribune. M-Pox, a viral disease transmitted through close contact, presents flu-like symptoms and lesions. Although typically mild, it can be fatal, particularly in regions with inadequate healthcare. Over 46,000 suspected cases have been reported this year in Africa, with Congo accounting for the majority of the more than 1,000 suspected deaths. The new PHEIC declaration underscores the global threat posed by clade Ib and follows earlier alerts related to a separate strain during the 2022-2023 outbreak. In response to growing concerns, the WHO has expanded vaccine authorisations. Bavarian Nordic's <keyword id="24137585" type="General" weightage="20" keywordseo="M-Pox-vaccine" source="keywords">M-Pox vaccine</keyword> was approved earlier this year, with Japan's KM Biologics' vaccine added to the list of emergency-use vaccines in September. WHO officials have faced criticism for delays in <keyword id="21847727" type="General" weightage="20" keywordseo="vaccine-distribution" source="keywords">vaccine distribution</keyword> but stressed that vaccination remains a cornerstone of global response efforts, The Express Tribune reported. "The emergency status underscores the urgency to mount a unified global response," a WHO spokesperson stated. The organisation urged countries and health partners to collaborate on widespread vaccination campaigns and enhance public awareness to curb the virus's spread effectively.

M-Pox remains public health emergency: WHO

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

New Delhi [India], July 24 (ANI): A <keyword id="4261957" type="General" weightage="20" keywordseo="general-discussion" source="Orion">general discussion</keyword> on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> and the budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25 will be held in the <keyword id="19895369" type="General" weightage="100" keywordseo="Rajya-Sabha" source="keywords">Rajya Sabha</keyword> later on Wednesday. <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented both the Union Budget and the <keyword id="22525621" type="General" weightage="20" keywordseo="Jammu-and-Kashmir-Budget" source="keywords">Jammu and Kashmir Budget</keyword> in the House on July 23. The discussion is crucial as both the budgets shape the financial direction of the country and the Union Territory, respectively. The Union Budget outlines the government's revenue and expenditure plans for the upcoming fiscal year, while the budget for the Union Territory of Jammu and Kashmir is a significant event considering the developmental needs. As per the list of businesses of the Rajya Sabha, the discussion on these two budgets will be convened later in the day. The discussion over these two budgets is expected to start in the second half of the day. According to the list of business of the Rajya Sabha, the ministers that are set to lay the papers on the table are Jayant Chaudhary for the Ministry of Education; Pankaj Chaudhary for the Ministry of Finance; Nityanand Rai for the Ministry of Home Affairs; and Sukanta Majumdar for the Ministry of Education. Besides, Rajya Sabha Secretary General PC Mody will lay on the table the Public Accounts Committee reports. This includes the 124th Report on Construction of Toilets in Schools by CPSEs; the 125th Report on Rejuvenation of the Ganga (Namami Gange); the 126th Report on Avoidable Payment due to Non-Charging of Service Tax/GST from the Passengers; and the 127th Report on Action Taken by the Government on the Observations and Recommendations of the Committee contained in their 46th Report (16th Lok Sabha) on Implementation of the Public-Private Partnership Project at Chhatrpati Shivaji International Airport, Mumbai, among others. The reports were presented to the Speaker on February 23 and April 29, 2024, and to the Chairman, Rajya Sabha, on February 28 and May 13, 2024, before the dissolution of the 17th Lok Sabha. The Speaker had ordered the printing, publication and circulation of the reports. As per the business list of the Rajya Sabha, Union Minister for Parliamentary Affairs Kiren Rijiju will move the motion for election to the committee on the welfare of other backward classes. Kiren Rijiju will also move the motion for nomination to the committee on the welfare of scheduled castes and scheduled tribes. The motion for nomination to the committee on public accounts will also be moved by Union Minister Rijiju in the House today. Moreover, Kiren Rijiju will move the motion for nomination to the committee on public undertakings. Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday during the Monsoon Session of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword>. Nirmala Sitharaman became the first finance minister to present seven consecutive budget speeches, surpassing former prime minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964. In her seventh budget, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. These included productivity and resilience in agriculture, employment, and skilling and services. Prime Minister Narendra Modi on Tuesday hailed the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> presented by Finance Minister Nirmala Sitharaman. "This budget strengthens every section of society. It takes the country's poor, village and farmers on the path of prosperity," the prime minister said in a video message. The Prime Minister praised the budget, emphasising its potential for job generation by incentivizing the top 500 companies to recruit more youth and also induct interns. The PM said the budget would help India achieve its objective of becoming the third largest economy, besides laying a strong foundation for Viksit Bharat. Union Home Minister Amit Shah on Tuesday also said the Union Budget 2024-25 is game-changing and will go down in history for coupling Bharat's economic growth with the torque of its youth power. He also lauded the government's decision to provide training and internship programmes to youth. The Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, welcomed the Union Budget 2024 laid before Parliament on Tuesday. Calling the Union Budget 2024 a 'visionary document', Sonowal said, "The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the 'Garib' (poor), 'Mahilayen' (women), 'Yuva' (youth), and Annadata' (farmers) so that the process of development reaches every citizen of the country." Assam Chief Minister Himanta Biswa Sarma said on Tuesday that Union Budget 2024 stands out for its unprecedented push towards employment generation and powering small businesses.

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

<ul class="summary-list"><li>A graduate school project could transform how lawmakers are held accountable for stock trades.</li><li>PoliWatch, developed for a UC Berkeley capstone project, helps point researchers to misconduct.</li></ul>A group of California-based graduate students has developed an AI-powered tool to catch <a target="_blank" href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12">congressional insider trading</a> as soon as possible. Though in its infancy, the program could be a revolutionary way for journalists, researchers, and the general public to hold public officials accountable.For their Fall 2023 master's capstone project at UC Berkeley, Mats Dodd, Aditya Shah, Jocelyn Thai, and Connor Yen came up with the idea for PoliWatch to see if insider trading is as prevalent of an issue in Congress as many perceive it to be."We dug into it and were really disappointed when we found that in the last decade, there's maybe been twelve successful investigations that have led to anything," Dodd told Business Insider, adding he believes that <a target="_blank" href="https://www.businessinsider.com/congress-stock-act-violations-penalties-consequences-2021-12">congressional ethics committees</a> tend to sweep infractions "under the rug."Shah explained that PoliWatch works by feeding its system publicly available congressional stock filings, hearing schedules, committee assignments, and sponsored travel."We're basically contextualizing stock transactions with key information such as committee assignments, sponsored legislation, and our team of investigative experts to identify suspicious activities with ease," Shah said, noting that the tool was already able to identify when lawmakers made <a target="_blank" href="https://www.businessinsider.com/lawmakers-bought-sold-covid-19-related-stocks-during-pandemic-2021-12">questionable COVID-related</a> trades during the pandemic, which the Department of Justice investigated in 2020.<div type="image" title="Screenshot of a dashboard with congressional stock trading information" height="988" width="1614" msid="109008227" hostid="261"></div>"We really see this tool as almost being like putting a magnifying glass on what's happening and letting the people see what's actually going on because it's crazy," Dodd said.Robert Maguire, the research director at Citizens for Responsibility and Ethics in Washington, is thrilled about the new tool's potential use cases."If I'm understanding correctly with this can do, it is going to potentially revolutionize the public and journalist's ability to track the stock trades and ownership of members of Congress," Maguire said.PoliWatch is in a "private beta" period as the project lacks outside financial support. At the moment, keeping it up and online costs the team around $500 a month. Shah said the team still plans to update and improve the product, but it's not anyone's full-time job — they haven't even incorporated a business yet for PoliWatch.Another reason the project isn't publicly available yet is how young it is. Dodd said that for now, the team wants "a human in the loop in any outputs of our model because we want people with expertise in this area to vet information" and not have the data misconstrued.Shah added that looking ahead, they'd like to expand PoliWatch's reach beyond congressional transactions to promote corporate accountability as well.<h2>Congress' thorny trading history</h2>As Business Insider's far-reaching <a target="_blank" href="https://www.businessinsider.com/conflicted-congress-key-findings-stock-act-finances-investing-2021-12">"Conflicted Congress"</a> investigation found in 2021, lawmakers regularly violate the federal Stop Trading on Congressional Knowledge (STOCK) Act with little consequence. Many members of Congress own shares of companies that overlap with their committee assignments.Public sentiment toward members of Congress and their families trading stocks came to a head at the end of 2021 when <a target="_blank" href="https://www.businessinsider.com/we-are-free-market-economy-pelosi-rejects-stock-ban-congress-2021-12">then-Speaker of the House Nancy Pelosi</a> came out against banning the practice in a press conference.<div type="image" title="Pelosi standing at a microphone and answering questions" height="683" width="1024" msid="109008228" hostid="261"></div>A 2022 poll from <a target="_blank" href="https://www.businessinsider.com/poll-stock-trading-ban-congress-2022-6">Data for Progress</a> found that 70% of likely voters supported a ban on congressional stock trading, with just under half saying it would make them more likely to vote for a candidate if they supported a ban.Though bipartisan <a target="_blank" href="https://www.businessinsider.com/lawmakers-unlikely-banned-trading-stocks-for-now-2022-12">anti-congressional trading bills</a> have been introduced in recent years, none have been brought to a vote on the House or Senate floor.Dodd said he sees PoliWatch as a way to try and restore confidence in congressional transparency."In terms of building public trust and faith in the people running our country, it's at all-time lows," he said. "This could be a big boost to bring that up."

A new AI-powered tool could revolutionize how lawmakers are held accountable for insider trading

Colombo, <keyword id="6355572" type="LOCATION" weightage="20" keywordseo="sri-lanka">Sri Lanka</keyword> has recorded the <keyword id="10424567" type="UNKNOWN" weightage="20" keywordseo="highest-annual-elephant-deaths">highest annual elephant deaths</keyword> and second-highest human deaths in the world due to the human-elephant conflict, the island-nation'<keyword id="10424565" type="COMPANY" weightage="20" keywordseo="s-committee-on-public-accounts">s Committee on Public Accounts</keyword> (COPA) reported. In discussions held by the COPA recently, it was revealed that Sri Lanka has been ranked second in reporting the <keyword id="1275003" type="PERSON" weightage="20" keywordseo="highest-number">highest number</keyword> of human deaths due to the human-elephant conflict in the world, while India holds the first rank, Xinhua news agency reported. COPA Chairman Tissa Vitharana said that even though the average number of elephant deaths due to the human-elephant conflict in Sri Lanka is 272 per year, 407 elephants had died during the past year. He also said that although the average number of human deaths due to the human-elephant conflict is 85 per year, 122 people had died during the past year. Vitharana and other members of COPA emphasised the need for <keyword id="10424566" type="COMPANY" weightage="20" keywordseo="the-wildlife-department">the Wildlife Department</keyword> and other relevant agencies to work together on a more efficient program to resolve the matter. He said that despite 60 years of efforts to resolve the human-elephant conflict, no significant progress had been made and that a new approach was needed to find a solution. The committee pointed out that although 4,211 km of elephant fences had been constructed by 2016 to control the human-elephant conflict across the island country, they had become inactive in a short period of time due to improper maintenance. The committee also said many constructions had to be halted due to protests by the people in some areas who thought that the construction of the fence was a boundary of their land. Killing wild elephants in Sri Lanka is a criminal offence but there have been regular reports of angry villagers poisoning or shooting them. Official records show the population of wild elephants in Sri Lanka is estimated at 7,500. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/dos-and-donts-during-solar-eclipse-surya-grahan/articleshow/76436997.cms">The do’s and don’ts of a Solar Eclipse — here what you need to know to protect yourself</a> <a href="https://www.businessinsider.in/science/space/news/solar-eclipse-december-2020-time-date-everything-you-need-to-know/articleshow/79697355.cms">The total solar eclipse and its 'diamond rings' won't be visible in India on December 14</a>

Elephant deaths hit a historic high in Sri Lanka amid human-elephant conflicts

<ul class="summary-list"><li>The House of Commons <keyword id="14020618" type="UNKNOWN" weightage="60" keywordseo="standards-committee" source="Orion">Standards Committee</keyword> has published a report proposing updates to MPs rules.</li><li>MPs who hold ministerial posts will have to declare gifts and hospitality given to them in a ministerial capacity to <keyword id="11893698" type="UNKNOWN" weightage="60" keywordseo="parliament" source="Orion">Parliament</keyword>.</li></ul>Campaigners have cautiously welcomed proposals from a Parliamentary committee to tighten rules for MPs on declaring freebies and bans on lobbying, while urging more action on second jobs and the necessity to uphold ethical standards in public life.The cross-party Standards Committee's recommendations, which must be approved by the House of Commons, include:<ul><li>The end of the exemption for MPs who are ministers, where if they were given a gift or received hospitality, they could argue it was in their ministerial capacity. As a result, they would not have to declare it to Parliament but it would be published on a slower time scale by the government. The new rule would require ministers to declare all gifts and hospitality to Parliament within 28 days.</li><li>An update to the Seven Nolan Principles of Public Life to make them more specific to the work of MPs, including making explicit in the revised principles that MPs should "exemplify anti-discriminatory attitudes in their own behaviour".</li><li>A ban on MPs providing any form of parliamentary advice, consultancy, or strategy services, while also firming up rules banning MPs from lobbying the government on behalf of an outside interest who is rewarding the MP in some way.</li><li>Requiring MPs to provide the sleaze watchdog, the Parliamentary Commissioner for Standards, with a copy of a contract for any outside work they have, on request.</li></ul>These reforms were broadly welcomed by think tanks and campaigners Insider spoke to ahead of the report's release.The change to the Nolan Principles was not met with universal support on the committee, however, with four of the non-elected lay members of the committee noting their dissent.Instead of just noting the requirement for MPs to exemplify "anti-discriminatory attitudes", the lay members say MPs should demonstrate "anti-racism, anti-misogynistic attitudes, inclusion and diversity".Dr Hannah White, deputy director at the Institute for Government, says the committee's proposal is an important first step in official Parliamentary recognition of a tailored version of the Nolan principles."It's welcome that the committee has stuck with its proposal to include specific reference to the importance of MPs exemplifying anti-discriminatory attitudes – in the face of government opposition to this change. However, in light of recent concerns about harassment and misogyny in Parliament it's notable that four of the Committee's lay members argued that it should have gone further and also required MPs to demonstrate anti-misogynistic attitudes," she told Insider."The Committee's repeated emphasis on the fact that the principles are not an investigable aspect of the code is accurate but may have the unfortunate effect of weakening MPs' perceptions of their importance. The proposal to change the rules on how ministers declare gifts is likely to cause friction with the government.But the committee sided with witnesses, including this reporter, who argued having one rule for backbench MPs and another for ministers did not make sense, with campaigners at Transparency International UK saying it was a "perverse situation".Rose Whiffen is a research officer at Transparency International UK. She welcomed the proposals in the report."It's heartening to see so many of our recommendations featured in the Committee's final report, which is the first review of the Commons rule book for years. Revising the rules on gifts and hospitality will improve transparency and end the current oddity whereby backbenchers are subject to stricter reporting requirements than ministers," she said. "To help restore confidence in the probity of our politicians, these much-needed changes to Parliament's rules should be introduced without delay."The question of an explicit ban or limitations on second jobs, however, remains unaddressed by the committee. While the report does introduce a ban on MPs from giving advice on Parliamentary proceedings, such as preparing witnesses for select committee appearances, it concludes it should be down to the electorate to decide if an MP's second job is acceptable.Tom Brake, a former Liberal Democrat MP, now runs the campaign group Unlock Democracy. He said while changes to the lobbying rules were welcome, the committee had missed an opportunity to take strong action on second jobs."Scrapping the arbitrary distinction between initiating and participating in proceedings, which provided cover for covert lobbying is welcome. Less welcome is the committee's unwillingness to tackle MPs second jobs", Brake told Insider. "Recognising people expect MPs to focus on their constituency roles, without willing the means to ensure that they do, is a cop out."The committee also concluded that it would keep the requirement for MPs to have to declare if any close family members are involved in lobbying. In the report, the committee cited this reporter's evidence as a reason they u-turned on their original proposal to scrap the requirement.

New rules on MPs freebies and lobbying crackdown welcomed amid calls for further restrictions on second jobs

The most shocking revelations from the January 6 committee's public hearings on the Capitol attack

Facing 'cash for query' allegations, <keyword id="26422" type="General" weightage="50" keywordseo="tmc" source="Orion">TMC</keyword> MP <keyword id="326914" type="General" weightage="90" keywordseo="Mahua-Moitra" source="Orion">Mahua Moitra</keyword> has written to the Lok Sabha <keyword id="297598" type="General" weightage="80" keywordseo="ethics-committee" source="Orion">Ethics Committee</keyword> that she will appear before it for the hearing on November 2-- the summoned date-- and has asked for permission to cross-examine the alleged 'bribe giver' <keyword id="291429" type="General" weightage="60" keywordseo="darshan-hiranandani" source="Orion">Darshan Hiranandani</keyword> the complainant, Advocate <keyword id="19343373" type="General" weightage="50" keywordseo="jai-dehadrai" source="Orion">Jai Dehadrai</keyword>. The TMC Lok Sabha MP on Wednesday made public her letter to the Ethics Committee Chairman and BJP MP Vinod Kumar Sonkar. Posting the two-page letter on her X handle, Moitra said, "Since the Since Ethics Committee deemed it fit to release my summons to the media I think it is important I too release my letter to the Committee before my "hearing" tomorrow." In her letter, Moitra alleged that Advocate Dehadrai had provided no documentary evidence to back his allegations in either his written complaint and neither could he provide any evidence in his oral hearing. "In keeping with the principles of natural justice I wish to exercise my right to cross-examine Dehadrai," she wrote in her letter to the Committee. "In light of the seriousness of the allegations, it is imperative that the alleged 'bribe-giver' Darshan Hiranandani, who has given a 'Suo-Motu' affidavit to the Committee with scant details and no documentary evidence whatsoever, be called to depose before the Committee and provide the said evidence in the form of a documented itemised inventory with amounts, date etc" she further wrote. "I wish to place on record that in keeping with the principles of natural Justice I wish to exercise my right to cross-examine Hiranandani," she added. Moitra had asked the Committee to answer in writing and place on record their decision to either allow or disallow such cross-examination. Moreover, the TMC MP also raised concerns over the 'double-standards' of the Ethics Committee and highlighted that the panel is adopting a different approach in the case of BJP MP Ramesh Biduri, who she says has a very serious complaint of hate speech. "In direct contrast, a very different approach has been adopted in the case of Shri Ramesh Biduri, MP, BJP who has a very serious complaint of hate speech (which was openly made on the floor of the House) pending against him in the Privileges and Ethics branch made by a Hon'ble member of this same Committee, Shri Danish Ali, MP. Biduri was summoned on October 10, 2023 to provide oral evidence and informed the Committee that he was away campaigning in Rajasthan and would not be attending. No further date of his hearing has been given so far. I wish to place on record that these double-standards reek of political motives and do little to enhance the credibility of the Privileges &amp; Ethics Branch," Moitra said in the letter. The TMC MP also questioned the jurisdiction of the committee in investigating alleged criminality. "There is also the question of whether the Ethics committee is the appropriate forum to examine alleged criminality. I wish to respectfully remind you that Parliamentary Committees do not have criminal jurisdiction and have no mandate to investigate alleged criminality.... This check was specifically created by our nation's founders to prevent even the slightest misuse of Committees by the government enjoying a brute majority in Parliament" the TMC MP wrote. Mahua Moitra is facing 'cash for query' allegations by Bharatiya Janata Party MP Nishikant Dubey, who alleged that Moitra had allegedly taken bribes from Dubai-based businessman Hiranandani to raise questions in Parliament to target the Adani Group. Dubey also wrote a letter to Lok Sabha Speaker Om Birla, titled "Re-emergence of nasty 'Cash for Query' in Parliament", seeking a probe into the matter. He also claimed that Advocate Jai Anant Dehadrai had provided him with proof of alleged bribes. The BJP MP and the complainant Dehadrai had appeared before the Lok Sabha Ethics Committee on October 26 to provide oral evidence. The Committee, hearing the matter, also asked Moitra to appear on October 31. Later, she requested a hearing date after November 5 citing pre-scheduled programmes but was denied an extension beyond November 2.

Mahua Moitra seeks permission to cross-examine alleged 'bribe giver'

<ul class="summary-list"><li><keyword id="12180504" type="UNKNOWN" weightage="60" keywordseo="freedom-house" source="Orion">Freedom House</keyword>, a <keyword id="11902937" type="UNKNOWN" weightage="60" keywordseo="democracy" source="Orion">democracy</keyword> watchdog, is urging the Justice Dept. to prosecute the perpetrators of Jan. 6.</li><li>"The president and his allies knowingly perpetuated the lie of a stolen election," the organization's president said.</li></ul>Freedom House, a leading democracy watchdog based in the US, is calling for the perpetrators of the "attempted coup" on <keyword id="11897870" type="UNKNOWN" weightage="60" keywordseo="january-6" source="Orion">January 6</keyword>, 2021 to be prosecuted by the Justice Department. In <a href="https://freedomhouse.org/article/united-states-trump-and-allies-tried-subvert-democratic-elections-accountability-needed">a statement reacting</a> to a series of eight hearings held by the House select committee investigating January 6, Freedom House president Michael J. Abramowitz said, "Over the past six weeks, the hearings of the select committee have presented convincing evidence that President Trump led an attempted coup d'état following his 2020 election loss. The president and his allies knowingly perpetuated the lie of a stolen election — a lie that still holds sway over nearly four in 10 Americans."Trump and his allies "knowingly encouraged a violent mob to storm the US Capitol in a last-ditch attempt to stop the peaceful transfer of power," Abramowitz said, describing January 6 as the "culmination of a coup attempt" that "nearly succeeded." "For decades, Freedom House has tracked cases of authoritarian leaders who defrauded their people and resorted to violence when they failed to earn public support, often justifying their actions with the claim that they were protecting democracy. In other cases, we have seen that even a failed coup attempt can mortally wound a democratic system," the statement went on to say, before adding that it's "vital" for the Justice Department to "hold the perpetrators of January 6 to account, and that lawmakers strengthen our democratic institutions against future attacks."The <keyword id="11931775" type="UNKNOWN" weightage="60" keywordseo="january-6-committee" source="Orion">January 6 committee</keyword> does not have the authority to charge anyone with a crime, but has sought to lay out in intricate detail how Trump and those close with him attempted to subvert democracy in the US. Trump and his Republican allies have countered by attacking the bipartisan panel's legality and accusing it of partisanship.The committee could <a href="https://www.nytimes.com/2022/07/13/us/politics/jan-6-committee-evidence-justice-department.html">share evidence</a> with the Justice Department, which is <a href="https://www.pbs.org/newshour/politics/watch-jan-6-probe-is-most-important-in-doj-history-garland-says">conducting its own inquiry</a> into January 6, and submit criminal referrals.The hearings have ramped up pressure on Attorney General Merrick Garland over Justice's inquiry into January 6. Garland this week said that the inquiry "is the most important investigation that the Justice Department has ever entered into.""We have to get this right," he added. The latest January 6 hearing, which took place on Thursday, outlined how Trump <a href="https://www.businessinsider.com/trump-watching-tv-during-jan6-white-house-dining-room-video-2022-7">sat by and watched the riot unfold on TV</a> after riling up his supporters in an incendiary speech littered with falsehoods. As he observed the mayhem from the safety of the White House dining room, Trump ignored pleas to step up and call for calm."There needs to be accountability, accountability under the law, accountability to the American people," Democratic Rep. Bennie Thompson, chair of the committee, said Thursday. "If there's no accountability for January 6, for every part of this scheme, I fear we will not overcome the growing threat to our democracy."Similarly, Rep. Liz Cheney, one of two Republicans on the January 6 committee, in her <a href="https://www.nbcnews.com/politics/congress/read-full-remarks-rep-liz-cheney-delivers-closing-statement-prime-time-rcna39569">closing remarks</a> on Thursday presented Trump as an inherent threat to America's democracy. "Every American must consider this: Can a president who is willing to make the choices <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword> made during the violence of January 6th ever be trusted with any position of authority in our great nation again?" Cheney said.The Wyoming Republican has been ostracized by the GOP for refusing to embrace Trump's effort to overturn the election. Prominent political scientists and experts on authoritarianism have also sounded the alarm about the state of US democracy during and after the Trump presidency, particularly in the wake of the efforts to disrupt the peaceful transfer of power that culminated on January 6. Fiona Hill, who served as the top Russia expert on the National Security Council during the Trump administration, recently told Insider that Trump's false claims about the 2020 election — including the bogus assertion that it was "stolen" from him — are a <a href="https://www.businessinsider.com/fiona-hill-trump-election-lies-recipe-for-violence-civil-conflict-2022-7">"recipe for communal violence."</a> The US could end up in a state of "civil conflict," she warned, <a href="https://www.businessinsider.com/civil-war-expert-barbara-f-walter-us-heading-toward-insurgency-2022-7">echoing assessments from other scholars.</a>"Right now it has to be said that the Republican party, the congressional Republican party, so it seems, so it would appear, is hellbent on undermining democracy to exert minority rule," Hill said. "We're in a mess."

Justice Department must hold the perpetrators of Trump's 'attempted coup' on Jan. 6 accountable, top democracy watchdog says

<ul class="summary-list"><li>A parliamentary committee is to question the chair of the House of Lords Appointment Commission.</li><li>The watchdog, which vets nominees, has had its advice overruled by <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword>.</li></ul>The chair of the House of Lords appointments watchdog is due to be questioned by MPs following reports that Boris Johnson overruled its refusal to hand a peerage to <keyword id="13224744" type="UNKNOWN" weightage="60" keywordseo="evgeny-lebedev" source="Orion">Evgeny Lebedev</keyword>, the Russian-born oligarch and son of a former KGB agent.Conservative MP William Wragg, who chairs Parliament's <keyword id="13610317" type="UNKNOWN" weightage="60" keywordseo="public-administration-and-constitutional-affairs-committee" source="Orion">Public Administration and Constitutional Affairs committee</keyword>, <a href="https://twitter.com/Gabriel_Pogrund/status/1514163988564791297">told Labour's deputy leader, Angela Rayner</a>, that the committee will hold an evidence session on the watchdog soon after Parliament returns from its Easter recess.Lord Bew, the chair of the House of Lords Appointments Commission, will be <a href="https://committees.parliament.uk/event/13330/formal-meeting-oral-evidence-session/">questioned by MPs on April 20</a>.The evidence session may also cover the appointment of <keyword id="13610318" type="UNKNOWN" weightage="60" keywordseo="peter-cruddas" source="Orion">Peter Cruddas</keyword>, who had given the Conservative Party £3 million in donations, sources told Insider.<a href="https://twitter.com/AngelaRayner/status/1514169189010976770?s=20&amp;t=skSe0EMm-UlP466aCswpWw">Rayner described the session</a> as "very welcome news", saying there were "many unanswered questions about how the business partner &amp; son of an 'ex-KGB' agent was granted a seat in our Parliament."The evidence session follows reports, first seen in <a href="https://www.thetimes.co.uk/article/boris-johnsons-russian-crony-evgeny-lebedev-got-peerage-after-spies-dropped-warning-3dp6sw29x">The Sunday Times,</a> that Johnson intervened to <a href="https://www.businessinsider.com/senior-tory-cant-believe-boris-johnson-made-lebedev-a-lord-2022-3?r=US&amp;IR=T">overrule security advice against handing Lebedev</a> a seat in the House of Lords.In December 2020, Cruddas was handed a peerage by Johnson despite the House of Lords Appointments Commission raising concerns over his probity. Days after joining the Lords, <a href="https://www.businessinsider.com/disgraced-tory-lord-backed-by-boris-johnson-gives-conservatives-500k-2021-6?r=US&amp;IR=T">he gave the Conservative Party £500,000</a>.

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