<ul><li><keyword id="128650" type="COMPANY" weightage="20" keywordseo="Cairn-Energy">Cairn Energy</keyword> had started seizing Indian assets, beginning with 20 of them in France amounting to $23 million. </li><li>The British oil and gas exploration company had earlier said it had identified Indian assets worth $70 billion across the world. </li><li>While the decision to kill retro tax and withdraw demands pursued thereunder benefits Cairn Energy, it has chosen to wait and watch how the situation unfolds. </li></ul>Cairn Energy is not making any notable statements and has instead chosen to wait and watch how the Indian government’s bill to kill retrospective taxation unfolds. The Indian government had originally demanded over ₹10,200 crore in 2015 from the company for alleged capital gains made in 2006. In a statement filed on the London Stock Exchange, the British oil and gas exploration company said, “We have noted the introduction to the Indian parliament of the Taxation Laws (Amendment) Bill 2021, which proposes certain amendments to the retrospective taxation measures that were introduced by the Finance Act 2012. We are monitoring the situation and will provide a further update in due course.” Indian Finance Minister Nirmala Sitharaman has <a href="https://www.businessinsider.in/policy/news/cairn-energy-tax-dispute-new-bill-to-remove-retrospective-taxation-that-hit-vodafone/articleshow/85071357.cms">tabled a bill</a> in the Parliament to amend taxation laws, burying the 2012 law that brought retrospective taxation. This allowed the government to tax profits from prior years, even though they were not taxable when the transaction took place. To recall, India had lost an arbitration case at the Hague tribunal, which it refused to accept and filed an appeal in Singapore. “We want to make a predictable tax regime both for Indian and foreign investors, that is what we desire. We have to do it in a way that is respectful of India's sovereignty, respectful of Parliament's right to legislate, it is that reconciliation that has been complicated,” said Finance Secretary TV Somanathan in an interview with <a href="https://www.cnbctv18.com/economy/retro-tax-amendment-govt-to-refund-around-rs-8100-crore-committed-to-taxation-predictability-says-finance-secretary-10266951.htm">CNBC TV18</a>. The decision to scrap retro tax affects not just Cairn Energy, but UK-based telecom giant Vodafone, among others. With that said, the Indian government will have to <a href="https://economictimes.indiatimes.com/news/economy/policy/india-proposes-refunds-in-retrospective-tax-disputes/articleshow/85069390.cms">reportedly</a> pay around ₹7,900 crore to Cairn while it has no such liability in the Vodafone case. The decision might have been primarily motivated by Cairn Energy’s decision to seize Indian assets across the world. For context, the British company had <a href="https://www.businessinsider.in/business/corporates/news/cairn-has-reportedly-seized-indian-government-assets-in-france-worth-20-million/articleshow/84227106.cms">reportedly seized</a> Indian assets worth over $23 million in France. This was among the first of many to come, as the company said it had identified Indian assets worth $70 billion across the world. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/cairn-energy-tax-dispute-new-bill-to-remove-retrospective-taxation-that-hit-vodafone/articleshow/85071357.cms">Indian government brings in a bill to bury the infamous retrospective tax that haunted Cairn and Vodafone for nearly a decade</a> <a href="https://www.businessinsider.in/india/news/a-brief-history-of-indias-retrospective-tax-law-that-would-finally-be-upturned-for-good/articleshow/85079355.cms">A brief history of India’s retrospective tax law that would finally be upturned for good</a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/retrospective-tax-taxation-and-industry-experts-cheer-withdrawal/articleshow/85076739.cms">Taxation and industry experts cheer the potential withdrawal of retrospective tax</a>

Cairn Energy in wait and watch mode even after the bill to kill retro tax is tabled in the Parliament

<ul><li>The UK-based oil and gas company <keyword id="128650" type="COMPANY" weightage="20" keywordseo="Cairn-Energy">Cairn Energy</keyword> has received an order from a French court to seize <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> assets worth €20 million.</li><li>Overall, 20 assets have been seized by Cairn, as it seeks to force the Indian government to pay up the $1.7 billion award, based on a 2020 decision by the Dutch arbitration tribunal.</li><li>Cairn says it has identified assets worth $70 billion across the world as it seeks to protect the interests of its investors.</li></ul>Cairn Energy has made its first successful attempt at freezing Indian state-owned assets in its ongoing dispute with the Narendra Modi government. According to a Financial Times <a href="https://www.ft.com/content/ac0e2c3d-e50c-418e-a43a-5a8ca2c803ad">report</a>, a French court allowed Cairn Energy to take over 20 Indian government owned properties, worth €20 million (approximately ₹176 crore). It is not clear yet if these properties include those owned by any government companies. To recall, Cairn Energy had won an arbitration award in 2020, and the Dutch tribunal had awarded the British company $1.7 billion, stating that the Indian government’s <a href="https://www.businessinsider.in/business/news/india-appeals-against-arbitration-tribunal-ruling-on-cairn/articleshow/81662991.cms">tax demand</a> falls afoul of the India-UK Bilateral Investment treaty. For context, Cairn’s current market capitalisation stands at £749 million, and it has 180 employees. In response, the Indian government filed an appeal on the grounds that this is a sovereign matter and alleged tax avoidance by the British company. This is the first asset seizure in Cairn’s bid to protect the interests of its investors and force the Indian government to pay the $1.7 billion award. The company says, as reported by FT, that it has identified over $70 billion worth of Indian state assets, including buildings and Air India aircraft, that it may try to seize to force the Modi government to pay up. “Our strong preference remains an agreed, amicable settlement with the Government of India to draw this matter to a close, and to that end we have submitted a detailed series of proposals to them since February this year. However, in the absence of such a settlement, Cairn Energy must take all necessary legal actions to protect the interests of its international shareholders," Cairn told Business Insider in a statement. SEE ALSO: <a href="https://www.businessinsider.in/business/news/india-appeals-against-arbitration-tribunal-ruling-on-cairn/articleshow/81662991.cms">Indian government appeals against tribunal ruling of $1.4 billion Cairn arbitration award</a> <a href="https://www.businessinsider.in/business/news/uks-cairn-energy-identifies-70-billion-indian-assets-for-seizing-to-recover-amount-due-from-government/articleshow/82678569.cms">UK's Cairn Energy identifies $70 billion Indian assets for seizing to recover amount due from government</a>

Cairn has reportedly seized Indian government assets in France worth over $23 million

<ul><li> The Indian government had a claim of over $2 billion at the start of this decade on Cairn India for unpaid taxes. 2020 ends with India losing the case. </li><li>This arbitration with Cairn was one of the defining episodes of the last decade in India that contributed significantly to shaping the economy, and to some extent, the politics as well. </li><li>The retrospective changes to the tax law, targetting Cairn and Vodafone, was a big factor why Modi found love from the country’s capitalists who were incredibly irked by the United Progressive Alliance (UPA) government led by the Indian National Congress.</li></ul>At the start of the decade, the Indian government had a claim of ₹24,500 crore (over $2 billion at the time) on Cairn India for unpaid taxes, as the then administration believed. While it may have lost the case but the country's tax department may not have given up yet. A similar case against Vodafone, which India lost in September 2020 in an arbitration in Singapore, is likely to be challenged again, <a href="https://in.reuters.com/article/india-vodafone-group-arbitration/india-challenges-vodafone-arbitration-ruling-in-singapore-source-idINKBN28Y0FW" data-type="tilCustomLink" target="_blank">a Reuters report said citing sources</a>. The dispute escalated as the Finance Minister, the late Pranab Mukherjee, made retrospective changes to the law to ensure the government is able to get its pound of flesh⁠— contrary to what even the country’s Supreme Court held⁠— leading to an international arbitration. The arbitration has come to an end along with the year 2020 and the decade. It was one of the defining episodes of the last decade in India that contributed significantly to shaping the economy, and to some extent, the politics as well. Here’s a brief history of the dispute between Cairn and the Indian government: <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Development </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2007 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cairn India got listed on the Bombay Stock Exchange after the local subsidiary at first, bought out the shares held by the Cairn Energy in the UK. Then, issued 60% stake in the Indian company back to the British parent before the IPO. The Indian government held that there was a capital gain in this transaction, for which a tax of ₹24,500 crore has to be paid. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2012 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Indian Supreme Court ruled in favour of Cairn and struck down the tax department’s demand. In the meanwhile, Anil Agarwal-owned mining major Vedanta had bought the Indian subsidiary of the oil giant, paying $8.7 billion for 58.5% stake. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2012 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Indian government was not going to let go easily. It amended the law to allow the taxman to claim tax dues retrospectively. And it wasn’t just to squeeze the money out of Cairn. There was a similar dispute with Vodafone as well. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2015 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cairn initiated an international arbitration against India’s claim. The hearings continued for over three years, until Dec 2018. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vodafone won the arbitration against India’s demand for ₹22,100 crore in taxes. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dec 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The verdict has ordered India to pay up $1.2 billion including refund of taxes, shares kept by the government, and legal fees. However, the same day, a report said that India has challenged the verdict in favour of Vodafone. </td></tr></tbody></table> Bharatiya Janata Party (BJP), which is the political outfit behind the current administration led by Prime Minister Narendra Modi, sat in the opposition benches at the time the laws were amended retrospectively. Their leaders called the move ‘tax terrorism’ echoing the sentiment of corporate India and foreign investors. This one change in the law was a big factor why Modi found love from the country’s capitalists who were incredibly irate with the United Progressive Alliance (UPA) government led by the Indian National Congress. It was one of the last straws after a series of scandals and in 2014, Modi came to power with a thumping majority. After the latest loss in arbitration, the Modi government is weighing its options. “After such consultations, the government will consider all options and take a decision on further course of action, including legal remedies before appropriate fora,” it has <a href="https://www.business-standard.com/article/companies/india-loses-cairn-case-in-arbitration-asked-to-pay-rs-8-000-cr-in-damages-120122300289_1.html" data-type="tilCustomLink" target="_blank">reportedly</a> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/jiomart-already-has-more-daily-active-users-than-bigbasket-and-grofers/articleshow/79922707.cms">Mukesh Ambani is taking e-tail by storm⁠ — JioMart already has more daily active users than BigBasket and Grofers</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/jiomart-already-has-more-daily-active-users-than-bigbasket-and-grofers/articleshow/79922707.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/checkout-complete-list-of-bank-holiday-calendar-for-year-2021/articleshow/79916794.cms">Banks will remain shut on these days in 2021 — check the full list here</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/checkout-complete-list-of-bank-holiday-calendar-for-year-2021/articleshow/79916794.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

India will have to pay Cairn $1.2 billion ending one of the biggest tax disputes of the decade⁠— but the tax department may not have given up yet

<img class="gwt-Image" src="/photo/48183438.cms" /> 
<keyword id="59287" type="COMPANY" weightage="80" keywordseo="Cairn-India">Cairn India</keyword> surged as much as 9.5 percent and is the top gainer on the Futures and Options space after its biggest minority shareholder, former parent Cairn Energy, is all set to vote against the planned merger of the oil explorer to new parent Vedanta Resources, news reports said.
 

	Cairn Energy holds 10 percent stake in Cairn India, which operates the nation's largest onshore oil field. Cairn India's new owner Vedanta wants to merge Cairn India with its existing global metal operations in a bid to pare down its heavy debt load.
 

	Cairn Energy joins Life Insurance Corp, which holds 9 percent stake in Cairn India, in voting against the merger which is seen detrimental to minority shareholders. Other investors, too, have pledged to work against the planned merger.
 

	Futures of Cairn India rose 12.45 rupees, or 7.5 percent, to 179.20 in the first hour of trade. They hit a high of 183 rupees in early deals.
 

	Cairn India's market capitalisation has eroded nearly 50 percent to 31,300 crore rupees over one year, in line with the fall in crude oil prices, its main product. 
	 
	(Image credit: Indiatimes)

Cairn India's stocks are gaining much traction. Know why

<ul class="summary-list"><li><keyword id="13363234" type="UNKNOWN" weightage="60" keywordseo="penny-mordaunt" source="Orion">Penny Mordaunt</keyword> has hit out at colleagues for continuing to meet <keyword id="13241074" type="UNKNOWN" weightage="60" keywordseo="alexander-temerko" source="Orion">Alexander Temerko</keyword> after their public dispute.</li><li>The donor said Mordaunt was "an absolutely uncontrollable woman" and "the biggest threat to security".</li></ul>A minister has criticised Conservative colleagues who are continuing to meet with Alexander Temerko after the major donor called her the "biggest threat to security".Penny Mordaunt, a trade minister and former defence secretary, has told Insider that MPs who accepted donations from the Ukranian-born businessman before their very public dispute "will have had no knowledge of these issues", adding: "But everyone does now."Her intervention comes after Temerko held meetings with senior Tories this week. <keyword id="13363235" type="UNKNOWN" weightage="60" keywordseo="jeremy-hunt" source="Orion">Jeremy Hunt</keyword>, a former foreign secretary whose unsuccessful leadership campaign in 2019 was <a href="https://www.alexandertemerko.co.uk/en/press_release/alexander-temerko-supports-jeremy-hunt-to-become-the-next-leader-of-the-conservative-party/">supported by Temerko</a>, met him on Thursday, Insider has learned. The pair had lunch at the high-end Corinthia hotel near Westminster.Meanwhile Temerko was seen in Parliament's Pugin Room with Wales Secretary Simon Hart, former Wales Secretary Alun Cairns, and Conservative peer Baroness Emma Pidding on Wednesday, <a href="https://www.politico.eu/newsletter/london-playbook/mariupol-massacre-scoop-rishi-vs-kwasi-blackford-exit-plan/">Politico reported</a>.Temerko is the co-owner of Aquind, a firm trying to develop a £1.2 billion project connecting British and French power grids under the English Channel. Permission for the project was blocked by Business Secretary Kwasi Kwarteng in January. Temerko, a former Russian arms industry chief, is now seeking to overturn that ruling through a judicial review.Mordaunt, whose constituency is in Portsmouth, the proposed site on the English side for the Aquind project, warned it could pose a threat to Britain's energy security but was not involved in the decision.However, after the proposal was blocked she became the focus of Temerko's frustration. He told <a href="https://www.telegraph.co.uk/business/2022/01/22/ministers-making-fuel-poverty-worse-rejecting-power-link-france/">The Sunday Telegraph</a>: "The real threat to national security is Penny Mordaunt - absolutely uncontrollable woman."<div type="image" title="Alexander Temerko giving a TV interview in 2020" height="939" width="1255" msid="90157206" hostid="261"></div>He also alleged Mordaunt had broken the ministerial code, threatened legal action and said he would write to Johnson to discuss her future as a minister. Temerko has since <a href="https://www.businessinsider.com/tory-donor-drops-threat-of-legal-action-against-mordaunt-2022-2?r=US&amp;IR=T">backed away from his plans to take legal action against Mordaunt</a>.Mordaunt told Insider that the party's code of conduct "should apply to all members including donors".She added: "Donating to a political party is a social good. It enables democracy and good things to happen in our communities. I know that the donor community feel doubly let down when someone does not abide by the behaviour we expect."As an MP I am shocked that a party donor has threatened me just for doing my job and representing my constituents. His comments speak for themselves. Donors don't control MPs. Donors don't get to decide what MPs do or think.""In the context of what is happening in Ukraine I want to make it clear my concerns about Mr Temerko have nothing to do with his heritage or former employment," she said. "It has everything to do with his behaviour towards me and my constituents."Nor do I have an issue with colleagues or associations who have historically accepted donations from him in good faith. They will have had no knowledge of these issues. But everyone does now.""Members of Parliament should not be threatened. Our democracy should not be undermined. Bullies should not be tolerated," she added.Mordaunt was the first woman to be made defence secretary, a role she held from May 2019 until July 2019, when Boris Johnson carried out his first reshuffle as prime minister. She had supported Hunt's rival leadership campaign.Hunt told Insider: "Alexander Temerko is a Ukrainian-born British businessman who has spent his life standing up to Putin and as such encountered considerable personal danger."It was a privilege to meet him yesterday to express my condolences over the family members he has just lost back home as a result of Putin's evil war."Since 2014, Temerko has personally given more than £730,000 to the Conservatives. Aquind has given nearly £440,000 to the party, £72,500 of which was received by Hunt. Offshore Group Newcastle, a dissolved firm Temerko was director of, gave nearly £475,000 between 2012 and 2015. His son, Vladimir Temerko, gave £8,000 to the party in October 2021. All donations were legal and properly declared. Pidding, a former senior official in the party, wrote to an EU agency in support of special regulatory treatment for Aquind along with Conservative MP Andrew Percy, who had received £10,000 from Temerko, <a href="https://www.thetimes.co.uk/article/tory-mp-andrew-percy-lobbied-eu-to-back-donors-energy-project-th6kx0wcm">this reporter wrote for The Times</a>.<a href="https://committees.parliament.uk/committee/290/committee-on-standards/news/119056/committee-on-standards-publishes-report-on-the-conduct-of-david-morris-mp/">Tory MP David Morris had to apologise to the House of Commons</a> after receiving £10,000 from Aquind and a month later asking the government to lobby the UK energy regulator to change rules to support the company. Temerko is the co-owner of Aquind with Viktor Fedotov, a secretive Russian-born oligarch whose involvement with the firm was revealed by <a href="https://www.thetimes.co.uk/article/revealed-viktor-fedotov-is-tycoon-behind-aquind-energy-project-pq0868vmj">The Times</a>. A spokesperson for Temerko did not provide a comment by the time of publication.

Minister hits out at Tory colleagues for continuing to do business with donor after he called her a security threat

San Francisco, Facebook CEO <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword>, <keyword id="6357623" type="PERSON" weightage="20" keywordseo="alphabet">Alphabet</keyword> and <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword> CEO <keyword id="164502" type="PERSON" weightage="20" keywordseo="Sundar-Pichai">Sundar Pichai</keyword> and Twitter CEO <keyword id="265395" type="PERSON" weightage="20" keywordseo="Jack-Dorsey">Jack Dorsey</keyword> will face a new US House <keyword id="41856" type="PERSON" weightage="20" keywordseo="hearing">hearing</keyword> next month on the spread of <keyword id="535763" type="PERSON" weightage="20" keywordseo="Misinformation">misinformation</keyword> on their platforms. Set for March 25, the hearing will grill the tech CEOs on misinformation and disinformation plaguing online platforms. Energy and Commerce Committee Chairman Frank Pallone, Jr. announced on Thursday that the Communications and Technology Subcommittee and the Consumer Protection and Commerce Subcommittee will hold this joint hearing online. "Whether it be falsehoods about the Covid-19 vaccine or debunked claims of election fraud, these online platforms have allowed misinformation to spread, intensifying national crises with real-life, grim consequences for public health and safety," Pallone said in a statement on Thursday. "This hearing will continue the Committee's work of holding online platforms accountable for the growing rise of misinformation and disinformation," Pallone added. Dorsey and Zuckerberg previously appeared before the <keyword id="55355" type="COMPANY" weightage="20" keywordseo="US-Congress">US Congress</keyword> in November, for the Senate Judiciary's hearing on moderation and misinformation labelling. This will be the first hearing by the tech giants after the Capital Chaos on January 6 and various actions the companies took in the wake of the attack. "For far too long, big tech has failed to acknowledge the role they've played in fomenting and elevating blatantly false information to its online audiences," the House Energy and Commerce Committee said. "Industry self-regulation has failed. We must begin the work of changing incentives driving social media companies to allow and even promote misinformation and disinformation," the committee noted. The tech platforms are facing intense scrutiny over the spread of fake news, hate speech and misinformation on their platforms for quite some time and have not bene able to satisfy the governments worldwide with their answers. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/not-just-a-tiktok-clone-says-chingari-app-founder-with-their-latest-shop-within-videos-feature-which-he-claims-is-the-next-big-thing-in-social-commerce/articleshow/81084432.cms">‘Not just a TikTok clone,’ says Chingari founder with their latest shop within videos feature which he claims is the next big thing in social commerce</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f62-review-the-new-mid-range-killer/articleshow/81084382.cms">Samsung Galaxy F62 review – the new mid-range killer</a> <a href="https://www.businessinsider.in/business/corporates/news/cairn-energy-ceo-meets-indian-finance-secretary-as-shareholders-impatiently-wait-for-action-on-the-1-4-billion-tax-dispute/articleshow/81087952.cms">Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute</a>

Facebook, Google and Twitter CEOs have been called to testify before the US Congress

<img class="gwt-Image" src="/photo/48188189.cms" /> 
The <keyword id="6354813" type="COMPANY" weightage="80" keywordseo="nifty">Nifty</keyword> consolidated in a narrow resistance zone and edged lower on Thursday after two Index majors -- Lupin and Bajaj Auto -- announced earnings that missed street's expectations.

	 
	
		The Nifty fell 45 points to end the day at 8,589 points. Its Advance-Decline Ratio stood at 15/35 with Lupin, Bajaj Auto, Zee and Hindustan Unilever leading the loser's list. On the gainers side were Cairn India, Tata Motors, Mahindra &amp; Mahindra and Dr. Reddy's.
	 On the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="80" keywordseo="Sensex">Sensex</keyword> fell 137 points to close the day at 28,369 points. Bharti, TCS and L&amp;T were the top losers on the Index, while Maruti, NTPC and HDFC were top gainers. As a consequence, the Advance-Decline Ratio on the Sensex stood at 13/17. 
	
		Cairn India and Tata Motors stole the limelight on the Nifty, albeit for different reasons. Cairn India's former parent, but its biggest minority shareholder, Cairn Energy, is all set to vote against the oil explorer's new parent Vedanta Resources trying to buy out minority shareholders, news reports said.
	 
	
		Cairn Energy holds 10 percent stake in Cairn India, which operates the nation's largest onshore oil field. Cairn India's new owner Vedanta wants to merge Cairn India with its existing global metal operations in a bid to pare down its heavy debt load. Cairn Energy joins Life Insurance Corp, which holds 9 percent stake in Cairn India, in voting against the planned buyout which is seen as detrimental to minority shareholders. Other investors, too, have pledged to work against the planned merger.
	 
	
		Tata Motors saw some value buying after the stock corrected 33 percent from its record high of 612 rupees.
	 
	
		But Lupin and Bajaj Auto disappointed investors: Lupin's first quarter PAT and Sales fell much below analysts' expectations, while the revenue at Bajaj Auto failed to inject momentum in the stock.
	 
	
		Bulls retained overall control on Dalal Street with 1,522 shares rising versus 1,315 that lost ground.
	 
	
		The day was mixed in the derivatives space. Media, technology and Fertiliser sectors gained among 18 industries in both price and open interest. The Advance-Decline Ratio was 65/94 in the futures and Options market.
	 
	
		Stocks that hit fresh 52 week highs were Dr. Reddy's, BPL and CCL Products. 
		 
		Image credit: Indiatimes

Here's how the Markets fared today

<div class="KonaFilter image-container display-table lead-image-large"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d8cec9c2e22af05825f7ed2-2400/sdg action.jpg" border="0" alt="sdg action" data-mce-source="Laura Jarriel/UN Photo" data-mce-caption="Deputy Secretary-General Amina Mohammed addressing the briefing on &amp;quotAdvancing the Global Goals with AI&quot;." /></div></div></div><ul class="summary-list"><li>Business Insider attended the Sustainable Development Goals (SDG) Summit at United Nations headquarters on Tuesday and Wednesday.</li><li>The SDGs are a set of interconnected goals for 2030 that are aimed at eliminating politically destabilizing inequality and extreme poverty, and significantly reducing man's effect on climate change damaging ecosystems.</li><li>The predominant theme was that all stakeholders are off track in achieving these goals, but that it is not too late.</li><li>The week inspired companies to double down on sustainability initiatives, and for heads of state to encourage more public-private partnerships.</li><li>This article is part of Business Insider's ongoing series on <a href="https://www.businessinsider.com/category/better-capitalism">Better Capitalism</a>.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</li></ul>While the United Nations General Assembly coverage this week has been dominated by news surrounding President Donald Trump and 16-year-old Swedish climate activist Greta Thunberg, there was also a major recommitment to the 2015 Sustainable Development Goals (SDGs) by heads of state, NGOs, and business leaders. The bottom line: We're not doing enough to meet our 2030 goals, but it's not too late.Business Insider attended the SDG Summit at UN HQ on Tuesday and Wednesday, and we've collected the highlights for you.<h2>The SDGs affect everyone.</h2>The SDGs came out of the UNGA 2015 week, and are 17 goals that the 193 countries of the General Assembly agreed to aim for achieving by 2030. The health of the planet itself was a primary reason for their urgency, but rampant rising inequality and poverty were as well. The member states have recognized that a world dominated by failing ecosystems, inequality of wealth and opportunity, and of extreme poverty is unsustainable and a threat to prosperity and peace.<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d8cf7b72e22af65ef6b1f69-2339/sdg poster.png" border="0" alt="sdg poster" data-mce-source="United Nations" /></div></div></div><h2>Business leaders are recognizing they're way off track ahead of a new decade.</h2>"We are far from where we need to be," UN Secretary General António Gutteres said in the summit's opening statement. "We are off track." That became a refrain for the summit's entirety.And while we mostly heard from heads of state and NGO leaders, those in the private sector acknowledged their place in the plan, too.The UN Global Compact, a corporate sustainability group, and Accenture, the professional services firm, published a joint report ahead of the SDG Summit titled, <a href="https://www.accenture.com/us-en/insights/strategy/ungcceostudy">"A Decade to Deliver: A Call to Business Action."</a> Its bottom line, drawn from a survey of 1,000 CEOs from around the world: "<a href="https://www.businessinsider.com/ceo-survey-finds-desire-to-accelerate-sustainability-by-2030">We have failed in doing our part</a> in achieving the goals by 2030. But we want to, and it's not too late!"Peter Lacy, Accenture's head of strategy in the UK and Ireland and one of the report's authors, wrote to us that CEOs have blamed "an ever more competitive and challenging business environment, and an intense set of pressures that include global trade and political uncertainties, pressure from activist investors, and the pace and scale of the technology revolutions taking place in digital, biological, and physical innovation." That is, CEOs argued that they want to do more, but it's hard when shareholders and industry upheaval has focused their attention on the short-term.<h2>And business has to take them seriously if the SDGs have any chance of being achieved.</h2>"Without business action, there is no achieving the Sustainable Development Goals," B Lab's Laura Velez Villa told us. Villa is overseeing B Lab's collaboration with the UNGC on the SDG Action Manager, a tool that will help businesses of any size develop programs that will help them achieve the goals. It's set to launch in January. Mastercard vice chair Ann Cairns was the only private sector representative to speak during the SDG summit. She noted that her company is working toward the SDGs "because we need to innovate to survive. None of us can do well in a failing world." She noted that Mastercard was doing its part by bringing nearly 500 million people in deeply impoverished regions into the banking system."It is possible to mass mobilize business," said International Chamber of Commerce (ICC) Secretary-General John Denton.Both Cairns and Denton expressed the idea that businesses pursuing sustainability will be doing so in a way that not only helps achieve what UN members want for their governments, but will be benefiting their companies over the long term.There's also a critical mass of young people demanding this level of accountability of companies to the environment, communities, and workers, and that means more consumers and employees are demanding this. And that leads to the next point.<h2>Youth are the biggest motivators.</h2><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d8cf5602e22af06061e392a-1833/2019-09-23t145149z1lynxmpef8m1b8rtroptp4climate-change-un.jpg" border="0" alt="16-year-old Swedish Climate activist Greta Thunberg speaks at the 2019 United Nations Climate Action Summit at U.N. headquarters in New York City, New York, U.S., September 23, 2019. REUTERS/Lucas Jackson" data-mce-source="Lucas Jackson/Reuters" data-mce-caption="16-year-old Swedish Climate activist Greta Thunberg speaks at the 2019 United Nations Climate Action Summit at UN headquarters in New York City, September 23, 2019." /></div></div></div>Thunberg kicked off the Climate Summit on Monday, three days after inspiring the world's largest climate change protest, with an impassioned speech demanding action to end man-made climate change. And while she was never mentioned, her impact was felt through the SDG Summit.Secretary-General Guterres and multiple heads of state explained that a generation of young people have taken the SDGs to heart more intensely than others. B Lab's Villa said that while it can be disheartening to discover that broadly speaking, more companies spoke about sustainability initiatives than actually working toward them, she was inspired by the way million of young people this week have demonstrated there is a true demand for them."We will hold ourselves accountable and you can be sure we will hold you accountable," said Trisha Shetty, 26, speaking for the Young Leaders for the SDGs.<h2>All of the SDGs are interrelated, and you can't pick and choose which to pursue.</h2>It can be easy to associate sustainability with green initiatives, but the SDG approach is holistic. Peter Messerli, a professor at the University of Bern and the co-chair of the UN's <a href="https://sustainabledevelopment.un.org/gsdr2019">Global Sustainable Development Report</a>, likened the SDGs to a Rubik's cube. In the same way you would never complete the puzzle if you focused on connecting one color at a time, you will never achieve the SDGs if you focus on completing one at a time. For example, he said if a country were to solely work at ending hunger at all costs, farmland could be affected in such a way that it damages ecosystems and farmers' ways of life.A country, NGO, or company can, of course, dedicate programs to a specific goal, like building sustainable cities or increasing women's equality. The point is that if one is serious about the SDGs, actions in the pursuit of one goal have to be made while mindful of the 16 others.<h2>Cooperation is necessary both between and among the public and private sectors.</h2>"Private sector companies hold the key," said Japanese Prime Minister Shinzo Abe, reflecting another major theme of the summit.Sweden Prime Minister Stefan Löfven touted the <a href="http://sdg.iisd.org/news/leadership-group-to-drive-industry-transition-to-low-carbon-economy/">Leadership Group for Industry Transition</a> announced earlier in the week with India. The two countries are leading the group, which includes several other countries and a number of companies, and are using it as a way to build public-private partnerships for the sake of transitioning to cleaner energy on an industrial level, and for sharing best practices among member states.The UNGC-Accenture survey also found that CEOs believe the only way to achieve the SDGs would be through sharing best practices, even among competitors. There are already models for such partnerships, like the Sustainable Apparel Coalition, founded by Walmart and Patagonia and now numbering 250 members.<h2>The week is creating momentum.</h2>Michael Bloomberg took advantage of the UN crowd with his Global Business Forum this week, and a major theme was finding the business opportunity in the SDGs. As <a href="https://www.ft.com/content/cae3a64c-e001-11e9-9743-db5a370481bc">the Financial Times reported</a> that Blackstone CEO Stephen Schwarzman, former Treasury secretary Hank Paulson, and HSBC's head of global banking and markets, Samir Assaf, all expressed excitement at the chances for making money in sustainable businesses.There were other business leaders inspired by the fervor, like Danone CEO Emmanuel Faber, who announced Monday <a href="https://www.businessinsider.com/danone-ceo-emmanuel-faber-launches-biodiversity-climate-initiative-2019-9">a major biodiversity campaign</a> for his international food giant."I sensed a wide recognition that we are off track," said UN Deputy Secretary-General Amina Mohammed, but also a "real determination" from all stakeholders to get on track.There's a decade left.

7 crucial developments from the UN's sustainability summit, and what they'll mean for businesses and our environment

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bebcb4db73c286da4605413-2400/ap18318139314501small.jpg" border="0" alt="APEC 2018" data-mce-source="AP Photo/Mark Schiefelbein" data-mce-caption="Security officials stand outside a perimeter fence for a secured area ahead of the APEC Economic Leaders' Week Summit in Port Moresby, Papua New Guinea, Wednesday, Nov. 14, 2018." />AP Photo/Mark SchiefelbeinSecurity officials stand outside a perimeter fence for a secured area ahead of the APEC Economic Leaders' Week Summit in Port Moresby, Papua New Guinea, Wednesday, Nov. 14, 2018.</div></div></div><ul class="summary-list"><li>This weekend, 21 world leaders will make their way to Papua New Guinea for the Asia Pacific Economic Cooperation (APEC) summit, an event marked by controversy and questionable fashion photo ops.</li><li>The Pacific region is quickly turning into a contest for influence aligning China against everyone else.</li><li>China is winning for now, but impoverished nation's like Papua New Guinea often come out the loser.</li></ul>The Asia Pacific Economic Cooperation Leaders' Summit or APEC, if you're feeling a little lost amid the proliferation of global get-togethers is the one where all the leaders line up afterward in colorful shirts, looking - as some commentators have quipped - out of place.Usually that's APEC's key takeaway - how out of place everyone is in the Pacific.This weekend, 21 world leaders will make their way to the faraway host of the annual APEC summit, an event often mired in controversy.This year, that diplomatic jostle will take place in Port Moresby, the dilapidated capital of perhaps the regions most resource-rich, yet poverty stricken state, Papua New Guinea (PNG).PNG is the poorest nation of the entire 21-country APEC bloc and its crime-riddled capital, beset by health challenges and institutional corruption, is the fifth least-livable city in the entire world.The summit's timing could certainly not be more interesting for struggling APEC nations keen to make the most out of the emergence of a sudden race for influence.In just the last week, the Pacific's simmering struggle for aid, loans and what is being termed "debt diplomacy" has suddenly gone on the boil.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bebcd94beb6706dc073c944-2343/gettyimages-916122896small.jpg" border="0" alt="Mike Pence Shinzo Abe" data-mce-source="Carl Court/Getty Images" data-mce-caption="Japanese Prime Minister Shinzo Abe (left) and US Vice President Mike Pence (right)." />Carl Court/Getty ImagesJapanese Prime Minister Shinzo Abe (left) and US Vice President Mike Pence (right).</div></div></div><h2>Superpowers jostling for position</h2>China, Australia, Japan and the US have all thrown down the gauntlet in the stampede to embed themselves in regional infrastructure projects and aid funding.On Thursday, Australia pledged $3 billion in what has been called Prime Minister Scott Morrison's "Pacific Pivot."On Friday, that pivot segued into a trilateral project as China pushed for cooperation and not competition in the Pacific.Over the weekend, as Vice President Mike Pence makes his circuitous way to Moresby (via Cairns) he is reported to be carrying the prototype of America's Indo-Pacific strategy, rumored to be based on $60 billion in regional assistance.<a href="https://english.kyodonews.net/">Kyodo News of Japan</a> reports the $60 billion announcement is a bid to diminish China's rising influence through the extension of its One Belt One Road development strategy.The final piece of the Pacific puzzle, Japanese Prime Minister Shinzo Abe will this Saturday, fly into Port Moresby's Chinese-built Jackson airport to share his two yen at the APEC summit.Likewise, Abe will be visiting friends and striving to bind new allegiances to counter China's successes in the Pacific, from the South China Seas to Fiji.So, with new acquaintances to make and money for sale, Port Moresby's flourishing corruption and eye level impoverishment will be the more than appropriate backdrop for the 21 world leaders' awkwardly iconic fashion shoots that traditionally close out the summit.Read more: <a href="https://www.businessinsider.com/south-china-sea-energy-reserves-china-wants-to-block-outsiders-2018-11">The South China Sea is fabled for its hidden energy reserves and China wants to block outsiders like the US from finding them</a><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b8045dd2be4ab1a008b5711-1620/2018-08-19t120213z172824989rc1d979abc60rtrmadp3china-politics-defence.jpg" border="0" alt="Xi Jinping" data-mce-source="Damir Sagolj/Reuters" data-mce-caption="Chinese President Xi Jinping inspects troops at the People's Liberation Army (PLA) Hong Kong Garrison in one of events marking the 20th anniversary of the city's handover from British to Chinese rule, in Hong Kong" data-link="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2018%3Anewsml_RC1D979ABC60%3A172824989&amp;search=all%3Axi%20jinping" /><a href="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2018%3Anewsml_RC1D979ABC60%3A172824989&amp;search=all%3Axi%20jinping">Damir Sagolj/Reuters</a>Chinese President Xi Jinping inspects troops at the People's Liberation Army (PLA) Hong Kong Garrison in one of events marking the 20th anniversary of the city's handover from British to Chinese rule, in Hong Kong</div></div></div><h2>Chinese President Xi Jinping has a head start</h2>In fairly contrasting optics, Xi will arrive and stay in Moresby for a full state visit, the first by any Chinese president.The US President Donald Trump isn't attending at all.But Pence has decided that rather than stay in Port Moresby at all, he will fly in and out of Cairns in Northern Australia, a 180-minute commute.During his historic stay, Xi will attend the APEC Economic Leaders' Meeting from November 17 to 18 and he will also meet the eight leaders of the Pacific Island countries that have diplomatic ties with China.Xi will then continue on to Brunei and the Philippines shoring up relations there, according to Chinese Foreign Ministry spokesman Lu Kang.China has also responded to concerns of its growing debt diplomacy in the region."China has no intention to touch the cheese of any country, instead China is committed to make the pie of cooperation larger," Chinese vice minister of foreign affairs Zheng Zeguang said on Tuesday."No country should try to obstruct the friendship and cooperation," Zheng said when asked about the expansion of Australian aid in the Pacific.Then in a fairly extraordinary opinion piece published on Wednesday in the <a href="https://postcourier.com.pg/set-sail-new-voyage-relations-china-pacific-island-countries/">Papua New Guinea Post-Courier</a>, and addressed to the people of PNG, Xi Jinping spoke of the "rapid growth of China-Papua New Guinea relations is an epitome of China's overall relations with Pacific island countries."The president said that first off China and the islands "need to bring our strategic trust to a higher level." "China will stand firm with Pacific island countries and all other developing countries. Following a policy of pursuing the greater good and shared interests under the principles of sincerity, real results, amity and good faith, China will enhance solidarity and cooperation with Pacific island countries, support their development, and help narrow down the development gap between the North and the South.""China will work with Pacific island countries to build a new type of international relations and a community with a shared future for mankind."Read more: <a href="https://www.businessinsider.com/australia-wants-to-challenge-chinese-influence-in-south-pacific-2018-11">Australia's new prime minister sounds like he wants to take on China's growing influence in the South Pacific</a>However welcome the intent, the goals are not so easy to kick in a region beset by inequality, poverty and corruption.To the chagrin of most observers and a small contingent of striking workers, PNG Prime Minister Peter O'Neill has gone on a bit of a wild spending spree ahead of the summit.With a tight budget, some workers downed tools when Maseratis began arriving in numbers at Jackson International airport, brought in for the leaders.Despite more than one-third (37%) of his country according to the UN Development Program living way down below the poverty line, O'Neill decided to welcome leaders with several Bentleys and the extra 40 luxury Maseratis specifically flown in for the meetings.PNG, which is the one nation (aside from the wayward Australian state of Victoria) signed up to China's One Belt One Road initiative, has been a key beneficiary of Chinese investment and many of it's infrastructure projects will be in display in Port Moresby.Beijing has fixed bits of the airport, had a crack at some transport infrastructure without enormous progress, donated a squad of fire trucks, somewhere near 50 coaches and 35 mini-buses to shuttle officials to and from the a $35 million convention center built with Chinese money by Chinese companies and workers.Dr. Graeme Smith, a research fellow at the Australian National University's Coral Bell School of Asia Pacific Affairs told Business Insider that it is likely China has invested somewhere around double the $3 billion it is rumored to have staked in PNG.To keep its hands clean in a time of added scrutiny, neighboring Australia, PNG's biggest aid-donor and former colonial power broker, is not providing any direct financial assistance for the APEC summit, but is flexing its security muscle and military ties, providing assistance to the tune of $130 million of APEC's total costs.Some 4,000 members of the PNG disciplinary forces and their international counterparts will be patrolling the city for the summit, including 1,500 Australian Defence Force (ADF) personnel supporting PNG's Joint Security Task Force, with just under 500 of those on the ground in Port Moresby.For back up, Australia has mobilized up to 16 Super Hornet aircraft to be based near Cairns and three Royal Navy ships are stationed off Port Moresby, accompanied by one helicopter landing dock and several patrol boats.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bebcbfd8c35ab6fe7211193-2400/ap18318165432799small.jpg" border="0" alt="APEC 2018" data-mce-source="AP Photo/Mark Schiefelbein" data-mce-caption="A worker adjusts a rope line outside of APEC Haus, the main venue of the APEC Economic Leaders' Week Summit as a military ship is anchored just offshore in Port Moresby, Papua New Guinea, Wednesday, Nov. 14, 2018." />AP Photo/Mark SchiefelbeinA worker adjusts a rope line outside of APEC Haus, the main venue of the APEC Economic Leaders' Week Summit as a military ship is anchored just offshore in Port Moresby, Papua New Guinea, Wednesday, Nov. 14, 2018.</div></div></div><h2>So who is coming this year?</h2>Almost 30 years old, APEC began in 1989, to encourage tighter regional economic integration for the Pacific Rim.Most of the 21 APEC members are from this pacific region with the addition of Russia, United States, Canada, Mexico, Chile and Peru, together accounting for 2.7 billion people - more than a third of the world's population.Headlining in 2018 is undoubtedly China's Xi Jinping.Japan's Abe, Canada's Justin Trudeau, South Korea's Moon Jae-in and New Zealand's Jacinda Ardern will also be there alongside the new Australian leader Scott Morrison.While Pence is standing-in for Trump, so too will Vladimir Putin's proxy, Prime Minister Dmitry Medvedev, fly the Russian flag.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bebcc76110d4c01ea439f84-2400/ap18318164874303small.jpg" border="0" alt="APEC 2018" data-mce-source="AP Photo/Mark Schiefelbein" data-mce-caption="Workers put up a billboard reading &amp;quotThe world is watching, keep our city clean an safe&quot; on a wall along a street ahead of the APEC Economic Leaders' Week Summit in Port Moresby, Papua New Guinea, Wednesday, Nov. 14, 2018." />AP Photo/Mark SchiefelbeinWorkers put up a billboard reading "The world is watching, keep our city clean an safe" on a wall along a street ahead of the APEC Economic Leaders' Week Summit in Port Moresby, Papua New Guinea, Wednesday, Nov. 14, 2018.</div></div></div><h2>Putting Papua New Guinea on the map</h2>PNG's Prime Minister Peter O'Neill says he expects $85 million will be spent by leaders during the time of APEC alone and that playing host will put PNG on the map.O'Neill, whose first move as prime minister was to scrap the anti-corruption body <a href="http://www.devpolicy.org/drowning-not-waving-an-update-from-pngs-taskforce-sweep-20151113/">Taskforce Sweep</a> that ushered him into power and then began looking into his own affairs, has allocated around $350 million for the event.Responding to some of the considerable flak that has come his way, O'Neill says PNG is in fact hosting the cheapest APEC meeting compared to other countries. O'Neill said PNG is on the cusp of hosting one of the cheapest APEC Leaders meetings in history."We were given the green light to host APEC in October 2016 and in the same year, we budgeted ($US7.5 million) K25 million towards APEC."That seems unlikely considering the summit's APEC house centerpiece is thought to have cost $75 million alone.Stephen Howes, the Director of the Development Policy Centre and Professor of Economics in the Crawford School of Public Policy, ANU says the timing is not so great for a PNG facing mounting debts and rising corruption. "Excessive borrowing in the boom years has now come back to haunt the government following a collapse in revenue," wrote in the ANU's <a href="http://www.eastasiaforum.org/">East Asia Forum</a>. But in the second most rural country worldwide, Howes added that there is a stronger, more damning indicator for how things are faring in PNG.What has really caught the public's attention is the <a href="https://www.abc.net.au/news/2018-06-27/polio-outbreak-declared-in-png-18-years-after-polio-free-status/9913684">return of polio</a>, previously eliminated from PNG about 20 years ago."PNG is one of only <a href="http://polioeradication.org/polio-today/polio-now/">five countries in the world</a> experiencing a polio comeback.""That the other members of this club are the Democratic Republic of Congo, Niger, Nigeria and Somalia - all four wrought by violence - shows the extent of the health crisis that PNG is facing," Howes said."The most recent symptoms of this crisis include the resurgence of malaria and leprosy, and reports of <a href="http://www.devpolicy.org/severe-drug-and-equipment-shortages-port-moresby-general-hospital-20180523">worsening drug shortages</a>."Australian freelance journalist Jo Chandler herself contracted drug-resistant tuberculosis while investigating the growing crisis.So what does Howes expect will come of PNG's APEC?APEC he says will deliver a mild economic stimulus, and is expected to be accompanied by a round of "announceables."This is perhaps more likely than ever as the four regional pacific powers make their various bids for lasting influence."These may come from China or resource projects. Perhaps PNG will get more aid, but any <a href="https://www.businessadvantagepng.com/oneill-to-announce-preliminary-agreements-for-papua-lng-and-wafi-golpu-to-coincide-with-apec-leaders-meeting/?utm_source=Business+Advantage+PNG+weekly+update&amp;utm_campaign=0341d77c97-EMAIL_CAMPAIGN_2018_10_23_02_52&amp;utm_medium=email&amp;utm_term=0_02084d248f-0341d77c97-412884301">resource project agreements</a> will be ones that were already in the pipeline.Howes says that it is widely accepted (including by the government) that PNG needs to get a better deal from its resource projects. Rushing agreements so that they can be announced at APEC only weakens PNG's negotiating hand."By the same token though, APEC is meant to be about reform and development. PNG could have used its hosting of APEC to push through important change in a range of critical policy areas. It hasn't.""Whatever happens at the leaders' meeting this year, in this fundamental sense APEC 2018 is a lost opportunity for its host." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/deadly-life-boston-gangster-whitey-bulger-2015-9">The true story behind Boston gangster Whitey Bulger</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/EeNuVKfk-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

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