Tag: 上海夜网RT

  • Indonesia confirms nearly 4,000 new COVID-19 cases, another daily record

    first_imgThe outbreak has reached 493 out of 514 municipalities and regencies in all 34 Indonesian provinces.Read also: Jokowi instructs Cabinet members to lower transmission in COVID-19 hot spots within 2 weeksJakarta remains the hardest-hit province with 57,469 cases and 1,481 deaths, followed by East Java with 39,181 cases and 2,867 deaths.Central Java, West Java and South Sulawesi are also among the hard-hit provinces with more than 10,000 confirmed cases.There are currently 100,236 suspected patients nationwide.The government has tested more than 1.62 million people and more than 2.75 specimens as of Wednesday. On the same day, health authorities also reported that more than 30,000 people had been tested.Topics : The Health Ministry reported 3,963 new confirmed COVID-19 cases on Wednesday, another daily high for the country, as the coronavirus outbreak has yet to reach its peak in the country.The ministry confirmed 135 new deaths due to COVID-19, also another record high for the nation.As of Wednesday, health authorities have confirmed a total of 228,993 cases across the country, as well as 164,101 recoveries and 9,100 deaths.last_img read more

  • US Business Roundtable: A victory for the good guys?

    first_imgCapitalism needs rejuvenating if we want to be able to tackle the problems of the world today. That means re-examining what may have been seen as fundamental beliefs.Yesterday’s statement of corporate purpose issued by the US Business Roundtable – a grouping of the CEOs of a large proportion of the leading companies in the US – may prove to be a key stepping-stone. The new Statement on the Purpose of a Corporation explicitly states: “While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders.”The CEOs recognise a duty to shareholders by committing to “generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate”. But they end the statement with the words: “Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”Stakeholders vs shareholders Source: The Aspen InstituteJP Morgan Chase CEO Jamie Dimon speaks at an Aspen Institute event in 2018The Business Roundtable is made up of 188 CEOs from some of the biggest companies in the US. Its board of directors includes JP Morgan Chase’s Jamie Dimon, General Motors’ Mary Barra, IBM’s Virginia Rometty, Walmart’s Doug McMillon and S&P Global’s Douglas Peterson.Founded in 1972, the organisation played a key role in the development of free trade agreements between the US, Canada and Mexico.In a press release announcing the new Statement on the Purpose of a Corporation, Dimon said: “The American dream is alive, but fraying. Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernised principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.”center_img Nobel prize-winning economist Milton FriedmanNobel Laureate Milton Friedman promoted the idea of the supremacy of shareholder value maximisation over all other objectives. In a 1970 article in the New York Times, he argued that “there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud”. Academics and business leaders have been promoting Friedman’s view as a cornerstone of capitalism for decades.The Business Roundtable went so far as to formally proclaim this philosophy this in a statement of corporate purpose in 1997, stating: “The paramount duty of management and of boards of directors is to the corporation’s stockholders. The interests of other stakeholders are relevant as a derivative of the duty to stockholders.” For proponents of ESG investing, this stance is an anathema. Friedman argued that companies should not “make expenditures on reducing pollution beyond the amount that is in the best interests of the corporation or that is required by law in order to contribute to the social objective of improving the environment”.The support of the Business Roundtable for Friedman’s philosophy has been a critical element of the argument that shareholder value maximisation should override obligations to other “stakeholders” – which, of course, means everyone else impacted directly or indirectly by a company’s activities. There are three strands to the debate around stakeholders’ and shareholders’ interests, and advocates of ESG need to follow all three.(1) Legal frameworksAs economists such as Friedman and Harry Markowitz would argue, the objective of maximising shareholder value is subject to the constraint that it has to be within the law. As companies have to act within the law, it is up to politicians to set the framework and rules by which companies can operate. As such, lobbying for policy changes that fall under ESG plays a key role.(2) SentimentThis is arguably the primary driver for incorporating ESG criteria: individuals – and, increasingly, the institutions they work for – believe it is the right thing to do. Or, more cynically, they believe that unless they join the bandwagon of “virtue signalling” their ESG credentials, they will lose out. While cynicism plays a part, the end results can still be positive.(3) Academic evidenceEconomics is not a science with immutable laws. It is the study of human behaviour, particularly the behaviour of crowds. Human behaviour is not governed by pure self-interest, but also includes ideas such as altruism, and posterity – concerns over timescales way beyond any individual lifetime.Friedman’s philosophy has led to a damaging road for economic theory. It needs to go back to basics. As Adam Smith argued: “Markets are sustained not merely by incentives of gain or loss, but by laws, institutions, norms and identities, and without those things they cannot be adequately understood.” If the new stance of the US Business Council – supporting the interests of all stakeholders – means anything at all, beyond representing a change of sentiment, it should be reflected eventually in the legal framework governing corporate activities and academic theory. Economists take note!The Business Roundtablelast_img read more

  • Celtic confirm interest in Keane

    first_imgCeltic chief executive Peter Lawwell has confirmed the club are interested in appointing Roy Keane as their new boss. But the Hoops chief says Ireland’s assistant manager faces competition from as many as nine other rivals to be named Neil Lennon’s successor. Ireland boss Martin O’Neill revealed on Thursday that the majority shareholder of the Scottish champions Dermot Desmond had held talks with his number two. Press Association And now Lawwell has confirmed the 42-year-old former Manchester United skipper – who ended his playing career at Parkhead – is on a list of candidates the Celtic board is now examining. Asked how many names were in the frame, Lawwell told STV: “Between five and 10. “We are looking at a number of exceptional candidates and we’re going through a process. Hopefully it won’t take too long. “Clearly we want to do it as soon as we possibly can but these things you can’t put a time on. “We have got a number of excellent candidates, Roy is one of them and we’ll see what happens in the next week or two. “He’s played here, he’s a Celtic supporter, he’s a first-class guy and like the others are, as I said we have between five and 10 candidates. “You just have to do your work properly and hopefully we’ll get it done as soon as we can. “As soon as we do that we will let our supporters know. “You don’t want to get it wrong by going too fast, you need to take your time and make sure you get the right guy.” Keane was on the training pitch with the Ireland squad on Friday morning, arriving at Gannon Park in Malahide long before the players as usual to prepare for the session. O’Neill later revealed there had been no fresh developments overnight. “No, nothing else,” he told reporters. “There’s nothing else to tell you.” He added with a smile: “There wasn’t anything really going to happen in the hour and a half since I last saw you, so nothing has happened. “I don’t think anything is going to happen anyway until the weekend.” Keane will fly to London with the squad on Friday afternoon ahead of Saturday evening’s friendly against Italy at Craven Cottage. last_img read more

  • Dalung Kicks against Autonomy for NFF

    first_imgThe Ministry of Youth and Sports wednesday told the House of Representatives Committee on Sports that there is really no cogent reason to continue with the bill seeking to repeal the Nigeria Football Association (NFA) Act for the Nigeria Football Federation (NFF) Act.Minister of Youth and Sports, Solomon Dalung who was represented by the Permanent Secretary in the ministry, Adesola Olusade, said contrary to the constant excuses given by the NFF for demand for the new act, there is no need for that because the football house has all the free hands it wanted to run football in the country. He further claimed that because of the resolve of the federal government to allow the NFF to administer football, it has continued to deal with it and even fund it despite the fact that it has no legal backing yet.Earlier in his introduction, the sponsor of the NFF Bill, Hon. Sam Patrick, said the effort to enact the NFF Act is in line with the ongoing call for the restructuring of the country.He frowned at what he described as the situation where the government always appoints a minister who in turn runs football the way he likes.According to him, the bill will make it possible for the elected board members of the NFF to truly decide how to run football including deciding about its funding.Olusade further wondered why the NFF will always find it comfortable to run cap in hands to the federal government for funding only to turn around immediately to blackmail it of interference the moment it demands accountability.“The Ministry is not in any way interfering in the activities of the NFF even though it has no legal backing yet. We are doing this so as not to disrupt the administration of football in the country.“Even today, the way the NFF is constituted there is little or no input from the government despite the fact that they are being funded through the budget as a parastatal but they still ambush government by relying on some non existent laws.“FIFA does not fund the NFF completely yet they use it to harass government, this is robbing Peter to pay Paul. For instance the NFF has not shown capacity of prudent management over the years.”In his very brief presentation, the First Vice-president of the NFF, Seyi Akinwunmi, who represented the NFF President, Amaju Pinnick said the federation has made its position known to the Senate Committee on Sports.He also said the NFF has put in place measures to ensure it was self-sustaining without the frequent recourse to the government.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more