Fri, Sep

PARIS: Global expansion is likely to slow as tensions kickstarted by US President Donald Trump's protectionist policies hit world trade, the Organisation for Economic Cooperation and Development said Thursday.

"If this goes on, we may face the risk of slowing growth," OECD chief economist Laurence Boone told reporters after the group published a report titled "High Uncertainty Weighing on Global Growth".

Growth was currently at "a very high level", she said, but current risks, in particular protectionism, could erode the ongoing expansion.

Global GDP growth "remained solid" in the first half of 2018, at around 3.75 per cent, the OECD said, "but there are signs that the expansion may have now peaked".

The Paris-based body said it expected growth to settle at 3.7 per cent in 2018 and 2019 -- down 0.1 and 0.2 points respectively from its May projections.

Among the factors hurting growth are slowing trade expansion, which slipped from 5 per cent in 2017 to around 3 percent in the first half of 2018, the report said.

The drop comes as Trump's "America First" approach has brought trade conflicts with China, the world's second largest economy, while also raising the pressure on trading partners in Europe and North America.

Trump this week announced another USD 200 billion worth of goods for his latest volley in the stand-off with Beijing, threatening even more tariffs could be in the pipeline if China doesn't play ball.

The new measures add to the USD 50 billion worth of goods already targeted, taking the total to about half of China's exports to the US.

The OECD report warned that the trade tensions are leading to a rise in uncertainty that is hurting both advanced and emerging market economies.

"A further rise in trade tensions would have significant adverse effects on global investment, jobs and living standards," the report said.
The OECD pointed to strong job growth particularly in advanced economies, but also noted that "wage growth... remains moderate" -- leaving low-income households particularly vulnerable.
It also said that the tariffs are already having a palpable impact in some sectors.
In the US, "imports of washing machines, solar panels and steel and aluminium all began to decline in value terms in the first half of the year", the report said, adding that "US domestic prices have risen sharply in the affected sectors".
Read more: 'High uncertainty' hurting global growth, OECD...

sembcorp, Neil McGregor, solar power, latest news, important news, Our deal with Facebook is an example of how Sembcorp is aligning its business to the future.

Sembcorp Industries (Sembcorp) said Tuesday it has signed a long-term solar energy deal with US-based social media company Facebook. Under this deal, Sembcorp will provide renewable power to support Facebook’s recently announced 1,70,000 square metre Singapore data centre, as well as its other Singapore operations, over the next 20 years, a company statement said.

Sembcorp will serve Facebook’s renewable energy needs through offsite solar panels totalling 50 MWp in capacity. These panels will be installed on close to 900 rooftops in the island state, between the end of this year and 2020, it said. “Our deal with Facebook is an example of how Sembcorp is aligning its business to the future.

As our world moves towards renewables and lower-carbon energy, there is an increasing demand for solutions that enable businesses to achieve growth while managing their impact on the environment. “Sembcorp is actively working with companies in this, and supporting their efforts towards this dual objective,” Neil McGregor, Group President & CEO of Sembcorp Industries, said in a statement.

The company has been steadily growing its renewable energy business, and now has over 2,500 megawatt of wind and solar power projects across Singapore, China and India. Earlier this year, the Singapore-based company announced ambitious targets to double its renewables portfolio and reduce carbon intensity by around 25 per cent by 2022.

Read more: Sembcorp to supply solar power to Facebook’s...

SBI, SBI to install solar panels over ATM, solar power, news on sbi, latest news on sbi Currently, nearly 1,200 of the bank’s ATMs are running on solar power.

In a step towards becoming carbon neutral, country’s largest lender State Bank of India (SBI) is looking to install solar panels over around 10,000 ATMs across the country in the next two years, a senior official said. Currently, nearly 1,200 of the bank’s ATMs are running on solar power. “We are going to take this number to up to 10,000 ATMs in the next two years,” the bank’s chief financial officer, Prashant Kumar, told reporters Tuesday. The lender has installed rooftop solar panel on 150 of its building across the country and is in the process of identifying more such locations.

“Our aim is that by next year, close to 250 buildings of the bank will be having solar panels,” he said. The bank is also planning to replace all its vehicles with electric vehicles by 2030. Kumar further said that the bank has embarked on a journey to turn carbon neutral and aims to achieve it by 2030. It is organising a green marathon starting September 30, to be held in 15 cities across the country.

Read more: SBI to install solar panels over 10,000 ATMs in...

As per the new amendments, the amount of bank guarantee to be submitted by developers has been reduced by almost 25% to Rs 466 crore. (Representational photo)

Following multiple postponements for the bid submission dates for the forthcoming 10,000 MW manufacturing-linked solar auctions, the Solar Energy Corporation of India (SECI) has eased a few norms for firms potentially participating in the bids.

As per the new amendments, the amount of bank guarantee to be submitted by developers has been reduced by almost 25% to Rs 466 crore. The ceiling tariff for auctions has also been cut to Rs 2.75/unit, instead of the Rs 2.93/unit set earlier.

To boost solar manufacturing, the government had introduced the manufacturing-linked solar scheme, where developers would be provided with assured power purchase agreements (PPA) against the capacity of solar module manufacturing plant they set up in the country. As much as 3 GW of cumulative annual solar manufacturing units are seen to be set up over three years, resulting in 10 GW of new generating capacities.

The last date for accepting these bids is September 27.

Read more: SECI relaxes norms for 10 GW solar auctions...

NEW DELHI: Widening its probe, the Enforcement Directorate (ED) has zeroed in on foreign assets worth about Rs 4,000 crore of absconding diamond jeweller Nirav Modi for quick attachment under the anti-money laundering law in connection with the alleged $2 billion PNB fraud case. Officials said the agency has got issued a number of judicial requests (Letters Rogatories), and with a few being in the pipeline, from a local court in Mumbai to be sent to countries like the US, UK, Switzerland, Hong Kong and Singapore for attachment of immovable properties likes houses and villas and bank accounts of Nirav Modi and his family.

The agency, they said, had deployed a special team of officers to find out these assets located in the foreign shores and after getting official inputs, it has now begun the action to attach them under the criminal provisions of the Prevention of Money Laundering Act (PMLA) soon, with help from foreign authorities.

The estimated value of these about two dozen assets is approximately Rs 4,000 crore, they said.

The central probe agency, in the past, has attached assets in Australia and the United States of America (USA) as part of its PMLA probe in other cases related to frauds.

The identified foreign assets are in the name of Nirav Modi, his family members and in some cases in the name of firms that the agency has called "bogus or dummy".

It is understood that some showrooms of the diamond jeweller in these countries are under the ED radar which will soon face attachment action.

Nirav Modi has been absconding since the alleged bank fraud, by far the highest in the country in terms of value, came to light early this year and an Interpol arrest warrant was recently notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based.

The agency has attached assets worth Rs 700 crore of Nirav Modi and his family in the country till now.

It has also filed a charge sheet against him alleging that he laundered and diverted over Rs 6,400 crore of bank funds abroad to dummy companies that were under his and his families' control.

A total of 24 accused were listed in the charge sheet, filed under section 45 of the PMLA, including Nirav Modi, his father Deepak Modi, brother Neeshal Modi, sister Purvi Modi, brother-in-law Maiank Mehta and the designer jewellers' firms--Ms Solar Exports, Stellar Diamonds and Diamonds R Us.

"These firms and Nirav Modi's Firestar group of companies had fraudulently obtained Rs 6,498 crore through Letters of Undertaking (LoUs) issued by the Punjab National Bank, Brady House branch in Mumbai," the central probe agency had said in a statement.

The funds so obtained, it said, by the three firms were "partly utilised for payment to various overseas companies and also for offsetting earlier LOUs".

"It was revealed during investigation that the payments were made to 17 overseas entities in Hong Kong, Dubai and the USA since 2011 in the guise of export and import," the agency said in its charge sheet.

The ED had registered an FIR, called the Enforcement Case Information Report (ECIR), in this instance on February 14.
The CBI had also filed two charge sheets in this case early this month, one against Nirav Modi and the other against his uncle who is absconding in the same case -- Mehul Choksi.
Nirav Modi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank.
Both Nirav Modi and Choksi are said to have left the country before criminal cases were lodged against them.

Choksi is reported to have recently taken the citizenship of Antigua, a caribbean nation, and India has begun extradition proceedings against him too.

Read more: PNB fraud: ED eyes Rs 4k cr foreign assets of...

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