Adanis suffer yet another "setback": Commonwealth Bank "withdraws" support to Australian project

By Our Representative
An Australian daily has reported that the "Commonwealth Bank's role as adviser to Australia's biggest coal project, Adani Mining's proposed Carmichael Mine in Queensland, Australia, has ended." Saying that this has dealt a heavy blow to the top corporate house, known to be close to Prime Minister Narendra Modi, 'Sydney Morning Herald' has said that this has dealt "a heavy blow" to its prospects, adding, "Fairfax Media has confirmed" the development.
The daily says, this comes "as environmentalists claimed a victory in their case against the project after the Federal Court overturned Adani's federal environmental approval. Environment Minister Greg Hunt was forced to concede defeat for not taking into account two threatened species – the yakka skink and ornamental snake – before he signed off on the project in 2014."
Saying that the Commonwealth Bank's decision "now casts doubt on the likelihood that Adani will be able to raise the $16 billion required to build Carmichael and the attending infrastructure such as the rail line and the port facilities at Abbot Point on the Great Barrier Reef", the daily quotes a bank spokesman as saying, "As part of Adani's refocusing of the project on gaining the various outstanding approvals, the financial advisory mandate has ended."
The daily believes, the environmental controversy surrounding Carmichael and the project's financial risk in the face of tumbling coal prices were the main concerns for the decision. However, it adds, an Adani spokesman has said it was "inaccurate" to suggest that the bank has walked away, insisting agreement was actually terminated by the corporate house itself.
"In the event the Commonwealth approvals framework is not further undermined by activists seeking to exploit legal loopholes - thus enabling the project and the thousands of jobs and billions of dollars of investment it would bring to be delivered - Adani would happily work with the bank in future", the spokesman added.
The Commonwealth Bank, says the daily, has announced it has "tightened its environmental and social governance policies at its annual shareholder meeting last November." It adds, "The end of the bank's relationship with the Indian power company could make it more difficult for Adani to attract investment from other banks." The Commonwealth Bank is Australia's largest lender and a leading banker to resources projects around the country.
According to the daily, "Many of the world's biggest coal project funders – Citigroup, Deutsche Bank, Morgan Stanley, RBS, Credit Agricole, BNP, Barclays, Goldman Sachs, JP Morgan and Societe Generale and HSBC – have already said they would not fund the development of a coal project whose export facilities were to be built near the Great Barrier Reef."

Comments

'Very low rung in quality ladder': Critique of ICMR study on 'sudden deaths' post-2021

By Bhaskaran Raman* Since about mid-2021, a new phenomenon of extreme concern has been observed throughout the world, including India : unexplained sudden deaths of seemingly healthy and active people, especially youngsters. In the recently concluded Navratri garba celebrations, an unprecedented number of young persons succumbed to heart attack deaths. After a long delay, ICMR (Indian Council for Medical Research) has finally has published a case-control study on sudden deaths among Indians of age 18-45.

Savarkar in Ahmedabad 'declared' two-nation theory in 1937, Jinnah followed 3 years later

By Our Representative One of the top freedom fighters whom BJP and Prime Minister Narendra Modi revere the most, Vinayak Damodar Savarkar, was also a great supporter of the two nation theory for India, one for Hindus another for Muslims, claims a new expose on the man who is also known to be the original proponent of the concept of Hindutva.

Reject WHO's 'draconian' amendments on pandemic: Citizens to Union Health Minister

By Our Representative Several concerned Indian citizens have written to the Union Health Minister to reject amendments to the International Health Regulations (IHR) of the World Health Organization (WHO) adopted during the 75th World Health Assembly (WHA75) in May 2022, apprehending this will make the signatories surrender their autonomy to the “unelected, unaccountable and the whimsical WHO in case of any future ‘pandemics’.”

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah* The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Buddhist shrines were 'massively destroyed' by Brahmanical rulers: Historian DN Jha

Nalanda mahavihara By Our Representative Prominent historian DN Jha, an expert in India's ancient and medieval past, in his new book , "Against the Grain: Notes on Identity, Intolerance and History", in a sharp critique of "Hindutva ideologues", who look at the ancient period of Indian history as "a golden age marked by social harmony, devoid of any religious violence", has said, "Demolition and desecration of rival religious establishments, and the appropriation of their idols, was not uncommon in India before the advent of Islam".

Union Health Ministry, FSSAI 'fail to respond' to NHRC directive on packaged food

By Our Representative The National Human Rights Commission (NHRC) has expressed deep concern over the adverse health effects caused by packaged foods high in salt, sugar, and saturated fats. Recognizing it as a violation of the Right to Life and Right to Health of Indian citizens, the quasi-judicial body called for a response from the Food Safety and Standards Authority of India (FSSAI) regarding its selection of front-of-pack labels aimed at providing consumers with information to make healthier choices.

Why is electricity tariff going up in India? Who is the beneficiary? A random reflection

By Thomas Franco* Union Ministry of Power has used its power under Section 11 of the Electricity Act, 2003 to force States to import coal which has led to an increase in the cost of electricity production and every consumer is paying a higher tariff. In India, almost everybody from farmers to MSMEs are consumers of electricity.

SC 'appears to foster' culture of secrecy, does not seek electoral bond details from SBI

By Rosamma Thomas* In its order of November 2, 2023 on the case of Association for Democratic Reforms vs Union of India contesting constitutional validity of electoral bonds, the Supreme Court directed all political parties to give particulars of the bonds received by them in sealed covers to the Election Commission of India. SC sought that information be updated until September 2023.

British companies export 'deadly' asbestos to India, other countries from offshore offices

Inside a UK asbestos factory in 1994 before the mineral was banned By Rajiv Shah “The Sunday Times”, which forms part of the powerful British daily, “The Times”, has raised the alarm that though the “deadly” asbestos is banned in Britain, companies registered in United Kingdom, and operating from other countries, “are involved in shipping it to developing nations”, especially India. India, Brazil, Russia and China account for almost 80% of the asbestos consumed globally every year, it adds.

Search This Blog