Tuesday, March 14, 2023

Siemens Pakistan says it intends to sell energy portfolio

 Published March 13, 2023

Siemens (Pakistan) Engineering Company Limited (SIEM), an engineering conglomerate and financial services contractor, intends to sell its energy portfolio to a non-affiliated entity of Siemens Energy Group.

The company shared the development through a notice to the Pakistan Stock Exchange (PSX) on Monday.

“The BoD of directors of Siemens (Pakistan) Engineering Co. Limited (Company) has approved, in principle, that the company assess the feasibility/implications/ viability of a sale of the company’s energy portfolio to a separate non-affiliated Siemens Energy Group entity (proposed transaction) following the spin-off of the energy business by Siemens AG in 2020,” read the notice.

The company, which is principally engaged in execution of projects under contracts and in manufacturing, installation and sale of electronic and electrical capital goods, added that the proposed transaction shall remain subject to (i) further internal and corporate approvals, the (ii) signing of definitive transaction agreements and the (iii) receipt of all applicable regulatory approvals.

SIEM was set up as a public limited company in 1953. It sells electronic and electrical capital goods while also executing projects under contracts.

The company operates several business segments such as power and gas, power generation services, energy management, digital factory, process industries and drives, and mobility.

Biden Transportation Chief Pushes New Crackdown on Mergers 

DOT secretary ‘concerned’ about airline, rail concentration

Buttigieg pledges ‘vigorous’ use of competition authorities

Leah Nylen
Bloomberg News
Alan Levin
Bloomberg News

US regulators are engaging in a “real shift” in how they view competition in transportation industries and will make “vigorous” use of their authority to ensure airlines, railroads and others serve consumers, Secretary Pete Buttigieg said Monday.

“I am concerned about this broader pattern of concentration. We see it in airlines, we see it in ocean shipping and we see it in freight railroads,” Buttigieg said in an interview with Bloomberg. “We are watching very carefully to see what’s happening and meanwhile, being as vigorous as we can with the tools that we have on the competition side.”

Israeli Finance Minister Faces Cold US Reception Over Palestinian Comments

by Andrew Bernard
MARCH 13, 2023 

Israeli Finance Minister Bezalel Smotrich speaking at the Israel Bonds leadership conference in Washington, DC. 12 March, 2023. (Photo: Screenshot)

Israeli Finance Minister Bezalel Smotrich on Sunday expressed his “sincere regret” at a Washington, DC conference for calling for the Israeli government to “erase” a Palestinian town as hundreds of activists protested his appearance.

“I want to say a few words about the elephant in the room,” Smotrich told the audience at the leadership conference of Israel Bonds, a financial organization that supports American investment in Israeli debt. “As I have already said and written and repeat now with sincere regret, my comment after Huwara created a completely mistaken impression. I stand before you now, as always, committed to the security of the state of Israel, to our shared values, and the highest moral commitment of our armed forces to protect every innocent life, Jew or Arab.”

Smotrich, who is the leader of the far-right Religious Zionist Party and part of the governing coalition, said at a financial conference on March 1st that Israel should “erase” the West Bank Palestinian town of Huwara, where a Palestinian shot dead two Israelis earlier that week and which was then the site of a reprisal rampage by Israeli settlers which left one Palestinian dead and dozens of homes destroyed. The US State Department called his comments “irresponsible…repugnant…[and] disgusting” in a rare public rebuke of an Israeli official by the US government.

The Israel Bonds event garnered criticism from both activist groups opposed to Israel as well as more mainstream Zionist groups. Americans for Peace Now, which co-organized the protest, claimed that some 500 people demonstrated against Smotrich’s visit in front of the Grand Hyatt Hotel in Washington, DC. The left-wing activist organization IfNotNow claimed that seven of its members were arrested after they sat in the hotel’s lobby to pray.

Nearly three weeks after the city of Frankfurt announced that it was canceling a forthcoming concert by former Pink Floyd...

A spokesperson for the Israel Bonds — which was founded in 1951 and routinely hosts Israeli political figures — emphasized in a statement to The Algemeiner that the group was politically neutral.

“Our organization has only one focus, and it has remained the same over the course of our seventy-two years: To foster investments in support of the state of Israel,” the group said. “To be perfectly clear, Israel Bonds is an independent financial organization based in the US. It does not endorse, and it is not associated with any political administration, individual, or any ideology.”

In a lengthy Facebook post on Wednesday, Smotrich clarified his remarks after it was brought to his attention that they had contributed to a protest by Israel’s air force reserve pilots.

“Some of the pilots took my statement as a call for the air force to ‘erase’ the village and its inhabitants from the air,” Smotrich wrote. “Such a delusional thought never crossed my mind, not even for a split second. It’s just not in my lexicon.”

In addition to his fiscal responsibilities as Finance Minister, Smotrich also has an official position in the Ministry of Defense, and is responsible for broad civil administrative powers over the West Bank, including settlement construction. He also told Israeli media that his comments were a “slip of the tongue in a storm of emotions” over the shootings.

Those clarifications followed an open letter on 3 March organized by the Israel Policy Forum, an NGO that promotes the two-state solution, calling for US Jewish groups to refrain from meeting with him.

“Smotrich has long expressed views that are abhorrent to the vast majority of American Jews, from anti-Arab racism, to virulent homophobia, to a full-throated embrace of Jewish supremacy,” the letter says. “We reject the notion that someone must be accorded respect simply by dint of serving in the Israeli government. His presence in the U.S. to address primarily Jewish audiences would be an affront to American Jewish values, and he should not be given a platform in our community, all the more so in light of his most recent comments about Huwara.”

Signatories to the letter include Abe Foxman, former national director of the Anti-Defamation League; Steve Grossman, former president of AIPAC; and former Ambassadors Martin Indyk and Daniel Kurtzer, who served under the Clinton and Bush administrations, respectively.

That call to avoid meeting with Smotrich has largely been heeded. Smotrich’s itinerary does not include any meetings with US government officials.

Morton Klein, President of the Zionist Organization of America (ZOA), who is meeting with Smotrich later this week to discuss Iran, Palestinian terrorism, Israel’s judicial reform bills and other issues said that the criticism of those meeting with Smotrich gives ammunition to Israel’s critics.

“I find it appalling that not only do the major Jewish organizations refuse to meet with him after he has apologized, they’ll condemn me for meeting with him.” Klein told The Algemeiner.

Smotrich is also reportedly meeting with the Orthodox Union. The OU did not immediately respond to a request for comment from The Algemeiner.

 

Afghanistan: Poverty drives children out to work

Children as young as seven years old are sent out to work on the outskirts of Asadabad city, the center of Kunar province in the east of Afghanistan, where they earn just over $1 a day for a full day’s work.

Digging up the soil and filling multitudes of black plastic bags for seedlings is all that keeps starvation away for some of these children and their families.

One of these children, Ahmad, 10, the sole provider for his family, said his father cannot work due to his old age and has no one else to help him.

Ahmad said he starts work early every morning and earns between 100 afghanis ($1.13) and 150 afghanis ($1.70) a day.

“My family is big. I am 10 years old. We have no other guardian. I have three sisters and four younger brothers. My father is an old man and we have no one else to take care of us,” he said.

Ahmad said he wants aid organizations to help families like them.

Hazratullah, another child and a resident of Naari district in Kunar, is the head of his household after his father died.

He receives one afghani for every three plastic bags he fills with soil. Even spending the whole day filling the bags, he gets very little in return.

Hazratullah criticized aid organizations in Kunar and said that despite his family’s plight, “no one has helped them.”

“The officials of the aid organizations in Kunar cover their own picks in aid distribution and the aid does not reach needy people like us. We have not received any aid so far. I hope that the government and the aid organizations will listen to our voice and take action,” he said.

At least 100 children are working in the area who arrive there every morning to fill their bags, hoping to make enough to take home to buy food for their families.

Child labor has been a major issue in the country for years, especially over the past 18 months after the fall of the previous government.

Save the Children, an organization that works to help children in Afghanistan, in a report in its recent report puts the number of children in need of humanitarian aid in Afghanistan at 14 million.

The organization said that 73,000 children with severe acute malnutrition are under treatment by Save the Children.

Save the Children said it found a third of families have lost their entire household income since August. According to the organization, 18% of families have sent children out to work, with more than one million children thought to be working.

Vinyl records outsell CDs for first time in decades

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Streaming may be king, but fans of physical albums are weighing in with record sales growth

Vinyl record sales outperformed CDs in the US for the first time since 1987, according to a new report.

Just over 41 million vinyl records were sold in 2022, to the tune of $1.2bn (£.99bn). Only 33 million CDs were sold, amounting to $483m.

It was the 16th consecutive year of growth for record sales, about 71% of physical format revenues.

Recorded music revenue in the US grew for the seventh consecutive year and reached a record high of $15.9bn.

Overall, revenue for recorded music in 2022 increased by 6%, according to the report released by the Recording Industry Association of America (RIAA), driven largely by streaming but also by physical music format sales.

The report found that revenue for physical music formats has steadily risen over the years, marked by a "remarkable resurgence" in 2021 after being muted by Covid-19 in 2020. Physical music revenues as a whole were up 4% last year, propelled by vinyl records which saw a 17% increase. Meanwhile, revenue from CDs fell 18%.

Physical copies of music continued to perform better than digital downloads, the report found, which saw yet another decline in revenue, dropping by 20% to $495m. It's a stark contrast from the peak popularity digital downloads once held, having made up 43% of recorded music revenues in 2012. Since then, downloads have plummeted - to just 3% last year.

Revenue from streaming, which includes "paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others," grew 7% to a record high $13.3bn. It accounted for 84% of total revenues.

Last year's vinyl record sales demonstrate that vinyl is "cementing its role as a fixture of the modern music marketplace," RIAA Chairman and CEO Mitch Glazier said in a post on Medium.

"Music lovers clearly can't get enough of the high-quality sound and tangible connection to artists vinyl delivers," Glazier said, "and labels have squarely met that demand with a steady stream of exclusives, special reissues, and beautifully crafted packages and discs."

Environmental Watchdog Says Buttigieg 'Can and Must' Restore Obama-Era Railway Safety Rules

"While the serious health impacts of the derailment in East Palestine have only just begun to emerge, we know that toxic spills like these can be devastating to communities and families for decades," said one advocate.


U.S. Secretary of Transportation Pete Buttigieg visits with Department of Transportation investigators at the site of a train derailment on February 23, 2023 in East Palestine, Ohio.
(Photo: Brooke LaValley-Pool/Getty Images)

JULIA CONLEY
Mar 09, 2023

As industry employees push for improvements to bipartisan railway safety legislation and reject efforts by rail companies to introduce new safety rules on their own, one public health advocacy group on Thursday called on the Biden administration to do everything in its power to make trains safer for workers and American communities.

Last month's train derailment in East Palestine, Ohio—which sent toxic chemicals into the environment as officials conducted a controlled release of the vinyl chloride that was carried by the train—was the result of successful lobbying by the rail industry against safety regulations, said Wenonah Hauter, executive director of Food & Water Watch.

U.S. Transportation Secretary Pete Buttigieg and President Joe Biden have the power to reinstate crucial Obama-era regulations that could prevent further accidents, said the group.

"Secretary Buttigieg and this administration must act immediately to reduce the risks of these horrific derailments by first reestablishing the commonsense rail freight safety standards implemented by [former President Barack] Obama and unconscionably rolled back by [former President Donald] Trump," said Hauter.

The Trump administration in 2018 rolled back regulations mandating the use of highly responsive electronic braking systems for trains carrying oil and other flammable materials.

A preliminary report by the National Transportation Safety Board (NTSB) found that an overheated wheel bearing rather than the brake system was likely behind the derailment of the Norfolk Southern train in East Palestine, but a number of other derailments in recent weeks have prompted calls for the regulations to be reinstated immediately.

On Thursday, just before the CEO of Norfolk Southern testified before the Senate Environment and Public Works Committee and apologized for the accident, another train owned by the company left the tracks in Alabama. CEO Alan Shaw was informed of the accident by Sen. Sheldon Whitehouse (D-R.I.), who said, "You may need to look into that."



On Wednesday, a train owned by freight company CSX derailed in Sandstone, West Virginia and released an "unknown" quantity of diesel fuel and oil into the New River.

"While the serious health impacts of the derailment in East Palestine have only just begun to emerge, we know that toxic spills like these can be devastating to communities and families for decades," said Hauter. "All trains carrying dangerous toxic chemicals should be classified as 'high-hazard flammable trains,' which would require more stringent safety requirements and notice to state and local officials of their contents."

"These are actions," she added, "that Secretary Buttigieg and the administration can and must make immediately."

Willow oil: Biden walks political tightrope over Alaska project

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    The approval of the Willow project comes after the US government imposed limits on oil and gas drilling in parts of Alaska and the Arctic Ocean

    US President Joe Biden has approved a major oil and gas drilling project in Alaska, intended to create local investment and thousands of jobs.

    But the Willow project has faced strong opposition from environmental activists over its climate and wildlife impacts.

    So why has Mr Biden, a president who has embraced strong action on climate change, approved a project dubbed a "carbon bomb"?

    It's because Willow is very much about politics and the law - and not just the environment.

    While running as a candidate back in 2020, Joe Biden promised that there would be "no more drilling on federal lands, period".

    That statement helped him garner support from green Democrats and climate campaigners, unsure about Biden's record on this issue.

    However, that campaign promise was broken last year when the administration announced plans to sell drilling leases under pressure from the courts.

    The White House will likely say that the role of the courts has also influenced the Willow decision.

    Oil company ConocoPhillips has held the lease since 1999 and would have had a strong case to appeal if their plans had been turned down.

    The Biden administration is obviously aware that from a purely climate perspective the project can't really be justified.

    The International Energy Agency has baldly stated that if the world wants to keep the rise in global temperatures under 1.5C, no new oil or gas drilling can go ahead.

    So, in an effort to limit the impact of the Willow approval, the White House has outlined new bans on oil and gas leasing in the Arctic Ocean and across Alaska.

    Most environmentalists aren't buying this trade-off.

    Willow is also a political decision.

    Mr Biden came to COP27 in Egypt and spoke of the big picture of climate change, threatening the "very life of the planet" - but he's also attuned to US bread-and-butter issues, especially the price of gas.

    Last year, in response to the Ukraine war, the White House authorised the release of millions of barrels from the US strategic petroleum reserve. This helped push down prices at the pump.

    With a presidential election in 18 months, Mr Biden is keen to reinforce his reputation as a moderate.

    Approving a reduced version of the original Willow plan will be sold as underlining the President's ability to forge compromises across political divides.

    Trade unions are backing the project, as are many native groups across Alaska who argue that Willow will boost jobs, local revenues and eventually oil supplies.

    Mr Biden's supporters argue that the cut-down project will see measures put in place to offset some of the extra emissions by planting trees, and the US target of curbing CO2 by 52% below 2005 levels would still be achieved.

    But the decision is fraught with political danger.

    Willow saw unprecedented opposition on social media, drawing over three million signatures on a petition against the project.

    In giving the greenlight to drilling, President Biden is now risking the support of many young people who voted for him in large numbers in 2020.

    Children’s Mental Health During Pandemic Linked To Family Financial Situation

    By 

    Financial disruption as a result of pandemic containment policies in the United States adversely influenced children’s mental health, according to a new study co-led by Weill Cornell Medicine and Columbia University investigators. Mitigating these economic effects may help protect children’s wellbeing if strict containment policies are needed in the future, according to the investigators.

    The study, published in JAMA Network Open, examined the relationship between school and financial disruptions to children’s sleep and mental health during COVID-19, accounting for a variety of pandemic-related policies. This work builds upon a previous publication by lead author Dr. Yunyu Xiao, assistant professor of population health sciences at Weill Cornell Medicine, senior author Dr. J. John Mann, the Paul Janssen Professor of Translational Neuroscience (in psychiatry and radiology) at Columbia University, and colleagues reporting that children’s psychological status was influenced by socioeconomic factors like access to health care, food insecurity and vaccination rates.

    “Children’s mental health and exposure to stress in early life may have a long-term impact in later life,” said Dr. Xiao. “Simultaneously, containment policies are necessary as an emergency strategy in a pandemic to prevent disease transmission.”

    “We need to understand the impact of these policies on children’s mental health to better inform public policy and prepare for public health emergencies,” she said. “So, when we do have containment policies in place, we can mitigate their effects.”

    In the new study, Dr. Xiao, Dr. Mann, and investigators at the University of California, Berkeley (Drs. Timothy Brown, Lonnie Snowden, Julian Chun-Chung Chow), conducted a nationwide study on 6,030 children between 10 to 13 years old. They used data from the NIH-funded Adolescent Brain Cognitive Development Study, a long-term study of children’s mental health across 21 U.S. cities, and surveyed children and their guardians about mental health and sleep between 2020 and 2021. The team also collected information on COVID-19 policy, COVID-19 incidence and unemployment rates to measure the relationship between children’s mental health outcomes and these factors during the pandemic.

    The team found that financial disruption, such as a parent losing their job or taking a decrease in wages, was associated with an increase in stress, sadness, and COVID-19-related worry – but had no association with sleep – in the children surveyed. School disruption was not associated with changes in mental health or sleep, surprising the researchers. One possible explanation for this unexpected result is if children had more protective factors like increased parental care at home during lockdown, which would help with mental health, Dr. Xiao said.

    “Previous research has examined the associations of the COVID-19 pandemic on mental health, but little information has been published on its causal effects on children,” said Dr. Mann. “This study is the first longitudinal observational study in children to estimate bias-corrected associations of school and financial disruptions with mental health and sleep.”

    The study team comprised investigators with wide-ranging expertise. Drs. Brown and Snowden brought insights into health service research, particularly disparities in access to health care. Dr. Chow contributed expertise on the social welfare needs of children from underrepresented communities, and Dr. Mann offered critical insights for clinical implications.

    “The findings of this study highlight the adverse impact of financial disruption on children’s mental health, emphasizing the need to address economic, environmental, physical, and mental health impacts of the COVID-19 pandemic, and underscores the importance of a multidisciplinary approach in developing evidence-based policymaking,” said Dr. Jyotishman Pathak, chief of the Division of Health Informatics and the Frances and John L. Loeb Professor of Medical Informatics at Weill Cornell Medicine.

    Dr. Xiao plans to continue this research with a focus on those facing health disparities. She highlighted the need for research on the impact of pandemic-related hate and racism on the mental health of Asian Americans. She also wants to assess the impact of the COVID-19 policy on suicide and establish collaborations with community organizations to address social needs during a pandemic.

    “We must not only take care of clinical needs but also study other factors that affect people,” she said. “To conduct the best science aimed at improving lives, we need to develop holistic public health approaches that go beyond treating biological causes of illness and addressing the social determinants of health.”

    Turkey: Opposition Making Gains In Opinion Polls Ahead Of Elections


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    By Menekse Tokyay

    New opinion polls show the opposition candidate leading the presidential race in Turkiye, with the opposing bloc — Nation Alliance — having a probable majority in the parliament after the elections.

    A new survey by Aksoy Research showed that the presidential candidate of the Turkish opposition, Kemal Kilicdaroglu, has surpassed rival, President Recep Tayyip Erdogan, by more than 10 percentage points ahead of the May 14 elections.

    The poll suggests Kilicdaroglu would defeat Erdogan by receiving 55.6 percent of the votes.

    The same survey showed the opposition bloc at least six points ahead of the ruling coalition, at 44.1 percent of the votes, while the voting share of the pro-Kurdish People’s Democratic Party, which remains outside of the two blocs, has stayed above 10 percent, the threshold to enter parliament.

    Piar Research shows Kilicdaroglu winning 57.1 percent of the vote as opposed to Erdogan’s 42.9, with the main opposition bloc on 46.4 percent of the votes against the ruling bloc’s 37.8.

    Another poll, which was conducted by Alf Research, showed Kilicdaroglu on 55.1 percent and Erdogan at 44.9 percent.

    The same survey revealed the main opposition bloc garnering 43.5 percent of votes, and the HDP receiving 11.3 percent. These rates are more or less supported by ORC’s recent research which showed Kilicdaroglu ahead with 56.8 against Erdogan (43.2 percent).

    The mismanagement of the earthquakes in February and the rising inflation rates have harmed the chances of the ruling government and Erdogan.

    The endorsement of the HDP is seen as crucial in the election with its 10 percent share of the vote, and Kilicdaroglu has announced he will meet with the party soon.

    The former co-leader of the party, Selahattin Demirtas, has openly invited the opposition candidate to visit the pro-Kurdish party.

    “I will meet the valuable co-chairs of the HDP. My friends are planning the visit,” Kilicdaroglu said during an interview with the T24 website on Monday.

    However, there are concerns over the future of the HDP as a recent ruling by the court may result in the party being shut down over its alleged ties to the outlawed Kurdistan Workers’ Party.

    Dr. Kaya Genc, a historian and author of several books on Turkish affairs, told Arab News: “[Kemal Kilicdaroglu] is no romantic rebel. He’s a savvy operator, and has convinced the pious that he’s their candidate too, and that he’s the leader of the oppressed in Turkiye.

    “His efforts have so far paid off. His partner in the alliance, Meral Aksener, alongside right-wing-leaning mayors, will convince voters who believe in the concept of a powerful state, to support Kilicdaroglu as well.

    “The opposition alliance has the momentum now and I expect its lead in the polls to grow exponentially in the next few weeks.”

    Meanwhile, Turkish Workers’ Party chair Erkan Bas said on Sunday that if his voters supported Kilicdaroglu in the first round, his chances to win would be vastly increased.

    Kilicdaroglu last week paid another visit to the earthquake-hit zone and slept in a tent, in what was construed as a move to show his empathy with victims of the disaster.