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Italian Prime Minister Giuseppe Conte signed up his country Saturday to China’s Belt and Road Initiative (BRI), an ambitious trillion-dollar transcontinental trade and infrastructure project. The memorandum signing in Rome was the centerpiece of Chinese President Xi Jinping’s three-stop visit to Europe and it will make Italy the first G-7 nation to participate in China’s so-called New Silk Road.
Italy’s endorsement of the BRI, which spans Eurasia as well as the Middle East and parts of Africa, has prompted the disquiet not only of the United States, but also of European Union leaders, who have voiced concern about Beijing’s growing political clout in Europe and its use of commerce as a tool of statecraft. The U.S. has been critical of the trillion-dollar project and warned about the risks of “debt-trap diplomacy.” Members of the EU are worried the plan could add to fissures in an already strained coalition.
They aren’t alone in worrying about what the longer-term consequences on Italy might be if signing up for BRI moves from symbolism into full participation. Matteo Salvini, head of the populist Lega party, which represents one-half of Italy’s coalition government, is indicating his opposition by staying away from the signing ceremony and won’t be present at a scheduled gala dinner afterward.
Salvini, an ideological bedfellow of Donald Trump and friend of the U.S. president’s former adviser, Steve Bannon, frets the BRI risks turning Italy into a Chinese colony and will saddle it with more debt. He also has publicly indicated his security concerns about allowing the Chinese control of critical infrastructure, including major ports.
“Before allowing someone to invest in the ports of Trieste or Genoa, I would think about it not once but a hundred times,” Salvini said earlier this month.
Some Italian officials in the economy and finance ministry have also offered behind-the-scenes warnings. They argue that while engaging with Beijing in this manner may help boost Italian exports to China, a prospect highlighted by Xi in marketing BRI, it will likely result in a bigger boost for cheap Chinese exports to Italy.
Such a scenario, they caution, could have a ruinous impact on domestic Italian producers and workers.
“If trade does take off significantly, it might be a matter of short-term gain, but long-term pain,” one official told VOA.
Despite the warnings, as well as U.S. and EU disapproval of Italy’s BRI endorsement, Conte and Luigi Di Maio, leader of the anti-establishment Five Star Movement, which makes up half of the country’s populist coalition government, says Chinese investment could kick-start Italy’s sputtering economy.
Several of the EU’s smaller cash-strapped nations have also signed up in the past two years to China’s BRI, hoping that by doing so their economies will be boosted.
Italy slipped into recession last year and its debt levels are among the highest in Europe. The populist coalition government came to power in June 2018 with high-spending plans, promising expensive pension reforms and a living wage for all Italians.
Italian ministers favoring BRI accuse other large EU countries, including France, which is critical of the BRI, of hypocrisy, saying they conduct multi-million-dollar deals anyway with China albeit outside the framework of the New Silk Road initiative.
“The way we see it, it is an opportunity for our companies to take the opportunity of China’s growing importance in the world,” Italy’s under secretary of state for trade and investment, Michele Geraci, told foreign reporters.
But some Italian officials worry that view might be short-sighted.
They say while the BRI may offer Italy new funding sources — the country is still lagging well behind the foreign investment levels it enjoyed before the 2008 global financial crash — it could trigger a significant wave of Chinese imports, which would have long-term detrimental consequences for Italian industry, employment and politics.
The officials in the country’s finance ministry, who declined to be identified for this article, have been scrutinizing recent academic studies on the impact of Chinese imports on local labor markets. A series of studies, including those by economists David Autor, David Dorn and Gordon Hanson, suggests that Western countries and regions exposed to rising Chinese import competition see a major jump in unemployment, lower labor force participation and lower wages. Unskilled and manual workers are especially adversely affected.
The impacts “are most visible in the local labor markets in which the industries exposed to foreign competition are concentrated. Adjustment in local labor markets is remarkably slow, with wages and labor force participation rates remaining depressed and unemployment rates remaining elevated for at least a full decade after the China trade shock commences. Exposed workers experience greater job churning and reduced lifetime income,” noted Autor, Dorn and Hanson in a paper for the National Bureau of Economic Research, an influential U.S.-based nonprofit.
Other recent academic studies have noted that the regions of the U.S. and Europe most impacted by trade with China are the ones which in recent elections and plebiscites have backed populist candidates and nationalist causes like Brexit, support fueled by anger at the effects of globalization. Brexit is Britain’s decision to leave the European Union.
“Ironically, looking to Beijing for an economic boost and to alleviate economic deprivation could well hurt the workers and businesses who backed populists in the first place and who the populists want to help — Salvini gets that, but the rest of the coalition doesn’t,” observed an Italian official. (VOA)
Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. Not only do fans love Amitabh Bachchan's outstanding performance, but the actor's heartwarming words are also highly regarded. A much moved Amitabh Bachchan, during his speech to the crowd of over 80,000 people at the Reliance Industries' annual event, said that the legacy left by Dhirubhai has had a positive impact on millions of people's lives worldwide.
When Bollywood superstar Amitabh Bachchan became bankrupt in the late 1990s, Dhirubhai Ambani stepped forward to give him financial assistance. In his speech, Bachchan remembered that Dhirubhai had sent Anil Ambani to offer him financial assistance during the crisis, which he had respectfully declined. Lenders began knocking on his door, losses mounted, and his bank account dwindled to nothing. He said, "Dhirubhai's money might have gotten me out of the problem quickly. However, I respectfully declined his offer and gradually began to find work again, which let me pay off my debt."
Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. | Flickr
Later, after Bachchan had recovered from the bankruptcy, one day he was invited to an event at Dhirubhai's residence; Bachchan added, "Dhirubhai was standing and having a chat with his industrialist friends when he saw me there, he called me, firstly I felt shy even to present myself in front of such big industrialists but then, I went there, and Dhirubhai declared in front of all of them that 'This young man had fallen but managed to get back up on his own, I have a lot of respect for him because of that.' Those words of his were worth much more to me than any amount of money that he could have offered me."
It was the "Reliance Family Day" event and was attended by members of the Ambani family from all generations. The event commemorated the company's 40-year journey since its inception. It also celebrated the 85th birthday of the late Dhirubhai Ambani, RILs (Reliance Industries Limited) founder.
Keywords: Bollywood, Reliance, Amitabh Bachchan, Dhirubhai Ambani, event
In comparison to adults, children are prone to getting traumatized by troubling events easily, and this makes it important for parents to help their children when the times are tough. It could be a brutal accident, an unprecedented pandemic, a violent crime, or other disasters but with the right parental support, children have a higher chance of coming out stronger from an awful situation.
Anuja Kapur, Psychologist shares few tips wherein you can assist your child when tough times comes calling:
Every child responds differently to disturbing events: What children feel about a current disaster in their life and how they react to it can come and go in waves. Children can act moody and withdrawn at times, struck with sorrow and fear at other times. There's no absolute "right" or "wrong" way to feel after a traumatic event so make sure not to dictate what your child or how your child should feel and react to the event.
Children can act moody and withdrawn at times, struck with sorrow and fear at other times. | Photo by Kat J on Unsplash
Encourage your child to be transparent: Just make sure you let your child know that whatever feelings they're experiencing is normal. The unpleasantness will pass if your child opens up about it and that the phase is temporary. While many teens may be reluctant to talk about their feelings with a parent, encourage them to confide in another trusted adult such as a family friend, relative, or a counselor and teacher. It's important to talkeeven if it's not with you.
Just make sure you let your child know that whatever feelings they're experiencing is normal. | Photo by Sebastián León Prado on Unsplash
Deter your child from reliving the disturbing event: Dwelling over, watching the footage, or imagining the event can be overwhelmingly stressful for children and this stress can even block their nervous system. However, to negate such things from happening encourage activities that keep your child's mind occupied so they're not obsessive about the event. You could encourage your children to read, play games together, or simply watch an uplifting movie.
Dwelling over, watching the footage, or imagining the event can be overwhelmingly stressful for children and this stress can even block their nervous system. | Photo by Юлія Дубина on Unsplash
Cocoon your child with warmth: In order to reassure your child that they are safe with you and feel secure, that the worst is over your physical affection is important in making them feel safe again. Teens may try to be tough through it and avoid being held, but they still need the proximity.
In order to reassure your child that they are safe with you and feel secure, that the worst is over your physical affection is important in making them feel safe again. | Photo by adrianna geo on Unsplash
Maintain routines. Establishing a predictable structure and schedule for your child's life can help to make the world seem more stable again. Try to maintain regular times for meals, homework, and family activities. Make sure your child accommodates time and space for rest, play, and fun. Keeping up with a schedule can help countercheck the obnoxious feeling of stress and worry in children about the future being dark, hopeless, and unpredictable.
Try to maintain regular times for meals, homework, and family activities. | Photo by Paico Oficial on Unsplash
Acknowledge and validate your child's concerns. The disastrous events in life may give place to unrelated fright and concerns in your child. However, understanding and accepting your child's present state is a comfort for the child. If at any point the child blames himself for the event make sure to make it clear and crisp the event was not their fault, you love them, and it's okay for them to feel upset, angry, or scared but not guilty.
Understanding and accepting your child's present state is a comfort for the child Photo by Jeremiah Lawrence on Unsplash
Irrespective of the age of your child, it is vital for parents to offer that extra support and assistance following an unsettling event. The traumatic event may bring up unrelated fears and issues in your child. However, by accepting their thoughts and replacing their fear with your love and direction, the ominous feelings will start to fade away. Eventually, the child will be able to return to a normal and healthy life. (IANS/ MBI)
Keywords: Kids, Help, stress, cope, routine, warmth, understanding, encourage, psychology, children
The European Commission, the executive arm of the European Union (EU), has announced plans for smartphone and other electronics manufacturers to fit a common USB-C charging port on their devices in an effort to reduce waste. In addition to phones, the rules will apply to other devices like tablets, headphones, portable speakers, videogame consoles, and cameras, reports The Verge. The decision will have a huge impact on Apple, as the company still uses its own Lightning connector to charge iPhones. The proposals only cover devices using wired, not wireless and a USB-C port is only mandatory for devices that charge using a cable.
"Chargers power all our most essential electronic devices | Photo by Solen Feyissa on Unsplash
"Chargers power all our most essential electronic devices. With more and more devices, more and more chargers are sold that are not interchangeable or not necessary. We are putting an end to that," the report quoted EU commissioner Thierry Breton as saying.
The Commission also wants to unbundle the sale of chargers from the sale of electronic devices, which it says will improve the consumers' convenience. "With our proposal, European consumers will be able to use a single charger for all their portable electronics - an important step to increase convenience and reduce waste." In addition, the Commission will require manufacturers to provide relevant information about charging performance. (IANS/MBI)
Keywords: Electronic Devices, Chargers, Cable, smartphone, Adapters, Charging Cord