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Income from black money more than the expenditure on education and health sectors

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By NewsGram Staff Writer

A new study conducted by Global Financial Integrity (GFI) has revealed that in India the riches acquired through black market are more than the expenditure on education and health sectors.

The average yearly income from crime, corruption, tax evasion and other illicit finances were nearly 120% more than the government’s annual education spend and about 100% more than health expenditure.

The report coordinated outflows of black money from 82 developing countries and found that the poorer the country, the more money is illegally taken out from it.

Reportedly, the investigations have shown that globally, 80% of the illicit financial flows take place through trade misinvoicing done by international corporate companies.

In India, this component exists more predominantly, accounting for over 98% of illicit financial outflows.

The average yearly illicit outflow in India for the years 2008-12 was 4% of GDP, 10% of trade, 215% of foreign direct investment (FDI), 40% of total tax revenue and 0.7% of capital stock, the report stated.

The report also found an association between illegal financial flows and higher levels of poverty, higher levels of economic inequality, and lower levels of human development.

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Journalist Behind the Panama Papers Killed in a Car Bomb

Caruana Galizia was recently described by the American news outlet Politico as a "one-woman WikiLeaks".

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Daphne Caruana Galizia died on Monday when her car, a Peugeot 108, was destroyed by a powerful explosive device. (Representative image) Pixabay

Valletta, October 17, 2017 : A journalist who led the Panama Papers probe into corruption in Malta was killed on Monday in a car bomb near her residence, the media reported.

Daphne Caruana Galizia died on Monday when her car, a Peugeot 108, was destroyed by a powerful explosive device, reports the Guardian.

A blogger whose posts often attracted more readers than the combined circulation of the country’s newspapers, Caruana Galizia was recently described by the American news outlet Politico as a “one-woman WikiLeaks”.

Her latest revelations accused Malta’s Prime Minister Joseph Muscat and two of his closest aides, connecting offshore companies linked to the three men with the sale of Maltese passports and payments from the government of Azerbaijan.

No group or individual claimed responsibility for the attack, the Guardian reported.

Malta’s President Marie-Louise Coleiro Preca, called for calm. “In these moments, when the country is shocked by such a vicious attack, I call on everyone to measure their words, to not pass judgement and to show solidarity.”

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In a statement, Muscat condemned the “barbaric attack”.

“Everyone knows Caruana Galizia was a harsh critic of mine,” said Muscat, adding “Both politically and personally, but nobody can justify this barbaric act in any way.”

He announced in parliament later on Monday that Federal Bureau of Investigation (FBI) officers were on their way to Malta to assist with the investigation, following his request for help from the US government.

According to local media reports, Caruana Galizia filed a police report 15 days ago to say that she had been receiving death threats.

The journalist posted her final blog on her Running Commentary website at 2.35 p.m. on Monday, and the explosion, which occurred near her home, was reported to police just after 3 p.m.

Over the last two years, her reporting had largely focused on revelations from the Panama Papers, a cache of 11.5 million documents leaked from the internal database of the world’s fourth largest offshore law firm, Mossack Fonseca. (IANS)

 

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Amit Shah Rejects Allegation of Money Laundering on Son Jay Shah

"Where has money laundering been done? All the transactions happened through cheques and banks," claimed Amit Shah at an event.

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Amit Shah, BJP National President. Wikimedia

Ahmedabad, October 13, 2017 : Breaking his silence, BJP president Amit Shah rejected allegations of money laundering against his son Jay Shah whose company had reportedly recorded an extraordinary spike in business after the BJP came to power at the Centre, and asserted that it had not done any business with the government nor taken any kickbacks.

He also said that unlike the Congress, which had faced many corruption charges in the past, his son has shown courage to file a civil and criminal defamation suit on the allegations levelled against him and “invited a probe against himself” by this step.

“There is no money laundering involved in Jay’s company. This company is completely in commodity business, where turnover is more while the profit is less. We have exported bajra, corn and rice while coriander was imported. And after doing a turnover of Rs 80 crore, they don’t tell how much they made profit,” Amit Shah said at an “India Today” event “Gujarat Panchayat”.

Answering questions, he said that after making a turnover of Rs 80 crore, Jay made a loss of Rs 1.5 crore. “Where has money laundering been done? All the transactions happened through cheques and banks,” he said.

Asked about Jay Shah filing a defamation suit against the publication, Shah said: “Before answering your question I would like to ask you one thing. After Independence, how many corruption charges have been made against the Congress?

“Please understand this is not corruption. Many allegations of corruption were made against the Congress. Did it ever file a civil suit or defamation suit? No. Why they lacked such courage? Today Jay has filed a defamation as well as civil suit and is demanding a probe himself. Those who have the evidence can submit it to the court, and then the court will decide,” the BJP president said.

He said: “We have ourselves invited a probe and on the company issue I want to clarify that it has not done business with the government of even Re 1 nor taken any government land or tender. Neither has it received kickbacks as in the case of Bofors.”

When asked about Jay’s company securing unsecured loans, Shah said it was not unsecured loans. “It was a line of credit,” he added. (IANS)

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Will Robots Take Your Job? 70 Per cent of Americans Say No

A report issued by the education company Pearson, Oxford University, and the Nesta Foundation found that just one in five workers are in occupations that will shrink by 2030

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A robot carries boxes at the Amazon Fulfillment center in Robbinsville Township, N.J (AP Photo/Julio Cortez) (VOA)

Washington, October 8, 2017 : Most Americans believe their jobs are safe from the spread of robots and automation, at least during their lifetimes, and only a handful says automation has cost them a job or loss of income.

Still, a survey by the Pew Research Center also found widespread anxiety about the general impact of technological change. Three-quarters of Americans say it is at least “somewhat realistic” that robots and computers will eventually perform most of the jobs currently done by people. Roughly the same proportion worry that such an outcome will have negative consequences, such as worsening inequality.

“The public expects a number of different jobs and occupations to be replaced by technology in the coming decades, but few think their own job is heading in that direction,” Aaron Smith, associate director at the Pew Research Center, said.

The Pew Research Center in Washington, D.C. on July 6, 2005, is the author of a 2017 study looking at the spread of automation and robotics in the workplace.

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The Pew Research Center in Washington, D.C. on July 6, 2005, is the author of a 2017 study looking at the spread of automation and robotics in the workplace (VOA)

More than half of respondents expect that fast food workers, insurance claims processors and legal clerks will be mostly replaced by robots and computers during their lifetimes. Nearly two-thirds think that most retailers will be fully automated in 20 years, with little or no human interaction between customers and employers.

Americans’ relative optimism about their own jobs might be the more accurate assessment. Many recent expert analyses are finding less dramatic impacts from automation than studies from several years ago that suggested up to half of jobs could be automated.

Skills will need to be updated

A report issued by the education company Pearson, Oxford University, and the Nesta Foundation found that just one in five workers are in occupations that will shrink by 2030.

Many analysts increasingly focus on the impact of automation on specific tasks, rather than entire jobs. A report in January from the consulting firm McKinsey concluded that less than 5 percent of occupations were likely to be entirely automated. But it also found that in 60 percent of occupations, workers could see roughly one-third of their tasks automated.

That suggests workers will need to continually upgrade their skills as existing jobs evolve with new technologies.

Few have lost jobs to automation

Just 6 percent of the respondents to the Pew survey said that they themselves have either lost a job or seen their hours or incomes cut because of automation. Perhaps not surprisingly, they have a much more negative view of technology’s impact on work. Nearly half of those respondents say that technology has actually made it harder for them to advance in their careers.

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Contrary to the stereotype of older workers unable to keep up with new technology, younger workers — aged 18 through 24 — were the most likely to say that the coming of robots and automation had cost them a job or income. Eleven percent of workers in that group said automation had cut their pay or work hours. That’s double the proportion of workers aged 50 through 64 who said the same.

The Pew survey also found widespread skepticism about the benefits of many emerging technologies, with most Americans saying they would not ride in a driverless car. A majority are also not interested in using robots as caregiver for elderly relatives.

Self-driving cars

Thirty percent of respondents said they think self-driving cars would actually cause traffic accidents to increase, and 31 percent said they would stay roughly the same. Just 39 percent said they thought accidents would decline.

More than 80 percent support the idea of requiring self-driving cars to stay in specific lanes.

The survey was conducted in May and had 4,135 respondents, Pew said. (VOA)