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University and college teachers urge Liberal government to protect universities from insolvency law

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ATTENTION

Ottawa ON, November 25, 2022 (GLOBE NEWSWIRE) — (Ottawa, November 25, 2022) CAUT — Over 150 leaders from academic staff organizations meeting in Ottawa this week are calling on the Liberal government to deliver on its publicly-funded promise Post-secondary education institutions from the Companies’ Creditors Arrangement Act (CCAA). CAUT alleges that the CCAA process undermines sound post-secondary governance and transparency of public spending.

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In 2021, the Liberals pledged in their electoral platform to “protect post-secondary public education institutions like Laurentian University from corporate restructuring” but little has been done to change that.

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“What happened in Laurentian was wrong and had far-reaching implications for Northern Ontario, Francophone communities and Indigenous communities,” said CAUT President Peter McInnis. “The Liberals have promised they will take action to ensure this never happens again. As academics who understand the damaging consequences of the CCAA process, we raise our voices to say to Prime Minister Justin Trudeau that he and his party must keep their word,” McInnis added.

The call, made during a meeting of the Canadian Association of University Teachers (CAUT), follows the Auditor General of Ontario’s special report on Laurentian University. The report details years of financial mismanagement, culminating in the unprecedented and unnecessary decision to file for bankruptcy protection under the Companies’ Creditors Arrangement Act (CCAA) on February 1, 2021.

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“The CCAA process is not aligned with the goals of public universities,” said CAUT executive director David Robinson. “Post-secondary education is a public good that educates and educates students, promotes democracy, and produces important research,” Robinson said. “These goals are inconsistent with the commercial goals of the CCAA.”

CAUT is asking the government to amend the CCAA to specifically exclude public post-secondary institutions. Senate Bill S-215 proposes to exempt universities and colleges from the CCAA. Bill C-228, passed by the House of Representatives this week, amends the CCAA to provide important protections for workers’ pensions during a bankruptcy, but does not protect post-secondary education from commercial restructuring.

Robinson added: “The Liberals have promised they will take action to ensure what happened at Laurentian will never happen again. Canada’s academics are sticking to it.”

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India to leapfrog to third largest economy by 2030

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Beautiful and colorful aerial view of Mumbai skyline during twilight as seen from Currey Road on February 16, 2022 in Mumbai, India.

Pratik Chorge | Hindustan Times | Getty Images

Accordingly, India should overtake Japan and Germany and become the third largest economy in the world S&P Global and MorganStanley.

S&P’s forecast is based on the forecast that India’s annual nominal gross domestic product growth will average 6.3% through 2030. Similarly, Morgan Stanley estimates that India’s GDP is likely to more than double by 2031 from current levels.

“India has set the stage for an economic boom fueled by offshoring, manufacturing investment, the energy transition and the country’s advanced digital infrastructure,” Morgan Stanley analysts led by Ridham Desai and Girish Acchipalia wrote in the report .

“These drivers will do it [India] the third largest economy and the third largest stock market in the world before the end of the decade.”

India recorded 6.3% year-on-year growth Slightly higher than a Reuters poll forecast of 6.2% for the July-September quarter. Previously, India posted 13.5% yoy growth from April to June, buoyed by robust domestic demand in the country’s services sector.

The country posted record year-on-year growth of 20.1% in the three months ended June 2021according to Refinitiv.

“These drivers will do it [India] the third largest economy and the third largest stock market in the world before the end of the decade.”

S&P guidance is dependent on continued Indian trade and financial liberalization, labor market reform and investment in India’s infrastructure and human capital.

“This is a reasonable expectation from India, which has a lot of catching up to do in terms of economic growth and per capita income,” Dhiraj Nim, an economist with Australia and New Zealand Banking Group Research, told Centre County Report.

Some of the above reforms are already underway, Nim said, highlighting the government’s commitment to foresee more capital spending in the country’s annual spending books.

Become a more export-oriented hub

According to S&P analysts, the Indian government has a clear focus on becoming a hub for foreign investors as well as a manufacturing powerhouse, and its main vehicle for doing so is the Production Linked Incentive Scheme to boost manufacturing and exports.

The so-called PLIS, which was introduced in 2020, offers incentives for both domestic and foreign investors in the form of tax refunds and royalties, among other incentives.

“It is very likely that the government will look to PLIS as a tool to make the Indian economy more export-oriented and more connected to global supply chains,” wrote S&P analysts.

Workers processing metal parts at a cookstove manufacturing facility of GHG Reduction Technologies Pvt in Nashik, Maharashtra, India on Sunday November 13, 2022.

Dhiraj Singh | Bloomberg | Getty Images

For the same reason, Morgan Stanley estimates that India’s manufacturing sector’s share of GDP “will increase from 15.6% of GDP currently to 21% by 2031” – meaning that manufacturing revenues will increase from the current $447 billion Bank.

“Multinationals are more optimistic than ever about investing in India… and the government is encouraging investment both by building infrastructure and making land available for factories,” Morgan Stanley said.

“India’s advantages [include] plentiful cheap labour, low manufacturing costs, openness to investment, pro-business policies and a young demographic with a strong propensity to consume,” said Sumedha Dasgupta, a senior analyst at the Economist Intelligence Unit.

These factors make India an attractive choice for establishing manufacturing centers by the end of the decade, she said.

risk factors

One of the salient sticking points that could cast doubt on Morgan Stanley’s forecast is a prolonged global recession, as India is a highly trade-dependent economy and nearly 20% of its production is exported.

Other risk factors cited by the US investment bank include the supply of skilled labor, unfavorable geopolitical events and policy failures that may result from the election of a “weaker government”. //What do you mean?

A global slowdown could dampen prospects for India’s exporters, This was announced by the Indian Ministry of Finance last Thursday.

Although India’s overall GDP is already above pre-Covid levels, forward-looking growth will be “much weaker” compared to previous quarters, said Sonal Varma, chief economist at Nomura.

“Real GDP is now 8% above pre-Covid levels in terms of growth rate… but in terms of looking forward, there are headwinds from financial conditions on the global side,” Varma told Centre County Report’s Squawk Box on Thursday warned a cyclical slowdown is imminent.

Similarly, Nim also said human capital investment could be prioritized over education and health.

“This is particularly important in a post-pandemic economy where greater disruption to the informal sector has led to greater economic and wealth inequalities,” he said, adding that falling labor force participation rates, particularly among women, are a concern.

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Analysis-China central bank to offer limited, targeted growth support, no bazooka By Reuters

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©Reuters. FILE PHOTO: Paramilitary police officers stand guard outside the headquarters of the People’s Bank of China, the Central Bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo

By Kevin Yao

BEIJING (Reuters) – China’s $17 trillion economy is heading for one of its worst results this year in nearly half a century, but the central bank has limited options in its arsenal of policy support as it seeks to avoid fuel the flight of capital.

Therefore, according to political sources and analysts, the People’s Bank of China (PBOC) is poised to step up targeted support for struggling sectors and ramp up the nearly $800 billion in loans it has already lent through its structural instruments.

The PBOC, which is trying to prop up an economy weakened by COVID-19 restrictions and a housing crisis, is expected to avoid aggressive stimulus that could stoke inflationary pressures and risk outflows from China, which would weaken the yuan, they said.

The PBOC’s room for maneuver has been limited by a global tightening wave led by the US Federal Reserve’s aggressive rate hikes to tame inflation, although Fed Chair Jerome Powell has indicated their pace is slowing.

Since 2020, when the world’s second-largest economy was first rocked by the coronavirus, the PBOC has expanded its arsenal of structural policy tools, including reending and rediscounting facilities and other low-cost borrowing.

It has offered cheap loans to support small businesses, transport and logistics — sectors hardest hit by COVID — and sectors that align with Beijing’s long-term development goals, such as tech innovation, elderly care and carbon reduction.

“The central bank is likely to expand the scope of structural policy tools and increase the use of such tools,” said a person involved in policy discussions, who spoke on condition of anonymity.

“We will not resort to flood-like stimuli but will make policies more targeted and efficient to ensure adequate and sufficient liquidity.”

The PBOC did not respond to Reuters’ request for comment.

Outstanding loans issued through structural instruments totaled nearly 5.6 trillion yuan ($781.64 billion) at the end of September, central bank data showed.

The PBOC pledged 200 billion yuan in special loans to bail out the real estate sector last month and 154.3 billion yuan in loans to political banks in October through its pledged Supplemental Credit Facility (PSL) to finance infrastructure projects.

The central bank announced last week that it would cut banks’ reserve requirement ratio (RRR) for the second time this year, freeing up about 500 billion yuan in long-term liquidity, narrowing the scope for using the traditional tool. The average reserve ratio was reduced to 7.8% from 14.9% in 2018.

“What I expect is that the PBOC will engage in some form of unconventional monetary policy to increase the efficiency of this RRR cut,” said Iris Pang, chief economist for Greater China at ING, in a note.

To direct more lending to specific sectors, the central bank could increase its small business loan back rate, boost lending for unfinished housing projects and guide commercial banks to accelerate lending growth, Pang said.

POLITICAL RESTRICTIONS

All eyes are on the closed Central Economic Work Conference in December, when Chinese leaders are expected to set the policy course for the economy in 2023.

Chinese government advisers have told Reuters that they would recommend economic growth targets of between 4.5% and 5.5% for 2023. A central bank adviser said last month that China should set a growth target of no less than 5% for next year.

Leaders are expected to endorse a target at the December meeting, although it will not be publicly announced until China’s annual parliamentary session, which usually takes place in March.

Beijing is likely to double its infrastructure boost in 2023 and issue more debt to fund large projects while supporting the PBOC with modest easing, political sources said.

“We face some policy constraints (from the Fed’s moves), there’s no doubt about that,” Yu Yongding, an influential government economist who previously advised the central bank, told Reuters.

“But there is scope for monetary easing as long as inflation does not pick up. The biggest danger for China’s economy is that the growth rate is too slow.”

China is on track to miss the official growth target of “around” 5.5% this year, with economists forecasting growth of around 3%. Excluding the 2.2% expansion in 2020, it would be the weakest growth since 1976, the final year of the decades-long Cultural Revolution that wrecked the economy.

Analysts do not see inflationary pressures imminent, but the PBOC has warned that inflation could pick up once consumption recovers. Consumer inflation fell to 2.1% in October.

On November 21, the central bank leCentre County Report interest rates unchanged for the third straight month. The interest rate for one-year loans (LPR) was kept at 3.65%.

The yuan has fallen about 10% against the US dollar this year despite China’s capital controls.

($1 = 7.1644 yuan)

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tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

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New Delhi: Tata gameformerly known as Tata heavenis the first Indian company to file a confidential offering document for its initial public offering (IPO) with the Markets Authority Sebi.

That Tata group The company filed documents with Sebi, BSE and the National Stock Exchange (NSE) on November 29. The company announced this in a leading daily newspaper.

Market regulator Sebi recently introduced confidential filing or pre-notification of the draft Red Herring Prospectus (DRHP) by companies seeking to go public.

A confidential filing, as the name suggests, allows a company to privately file an IPO registration statement with the regulator for review, delaying the public filing until much closer to the actual IPO date.

This mechanism will help companies keep their DRHPs private until they solidify their IPO plan. The offering documents are available for inspection by regulators and stock exchanges, but are not open to the public.

The company must then file an updated DRHP, which will be a public document once Sebi releases its observations and the company decides to launch its IPO.

The purpose is to give companies flexibility in the flow of information and to keep sensitive data from competitors.

Tata Group’s direct-to-home (DTH) platform aims to raise Rs 2,000-2,500 crore, mainly to allow partners like The Walt Disney Company to make a partial or full exit. Walt Disney inherited its stake in the company as part of its global buyout of Rupert Murdoch’s 21st Century Fox business, and Temasek, ET, reported in November.

Tata Play has already mandated five investment banks –

Capital, Bank of America, Citi, Morgan Stanley and IIFL — as lead arrangers and bookrunners on the proposed offering, according to the report.

As of 2004, Tata Sky was an 80:20 joint venture between Tata Sons and Network Digital Distribution Services FZ-LLC (NDDS), a company owned by Rupert Murdoch’s 21 Century Fox. Walt Disney Co acquired Fox in 2019 and owns an additional 9.8% stake in Tata Sky through TS Investments Ltd, where Fox owned a 49% stake and Tata the remainder.

Temasek of Singapore acquired a 10% interest in Tata Sky through Baytree Investments (Mauritius) Pte Ltd in FY2008 and in FY2013 Tata Opportunities Fund and Tata Capital Ltd acquired an interest in the company. Temasek is also a limited partner of the Tata Opportunities fund.

Tata Sons has a 41.49% stake in the company.

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