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Sri Lankan President Dissanayake thanks India for $5 billion economic support

Prime Minister Narendra Modi said that India’s bilateral projects in Sri Lanka are always based on Colombo’s development priorities.

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Sri Lankan President Dissanayake thanks India for $5 billion economic support

Anura Kumara Dissanayake, Sri Lankan President on Monday expressed gratitude to India for economic support during the island nation’s financial meltdown and crucial assistance in restructuring bilateral debt. President Dissanayake is on his first bilateral visit to New Delhi after assuming power in Colombo.

Anura Kumara Dissanayake said that they faced an unprecedented economic crisis some 2 years ago and India supported them immensely to come out of that quagmire. He added that the economic assistance also helped them immensely after that, especially in the debt-free structuring process. He further noted that Sri Lanka secures a very significant place in India’s foreign policy.

In a joint press statement, Prime Minister Narendra Modi said that India’s bilateral projects in Sri Lanka are always based on Colombo’s development priorities. The Prime Minister said that India has so far provided 5 billion dollars in line of credit and grant assistance to Sri Lanka, and have cooperation in all 25 districts of Sri Lanka.

Narendra Modi also announced new projects including assistance for the rehabilitation of the signalling system at the Maho-Anuradhapura railway section and Kankesanthurai Port. He further declared monthly scholarships to 200 students in the universities of Jaffna and Eastern Province. He also affirmed that in the next 5 years, India will also train 1500 civil servants from Sri Lanka.

PM Modi stated that along with housing, renewable energy and infrastructure, India will also cooperate for the development of agriculture, dairy and fisheries in Sri Lanka. India will also participate in the unique digital identity project in Sri Lanka, he continued.

Meanwhile, the Sri Lankan president also assured that his country will not allow its territory to be used in any manner that is detrimental to India’s interest. He conveyed that PM Modi assured full support and he also assured that he will always protect the territorial integrity and sovereignty of Sri Lanka. He added that the cooperation with India will certainly flourish and wants to reassure continued support for India.

PM Modi also said that India will soon finalise a defence cooperation agreement with Sri Lanka. He said that cooperation on hydrography has also been agreed upon, and they believe that the Colombo Security Conclave is an important platform for regional peace, security and development. Under this, cooperation will be enhanced on topics like maritime security, counter terrorism, cyber-security, fight against smuggling and organised crime, humanitarian assistance and disaster relief.

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Group of 101 farmers to resume Delhi march from Shambhu border on Jan 21

This “jatha” (group) of farmers had previously attempted to march on foot towards Delhi on December 6, December 8, and December 14 of last year, but were blocked by security personnel in Haryana.

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A group of 101 farmers will restart their march to Delhi on January 21, departing from the Shambhu border, in a bid to urge the government to meet their demands, which include a legal guarantee for the minimum support price (MSP) for crops, according to farmer leader Sarwan Singh Pandher on Thursday.

This “jatha” (group) of farmers had previously attempted to march on foot towards Delhi on December 6, December 8, and December 14 of last year, but were blocked by security personnel in Haryana.

The renewed efforts by the protesting farmers follow a recent fast-unto-death initiated by a group of 111 farmers on the Haryana side of the border near Khanauri, in support of fasting farmer leader Jagjit Singh Dallewal, whose hunger strike reached its 52nd day on Thursday.

During a press conference at the Shambhu border on Thursday, Pandher, the leader of the Kisan Mazdoor Morcha, criticized the central government for failing to heed the demands of farmers who have been stationed at the Shambhu and Khanauri borders for the past 11 months. “Both the forums [SKM-Non Political and KMM] have decided that the ‘jatha’ of 101 farmers will resume their march to Delhi on January 21 from the Shambhu border,” he stated.

“We have observed and believe that the government is unwilling to engage in talks. Both forums have decided to intensify the agitation,” Pandher added.

On January 15, the group of 111 farmers began their fast-unto-death in solidarity with Dallewal, vowing not to relent until their demands are fulfilled. Meanwhile, the new ‘jatha’ is positioned on the Haryana side of the border while Dallewal continues his hunger strike on the Punjab side at the Khanauri border.

In response to the protests, the Haryana Police has increased security measures on its side of the border and has implemented Section 163 of the Bhartiya Nagarik Suraksha Sanhita, which prohibits gatherings of five or more people.

The farmers have expressed alarm over Dallewal’s “deteriorating” health, warning that he is at risk of “multiple organ failure” due to his prolonged fasting. Dallewal, convener of the Samyukta Kisan Morcha (Non-Political), has been on an indefinite hunger strike at the Khanauri border since November 26 of last year.

Farmers, under the banners of SKM (Non-Political) and Kisan Mazdoor Morcha, have been camped at the Shambhu and Khanauri border points since February 13 last year, after security forces prevented them from marching to Delhi to advocate for various demands, including a legal guarantee for MSP for their crops.

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Why Hindenburg Research is shutting down: A personal note from the founder

Anderson emphasised that his choice was not prompted by any single factor. There are no external threats, health concerns, or urgent issues necessitating this decision. Instead, he described it as a natural conclusion to a significant chapter in his life.

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Nate Anderson, the founder of Hindenburg Research, has decided to shut down his short-selling venture, which has famously exposed alleged frauds amounting to billions and sent shockwaves through major corporations. From igniting a $150 billion crisis for the Adani Group to taking down giants like Nikola and Eros International, Hindenburg has become synonymous with financial scrutiny and controversy depending on one’s perspective.

In a comprehensive blog post titled “Personal Note From Our Founder,” Anderson revealed his decision, stating that the firm has fulfilled its mission and that it is time to move forward. “As I’ve shared with family, friends, and our team since late last year, I have made the decision to disband Hindenburg Research,” he wrote.

Anderson emphasised that his choice was not prompted by any single factor. There are no external threats, health concerns, or urgent issues necessitating this decision. Instead, he described it as a natural conclusion to a significant chapter in his life.

This announcement follows Hindenburg’s completion of its final investigations into alleged financial fraud, which have been submitted to regulators. “As of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” Anderson noted.

Reflecting on his career, he acknowledged that his intense dedication to the firm had come at the expense of other life areas. Initially motivated by a desire to prove himself, he ultimately began to view Hindenburg Research as just one of many chapters in his life.

In the upcoming six months, Anderson plans to create and share content, including materials and videos, to transparently illustrate the firm’s investigative techniques. He hopes this will inspire others to pursue similar efforts.

Hindenburg Research operated with a small but committed team of 11 members. Anderson praised their dedication to precise, evidence-based reporting and their courage in uncovering financial fraud. His team’s efforts have significantly influenced the landscape of financial accountability, with nearly 100 individuals facing civil or criminal charges partially attributable to their investigations.

“Nearly 100 individuals have been charged civilly or criminally by regulators, at least in part due to our work, including billionaires and oligarchs. We shook some empires that we felt needed shaking,” Anderson stated.

Hindenburg garnered international attention in January 2023 when it published a report alleging fraud and stock manipulation by the Adani Group. This report triggered a massive selloff in Adani’s stock, erasing over $100 billion from Gautam Adani’s personal wealth and causing the market capitalization of 10 Adani Group companies to plummet from ₹19.19 lakh crore on January 24, 2023, to below ₹7 lakh crore by February 27.

Although Adani stocks eventually recovered, the Supreme Court later noted that allegations made by organizations like Hindenburg, without proper verification, cannot be considered valid evidence. Previously, Hindenburg’s investigations included exposing Nikola Corporation in 2020 for fraud, which resulted in the resignation of founder Trevor Milton.

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8th Pay Commission for central government employees approved by Cabinet

The minister indicated that the chairman and two members of the Commission will be appointed shortly.

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The Union Cabinet on Thursday approved the establishment of the 8th Pay Commission to revise the salaries of central government employees and the allowances for pensioners. This decision was made during a Cabinet meeting led by Prime Minister Narendra Modi, as announced by Union Minister Ashwini Vaishnaw.

The minister indicated that the chairman and two members of the Commission will be appointed shortly.

The central government sets up a pay commission approximately every ten years to update the salary structure of its employees. Each commission operates under specific terms of reference (ToR) that outline its main focus and responsibilities, which also include determining pension payments.

The 7th Pay Commission was established in 2016 and is set to conclude its term in 2026. It encompasses all individuals in the central government’s civil services and those whose salaries are drawn from India’s consolidated fund, which collects government revenues.

However, employees of public sector undertakings (PSUs), autonomous bodies, and gramin dak sevaks are not covered by the 7th Pay Commission. For instance, an employee working for Coal India would not fall under its provisions, as PSU workers have separate pay scales based on their specific undertakings.

“Prime Minister has approved the 8th Central Pay Commission for all employees of Central Government,” Vaishnaw said.

During the 7th Pay Commission deliberations, employee unions requested a fitment factor of 3.68 for salary revisions, but the government ultimately decided on a fitment factor of 2.57. The fitment factor serves as a multiplier for calculating salaries and pensions.

As a result of this decision, the minimum basic pay increased to ₹18,000 per month, up from ₹7,000 set by the 6th Pay Commission. Additionally, the minimum pension rose from ₹3,500 to ₹9,000, while the maximum salary increased to ₹2,50,000 and the maximum pension reached ₹1,25,000.

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