Thursday 23 February 2023 – Investment Times
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Western countries that are 20 times richer are simply not credible. While the scandal surrounding the Adani empire does not seem to extend beyond the conglomerate itself, the case does have macro implications for India’s institutional robustness and global investors’ perceptions of India. The Asian financial crisis of the 1990s demonstrated that, over time, the partial capture of economic policy by crony capitalist
conglomerates will hurt productivity growth by hampering competition, inhibiting Schumpeterian “creative destruction,” and increasing inequality. It is thus in Modi’s long-term interest to ensure that India does not go down this path. India’s long-term success ultimately depends on whether it can foster and sustain a growth model that is competitive, dynamic, sustainable, inclusive, and fair.
The Only Way to End the War Russia’s war against Ukraine, like almost all wars, will end at the negotiating table. But negotiations cannot start until Ukraine’s territorial integrity has been restored. Since a change of heart in Moscow is unlikely in the short term, the faster that Ukraine gets the means to force Russian troops to return to Russia and stay there, the better – for Ukraine and the rest of Europe. We should all aim for a swift conclusion of the fighting. But, paradoxically, to bring about that outcome, we must make clear to Russian President Vladimir Putin that we will stay the course, doing whatever it takes for as long as it takes, so that he sees there is no point in endlessly sending young Russians into the meat grinder that is the Ukrainian front. Putin will not win this war. In fact, he has already lost it. But he could prolong it or create a semi-frozen conflict if Ukraine is deprived of what it needs to expel Russian forces. For any peace to last, it must be just. And to be just, it must respect Ukraine’s international borders, its democracy, its statehood, and its right to choose its own destiny. This is crucial, because Russia’s justification for its aggression is based on the denial of Ukrainian statehood. Such claims are born of a Russian nationalist and imperialist ideology that rules out the very idea of a distinct Ukrainian identity. Russia defines Ukraine’s people as what the Nazi jurist Carl Schmitt called a “total enemy” that must not be merely defeated, but also erased – not
for what it does, but for who it is. rights, and fundamental freeThis is Russia’s justification for doms. In this respect, the accestorture, abduction of children, sion process leading to European burning Ukrainian books, and Union membership can be transcountless war crimes. The vio- formative. Just as that process lence unleashed on Ukrainians helped Greece, Spain, Portugal, because they are Ukrainians is and Central and Eastern Europecomparable to Stalin’s Great an countries detox from their dicTerror, when millions of innocent tatorial pasts, it can also inocupeople were killed for being late Ukraine against a dictatorial “class enemies.” Stalin’s terror future. “worked” precisely because tar- Twice in my lifetime, history has geting innocent people forced taken a sharp turn and pushed everyone into total conformity Europe in a new direction. The with the will of the state. This is first time was when the Berlin totalitarianism. Wall fell in 1989, allowing EuroHaving descended ever deeper peans to reunite. The second was into authoritarianism during the when Russia invaded Ukraine a past 15 years, Russia has again year ago, forcing Europeans to become totalitarian. Anyone defend and strengthen the who does not comply runs the values and institutions they hold risk of being poisoned, falling dear. from a window, or ending up in Looking ahead, we must acprison. As the population is ter- knowledge that under the currorized into conformity, al- rent circumstances, Ukraine’s inready-vulnerable groups face the tegration with the EU will have to greatest risk of persecution. An- happen much faster than in the ti-Semitism has exploded, sexual past. But that does not mean we minorities are living in constant should sacrifice thoroughness on fear, and racism and xenophobia the altar of expediency. A partial are running rampant. or flawed integration would Under these conditions, it will leave shortcomings unresolved, take a long time for Russia to sort ultimately weakening both itself out, even if the man who Ukraine and the EU. has turned his country into a What is needed, then, is a Marpariah leaves the stage. The shall Plan-type response. This detox of the Russian nation would be unprecedented in might take a generation, and the scale, combining reconstruction outcome is far from assured. and economic transformation Collectively, we must not only with the legal, administrative, ensure that Ukraine can attain a and social reforms needed to just and lasting peace as quickly enable Ukraine to function fully as possible; we must also support as an EU member state. This has Ukraine’s efforts to transform never been done before, but it itself into a prosperous country will have to be done now. whose citizens can count on the One urgent task, for EU leaders rule of law, respect for human and national politicians alike, is
to prepare our citizens for what this transformation of both Europe and Ukraine will entail. In parallel, the EU must build the economic, financial, political, and administrative structures that will be required. The Russian regime portrays Europeans as weak and decadent pushovers. “Gayropa” must ultimately yield to the superior force of ultranationalism, Putin believes, and even had certain political camps in Europe and the United States convinced of this, with politicians and media personalities praising a “strong leader” standing up for “traditional European values.” But the Ukrainian people are exposing the lies underpinning this caricature, putting Putin’s Western admirers to shame. We all need to recognize what is at stake. One hundred years after its first incarnation, totalitarianism has made a comeback on our
By Frans Timmermans
continent. We must quickly contain and then unmask it, so that it can be defeated and finally expunged by the Russian people themselves. This war is about so much more than gaining or losing territory. The Ukrainian nation, a European nation, is fighting for its survival. An imperialist ideology that denies other nations’ existence will not stop at just one. If Russia’s aggression is allowed to pay off, the flames of war will burn in more European countries, and autocracy will spread like gangrene. The past year has shown that we are much stronger than Putin and his ilk, so long as we are united and determined. So, let us take inspiration from the heroism of the Ukrainian people. The more we support them in their struggle, the sooner the carnage will stop.
The new Galamsey: Breach of personal data Have you ever wondered how personal data, either alone, jointly order to be contacted for church person who sells or offers to sell Another example of how personal random strangers are able to add with others, or as a statutory duty[ activities among others. Another data is liable to a fine of not more data may be breached is when inexample is with regard to scan- than 250 penalty units, which is formation is sent to the wrong adyou to lottery WhatsApp groups, Ibid ]. ning and printing several copies of GHS3,000, or a term of imprison- dress because of some error that or receive text messages from Personal Data Breach sports betting companies or even A breach of personal data is more your forms or IDs at business cen- ment of not more than 5 years or could have been fixed if the right receiving phone calls from strang- than just the exposure of your per- tres. both a fine and term of imprison- checks were put in place. Someers in respect of mobile money sonal data to unauthorised per- Some individuals knowingly or ment[ Ibid times, all it takes is a typographical fraud? This article seeks to discuss sons; it is a breach of security that recklessly may disclose personal ]. error with a postal address, phone personal data and how it may be leads to the accidental or unlawful data, and some go to the extent of The careless breach of personal number, or email address for some destruction, loss, alteration, or un- selling or offering to sell a person’s data is much closer to home than health record or sensitive informabreached. authorized disclosure of, or access personal data to a third party with- we think. With the transition to tion to go to an unauthorized What is Personal Data Personal data means data about to your personal data[ Information out the consent of the data sub- digital data and information col- person. If the person is not lawful an individual or data subject who Commissioner, O. (n.d.). Guide to ject. All of the examples of how we lection and storage, many per- or does not have good intentions, can be identified from the data or Data Protection: Guide to LE Pro- give out our data willingly can be sons, institutions, and organiza- that information can be used in other information in the posses- cessing: Personal Data Breaches. very easily exploited by those we tions are not properly destroying the wrong way. sion of or likely to come into the Retrieved from A ICO Website: trust with it. All the scanned the personal data they have col- The Data Protection Act makes possession of a data controller[ https://ico.org.uk/for-organisa- copies of documents or ID cards lected from individuals after use. provision for remedies in the Data Protection Act, 2012 (Act t i o n s / g u i d e - t o - d a t a - p r o t e c - with personal information are at For example, investment firms, event of a breach of personal data. 843)]. Essentially, this means that tion/guide-to-le-processing/perso times sold for profit and for the banks, and most financial institu- Individuals who suffer damage personal data is information about nal-data-breaches/]. Personal data wrong reasons for those who are tions require the customers to and distress through contravena person that identifies or can can be breached by those to to protect and properly dispose of complete forms with personal in- tion by a data controller or proceswhom it is entrusted. that data. identify them. formation on these forms. After sor are entitled to compensation Once data or information can dis- There are several situations in Fortunately, the Data Protection the data has been taken from the from the controller or processor tinguish you from other individu- which we willingly give out our Act has a provision that states the forms, the forms may, if not prop- and can seek such compensation als, it becomes your personal data. personal data to people who may penalty given to a person when erly destroyed, end up in the through the Courts. Additionally, Personal data includes a myriad of owe us a duty of care in how they they knowingly or recklessly dis- hands of street vendors. Your fa- an individual has the right to comthings that can be used to identify handle the data. For example, close personal data. That person is vourite kelewele vendor is proba- plain to the Data Protection Coma person, such as a name, date of when you go to an office or even liable on summary conviction to a bly wrapping your GHC 5 kelewele mission if they feel a person or orbirth, email address, phone the hospital and you are asked to fine of not more than 5,000 penal- in the form filled out by Kofi Baab- ganization is not complying with number, ID numbers and physical leave your name and telephone ty units which is GHS60,000 or to a one some years back AAP Bank their responsibilities. The Data number to show you came in and term of imprisonment of not more Ltd. This gives an individual look- Protection Commission may investraits, among others. A data controller is thus a person left at a particular time. Also, a first than 10 years or to both a fine and ing to unlawfully use that personal tigate the issue and ensure that who determines the purpose for timer in church may be asked to a term of imprisonment[ Data Pro- data unauthorized access to that your rights are upheld. and the manner of processing of leave his or her phone number in tection Act, 2012 (Act 843)]. Also, a data. Data has become the new gold