The IBS Times; 198th issue; January 2017

The IBS times COVER STORY

NO MORE “PUMP-AT-WILL”

BY SHILPAM DUBEY

SOUTH KOREA POLITICAL CRISIS

BY JEET PC

TURBULENCE CONTINUES IN TATA GROUP

BY GAGAN KAPOOR

FinStreet, IBS Hyderabad

ISSUE NO. 198, JANUARY 2017

What’s Inside

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INTELLIGENCE BEYOND SUCCESS LETTER FROM THE EDITOR

TEAM IBS TIMES ISHAN GUPTA (EDITOR-IN-CHIEF) ROHIT TILLU (MANAGING EDITOR) ABHINAV BANERJEE

ANUPAMA KUMARSWAMI CHESTHA KUMAR EYAMINI N

Dear Readers, Greetings from Team FinStreet.

We wish you the Very Best for the New Year. Thank you everyone who has contributed and made us where we stand today. We look forward to continue our work of making available of all the latest happenings round the globe in the year 2017.

Team FinStreet is proud to present the 198th edition of The IBS Times.

HEMLATA HAJONG JATIN SHARMA PRATEEK PANDEY RANU SARUPRIA SANDHYA ADHAVAN SWARUPA ROY ANTRA BHARATI

The oil market is in demand again, we cover this in our COVERSTORY, NO MORE “PUMP-AT-WILL”. We also cover the latest environment and business clash in our story DAKOTA OIL PIPELINE. We review the forgone year in our segment MAJOR EVENTS OF 2016. We also look at the latest happening in the Tata Group and the most powerful group of men in TURBULENCE CONTINUES IN TATA GROUP and TRUMP’S CABINET PICK. We cover international news on death of Fidel Castro, Aleppo crisis and the South Korean political crisis.

DEBANJAN PAUL DIXITA REDDY GAGAN KAPOOR JEET PC

Do make the most out of it and keep enjoying the experience of The IBS TIMES. Your feedbacks and opinions will help us make it better.

Once again, a very happy and prosperous new year to all our readers.

RADHIKA GUPTA SHILPAM DUBEY SHREYA RANI

Ishan Gupta Team FinStreet

SMRITI PATODIA SNEHA TIBREWAL SRUJANA NAIK UTSAV CHANGOIWALA

3

SITUATION IN SYRIA ALEPPO CRISIS - HUMANITARIAN OR GENOCIDE?

Aleppo or Halab, one of world‘s oldest continually inhabited cities, was once Syria‘s largest city and its financial centre. Its historical centre has been classified as a UNESCO World Heritage Site. After Syria got its independence, the city developed into a major industrial centre, emerging as a rival of the capital Damascus. The city consists mainly of Sunni Muslims, most of whom are Arabs but many of them are also Kurds and Turkomans. Aleppo also has the largest Christians population in Syria, apart from Armenians, Shia and Alawite communities.

The conflict in Syria started in a city in the south of the country called Deraa, in March 2011.However, by July 2012, the fighting reached Aleppo and the city became one of the main battlegrounds for the civil war .The country was in the middle of a civil war that had been going on for over five years.

Who are involved?

Syrian war is ―four overlapping conflicts‖.

The core conflict is between the soldiers who support the president of Syria, Bashar alAssad, and a group of fighters known as rebels, who don't want him to be in power anymore. As the government forces and the rebels starting fighting in Aleppo, the city became roughly divided in half. Those against the Syrian government (the rebels) mainly had control of the east of the city, while the government soldiers had control of the west.

The second involves Syria's Kurdish minority, The Kurds carved out a de facto ministate and d

-Dixita Reddy

have gradually taken territory they see as Kurdish — sometimes with backing from the United States, which sees the Kurds as an ally against jihadist groups. While Mr. Assad has not focused on fighting the Kurdish groups, they are opposed by neighboring Turkey, which is in conflict with its own Kurdish minority.

The third conflict involves the Islamic State, also known as ISIS or ISIL, which emerged out of infighting among jihadist groups. In 2014, the Islamic State seized large parts of Syria and Iraq, and it declared that territory its caliphate. The group has no allies and is at war with all other actors in the conflict.

The fourth, and most complex, dynamic is the crisscrossing foreign interventions, which have grown steadily. While Russia, Iran, and Lebanese militant group Hezbollah support Syria's president, the United States has supported "moderate" rebel groups, including the Syrian National Coalition. The rebels are also backed by the oil-rich Arab states like Saudi Arabia and Turkey. These foreign powers have different agendas, but all pursue them by ramping up Syria‘s violence, helping to perpetuate the war.

How did it start?

On the surface, it began in 2011 with the Arab Spring. Syrians, like other peoples across the region, rose up peacefully against their authoritarian government. Mr. Assad cracked down violently. Communities took up arms to defend themselves, then fought back in what became a civil war..

4

The government was dominated by a minority group. Over decades, Syria‘s religious and ethnic divides had taken on greater political importance, making the ruling minority fearful and reactive. Mr. Assad had strong support among the military and security services, but not the broader population, making violence more tempting. The instability was deepened by the fact that rural Syrians had moved to cities in large numbers in recent years, driven in part by droughts linked to climate change.

Fighting, once it began, was worsened by several external factors. A decade of war in neighboring Iraq had produced battlehardened extremist groups that now flowed into Syria. Iraq‘s political troubles in 2011 and 2012 helped open space for the Islamic State. During this time, Syria was sucked into the regional power struggle between Iran and Saudi Arabia.

Why is the war so bloody?

There have been atrocities on all sides, but forces loyal to Mr. Assad have committed by far the most. Because his government is so weak — its support base is small and its military has suffered heavy defections — Mr. Assad seems to believe he can regain control only by violently coercing Syrians into submission. That has included using chemical weapons, barrel bombs and starvation.

Because neither Mr. Assad nor the rebels are strong enough to win, the battle lines push back and forth, rolling across communities in waves of destruction that kill thousands but accomplish little else.

Foreign interventions and the Jihadist Group have made those shifting front lines even grsfs

bloodier and have deepened the stalemate. In 2015, Russia moved from supporting Assad politically to conducting a military intervention on his behalf. Intense Russian airstrikes have enabled Assad to make significant gains against rebel forces. As a result, the overall violence kills more Syrians without altering the conflict‘s underlying dynamics.

Why is the refugee crisis so severe?

The war in Syria has produced nearly five million refugees. The exodus has created three sets of problems, all dire: a humanitarian crisis for the refugees themselves, a potential crisis for the countries that host them and a political crisis in Europe over what to do.

Syrian refugees face disease and malnutrition.

Host countries often bar them from working, meaning that families cannot provide for themselves. Many Syrian children are deprived of education, a problem that could hinder them for life.

Most Syrian refugees are in Jordan, Lebanon and Turkey, neighboring countries that lack the necessary resources to help them. The influx could be destabilizing, particularly in Jordan and Lebanon where Syrian refugees now make up a large share of the population.

5

Many refugees, unable to tolerate life in the camps, have braved the dangerous journey to Europe. But European voters have largely rejected them, supporting extreme measures to keep out Syrians and other migrants.

End of war?

Syrian Forces on the road to victory after retaking Aleppo, says Bashar al-Assad.

European leaders at one point suspended search-and-rescue missions in the Mediterranean, partly in response to complaints that saving refugees‘ lives might encourage more to make the journey. Leaders of the campaign to get Britain to leave the European Union based their argument partly on opposition to accepting Syrian refugees.

Europe‘s attitude appears driven by a combination of economic downturn; hostility toward the European Union, which allows unlimited migration among member states; and demographic anxiety rooted in longerterm trends that have made populations more diverse.

As a result, many refugees are stuck in camps in Italy and Greece. Many others die trying to reach Europe. European countries, along with the United States and Canada, have absorbed thousands of refugees, but not nearly enough to alter the underlying crisis.

What is the death toll so far?

While death toll estimates vary from organization to organization, the United Nations and Arab League Envoy to Syria recently estimated that 400,000 people had been killed as a result of the war. Millions more have been displaced, with the UNHCR reporting some 4.8 million Syrians have fled the country while another 6.3 million people have been displaced internally due to conflict.

The army on December 22nd 2016, took full control of Syria‘s devastated Aleppo after a landmark deal evacuation that put an end to the ferocious month long offensive waged on east Aleppo by government forces and allied militia. The loss of east Aleppo is the biggest blow to Syria‘s rebel movement in the nearly six year conflict which has killed many people.

It puts the government in control of the country‘s five main cities: Aleppo, Homs, Hama, Damascus and Latakia. The President‘s victory is a boon for his allies in Moscow and Tehran and a defeat for the oppositions backers, including Turkey, Saudi Arabia, Qatar and some western states.

6

LIFE AND TIMES OF FIDEL CASTRO THE CUBAN REVOLUTIONARY

Fidel Castro: Early Years Castro was born on August 13, 1926, in Birán, a small town in eastern Cuba. His father was a wealthy Spanish sugarcane farmer who first came to the island during the Cuban War of Independence (1895-1898); his mother was a domestic servant for his father‘s family who bore him out of wedlock. After attending a couple of Jesuit schools–including the Colegio de Belén, where he excelled at baseball–Castro enrolled as a law student at the University of Havana. While there, he became interested in politics, joining the anticorruption Orthodox Party and participating in an aborted coup attempt against the brutal Dominican Republic dictator Rafael Trujillo.

In 1950, Castro graduated from the University of Havana and opened a law office. His interest in politics began after he joined the University of Havana and began a part of the expedition to throw Rafael Trujillo, the Dominican Republic dictator, out of power The mission was eventually aborted.

In 1952, Cuba was ruled by a military dictator Fulgencio Batista, who used the army to seize power. He cancelled the elections just three months before they were due and threw out the then President Carlos Prío Socarrás.

Batista's dictatorship had America's support and the US even recognised his government.

In July 1953, Castro and his 120 followers attacked the Moncada army barracks to overthrow the Batista regime. Although the attack failed, it created a terror in the heart of the Batista government and marked the beginning of the Cuban revolution. Castro edss

-Antra Bharti

was arrested and sentenced to 15 years in prison.

Just two years after the attack, in 1955, Castro was released by the Batista government.

Upon his release, he went to Mexico to raise money and revive the revolution. In Mexico, he also met Che Guevara who joined him in the cause.

In November 1955, 82 fighters, including Castro himself, began their expedition to Cuba on a yacht called Granma, which is still on display in Cuba's capital city, Havana.

Castro and his fighters‘ waged guerrilla war on Batista and his US-supplied soldiers that massively outnumbered Castro's small rebellion group. 61 fighters from Castro's army lost their lives but Castro fought on.

During that time, Cuba witnessed a huge disparity in the wealth distribution and abject poverty prevailed. But in Castro, the country saw an opportunity of a bright future.

Eventually, the revolutionary movement succeeded and Batista fled the country. Castro rose to power as the people's leader. For Cubans, Fidel Castro was a father-figure.

Amidst a lot of criticism, for the five decades that he was in power, he worked towards educating his countrymen. His fight towards social justice and equality brought prosperity to the nation, decreased the infant mortality rates and produced professionals like doctors and teachers. Castro mesmerized his audience with his oratory skills. He even held a Guinness World Record for the longest speech ever delivered at the UN, which lasted g 7

for 4 hours and 29 minutes. Sometimes, his speech to his fellow Cubans lasted for 7 long hours!

John F. Kennedy publicly consented not to reinvade Cuba and privately consented to take American nuclear weapons out of Turkey.

He ruled Cuba for more than 5 decades and after Queen Elizabeth II, he's the only one to reign for such a long period of time.

Cuban Life Under Castro

Castro’s Rule In 1960, Castro nationalized all U.S.-owned businesses, including oil refineries, factories and casinos. This prompted the United States to end diplomatic relations and impose a trade embargo that still stands today. Meanwhile, in April 1961, about 1,400 Cuban exiles trained and funded by the CIA landed near the Bay of Pigs with the intent of overthrowing Castro.

Their plans ended in disaster, however, partially because a first wave of bombers missed their targets and a second air strike was called off. Ultimately, more than 100 exiles were killed and nearly everyone else was captured. In December 1962, Castro freed them in exchange for medical supplies and baby food worth about $52 million.

During Fidel Castro's tenure as President of Cuba, he survived an estimated 638 attempts on his life - and that's just from the CIA. Castro publicly declared himself a MarxistLeninist in late 1961. By that time, Cuba was becoming increasingly dependent on the Soviet Union for economic and military support. In October 1962, the United States discovered that nuclear missiles had been stationed there, just 90 miles from Florida, setting off fears of a World War III. After a 13-day standoff, Soviet leader Nikita Khrushchev agreed to remove the nukes against the wishes of Castro, who was left out of the negotiations. In return, U.S. President gtd

After taking power, Castro abolished legal discrimination, brought electricity to the countryside, provided for full employment and advanced the causes of education and health care, in part by building new schools and medical facilities. But he also closed down opposition newspapers, jailed thousands of political opponents and made no move toward elections. Moreover, he limited the amount of land a person could own, abolished private business and presided over housing and consumer goods shortages. With political and economic options limited, many Cubans, including vast numbers of professionals and technicians left Cuba.

From the 1960s to the 1980s, Castro supplied aid to various leftist guerilla movements in Latin America and Africa. Nonetheless, relations with many countries, with the notable exception of the US, began to normalize. Cuba‘s economy foundered when the Soviet Union collapsed in the early 1990s and the US expanded sanctions even further.

Yet Castro found new trading partners and was able to cling to power until 2006, when he temporarily gave control to Raúl. Two years later, in 2008, he permanently resigned.

In 2015, U.S. and Cuban officials announced they had agreed to terms on the normalization of relations between the two nations, with mutual embassies and diplomatic missions opening in each country.

Castro died on November 25, 2016, at the age of 90.

8

CHANGES AT THE NSE NSE LOSES CEO BEFORE ITS IPO

What does my organisation brings to the society? Is a question that I ask myself continuously?

-Chitra Ramkrishna On Friday, 2nd Dec 2016, the headlines popped up in all news channels with an unexpected news of Chitra Ramkrishna resigning from the post of CEO and MD, and this news just left everyone with a shock and so many unanswered questions about her decision of stepping down from the post only weeks before the country‘s biggest bourse is ready to release its own Initial Public Offering. And the exact reasons for this extreme step of hers still remain unknown.

Chitra Ramkrishna started her journey in the finance industry as a chartered accountant and then joined Industrial Development Bank of India (IDBI. Then after serving there for few years, she became the part of NSE and she was one among the hand-picked leadership team. With all the leadership qualities and a deep understanding of the market imbibed in her, created an institution that has been a source of pride in the international market i.e.

NSE. Sources say that one of the reasons to quit can be dropping faith in the NSE top management, the reason being controversy regarding co-location facility about the exchange.

NSE faced allegations of providing unfair preferential treatment to some brokers. This had also been observed by the committee appointed by SEBI for an examination of the same. It also found instances of breach of fair access norms by errd

-Srujana Naik

the NSE and Chitra Ramkrishna‘s attitude towards this issue was seen to be recalcitrant.

In the initial days of her career she had very little knowledge about the business of bourses. The year 1992 had seen a bruising scandal of rouge trader. And brokers had become a blight community. But Indian government was very determined to set up a stock exchange that would function more seamlessly with no flaws, and would be known for professionally running a bourse.

The main idea was to have a bourse that would run trading transparently and where price finding would be clear and technologically driven. Though it was a tough task, Chitra Ramkrishna and her team were trying hard to make it a reality.

In one of her interview she shared her experience about how BSE operated in early days, the trading was conducted under the open outcry system, where brokers would talk to each other and transact on the trading floor.

If NSE was to make a difference, it would have to be with the help of satellite based technology. And they started working on it to make it successful.

In March, 1995 the exchange was registered with 135 companies and the average daily turnover for equity market was around Rs 3 lakh crore. But within few years of its operation the exchange took take off and experienced an intense growth. Today, NSE has more than 1600 companies with having average daily turnover of around Rs 1.71 lakh crore. The major reason for such frenetic growth is derivatives market. Its contribution r 9

annually is around Rs 1.58 lakh crore. Market share of NSE is 85 percent in both the cash and derivative segment. Its turnover today is almost 5 times higher than BSE. Narain compliments Chitra saying ― A leader needs complete clarity on how to handle both regulation and commercial business and Chitra is one of the few people I know who can do it without any conflict‖.

In February 2000 Chitra Ramkrishna started internet trading at NSE when the market was at the peak of the dotcom boom. NSE was keen on launching new products that were completely new to the Indian markets but had evolved and garnered traction internationally.

And seeing its success on using technology it was evident that NSE was able to successfully take on BSE‘s open outcry system.

In 2012, NSE inaugurated operations of its new trading platform for SME, named Emerge. Chitra says that SME listing is very different from a main board listing and those who come to the main board already have a mature ecosystem supporting them. So they had to put in lot of efforts in terms of awareness, handholding and the issue of high costs. They aspired to provide a platform that will offer a multitude of products to them.

NSE helped them with due diligence, strengthened their governance framework mechanism, created an ecosystem and enabled engagement with institutional investors and the entire broking community.

Chitra recalls an incident regarding this ―, SMEs typically had challenges getting investment bankers. ―There were only a handful of large investment bankers, which this group doesn‘t need. So we encouraged our broker intermediaries who were geographically in their location to expand into f

investment banking‖. And today exchange has the capacity , through its intermediaries, to help SMEs when they start thinking about tapping the capital market and it was seen that it was easier to attract institutional investors if they were rated. Chitra‘s long term vision was to make the Emerge platform to be indentified and understood as the growth stars of tomorrow and not the ―also ran‖ category and be able to attract institutional investments.

On April 1st, 2013, Chitra Ramkrishna took over as MD and CEO. The former MD‘s had already set a benchmark and now it was her turn to change the rules of the game in India‘s capital market. She believes that Mr.Naraian played a major role in grooming and mentoring her. She focused on making NSE more of a technology driven as exchanges today are becoming more agile giving rise to increase in algorithm and automatic trading.

Currently NSE processes almost 1.6lakh orders every second and that makes it one of the fastest trading platforms. Chitra aims to take the Nifty to international level.

Exchanges in London, Hongkong, Paris, Tokyo and Korea already have Nifty Traded Funds or ETFs. It has almost made its presence in 32 destinations and Chitra aspires that Indian assets are available and distributed in other destinations as well. Chitra was the third woman to head an exchange in the AsiaPacific region and was appointed the Chairperson of the Board of World Federation of Exchanges, a global industry association for exchanges and clearing houses.

With NSE‘s IPO being keenly awaited in the market, the resignation seemed to be an abrupt decision. Now it‘s time for the public and investors to see if the new CEO will be upto the mark.

10

OPEC FINALLY REACHES A DEAL NO MORE “PUMP-AT-WILL”

Giving an unpleasant surprise to the skeptics who thought that it‘s dead, OPEC has finally made a comeback. After piling up huge losses and suffering massive export downfall due to rock-bottom oil prices, the oligopolistic OPEC has finally decided to curb production.

The deal was signed on November 30th at Algiers, for the first time after a long period of eight years. OPEC may cut the output by 32.5 million barrels, shrinking it as low as 1.2 million barrels a day.

-Shilpam Dubey

seen immediately. Oil prices rallied across the globe. It rose as much as 10 percent in New York. It rose to $48.96 a barrel in London.

Along with, shares of the oil companies also surged. The shares world‘s largest publicly listed oil company Exxon, climbed a recordbreaking 4.4 percent in just one day.

However, for consumers it means a higher price, not a good news for the countries which import oil like India and China.

This also means putting an end to the pumpat-will policy adopted by Saudi Arabia in Nov 2014, in which it stopped managing global oil output and allowed the oversupplied market drive the prices.

It will surely mean a bullish trend for oil. But, there can‘t be a major increase. Already the market for oil remains oversupplied and there is no reason for the oil prices to increase otherwise.

The Dynamics The repercussions of the deal will be much beyond the OPEC, from rising profits for the oil companies to strengthening the energy sector. OPEC members like Saudi Arabia and other non-OPEC oil producing countries, who have been facing losses due to extremely low oil prices may now improve. The deal has also softened the relations between Saudi Arabia, Iran and Iraq.

Bullish Trend Not surprisingly, the impact of the deal was frerg

Earlier this year, another deal to cap production remained unsuccessful. That was largely due to the tension between Saudi Arabia and Iran. The biggest oil producer Saudi Arabia and the third biggest producer Iran, are backing the opposite sides in civil wars in Syria and Yemen. They failed to agree on to the oil policies since 2014. The new deal is an indication that may be the differences are resolved.

Or, may be the agreement was successful because Iran is exempted from capping the erd 11

production. Other countries which are exempted are Nigeria and Libya. Also, Iraq got its quota to reduce output for the first time after 1990s.

One another development, as what can be called as an achievement of OPEC was to bring Russia on their side. Being the biggest non-OPEC oil producer, Russia hardly agreed to output cuts in the past. In fact, in November, Russia‘s output reached world‘s highest to 11.21 million barrels per day. Yet in an unprecedented move, it agreed to the deal and will cut by as much as 300,000 barrels a day in the first half of 2017.

The anyways inconsistent OPEC memberIndonesia, remained the only country which didn‘t agreed with the deal. Rather it has decided to part away from OPEC. The deal required Indonesia to cut it production by 5%, to 37,000 barrels per day. As a net importer of oil, it will not benefit Indonesia. It has requested a freeze of its membership. But, its suspension will not impact OPEC.

High Stakes

Saudi‘s ‗pump-at-will‘ policy adopted in Nov 2014 almost backfired and it had to take a Uturn. Its budget deficit stands at $100 billion, nearly highest among world‘s top 20 economies. Its foreign exchange reserves are vanishing and it will have to put a brake to bonus payments to civil servants.

Saudi Arabia started taking steps to push oil prices above $50. This deal is a sign of Saudi‘s desperation to improve its finances.

OPEC deal almost came as a gift to US as restraining supply of oil producing counties would provide lifeline to shale. The US stock market rallied on that day. But, in the long run, this would make the supply even more volatile and can cause another price plunge.

Also, though a broad consensus has been reached, but there is a huge dearth of details, like the targets for each country. What needs to be seen is, how the two forces- new shale supply and OPEC comeback, will clash in the years to come.

12

ECONOMY AND ENVIORNMENT CLASH DAKOTA OIL PIPELINE

What amount of money can be more important that the environment and economic wellbeing? Something similar happened with North Dakota oil pipeline fiasco.

Construction of a 1,172-mile-long (1,886 km) underground oil pipeline project was approved and announced to the public on June 25, 2014. Since then the pipeline had been controversial because of its potential impact on the environment. It became almost impossible to complete the project whose completion date was due January 1, 2017.

Benefits From The Pipeline The $3.7 million project of Dakota pipeline, if completed, will pump in millions of dollars into local economics along with creating about 8000-12,000 construction jobs. The pipeline would carry 470,000 barrels of crude oil per day from North Dakota to Illinois, from where it will be linked with other pipelines. The pipeline would help US to attain energy independence and is the most reliable and safest mode of transport of oil to refineries as compared to rail and road. 70% of the oil is transported through rail because of pipeline limitations thus proponents have argued that it will help farmers in a way by freeing up railroads thus allowing farmers to ship more Midwest grain. It will also reduce the high transportation and freight costs and minimise the harm caused by oil spills. Other means costs significantly more than pipeline transportation, still required additional investments.

Reasons For Protest

-Smriti Patodia

The Standing Rock Sioux, a tribe of about 10,000 people in the Dakota region protested the project, fearing that the Dakota Access pipeline would pollute the tribe‘s main source of drinking water – the Missouri River, and potentially harm their sacred cultural lands and tribal burial grounds. Members of the tribe see this project as a major environmental and cultural threat Since the initiation, thousands of people have gathered to join the protest against the construction of the oil pipeline near the Standing Rock Sioux Reservation. The protest against the pipeline has also become an environmental and cultural issue, stirring passions across social media and pulling in thousands of protestors to camp out in rural North Dakota and have also resulted in violent clashes with law enforcement.

People protesting are also worried about catastrophic environmental damage if the pipeline were to breach near where it crosses under Missouri River.

Disturbance of Land Farmers are worried about the disturbance of land, soil erosion, tiling and degradation of soil quality. The drain tiles present in Iowa fields will be damaged for which the pipeline company have agreed to repair any damage made to the tiles during construction. As noted by an Access spokesman, the soil had already been damaged during the installation in all the farms where the pipeline has crossed. Farmers are also concerned about the breach in the pipeline caused by sdgrghhtyjtyd 13

destabilization in areas prone to flooding causing an environmental disaster.

How Were The Protestors Treated The state of affairs at the construction site, majorly were the protest was being held was quiet inhuman. More than 400 protestors have been arrested at the pipeline construction site.

They were charged for trespassing and engaging in a riot. It was derived that the local law enforcement was also accused of using pepper spray, tear gas and bean bag rounds on them along with attacks on peaceful demonstrations, prayer circles and pipe ceremonies with militarized force.

Protestors were arrested while the authorities cleared the blocked pipeline path on land owned by pipeline developer. However the protesters claimed eminent domain to the land under the 1851 Treaty of Fort Laramie with the Sioux.

Engineers, arguing that the government did not consult them before approving the construction of the pipeline near the Standing Rock Indian Reservation. The protestors wanted to see the construction of the pipeline take a halt entirely and to be made through a different route. They presented the increasing number of pipeline accidents as evidences to be considered right about the safety of their water source.

On 4 December, 2016 The Standing Rock Sioux Tribe celebrated their victory in its battle to stop the pipeline being built near its reservation when the Army Corps of Engineers announced that they would not allow the pipeline to be drilled under the section of the Missouri River. For the completion of the project alternative routes would be planned.

The announcement was a relief to the thousands who have travelled all the way and the multitudes who had rallied to the protest on social media or donated. Their prayers were answered. A lot of people did not believe that prayer was going to be answered.

But people stayed together, fought together and celebrated together.

To look into the seriousness of the matter a United Nations group is also investigating over the allegations that the law enforcement is committing human rights violation and using excessive force.

Result Of The Protest On 27 July 2016, Standing Rock tribe launched a suit against the Army Corps of efef 14

THE CHAEBOL-POLITICAL NEXUS SOUTH KOREAN POLITICAL CRISES

South Korea is embroiled in a fast-moving political scandal that will lead to the removal of President Park Geun-hye and could well endanger critical national security policies and strain the alliance relationship with the United States. President Park‘s political life hangs by a thread, and it is only a matter of time before she either resigns or is impeached.

Park Geun-hye is the first female president of South Korea and the daughter of former president Park Chung-hee. Mr Park, a military dictator, ruled from 1963 to 1979. He was just the third president of South Korea, which was created by the Cold War division of Korea in 1948. Ms Park's mother and Mr Park's wife, Yuk Young-soo, was assassinated by a North Korean sympathiser in Seoul in 1974. At just 22 years old, Ms Park moved into the Blue House, South Korea's equivalent of the White House, where she assumed the role of first lady. That ended abruptly in 1979 when her father was assassinated by the chief of his own security forces. While Ms Park resided in the Blue House during the 70s, she developed a close friendship with Choi Tae-Min, the leader of a now-defunct religious cult. Mr Choi, a former soldier and Buddhist monk, claimed that Ms Park's deceased mother spoke to him in his dreams. When Mr Choi died in 1994, his daughter Choi Soon-sil also developed a strong relationship with Ms Park.

Ms Choi has been described as a "Rasputinesque" figure and even accused of conducting occult rituals on government property.

In last month hundreds of thousands of regregred

-Jeet PC

protesters have taken to the streets in Seoul over accusations that Ms Park allowed Ms Choi to access classified documents. The protests, the largest the country has seen since the end of military rule in the 1980s, have seen more than 20,000 police officers deployed to protect the Blue House. Last month, Ms Choi was formally charged with abuse of authority, coercion and fraud. It is alleged that Ms Choi used her relationship with Ms Park to extort millions of dollars from major South Korean firms, using some of the money to pay for her daughter's equestrian training in Germany. Protesters and opposition parties have accused Ms Park of assisting Ms Choi and are demanding her resignation. Ms Park's approval ratings have sunk to a virtually unprecedented 0 per cent.

She has apologised in three televised addresses to the nation, but has so far refused to step down.

The crisis has prevented President Park from establishing relations with the incoming Trump Administration. Her departure from office would lead to policy paralysis and a political vacuum in a critical U.S. ally at a time when Washington and Seoul should be closely coordinating alliance defense plans and North Korea sanctions policy. The progressive opposition parties are attempting to exploit the emergency to reverse Park‘s initiatives to pressure North Korea, improve relations with Japan, and augment South Korea‘s defenses against North Korea‘s growing nuclear and missile threat. North Korea may feel emboldened to take advantage of Park‘s diminished status and to re 15

test the incoming Trump Administration‘s resolve. Potential provocations include another tactical inter-Korean clash on the border or a North Korean long-range missile test with nuclear airburst.

Influence-Peddling Scandal. On November 20, the South Korea prosecutor declared that President Park had colluded in a criminal case of abuse of authority, coercion, and leak of classified information. Park was named as an official suspect and accomplice in an ongoing criminal investigation, the first time that a sitting South Korean president had been so identified. The prosecutor added that the only reason Park was not indicted is her presidential immunity under the South Korean constitution. The prosecutor indicted Park‘s long-time friend Choi Soon-sil for embezzlement, attempted fraud, and abuse of authority. She allegedly coerced $70 million from South Korean corporations for two foundations she created and then siphoned off the funds for personal purposes. Despite not holding any official government position, Choi had unprecedented access to the president, intervened in policy and personnel decisions, and received classified information. Choi has been called the ―Korean Rasputin‖ for her apparent power over the president. She is the daughter of a shaman cult leader who claimed to Park decades ago that he could converse with her dead mother. Walls Closing in on Park.

Opposition parties concluded that President Park‘s allegedly criminal acts merited impeachment and announced that they would push for a formal vote, possibly as early as December 2. A motion for impeachment requires most the National Assembly (151 out of 300 members) for presentation to the legislature and two-thirds (200 out of 300) for rtd

approval. An impeached president would cede powers to the prime minister but remain in office until the Constitutional Court adjudicates the legality of the impeachment within 180 days. If the court approved the impeachment, the president would be removed from office and an election would be held within 60 days. If the National Assembly were to approve an impeachment bill in early December, an election to replace the president might not occur until next August, only four months before the scheduled December 2017 election. Alternatively, if Park were to resign, she would depart office immediately and a replacement election would take place 60 days later.

Impact on South Korean Politics. Park‘s presidency is finished. The only issue is whether she resigns or is impeached. The pace of the crisis and how quickly Park‘s ability to control her fate deteriorated is mind-boggling. The conservative Saenuri Party will likely not survive Park‘s crisis.

Political parties in South Korea are fluid and frequently reorganize or rename themselves to project a new image. The party has been riven by infighting between pro- and antiPark factions and will likely splinter. The anti-Park group will bolt the party to distance themselves from the scandal.

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and her likely replacement by a progressive candidate may be President Donald Trump‘s first foreign policy crisis.

If the Trump Administration were to press strongly on renegotiating the Korea–U.S. (KORUS) free trade agreement and demand significant increases in cost-sharing arrangements for stationing of U.S. troops, it could lead to a resurgence of anti-American protests.

President Park has been a steadfast and reliable partner to the United States in confronting North Korea, particularly after Pyongyang‘s fourth nuclear test in January.

After initial counterproductive policies that strained relations with Japan, Park displayed commendable political courage by standing up to nationalist elements in her country and reaching out to Prime Minister Shinzo Abe. Unfortunately, there is nothing that Washington can do to ameliorate President Park‘s woes. The collapse of Park Geun-hye‘s presidency and her likely replacement by a progressive candidate may be President Donald Trump‘s first foreign policy crisis.

The collapse of Park Geun-hye‘s presidency fre 17

THE YEAR THAT WAS MAJOR EVENTS OF 2016

The year 2016 has been a year with a lot of surprises. It saw some major changes politically and economically. There were some major events which unfolded including US Presidential Elections which gave USA its 45th President. Also, the year saw events such as ―Brexit‖, ―Rexit‖, GST bill being passed and demonetization. In 2016, major crisis and disasters affected millions of people around the world. Some of them are the ongoing Syrian crisis, Pathankot and Uri attack on the Indian army.

Let‘s have a look at the major events which unfolded in the year 2016:

Syrian Crisis(Ongoing): The year 2016 was like just another year for the strife-torn Syria. The country has been in the grip of a violent civil war since 2011. If that was not all, it also had to contend with the military group ISIS. The city to have suffered the most is the Syria‘s largest city Aleppo. The battle of Aleppo is between the Syrian opposition and the Syrian government and also the Kurdish people‘s protection units. The battle has been one of the most destructive one and has led to the death of thousands of innocent people. Severe bombing and destruction has wiped out most part of the city and reduced the population of Eastern Aleppo to 300,000. In late September, Russia and Syria launched a massive bombardment of the city using incendiary bombs. Although, the Syrian President, Bashar-Al-Assad, provided amnesty to the militants in the city, however, the offer was rejected. The total death toll from Syria‘s rdefd

-Debanjan Paul & Utsav Changoiwala

five-year civil war has reached 470,000 in the year 2016, out of which about 400,000 was directly due to violence, and the rest was victim due to lack of adequate health services, lack of food, clean water, sanitization etc.

Only a miracle can change the current situation or else things are looking bleak for the current year as well.

Brexit (23 June 2016): It has become the word that has been ringing around the ears of many in 2016. Britain‘s exit from the EU is termed as Brexit. A referendum was held on 23rd June 2016, where everyone of the voting age could take part to decide whether the UK should leave or remain in the European Union. And to everyone‘s surprise, leave won by 52% to 48%. After Brexit, Britain got a new Prime Minister- Theresa May, who took over from David Cameron, who had resigned on the day after losing the referendum. After the initial shock, the UK economy seems to have withered the storm. Just to confirm, Britain is yet to leave the EU, for which it has to invoke an agreement called Article 50 of the Lisbon treaty which gives both the parties to agree to the terms of the split. So, it will take at least another couple of years to find out what kind of deal the UK will seek from the EU. It has also been suggested that it could take up to six years for the UK to complete exit negotiations. It has also to be agreed by 27 national parliaments. So, apparently, the UK is still a part of EU and will continue to abide

by EU treaties and laws, but won‘t take part in any decision making.

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REXIT (Raghuram Rajan's exit as RBI Governor, 22nd July 2016): BREXIT being the news of the hour around the world when India had to face another one in a month's time when Raghuram Rajan announced the end to his term. He is the first RBI governor to not extend his term since liberalization though he had plans of extending but his talk with the government for extension made him change his mind. His main motive was to control inflation and bring price stability in the country. To do so he had increased the interest rate which was not understood by many and was made it a point of criticism. He also introduced Asset Quality Review which promoted Banks to create timely provisions for their bad debts and cleansing of Bank balance sheet of Indian banks by stressing out on bad lending to politically influential tycoons. He also created Bank Board Bureau consisting of RBI personnel for helping the government in appointing Public Sector Bank management.

He had also introduced the framework for new monetary policies for which he has created a committee successfully. He has achieved all what was expected and more out of him in his term. He is being considered as one of the best RBI Governor of India.

GST bill passed (8 August 2016): The green light for ―One nation, one tax‖ or as we call it as GST, was passed by the Rajya Sabha on 3rd August 2016, and the amended bill was passed by the Lok Sabha on 8th August 2016. It is one indirect tax for the whole nation which will make India one unified common market. The prices that we pay for goods have taxes embedded in them and most of the customers aren‘t even aware or ignore the tax they pay for the things that ed

they buy. The GST will join all the taxes in one single tax which all would be aware of.

Without GST, the consumer ultimately ends up in paying higher prices and with the implementation of GST it is going to bring down the end price. Although it hasn‘t been implemented yet, however, all efforts are being made to introduce GST by April 1, 2017.

URI attack and India fighting back (18 September 2016): On the morning of 18th September, four terrorists struck the camp which was located at Uri in Baramulla District. Considered as one of the deadliest strikes on the army personnel, about 18 army soldiers have been killed and 19 others were injured. The Uri terrorists attack was more disastrous as compared to the Pathankot terror attack that took place in January 2016.

It was revenge time for India now, and nearly 10 days after the Uri attack, India carried out surgical strikes in Pakistan Occupied Kashmir, causing heavy casualties on terrorists and of course those protecting them.

Overall, 38 terrorists and 2 Pakistani soldiers were killed in the surgical strike with no Indian casualties. It was the kind of response that no one was expecting and it was based on specific intelligence as per reports.

US Presidential Elections (8th November 2016): Barack Obama being ineligible for elections, the two potential candidates Donald Trump and Hillary Clinton were seen fighting from the very moment they showed their intentions to run for president. The tight competition between the two which ended up with Donald t 19

Trump and other republicans to see a new dawn from the White House. Being the winner of 45th US Elections he is to take the oath on 20th January 2017. People of USA wanted a change and did not want to make a professional politician their president, though for pre-election results it was predicted that Hillary Clinton would win. 8th November 2016 when the results were out it took the whole world and half of US by a surprise.

Hillary Clinton being more experienced in politics seemed to be right candidate for president than Trump a New York Billionaire who had no taste of politics. Trump believed on his instincts and carried out most unconventional ways to promote his campaign. He spent on caps more than pollsters and he held massive rallies instead of going door to door knocking. Hillary Clinton's campaigning was done mostly claiming her the most qualified candidate which ended in her just being the candidate similarly Donald Trump's was 'Making America Great Again'. We have 4 years from now to see how great America becomes at the end of his Trumps term.

round of the Sun. 2016 has been an eventful one and was nothing less than a rollercoaster ride where everybody had their ups and downs. Now we have to see what 2017 has in store for us. We hope 2017 brings in happiness and peace to everybody around the globe. Happy New Year 2017 to all our readers.

These have been few major events that has its impact globally but there were many others also which are worth the consideration, they are: • North Korea Hydrogen Bomb Test • South China Sea Disputes • Latvia becomes the 35th member of the OECD (Organisation Of Economic Cooperations and Development) • The North Korea Government conducts its biggest nuclear test • Fidel Castro, Cuba's leader of revolution dies at 90 So here we have all have clocked another rtrtgr 20

TATA SAGA TURBULENCE CONTINUES IN TATA GROUP

-Gagan Kapoor

India Inc is no more abnormal to high-decibel corporate meeting room fights, however this year everybody on the ring side was shocked when Ratan Tata and Cyrus Mistry recorded up for a top-draw battle, unannounced. The suddenness of the improvement was a long way from the development to the battle between Muhammad Ali and George Foreman on October 30, 1974. Be that as it may, what occurred on October 24, 2016, at Bombay House when Mistry was sacked as Chairman of Tata Sons and the resulting open slugfest unquestionably coordinated the power of 'The Rumble in the Jungle', blow for blow.

best to lead the USD 103 billion salt-toprogramming combination.

The Tata versus Mistry adventure reflected the session in Zaire amongst Ali and Foreman — a previous unbeaten heavyweight champion going up against an undefeated youthful ruling title holder to declare power.

Not to be effectively moved over, Mistry while picking not to confront EGMs of shareholders, surrendered from these organizations as Director, however hit back by documenting appeal against Ratan Tata, Tata Sons and some of its chiefs at the National Company Law Tribunal, charging mistreatment and blunder of minority intrigue.

At 79, Tata, who had resigned as Chairman of Tata Sons in December 2012, has been there and done that — having seen off gathering satraps, for example, Russi Mody of Tata Steel, Darbari Seth at Tata Chemicals, Ajit Kerkar at Indian Hotels, and A H Tobaccowala at Voltas when he was much more youthful in the 1990s.

Then again, his successor Mistry, at 48, was named to get ready for a long innings in charge of the India's biggest combination till the sucker punch arrived.

As much as it was close to home and an inner self tussle, the duel between the two, be that as it may, was not only about who was the rttgf

To pariahs, the expressions of the heroes made it resemble a conflict between the old watch and the new; of going ahead with custom versus the need to keep pace with time and of long haul development against settling squeezing quick issues.

Tata Sons likewise moved in quick to evacuate him as chief in a few recorded and unlisted substances of the organization which included TCS, Tata Steel, Tata Motors, Indian Hotels Co Ltd, Tata Chemicals, Tata Power, Tata Teleservices and Tata Industries.

The appeal to documented by two of his family-claimed speculation firms asked the tribunal to "supersede the current governing body" of Tata Sons and name a head to take care of its everyday undertakings.

It additionally looked for arrangement of a resigned Supreme Court judge as the nonofficial executive and limit between time Chairman Tata from going to load up gatherings and meddling in the issues, among numerous different assertions.

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Adding an alternate edge to the Tata-Mistry battle was Nusli Wadia, who was a free executive in three recorded Tata substances — Tata Steel, Tata Motors and Tata Chemicals.

Purportedly a long-term companion of Tata, Wadia got the companion turned-adversary account to the piece as he put the gloves on for yet another session at 72 years old.

But Mistry hasn‘t given up, and the ugly boardroom battle is likely to shift to the courts. Investors still need to brace for a longdrawn fight, it appears. In any case, even if Mistry disappears from the scene, his statements have already done enough damage. The Tata-Mistry saga has dented valuations of all group firms, even in the performing wings such as TCS where he was already shunted out.

Blamed by Tata Sons for acting working together with Mistry and exciting autonomous executives and activating assessment, driving disturbances and issuing articulation which were in opposition to the interests of the gathering organizations in which he was a chief, the leader of the Mumbai-based Wadia amass hit back with a criminal criticism suit.

Having gone up against no not as much as Dhirubhai Ambani amid the 1980s in the Bombay Dyeing versus Reliance Industries battle, Wadia demonstrated his family and did not leave, not at all like Mistry, before the EGMs of the three Tata firms called to expel him as free chief.

While the results of shareholders' voting were just about an inevitable end product, Wadia in his criminal slander suit against Tata Sons, its between time Chairman Tata and a few chiefs asserted "defamatory and culpable" substance in an extraordinary determination moved to look for his expulsion from three Tata gather firms.

Effect on Stocks Mistry‘s resignation from Tata group firms may provide some relief to the stocks of these firms. After all, shares of TCS had risen after the firm‘s shareholders voted him out.

As the chart shows, each large Tata group firm has underperformed peers, irrespective of market conditions in their respective sectors. TCS shares have fallen at a higher rate vis-a-vis the Nifty IT index. Investors are applying a discount on account of corporate governance-related concerns. In some cases, they don‘t seem to be overly concerned. TCS continues to lead in the information technology sector in terms of the priceearnings multiple.

But in some other cases, valuations have fallen much more. Shares of Tata Chemicals Ltd and Indian Hotels have fallen as much as 17-24%. According to analysts, this is because of a concern that the recovery in these firms, which Mistry initiated, is likely to be derailed. Tata Motors Ltd‘s shares, too, have underperformed peers by a wide margin.

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Overall, the performance of Tata group stocks in the past two months sends a signal that investor confidence has been shaken.

Alongside all the other battles it fights, the Tata group also needs to work hard on rebuilding investor confidence.

From an investors‘ perspective, it‘s clear that for a reversal of the underperformance of the past two months, market conditions need to improve in the industries in which group firms operate. Take the case of Tata Steel Ltd, which is surprisingly the best performing Tata group stock since the Mistry saga began. It has fallen by less than 3%, far lower than the fall in other Tata group stocks.

Tata Steel shares have, of course, been helped by the rally in the stocks of metal firms since end-November. This underscores the fact that external factors such as market conditions can help investors overcome some of the losses due to the ugly boardroom battle at Tata group firms. But, of course, not all investors may have the patience to wait for market conditions to improve and undo the damage done by leadership. Many have already voted with their feet, and others may follow suit.

corporate meeting room fight can continue for quite a long time and whatever happens, the customer brand of Tata won't be influenced unless there is a noteworthy oversight and commission in the items it offers.

Corporate meeting room fights can to be sure be long, as demonstrated by the almost two full years of battle between Vijay Mallya and Manu Chhabria for control over alcohol significant Shaw Wallace and Co. They can likewise be savage, no doubt, as saw in the battle between the nation's wealthiest man Mukesh Ambani and his sibling Anil Ambani after the downfall of their dad till they smoked the peacepipe through an understanding expedited by their mom Kokilaben.

In spite of the fact that Ali thumped out Foreman in the eighth round of their heavyweight title session in Kinshasa 42 years back, on account of Tata versus Mistry, the battle is a long way from being done.

As such, the Tata group clearly has its work cut out for restoring credibility.

The unavoidable question that the battle raised was how the battle has hurt a regarded and respected brand Tata?

All around, the battle hasn't influenced the Tata mark overall. It is the political brand of Tata that has been shaken with identities favoring one side. Be that as it may, the customer brand of Tata stays in place while the representative brand of the gathering is around 99% unaffected. Such kind of rtgthgrre 23

WORLDS MOST POWERFUL PEOPLE TRUMP’S CABINET PICK

Understanding the political success of US president-elect Donald Trump is not easy.

President Donald Trump‘s cabinet and top nominees draw more deeply from an extremist group of the corporate class than any in history. We can see the wholesale corporate acquisition of the American government. Nothing more clearly shows Trump‘s complete dishonesty and suspicious than his absolute betrayal of the promising claims of his election campaign related to rid Washington of insider dealing and corruption.

With this combination of cabinet, it is a virtual fact that this administration will be the most corrupt and scandal prone in history of America .and there is absolute certainty that by this framework, they will pursue an agenda that serves most of the interests of the corporate class and does no benefit to the American people. To get a clear picture and the future scope of what is about to come, it‘s better not to consider one or two of Trump‘s nominees but the totality of his corporate electives.

Mike Pence a Vice President-elect he has strong ties up with Koch Industries and is eye-popping ranks from the chemical industry, construction industry, finance sector, and pharmaceutical industry Trump‘s secretary, Rex Tillerson who worked his entire career at Exxon Mobil a world‘s largest oil companies, but the corporation most responsible for spreading climate denial and menace climate activists.

Steven Mnuchin, treasury secretary nominee r

-Shreya Rani

and executive of Goldman Sachs, through a hedge fund took over the failed IndyMac and turned it into One West and earned huge profit on resale after 5 years. Went on a charge, engaging in robosigning and other abuses such that one judge found the bank to have been engaged in practices that were repulsive, repugnant, shocking and harsh.

General James Mattis, secretary of defence, a multinational military contractor ,has spun through the revolving door, leaving the military to serve on the board of General Dynamics, and the scandal-ridden Theranos, a start-up company which misled investors and consumers about its blood-testing technology.

U.S. Sen. Jeff Sessions, attorney general, despite a racist record that disqualified him from a federal judgeship three decades ago in 1987, and who has a record of gentle treatment of the tobacco ,finance and other industries.

Betsy DeVos, a billionaire descendent to head as education secretary and whose husband is heir to the Amway fortune, is a stockist of extremist education privatization proposals and has her invested in for profit education companies.

Elaine Chao, up to serve the U.S. Department of Transportation, who served Wells Fargo as the board of directors during the cross-selling scandal, as well as a half dozen other corporate boards.

Gary Cohn Former Goldman Sachs executive, slated to head the National RTGGRT 24

Economic Council, who led Goldman Sachs as it profited off the housing market disintegrated in part by misleading its own clients.

and embody predatory corporate capitalism with financial holdings that give him a direct control in many of the issues about which he will be advising the president.

Scott Pruitt Oklahoma Attorney General, Trump‘s pick to handle the U.S. Environmental Protection Agency, believes that climate science is ―far from settled,‖ has frequently sued the agency he will be tasked with leading and as Oklahoma attorney general sent letter drafted by Devon Energy, one of the state‘s largest oil and gas corporations to federal agencies that were literally drafted by Devon Energy, one of the state‘s largest oil and gas corporations.

In any prior commanding, it would have been a super storm if even one of these individuals had been named to the cabinet.

Steve Bannon a former Goldman Sachs executive and a special adviser to Trump, who may maintain undisclosed business or other ties with Breitbart.com, a racist website.

Linda McMahon, the Small Business Administration, as World Wrestling Entertainment CEO helped ensure the wrestling industry, remained highly unregulated, putting the health and safety of wrestlers at stake.

Andy Puzder, to head the U.S. Department of Labour, the long-time mogul incharge of the Hardee‘s and Carl‘s Jr. fast-food chains, companies known for being anti-union and anti-worker and who resists all most all of the most important recent pro-worker initiatives of the Obama Labour Department.

Wilbur Ross, take the post of secretary of the U.S. Department of Commerce, a billionaire whose firm has profited from buying distressed firms and cutting workers‘ benefits.

First, the Trump administrations with a huge abet from Senate Republicans is displaying a stunningly casual attitude toward ethics rules.

Second, the unmatched wealth and corporate mix-up of cabinet nominees‘ means those inevitable scandals won‘t just involve consulting relatively small benefits on favoured businesses.

Third, even if the legal conflict issues are solved, the bigger revolving-door problem will nonetheless suffuse this administration.

The revolving door means people moving back-and-forth between industry positions and government, and typically between corporate jobs and in regulatory agencies with authority over past and future employers.

Fourth, these aren‘t just your every day billionaire and corporatists. We know from all the poll and survey data that the super rich generally see the world from a very different angle than the others.

Fifth, all of these matters more than it might in other administrations because of the unconventional governing style expected out of the incoming president. The cabinet members are going to have unmatched degrees of freedom to pursue their preferred tasks.

Carl Icahn special advisor on regulatory affairs is the representative corporate raider rer 25

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