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David Cameron joined forces on the European Union referendum campaign with the new mayor of London from the opposition Labour Party, a man he suggested last month had consorted with Islamist extremists. The unusual alliance comes as Mr. Cameron faces pressure from within his Conservative Party ahead of the June 23 vote

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for his management of the pro-EU push. A Conservative critic has said he could face a leadership challenge after the vote. The developments highlight how the referendum is cutting across traditional party allegiances in Britain, with Mr. Cameron forging alliances with some political foes while battling a sizable element within his own party who are leading the campaign for Britain to withdraw from the bloc. At the joint event in southwest London, Mr. Cameron and London Mayor Sadiq

Khan—who was elected this month—said that while they disagreed on many issues they were united in their belief that the U.K. should stay in the EU. During the run-up to the London mayoral election Mr. Cameron questioned Mr. Khan’s judgment and said he had shared a platform with a preacher who supported the Islamic State radical militant group. At the time, Mr. Khan rejected the criticism, saying he had fought extremism all his life and the prime minister was joining in a Continued on page 2

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National Grid accused of ‘RIPPING OFF’ customers after revealing yearly profits By Nathan Rao /Express

Experts claim excessive charges made to suppliers for energy transport and transmission are passed on to consumers to foot the bill. National Grid raked in £6.8 billion - £2.6 billion in profit - in the last year netting more than energy giants British Gas and SSE. It’s profit margins were higher than other major firms including Google which nets around 20 per cent of its overall takings. It has led to regulator Ofgem coming under fire for allowing the giant to charge sky-high rates by setting “far too generous” limits. National Grid’s profits in Britain are more than double the amount it makes in the United States for “doing the same thing”, it has emerged. Latest figures reveal a UK profit margin of 38 per cent compared to the 15.9 per cent the company makes from managing US

networks.Experts reckon this adds around £150 onto the average dual-fuel energy bill which currently stands at around £1,150. The cost of electricity and gas transport and delivery makes up around 20 and 18 per cent of the average energy bill respectively. A 25-per cent reduction in charges through fairer price limits would save households £38 a year, campaigners claim. Mark Todd, director of Energyhelpline, has called on Ofgem to crack down on National Grid accusing the regulator of being too soft. He said: “National Grid is pulling of a total rip off and are being allowed to charge far more than they need to. “This isn’t a trivial sum, we are talking about upwards of two billion pounds in pure profit, they are making an absolute killing.” He claims National Grid’s investment in the US far out-shadows the amount they put into im-

proving the networks in the UK. He added: “They can’t use the investment argument to justify these huge takings. “Despite much lower profits they actually invested more in America last year than in the UK. “The regulators over there are much tougher and their profits are limited even though they are basically just doing the same thing.” John Pettigrew replaced Steve Holliday as National Grid’s chief executive last November on a salary of £825,000. Mr Todd has called on Ofgem to reduce UK profits in line with the US claiming UK households and businesses would be around £1.7 billion better off. He added: “The only people benefiting are their shareholders and their boss is probably the highest-paid person in the industry. “The energy companies take a lot of flack but National Grid appears to be getting away scot-free,

DAVID CAMERON AND SADIQ KHAN JOIN FORCES AS THEY CAMPAIGN TO KEEP BRITAIN IN THE EU

Continued from page 1

divisive campaign against him by his Conservative opponent for the mayoralty. Mr. Cameron congratulated Mr. Khan on his election victory and hailed him as a “proud Muslim, a proud Brit and a proud Londoner” and said he was proud to be with the Labour mayor as part of an “incredibly broad campaign” for EU membership. Mr. Khan said that more than half a million jobs in London were dependent on the U.K.’s membership in the EU and that a vote for “remain” meant jobs and opportunities. Remaining would also help fight diseases and climate change, protect workers’ rights and ensure stronger U.K. defense, Mr. Khan said. Britain’s Prime Minister David Cameron, right, and London Mayor Sadiq Khan meet young voters at an event supporting the U.K.’s continued membership in the EU. ENLARGE. The prime minister’s efforts to

reach across the political divide have contrasted with increasingly rancorous infighting among Conservatives over the EU that has raised questions about party unity and Mr. Cameron’s leadership after the referendum. The campaign in favor of leaving has been driven by several leading Conservatives, among them Boris Johnson, Mr. Khan’s predecessor as London mayor, and a handful of cabinet ministers including the prime minister’s friend, Justice Minister Michael Gove. Conservative lawmaker Andrew Bridgen, who has criticized the prime minister on other issues before, told the British Broadcasting Corp. that the party was so fractured over the EU issue that it had effectively lost its small parliamentary majority and a new election was needed. He said at least 50 Conservative lawmakers were dissatisfied with the prime minister’s leadership

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of the “remain” campaign and it was highly likely they would challenge Mr. Cameron’s leadership of the party. Mr. Bridgen couldn’t be reached to comment. Euroskeptic Conservative lawmakers have voiced anger at the way Mr. Cameron has deployed the government machinery to campaign for staying in the EU, such as using taxpayers’ money to fund a postal campaign to every household in the country explaining its arguments for membership of the bloc. The Conservative lawmakers have also accused the government of trying to scare Britons into voting for EU membership by saying that leaving the EU, or “Brexit,” would cause a recession. In response, Mr. Cameron has said it is the government’s official position that the UK should stay in the EU and he has said he will not apologize for laying out what he believes are the risks of leaving the bloc.

nobody is paying attention to how much they are raking in. “Their profits are way in excess of comparable businesses such as Centrica [British Gas] and SSE which make 5.2 per cent, Sainsbury’s which makes four per cent and even Alphabet - Google’s parent - which only makes a 20 per cent margin.” National Grid is the main body responsible for gas and electricity transport and infrastructure in the UK. A spokesman said: “National Grid accounts for approximately five per cent of a typical energy household bill, which pays for the safe operation of the gas and electricity transmission networks across the UK. “To ensure these networks are able to cope with future demands efficiently, National Grid also invested a record £4 billion in its energy infrastructure last year. “We are incentivised by the en-

ergy regulator Ofgem to get the most cost effective deal for bill payers. “Over the past three years, this has already seen us generate savings of around £330m for UK customers.” An Ofgem spokesman insisted energy transport charges have dropped 17 per cent in the past 25 years while billions have been ploughed into investment. He said: “Our first priority is to protect consumers. “We will continue to monitor National Grid’s performance closely under the current regulatory settlement to make sure it delivers an efficient and reliable energy network. “Our regulation has set challenging targets that have delivered value for money for consumers. “Britain’s energy network is 17 per cent cheaper in real terms than 25 years ago, £80 billion of investment has been secured and reliability has improved by 30 per cent.”

Heathrow Express increases peak fares

By Tom Newcombe/ Buying Business Travel

Heathrow Express is increasing the cost of its peak time ‘turn up and pay’ ticket price as it aims to incentivise off peak travel. Standard one-way ticket from Paddington to Heathrow has gone up from £22 to £24, and a business class ticket fare has gone up to £32 from £30. To reduce congestion at peak times Heathrow Express has also confirmed that between July 18 and August 31

Creative Director: R. Sonar | Designers: Y. Raj Mali, S. Panikar | Editors: M. Ahmed, S. Amin, E. Chawdhary Sub-editor: G. Parmar | Distribution: HMD Media and Distribution Contributors: Rev. Dada J.P. Vaswani, Dr. Rami Ranger, MBE, Nina L’Allure, Elizabeth Lymer, Javed Habib, Simi Arora, Ragasudha Rapatwar, Sonia Chada-Nichal, Bhopinder Matharu, Naresh Singhani, Anita Andani

off-peak standard return tickets will be reduced from £36 to £25. Fraser Brown, director of Heathrow Express said: “Heathrow Express is the quickest way to get from central London to Heathrow and is well regarded by passengers who score it highly for customer satisfaction. “It is an increasingly popular way to get to the airport and these changes will continue to protect the great service we give our passengers.” The new fares will be introduced from June 6.

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OECD warns of Brexit ‘negative shock’ The UK’s economy would suffer “a large negative shock” if it left the EU, the Organisation for Economic Co-operation and Development (OECD) said. By 2020, GDP in the UK could be more than 3% below the level it might otherwise have been if it had remained in the EU, the think tank said. In the rest of the EU, GDP would be about 1% weaker as a result, it said. John Longworth, chair of the Vote Leave Business Council, said the report was flawed.

EU impact

The OECD said lower trade openness would hit the UK’s economic dynamism and productivity in the long term as well. “The weaker UK economy, as well as possible new restrictions after exit from the European Union, would lower net migration inflows, adding to the supply-side challenges by reducing the size of the labour force,” it said in its latest economic outlook. “Some of these effects could be offset by reductions in domestic regulatory burdens,

Hounslow aims to deliver a brighter economic future

Opportunities for local small businesses and local people are the key features of the borough’s first ever Regeneration and Economic Development Strategy published by Hounslow Council. The council intends to work proactively with partners on projects outlined in the strategy to enable the following: • attracting new investment into the borough • retaining and continuing growth of business • delivery of development in creative business – i.e digital, technology • quality jobs that invest in highlyskilled staff • development for affordable housing • delivery of major public transport and community infrastructure The strategy outlines opportunities for ambitious small businesses and entrepre-

REGENERATION AND ECONOMIC DEVELOPMENT STRATEGY 2016-20

but the overall net effect on living standards would be strongly negative. By 2030, UK GDP could be over 5% lower than otherwise if exit had not occurred.” The OECD said that the impact of a Leave vote would not be merely confined to the EU, which warned of “substantial negative consequences for the United Kingdom, the European Union and the rest of the world”.

neurs, working in with larger businesses based in and around the borough. These include creative industries, such as media and broadcasting and the ICT and digital sectors, where Hounslow has the first and second highest concentration of these jobs compared to the other London boroughs. Regeneration of the community is also a major factor with plans for the building of new workspaces, high quality parks and open spaces and infrastructure. This will also incorporate new educational and health facilities and supporting business growth for the community. There is a big push in the strategy to enable local people to become economically active, with support for the creation and retention of quality jobs in the borough for residents, and providing apprenticeships and training opportunities for young people. Following the success of the Hounslow Town Centre Housing Zone’s £18.m grant from the Mayor of London in 2015, Feltham Town Centre has also been designated a Housing Zone by the Greater London Authority (GLA). This will mean a share of £200m with 10 other Housing Zones around London, allowing us to unlock more housing development and facilities that benefit our local community. Councillor Steve Curran, Leader of Hounslow Council, said: “We want to ensure Hounslow is a borough where people enjoy living and is also a fantastic place to invest and do business. Hounslow Council’s commitment to regeneration and economic development is already embedded in our services. “We would encourage residents, businesses and any potential investors in and around the borough to look at this strategy and get on board.” For more details on the Regeneration and Economic Development Strategy, visit www.hounslow.gov.uk/regeneration

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“Weaker demand in the European economies also adversely affects the rest of the world, with GDP in the Brics and other non-OECD economies lowered by over half a percentage point by 2018,” the OECD said. “Within these groups, Turkey and Russia are relatively heavily hit, reflecting their comparatively strong trade linkages with the European economies.”

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MP Sharma supports Speaker’s Parliamentary Placement Scheme 2016

Ensuring our young people get the best opportunities in life is vital. No career choice should be closed off to them. Yet it is still hard to get into a wide range of ‘establishment’ industries – such as the media, law and financial services. Sadly, there seems to still be a perception that Parliament is also one of those places. It certainly used to be the case that politics was dominated by those who came from

upper class families, went to private schools and mixed in the same social circles. Getting a foot in the door in Parliament was down to your well-connected parents putting you in touch with their friends and colleagues. This has changed over the years and the Labour Party has been key to that. Our party was founded by working people and I am proud to see amongst my colleagues in the House of Commons former miners, teachers, healthcare workers, a postal worker, a soldier and carers. It is vital that Parliament more accurately reflects the people it serves, so we can create laws that truly make a meaningful difference to people’s lives. However, getting onto the first rung on the ladder that leads to a job in politics can be difficult. In the past there was a culture of unpaid internships, where those who had financial support would offer to work for free for MPs. This would then give them the experience they needed to get a permanent job in politics. This is changing and key to that are schemes such as the Speaker’s Parliamenta-

UAE Exchange launches safe deposit lockers in its Wembley Branch

UAE Exchange, the leading remittance, foreign exchange and payment solutions brand, has introduced the service of ‘Safe Deposit Lockers’ for its customers at the Wembley Branch in London. This new initiative is part of the brand’s commitment to fa-

Virendra Sharma, MP for Ealing Southall

ry Placement Scheme, which offers paid internships in MPs’ offices to people who would not normally get that kind of opportunity. It pays the living wage over the nine month placement and provides help and support to prepare the participants for the world of work – particularly in politics. It combines work in Parliament from Monday to Thurs-

day, with training and experience in a range of private and public sector placements as well as working in different departments within the House authorities. One of the current interns on the scheme said: “Working in Westminster has been an amazing experience. I’ve learnt so much and found working in an MP’s office fascinating. It’s been incredibly helpful in terms of deciding my next steps in life and I am so grateful for the opportunity.” We now have many graduates from the scheme and their feedback has been excellent – with many former participants describing the experience as ‘life changing’. Some graduates have gone on to work with MPs, others have used the scheme as a springboard to roles more widely in Parliament or to secure permanent jobs in the private sector. The scheme is a great way to open up Parliament and politics to everyone. So if you’ve ever harboured the dream of working in politics, or want to learn more about how Parliament works, then please do consider applying. Applications for the 2016/17 cohort are now open and close on 17 June. If you are interested in applying please read the stories of those who are already on it. You can find out more and how to apply at: www.thecreativesociety.co.uk/uncategorized/ speakers-scheme/

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cilitate its customers with enhanced value -added services. Mayor of Brent, Cllr Parvez Ahmed, graced the occasion and formally inaugurated the Safe Deposit Locker facility at Wembley Branch. Speaking at the inaugural, Lakshmi Narayanan, Regional Head-Europe, UAE Exchange said: “Being one step closer to our customers enables us to create products that suit their needs and provide them with increased convenience. The Safe Deposit Lockers is one such service that will provide safety, security, convenience and privacy to the customers’ prized valuables.”

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Why Vote Leave’s immigration policy means a move against Cameron This policy is about more than just immigration, it’s about competing visions of a post Brexit Britain, and who might lead it. ‘Vote Leave’ want to place the same restrictions on EU migrants as on those from the rest of the world. That effectively means they want to leave not only the EU but also the European Economic Area membership of which requires the free movement of workers. ‘Remain’s’ principle argument for staying inside the EU is an eco-

David Cameron

Over 2600 pupils take on the Heathrow Secondary School Challenge Over 2600 pupils from schools around Heathrow got an introduction to coding and robotics through the Secondary School Challenge. Taking place from March to May, the Heathrow Secondary School Challenge visited 14 schools across the boroughs of Ealing, Hillingdon, Hounslow, Slough and Spelthorne where over half of Heathrow’s 76,000 employees come from. In its seventh year the challenge taught year 8 pupils about coding as part of the Government’s STEM programme which aims to get more young people to take up science, technology, engineering and maths. It was based on the 21 driverless ‘pods’ that are used to transport passengers from business car parks to Terminal 5. Working in teams, the pupils built their own pods out of Lego, and then programmed them to travel a set route. The challenge finished with a pod race off between teams at the end. The interactive sessions were joined by 141 colleagues from Heathrow who were able to share their knowledge and experience. Heathrow Chief Information Officer, Stuart Birrell, said: “Investing in key skills such as coding through schemes like our Second-

ary School Challenge is important to us and the schools we work with. It was great to see such enthusiasm from the pupils to learn new skills as they got to grips with this year’s challenge. Hopefully some of these young people will be inspired to become our engineers of the future.” The final school to take part in the Heathrow Secondary School Challenge was Featherstone High School in Ealing. Head of Careers at Featherstone High School, Andrew Webb, said: “As a school we were really impressed by the excellent programme. Working with the Lego

robots gave the Year 8 students the opportunity to put their coding skills into practice on a practical application. The presence of a wider range of Heathrow’s employees gave the students the opportunity to find out what it is engineers really do and the wide range of entry routes into the profession. As Year 8 students consider their future careers the day has helped many to understand the vast range of highly skilled and well-paid jobs available within the local community.” The following schools took part in the Heathrow Secondary School Challenge:

nomic one. It seems clear that even in the event of Brexit they would want to stay inside the EEA. Post Brexit the current Tory leadership (and a majority in Parliament) would favour remaining in the EEA. So to get his immigration policy through Boris Johnson must first win the referendum, then persuade the Conservative Party to support exit from the EEA as well. Will he get that past a Prime Minister who has just campaigned on staying in?

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Fashion Parade captures London with luxury South Asian couture The fourth annual Fashion Parade event took London by storm amid a showcase of colourful, creative and classic couture from some of South Asia’s most influential designers, including HSY, Nomi Ansari, Ali Xeeshan and Faiza Samee. Celebrities joined dignitaries, as guests like Amy Jackson, Olivia Grant, Nancy Dell’Olio, former Prime Minister of Pakistan Shaukat Aziz and Lizzie Cundy took to the FROW (front row) to marvel at the collections. Held at the luxuriant Mandarin Oriental Hotel in Knightsbridge, Fashion Parade was founded by Sadia Siddiqui, CEO at Mustang Productions, as a platform for South Asian designers to showcase their couture to a British audience. She says: “I am delighted by the response we received from Fashion Parade. I feel it’s a defining moment for Pakistan, as last night we celebrated Pakistani culture at its best, and our guests, designers and also the media have all been so supportive. “I feel with Fashion Parade, we are shifting perceptions of Pakistan; after all, this is a country rich in art, culture and heritage. Pakistan’s fashion industry is so vibrant and the collections showcased at Fashion Parade took flavours of the East and mixed them with Western influences, which worked incredibly well. I’m very proud of our designers and of Mustang Productions for highlighting the best in Pakistani fashion.” Fashion Parade 2016 showcased the work of ten leading designers, who created spectacular collections with fusion flair. Guests were blown away with couture from Faiza Samee, Studio S by Seher Tareen, Hira Shah, Khushboos by Chand, Nomi Ansari, Ali Xeeshan, Saira Rizwan, Mehreen Noorani, Raishma and a special grand finale by HSY. Models walked down the runway in elaborate floral settings designed and created by

Amy Jackson Photo Credit Nas Din

Fashion parade

award-winning florist Zita Elze. The hair and make-up was provided by dynamic duo, Aamir Naveed and Ambreen. This year, the vibrant event was fashion with a cause, supporting the charity Save The Children. Fashion Parade was launched in 2013, in association with Ammara Hikmat of Encyclomedia PR, in London’s Asia House. Since then the event has been held at Kensington Palace and The Saatchi Gallery, setting the bar for luxury South Asian fashion events.

Seher Tareen, HSY, Mehreen Noorani, Raishma - Photo Credit Nas Din-1

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Sri Lanka

Reconciliation in smithereens By Harim Peiris/ SL Guardian

The situation with regards the provincial politics of the Eastern province is a very delicate but promising one. The Eastern Provincial Administration is the grandest of grand provincial coalition administrations, bringing together the SLMC, the TNA, the UNP and the SLFP into the Administration, in perhaps what may be a model and a possibility nationally at a future date. The recent verbal fracas involving Eastern Province Chief Minister and a Navy officer, a Captain who is the commander of the Vidura Naval Training camp, has resulted in unfortunate tensions. The unnecessary has occurred and created a situation where saner counsel needs to prevail and the wider national interest in post-war reconciliation needs to be preserved. The incident itself was a very local affair and that it caught national attention shows the power of social media and the growing influence of social media as an agent of disintermediation between traditional elites and the public. But for social media, the genial and savvy Governor of the Eastern Province would have been able to smooth over a small incident at a local function in Trincomalee. However,

the amateur recording went viral on social media and we have a national incident.

Provincial authorities

The event itself, a ceremony at the Sampoor Maha Vidyalaya, a provincial school was organised to hand over new computers to the school. It was organised by the Navy through a corporate donor and schoolbags and other educational materials to the students. The school which was occupied and used by the Navy during the war years had only two weeks earlier been handed back to the provincial authorities due to the untiring efforts of the Governor. The Navy had a laudable objective to hand the school back to civilian authorities better than they took it over, complete with computers and equipment for the students. Hence as donor coordinator, they played the central role in organising the equipment handover ceremony. The verbal fracas itself has been referred by both Chief Minister and Navy to the President and Prime Minister, as the political leaders of the country and the former also being the commander in chief of the Sri Lankan Armed Forces. However, the incident demonstrates how fragile Sri Lanka’s post-war reconciliation is in the former conflict areas, the ease with which

tensions can arise between ethno religious minority political leaders in the North and East and Sri Lanka’s largely mono ethnic military deployed there and the issue of civilian space which has been inadequately addressed, in the case of the East, a decade after hostilities ended there in 2007 at Thoppigala.

Decade-long civil conflict

The Northern and Eastern provinces of Sri Lanka are the only provinces where ethnic and religious minorities comprise a majority of the population of the two provinces and it has been the site of our bitter, polarising and decade-long civil conflict. Accordingly, the challenge of healing the hearts and minds of Sri Lanka being inclusive and tolerant begins in the North and East. It is this factor that President Sirisena refers to very often at appropriate forums, where he stresses the need for reconciliation. The provincial council system is at the heart of Sri Lanka’s efforts to devolve power to the majority of the ethnic minorities in the Northern and Eastern Provinces and to be inclusive in governance. To correct what LTTE suicide victim Dr. Neelan Tiruchelvam so eloquently defined as the “anomaly of imposing a mono ethnic state on a multi ethnic polity”.

Accordingly, it is in Sri Lanka’s national interest of post war reconciliation and the Sirisena administration’s objective of reconciliation that the provincial administration be strengthened and the civilian space in the North and East be expanded. Clearly the Eastern Province’s Chief Minister felt that his provincial administration had been ignored in a school function organised by the Navy, in a school which came under the Provincial Council’s purview and that he personally and his Education Minister from the TNA had been insulted at the event. It is clear in retrospect that had clearly not been the intention of the Navy in general and not even of the officer concerned. However, it is also clear, that in organising the function, the Chief Minister, the Provincial Education Minister and the provincial administration had not been given what they believed was their due place.

Eastern provincial administration

perhaps what may be a model and a possibility nationally at a future date. The inclusion of the TNA in the Administration is a significant addition from the National Government at the Centre. Supporting and managing this delicate situation in the Eastern Province, is the astute Governor Austin Fernando, himself a former Defence Secretary, besides many other senior roles and a trusted confidante of the President. The TNA only barely lost the last Eastern Provincial Council, at the last provincial elections, the entire province by just 6,200 votes and that too in Ampara, where it also previously managed to elect a Sinhala MP on its ticket to the last Parliament. Elections to the Eastern Provincial Council are due next year in 2017 and the TNA finds itself in good stead to capture power in the Eastern Provincial Council, requiring only a small increase in the Muslim support it garners. The resolute and principled position adopted by TNA leader R. Sambanthan in the face of Mosque attacks during the days of the Rajapaksa regime, has held the TNA in good stead in the East. It is important that sane counsel prevails and a small incident be not blown out of proportion, in a manner detrimental to the national interest of postwar reconciliation.

Nepal

Nepal, India and China should work together By Prakash Chandra Lohani/ Dawn

Nepal expects India and China to respect its concerns and trust it to resolve its own problems. It is often said that the 21st century is going to be an Asian century. There is some merit in the claim. India and China will be the two main countries to provide leadership to this new transformation in Asia. Before the onset of the industrial revolution, both India and China were relatively advanced nations. Historian Angus Maddison estimates that China and India together comprised around 50 per cent of world’s GDP back in 1700. This scenario started to alter as both countries could not adjust to the new challenges of the industrial revolution. The result was a steady decline in the share of world output and inability to face the rising might of new industrial-cumcolonial powers in the region. It is remarkable that by 1950, the share of both China and India decreased

to less than 10 per cent from a high of almost 50 per cent three centuries ago.

Emerging trends

The Euro-centric model is now changing and the future will see the rise of these two Asian giants, which will also put Nepal in focus as we share a 1,400-km long border with China and over a 1,700-km long border with India. Thus, the geo-strategic shift that seems to be under way at present is both an opportunity and challenge for Nepal. It is an opportunity because if we are wise enough, then even a reasonable approach — call it piggy back economics — can help us in our march to prosperity. On the other hand, nations, like people, have the potential to cooperate as well as compete and act in an adversial manner. This is part of human nature and we need to be aware of it. But the current trend in both India and China gives us hope that the future will be characterised by

cooperation geared towards prosperity. Chinese President Xi Jinping in 2013 put forward a truly ambitious and transformative proposal to improve connectivity between China and the rest of the

world. The proposal was the famous Silk Road project, which, in a very short span of time, has caught the imagination of people all over the world. For Nepal, it is of great interest because one branch of the

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Silk Road project known as the Southern Silk Road or the Tea Horse route — the tea from Yunan was exchanged for horses in Tibet in the past — holds the promise to link the Yunan province in China with Myanmar, Bangladesh, India, Nepal, the Tibetian province of China and finally back to Yunan. The Southern Silk Road promises great opportunities for all the countries in the loop since it reduces transfer cost of trade and opens fresh avenues for investment. Indian Prime Minister Narendra Modi has announced its “neighbourhood first policy”. This has indeed been a welcome approach since intra regional South Asian trade stands at just 5 per cent compared with over 60 per cent in the European Union and 25 per cent in Asean. An inkling of this new Indian perceptive was clear when all the heads of South Asian countries were invited to take part in the inauguration ceremony of Modi. Perhaps in line with this new thinking, soon after assuming office, Modi visited Nepal.

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Bangladesh

Bangladesh rating outlook stable: S&P The Daily Star

Global credit rating agency Standard & Poor’s reaffirmed a stable outlook on Bangladesh, thanks to healthy growth prospects and an improving external profile against fiscal weaknesses and development needs. The US-based financial services company assigned “BB-” longterm and “B” short-term sovereign credit ratings on the country. “The ratings on Bangladesh reflect the country’s low economic development and limited fiscal flexibility owing to a combination of constrained revenue-generation capacity and the spending pressure associated with a significant shortage of basic infrastructure and government services.” Bangladesh has received the same rating and outlook from S&P since it first rated the country in 2010. It said although Bangladesh’s external debt is low, the country faces the vulnerabilities of a lowincome economy, fiscal constraints, and heavy development needs. The country’s volatile political setting combined with administrative and institutional weaknesses represent additional rating constraints, added the agency. “We weigh these factors against a relatively modest external debt burden, reflecting support from substantial donor engagement, and large remittances from the Bangladeshi diaspora.” One of leading rating

agencies in the world, S&P said low economic development, as represented by per capita GDP of $1,370 for 2016, is the country’s main rating constraint. “This income level offers a weak and narrow revenue base, in turn limiting the fiscal and monetary flexibility needed to respond to exogenous shocks.” Nevertheless, the rating agency said, Bangladesh’s real per capita GDP growth of about 5.4 percent is healthy and in line with peers’ at this income level. Despite numerous structural impediments to growth, in particular the shortage of electricity, the economy has a record of steady growth with little fluctuation. That said, the high dividend payouts in comparison to foreign direct investments suggest little earnings are retained due to the difficult business operating environment. Combined with a weak institu-

tional setting and infrastructure deficiencies, Bangladesh’s foreign direct investment has remained persistently low. Economic activity has resumed since the last opposition party-led strikes in early 2015, said S&P. “However, the confrontational stance between the incumbent Awami League and the opposition Bangladesh Nationalist Party harbour’s the potential for conflict, as highlighted in the government’s recent violent crackdown of proopposition activists.” On the fiscal front, Bangladesh tends to run moderate deficits. S&P forecast the change in general government debt will average 2.7 percent of GDP annually over fiscal 2016-2019. However, many basic social and infrastructure needs remain unmet, implying the need for higher outlays over the longer term. Although the government’s debt burden is low, with net general gov-

ernment debt 23 percent of GDP as of the end of fiscal 2016, its high interest expense at 17.5 percent of revenues limits fiscal flexibility, the company said. The government’s increasing use of a costlier national savings certificates scheme rather than commercial borrowings suggests that its debt-servicing ratio will not necessarily fall even if there is fiscal consolidation. In addition, almost half the total government debt is denominated in foreign currency. Nevertheless, the availability of official concessional funding tempers the negative effect of high foreign currency exposure. The rating agency sees moderate risk of contingent liabilities from public sector enterprises because of the government’s significant exposure to loss-making stateowned enterprises. The total debt of state enterprises stands at close to 10 percent of GDP. “Should this

contingent liability materialise, it could add substantially to government debt,” said the agency. It also stated that Bangladesh’s narrow revenue base limits the government’s flexibility to mitigate the effect of economic downturns or other shocks. The country has only 2 million registered taxpayers out of a population of 160 million. General government revenue was a low 9.8 percent of GDP in fiscal 2015. Numerous initiatives are underway to expand the tax base, most notably the plan to reform the complicated value added tax (VAT) system. The government has set a target to standardise the VAT rate at 15 percent by July 2016. However, the plan has been repeatedly delayed over the past years, said S&P. “We view Bangladesh’s monetary assessment as below average. The central bank’s limited independence, multiple mandates, and underdeveloped capital markets hamper monetary flexibility.” It said Bangladesh’s real effective exchange rate has been rising sharply, reflecting the currency depreciation of its trading partners. “Should this persist, it could strain the competiveness of its export garment sector.” Bangladesh’s low external borrowings support the ratings. Remittance inflows averaging 8.8 percent of GDP over the past three years and an internationally competitive garment export sector generally ensure current account surpluses. Foreign exchange reserves as of end April 2016 stood at $29 billion, equivalent to an estimated six months of imports. Bangladesh’s external profile draws substantial donor support, ensuring that the bulk of public external debt is low-cost borrowing with long maturity. Additionally, donors and multilateral lenders condition policy formulation and provide direct budgetary support, the rating agency noted.

Russia

Russia calls to fight terrorism TASS

The only way to conquer terrorism is not only to ensure its military defeat but also to prevent the spread of terrorist ideology and to effectively cut off material support to terrorists. Russia calls on all foreign partners to create a genuinely global coalition to fight terrorism, Russian Deputy Foreign Minister Oleg Syromolotov told the OSCEwide Counter-Terrorism Conference in Berlin on May 31, 2016. “We still hope that given the political will on the part of the States concerned, the fight against a growing common threat of terrorism

could guide our efforts to overcome problems and crises in other areas of international relations,” Syromolotov said in a statement the text of which has been published at the Russian Foreign Ministry website. “Russia calls upon all its foreign partners to create a genuinely global coalition, a united front to combat international terrorism with the United Nations playing a key coordinating role, on the basis of the norms and principles of international law, including the principles of equality and sovereignty of States and non-interference in their internal affairs,” the Russian deputy foreign minister said.

“International cooperation in combating the current leaders of the ‘terrorist international’, namely Daesh and Al-Qaeda, offers some hope in this regard,” Syromolotov went on to say. “However, we are well aware that the only way to conquer terrorism is not only to ensure its military defeat, which, indeed, is a must under current circumstances, but also to prevent the spread of terrorist ideology and to effectively cut off material support to terrorists which, unfortunately, is still being provided from the territories of certain States in violation of binding international decisions of the

UN Security Council,” the Russian deputy foreign minister said. According to him, Russia’s experience in counteracting extremism enables it to see the flaws in some principles of emerging international cooperation in a new era of countering extremism.

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“First, such cooperation can only be based on international law, the UN Charter and ideally on existing counter-terrorism instruments, in particular on the relevant provisions of the UN Global Counter•Terrorism Strategy, UN Security Council resolutions and universal counter-terrorism conventions and protocols,” the Russian diplomat said in his statement. “Second, we are convinced that it is the States that should play a leading role in the fight against violent extremism and, consequently, in any international cooperation in this area,” Syromolotov stressed.

BUSINESS

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34 European national business federations urge UK to remain in EU BusinessEurope - which represents 34 national federations - said a vote to leave on June 23 “will only increase the uncertainty” European firms are delaying investment in the UK over fears of Brexit, business leaders from across the continent have warned in a plea to voters to back continued membership. BusinessEurope - which represents 34 national federations - said a vote to leave on June 23 “will only increase the uncertainty”. In a statement, the presidents of the groups - which are overseas equivalents of the CBI said they “ firmly wish to see the UK remain an active and positive member of the EU”. “Full access to the single market is a large part of the UK’s attractiveness to foreign investors,” they said. “Yet several federations report that European businesses are postponing their investment decisions in the UK until the political situation becomes clearer. “A vote to leave the EU will only heighten the uncertainty around current and future investments as some tough negotiations will then begin.” Britain’s EU membership had been “ of mutual benefit to all of our economies in recent years” in part due to

its “strong vision and common sense approach to regulation”. “The referendum is a decision for the British people. But as representatives of businesses from 34 countries across Europe we very much hope the UK stays part of a reformed European Union that is competitive, outward looking and delivers growth, jobs and prosperity for all.” Federations represented are those from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Montenegro, Norway, Poland, Portugal, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, The Netherlands, Turkey and the UK. CBI president Paul Drechsler said: “The business consensus - whether at home or from firms all across Europe and the Commonwealth which invest here - is unequivo-

Tata Steel UK completes sale of long products biz to Greybull Tata Steel said it has completed sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP. Besides Scunthorpe steelworks in England, Tata Steel has sold mills in Teesside and northern France, which employ a total of 4,800 people, the company said in a statement. The sale is for a “nominal” fee, it said. “Tata Steel UK, announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP,” the statement said. The company, which had in March announced plans to sell all its UK operations after years of losses, had been in exclusive talks for the long products business with London-based private equity firm Greybull since December. Greybull had previously said it will invest 400 million pounds (USD 569 million) in the new business. “From today the Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people 4,400 in the UK and 400 in France,” it said. Tata Steel said, in last one year, the Long Products Europe business has implemented a transformation plan including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions. “This has focused the business

on higher-value markets supported by a more competitive cost base,” it said. Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK, said: “As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement programme that has been initiated in the last 12 months.” He said employees and trade unions have worked closely with the Long Products Europe management team to improve the business’ prospects, putting it in a more competitive position than it has been for many years. “It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market,” he added

cally that the UK should remain inside the EU to best support economic growth and create jobs and prosperity.

“Our allies across 33 other European countries who speak for millions of firms of all sizes want to see us build on our decades-long partnership and not risk a significant shock to the UK and global economy, that a vote to leave is expected to bring. “With less than a month until the vote, it’s time for those calling for a Brexit to come clean and provide credible evidence to back up their claims that the UK economy will be better off and opportunities for young people will not be hit in the years following such a result.” quark/charts/netchart/savings.qxd

MONEYFACTS SAVERS SELECTION Telephone Account Notice Deposit % Interest Number or Term AER Paid EASY ACCESS ACCOUNTS WITH BONUS West Brom BS www.westbrom.co.uk WeBSave Bonus Saver None (W) £1,000 1.30%* Yly Tesco Bank www.tesco.com Internet Saver None (W) £1 1.21%* Yly Post Office Money® www.postoffice.co.uk Online Saver 20 None (W) £1 1.00%* Yly TSB Via branch Easy Saver Instant £1 1.00%* Yly TSB www.tsb.co.uk eSavings None (H) £1 1.00%* Yly Telephone Saver (18) None (T) £1,000 1.00%* Yly SAGA 0800 066 5701 EASY ACCESS ACCOUNTS WITHOUT BONUS RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Yly 3rd Issue Branch Saver Instant £500 1.26% Yly National Counties BS Via branch National Savings & Investments www.nsandi.com Income Bonds None (K) £500 1.26% Mly United Bank UK Via branch Online Easy access None (W) £500 1.25% Yly Online Instant Access 4 None (W) £500 1.25% Mly State Bank of India www.sbiuk.com Easy Access - Issue 5 None (W) £1,000 1.25% Yly Shawbrook Bank www.shawbrook.co.uk 1 YEAR FIXED RATES Fidor Bank www.fidorbank.uk Savings Bond 18 Month Bnd (W) £100 1.90% F OM Fidor Bank www.fidorbank.uk Savings Bond 12 Month Bnd (W) £100 1.80% F OM Milestone Savings www.milestonesavings.co.uk Fixed Term Deposit 1 Yr Bnd (K) £10,000 1.80% F OM Al Rayan Bank 0845 6060 786 Fixed Term Deposit 18 Month Bnd £1,000 1.76% F Qly £25,000 1.74% F OM BLME www.blme.com Premier Deposit Account 18 Month Bnd (W) Union Bank of India (UK) Ltd 0207 332 4250 Term Deposit 1 Yr Bnd £1,000 1.70% F OM 4 YEAR AND OVER FIXED RATES FirstSave www.firstsave.co.uk Fixed Rate Bd 5th Iss 7 Yr Bnd (W) £1,000 2.75% F Yly 5 Yr Bnd (W) £25,000 2.75% F Yly BLME www.blme.com Premier Deposit Account United Bank UK www.ubluk.com Fixed Deposit 7 Yr Bnd £2,000 2.60% F Yly Union Bank of India (UK) Ltd 0207 332 4250 Term Deposit 5 Yr Bnd £1,000 2.50% F OM Milestone Savings www.milestonesavings.co.uk Fixed Term Deposit 5 Yr Bnd (K) £10,000 2.50% F Yly State Bank of India www.sbiuk.com Online Hi-Return Deposit 5 Yr Bnd (W) £10,000 2.50% F Yly MONTHLY INTEREST 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Mly Charter Savings Bank www.chartersavingsbank.co.uk RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Mly 60 Day Notice Issue 2 60 Day (W) £1,000 1.45% Mly Charter Savings Bank www.chartersavingsbank.co.uk 180 Day £1,000 1.35% Mly Buckinghamshire BS 01494 879500 Chiltern Gold Generator 7 FirstSave www.firstsave.co.uk 60 Day Notice 60 Day (W) £5,000 1.35% Mly 30 Day Notice Issue 2 30 Day (W) £1,000 1.30% Mly Charter Savings Bank www.chartersavingsbank.co.uk NOTICE Al Rayan Bank 0845 6060 786 120 Day Notice 120 Day £250 1.81% Mly 120 Day (K) £1,000 1.70% Yly Shawbrook Bank www.shawbrook.co.uk 120 Day Notice Issue 34 95 Day Notice Issue 23 95 Day (K) £1,000 1.60% Yly Shawbrook Bank www.shawbrook.co.uk 6 Month £1,000 1.60% Yly Bank and Clients 01935 609600 6 Month Notice Account 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Yly Charter Savings Bank www.chartersavingsbank.co.uk Raphaels Bank 01296 436661 Sapphire Account 6 Month £5,000 1.55% Yly VARIABLE ISAS Al Rayan Bank 0845 6060 786 Notice Cash ISA 120 Day £250 2.02% Mly Bank and Clients 01935 609600 90 Day Cash ISA 90 Day £1,000 1.50% Yly 40 Day £15,000 1.50% Yly Yorkshire Bank 0113 807 2000 Cash ISA - 40 Day Notice 40 Day £15,000 1.50% Yly Clydesdale Bank 0800 445265 Cash ISA - 40 Day Notice Cash ISA Notice 90 (6) 90 Day (I) £100 1.40% Yly Teachers BS 0800 783 2367 Mly Income Cash ISA 6 180 Day £100 1.36% Mly Buckinghamshire BS 01494 879500 * = Introductory rate for a limited period. B = Operated by Post or Telephone. F = Fixed Rate. H = Operated by Internet or Telephone. I = Operated by Internet or Post. K = Operated by Internet, Telephone or Post. OM = Interest paid on maturity. P = Operated by Post. T = Operated by Telephone. W = Operated by Internet. All rates are shown as AER. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.

FIGURES COMPILED ON: 26 May 2016 Source:

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