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DON’T SIT ON THE SIDELINES OVER EU, CAMERON URGES David Cameron has urged voters not to “sit on the sidelines” and to back his call for a vote to stay in the EU. The PM claimed “complete untruths” were coming from the Leave side and said he was “not at all” worried about losing the 23 June referendum. At a hastily-arranged press conference, he urged young people to register to vote before midnight’s deadline. Vote Leave said the PM was in a “blind panic” and “too chicken” to debate against them head-to-head. Mr Cameron said to BBC he had decided to call the press conference after watching the news on Monday night, saying the contrast between the two sides in the debate “came over me”. Without naming Justice Secretary Michael Gove - who said the British people had “had enough of experts” warning against Brexit he said the comment showed “complacency and nonchalance”. The PM said the Remain campaign was backed by “credible independent experts”, hailing warnings against an EU exit from Japanese
David Cameron
multinational Hitachi and the chairwoman of the US Federal Reserve. The PM launched a fierce attack on Vote Leave, which is spearheaded by senior Conservatives including some of his cabinet colleagues, accusing them of “telling complete untruths to the British people” including claiming the UK’s rebate was at
risk and that it would be liable to contribute to future EU bailouts. He said the voter registration deadline marked a “vital moment” in the campaign, saying the outcome would “alter the destiny of our country forever”, adding: “So I say to everyone - especially young people in our country who this will af-
fect most of all - don’t sit it out on the sidelines. “Don’t let someone else make this decision for you.” Vote Leave responded by saying the PM was panicking over his “flagging” campaign, dismissing his reassurances on bailouts and the rebate and claiming his renegotiation was a “failure”. UKIP MP Douglas Carswell said: “The In campaign is in a blind panic. David Cameron’s renegotiation was a failure -no-one believes he got a deal worth the paper it was written on. “Now people are rejecting his campaign of fear. The prime minister says we need a proper debate about the facts but he is too chicken to take on anyone from the Vote Leave campaign head-to-head.” The PM’s press conference comes after Federal Reserve chairwoman Janet Yellen said a UK vote to leave the EU could have “significant economic repercussions” for the US and that Brexit was one factor that the US central bank would consider when deciding whether to raise interest rates. In a speech Ms Yellen stressed that investors’ “appetite for Continued on page 2
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David Cameron urges to vote to stay in the EU Poll: Should Continued from page 1
risk” could change quickly and that a UK exit from the EU would be likely to affect market sentiment. Her remarks echo comments from other economists about the impact of a Brexit on the US economy. Federal Reserve chair Janet Yellen warned of “economic repercussions” if the UK votes to leave the EU. Meanwhile, writing in the Mirror, Hitachi’s chairman said the “cold economic reality” was that Brexit would lead to uncertainty and extra costs for business. Hiroaki Nakanishi suggested Japan had invested heavily in the UK on the basis that its firms were “treated as European”. Hitachi is the latest foreign investor in the UK to warn of the consequences of a vote to leave in the referendum on 23 June. Last week US investment bank JP Morgan Chase said it could cut up to 4,000 jobs in the event of an EU exit. Mr Nakanishi said his firm, whose European headquarters is
located in Berkshire, had invested £1bn in the UK energy and rail sectors in recent years. He said it was in the process of recruiting 730 new workers to build the next generation of high-speed inter-city trains. But if the UK was to leave the EU, he said the future investment case would look “very different”. Hitachi moved its global rail headquarters to London last year. The UK was the “best base” to access the EU’s internal market of 500 million customers and the firm’s capacity to win more business and deliver orders could be derailed by going outside it. “In the 80s Nissan and Toyota came to the UK on the basis that if they produced here and employed a British workforce they would be treated as European companies,” he said. “This was only possible because Britain was inside the EU; and so the UK car industry was revived and became an exporter again. From Japan, this incredible success story looks like a huge gain from the UK’s membership of
the EU.” “We worry because those advocating Brexit have no answer to how the UK could negotiate cost-free access to this huge market from a position outside it. “It would take a long time and result in uncertain market conditions; during this renegotiation period, investors would probably be waiting to see the outcomes, hold back on investment, and jobs would be lost. This is the cold economic reality of Brexit.” On a visit to London last month, Japanese prime minister Shinzo Abe warned that leaving the EU would make the UK less attractive to Japanese investors. Justice Secretary Michael Gove said many organisations arguing for Remain had previously made similar points in favour of joining the euro. “They were wrong then, they are wrong now,” he said. Mr Gove said people’s economic welfare would be greater if the UK “takes back control” and is free to form trade deals with countries like the USA, Canada, India and Japan.
Westminster Council switch off the cameras?
Vote in our snap poll and let us know if you think Westminster Council is right to switch off a network of 75 CCTV cameras to save money. Dozens of CCTV cameras in central London are to be turned off to save money after Westminster Council voted in favour of the move tonight. The network of 75 cameras will be switched off on the first of September. The council says
it has no legal requirement to provide cameras, and that the existing system is old and unreliable. It is currently used mainly by the Metropolitan Police to secure arrests and prosecutions. More than one and half million pounds has been set aside to replace it, but the council says that’s not enough without additional outside financial support.
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London Mayor flip-flops on green belt and housing policies One of the biggest challenges facing London’s new Mayor is protection of the green belt against the need to build vast numbers of new homes, reporting Huffington Post. This issue requires a clear and defined approach with robust, detailed and principled policies. Throughout his election campaign, Mr Khan promised to protect the green belt from development. Just three weeks in to his term of office he said he could not deliver. Now he’s promised once again that he will deliver. Alongside this flimsy green belt pledge, Mr Khan promised to build 80,000 new affordable homes during each of his four years in office if he became Mayor. Two weeks ago he revealed his manifesto ‘has got no commitment in numbers of units a year’. So where are we left on these key issues which affect real Londoners and which of his manifesto commitments are we to believe? London has a serious housing shortage -
Sadiq Khan
one that will only get worse as the capital’s population grows. At the same time as meeting London’s housing demands, our precious green belt must be protected. There is ample space in our city to accommodate the homes needed without building on green belt land. We have brownfield sites equivalent to the
Hillingdon youngsters going for gold in mini Paralympics
size of the London borough of Camden and an innovative approach could see vast areas of land used more efficiently. To harmoniously achieve these ambitions requires principled, conviction politics - stringent and definitive guidelines around which sensible housing and planning policies can sit alongside a coherent environmental strategy. What we have in Sadiq Khan is a Mayor who has shown willingness to flip-flop on these issues within days of taking office. Alarm bells are ringing in many people’s minds over his apparent indifference to working up the tough details to support crucial policies. At his first Mayor’s Question Time, when quizzed over his green belt stance, Mr Khan simply declared he would be taking a ‘horses for courses’ approach to planning applications. Does this sound like a man displaying conviction and a determination to abolish unwanted developments on our
GB Paralympic swimmer Liz Johnson will be cheering on London kids at the Olympic Park This is London
Hillingdon youngsters will be going for gold at the final of a mini Paralympics at Queen Elizabeth Olympic Park this week. More than 200 disabled schoolchildren from eight boroughs will compete in the 2012 Olympic and Paralympic venue at the London Panathlon Finals on Thursday, June 16. Cheering them on will be Panathlon ambassador Liz Johnson, a triple Paralympic medallist in swimming for Team GB. She said: “Very few people get the chance to compete at such an iconic venue as the Copper Box Arena. “Without Panathlon, many of these children wouldn’t get the chance to play any sport at all, so to get the opportunity to compete here in the Olympic Park is very special.” Johnson, 30, won a gold medal in Beijing in 2008, a silver in Athens 2004 and bronze in London 2012 in the 100m breaststroke S6, before retiring in April. Also showing his support will be Steve
Brown, who captained Team GB’s wheelchair rugby team at the London 2012 Paralympic Games. Children from Hillingdon will be up against Barking & Dagenham, Croydon and Enfield in the Champions Final. They qualified after 16 rounds of competition involving all 32 London boroughs held between January and March this year. The Panathlon Foundation charity’s work is funded in London by the Jack Petchey Foundation, St. James’s Place Foundation and the Mayor of London. London Mayor Sadiq Khan said: “I want to ensure all Londoners can participate and compete in sport at all levels. “The Panathlon Challenge offers thousands of young Londoners the opportunity to take part in competitive sport each year, where they might not have otherwise found an outlet for their talents. “I am proud to support these inspirational competitors and I look forward to this event going from strength to strength in the future.”
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city’s green borders? Mr Khan has a history of flip-flopping on important issues and his approach to the green belt appears no different. Londoners need transparency and concrete guarantees over the fate of our city’s green belt. So far he has been unable to provide either of these. London is a ticking time bomb when it comes to its housing shortage. Simply abandoning his targets as soon as he set foot through the door at City Hall was disingenuous to those who voted for Mr Khan and fails to inspire confidence in those of us who did not. We have already seen the Mayor’s lack of ambition in sticking to the principles he touted during his election campaign - now we need some decisive action. I will be pushing the Mayor to set out some clear aims around how he hopes to protect our green spaces as well as building the homes this city needs. I hope he can show some greater determination in these areas to ensure a positive future for Londoners.
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Khan pledges to protect office space for London’s small businesses By Laura Edgar/ The Planner
New measures will be put in place to help protect and expand office space for small businesses, start-ups and entrepreneurs in London, the city’s new mayor has announced. The pledge from Sadiq Khan follows the publication of City Hall figures that suggest over 1.47 million square metres of office could already have been converted into residential units in the capital under permitted development rights since 2013. Announcing new protections, the mayor’s office claimed that conversion on this scale could mean space for 93,750 jobs could be lost, based on a calculation that 16 m2 equates to one job. Among the protections promised by Khan are: • Amending the London Plan so that there is stronger protection for small businesses and start-up workspace • Delivering new spaces for small businesses, the creative industries, artists and the fashion industry within new residential and mixed-
use developments • Promoting schemes to provide linked affordable housing and business space in new housing developments • Working with the government on changes to permitted
UK panel expands inquiry into Indian student deportations According to the Press Trust of India, an influential British parliamentary committee has announced a more detailed inquiry into the treatment of international students, majority of them Indian, who were accused of cheating on English language tests and deported from the UK. The House of Commons’ Home Affairs Select Committee, chaired by Indian-origin Labour MP Keith Vaz, had launched the inquiry into the UK Home Office response to the cheating scandal back in April. In its report released on Friday, the committee concluded that the issue requires a more fuller inquiry into the scandal, which involved hundreds of dawn raids by UK Border Agency officers and resulted in the deportation of around 48,000 international students, nearly 70 per cent of whom were Indian, during the course of 2014. “We are deeply concerned with the arrests, dawn raids and aggressive deportations of students from outside the European Union (EU), which have occurred following allegations of fraud at English language testing centres,” Vaz said in a statement given. He further said: “The Home Office appears not to have investigated English language testing fraud allegations themselves before undertaking heavy-handed action. Recent legal cases, with their damming criticisms from senior judges, have opened the door to a mass of expensive and damaging litigation”. “An estimated 70 per cent of those affected are of Indian nationality, and this debacle comes at a time when Indian student numbers in the UK are declining.
The UK risks causing extensive damage to its reputation as a leading destination for international study.” The initial inquiry was set up following the UK’s Upper Tribunal (Immigration and Asylum Chamber) ruling allowing a test appeal by two of the students accused of cheating in their mandatory English test conducted by a subsidiary of US-based ETS. ‘BBC Panorama’ investigation in February 2014. It found that immigration consultancies and international education agencies were charging fees to help international students with poor English get around tests required for student visas and visa extensions. An ensuing investigation by the Home Office claimed widespread problems with the test system, leading to revocation of licenses of nearly 100 institutions and triggering the removal of students who had been tested there. The latest Home Affairs Select Committee inquiry report concludes: “We want to be satisfied that the Home Office’s actions are proportionate and just. The Committee has decided, given the number of outstanding issues relating to English language testing, to undertake a full inquiry into this matter. (Reopens FGN 44) “These issues include procurement and licensing, Investigations, inspections and how much money has been spent. As a starting point to this inquiry the Home Office must, in response to this report, set out the process for out-of-country appeals; the steps which will be taken to ensure a fair hearing; and whether this will include appellants being given access to the evidence against them,” the report said.
development rights. Khan said the figures “lay bare” the impact that the government’s “misguided policies” are having on space for business in London. “Of course we need new homes, but this does not need to be at the expense of the space we need for the businesses that provide our jobs and drive our prosperity,” he said. “Space which is genuinely surplus to commercial needs should be identified authoritatively and its release carefully managed so
that it does not undermine local business.” The London mayor explained that he will be focusing on building new affordable homes on publicly and privately owned brownfield land, while “changing the London Plan in order to protect viable business space and to create new start-up spaces in housing developments”. He added that this is “just one of the many pro-business measures” he’ll be setting out in the coming months.
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Sturgeon surges into Forbes list of world’s most powerful women She has also served as a senator for New York state, and was a leading lawyer, serving as the first female chair of the Legal Services Corporation and the first female partner at Rose Law Firm.
3. Janet Yellen
Janet Yellen is chair of the Federal Reserve, the central banking system of the United States. Having previously chaired the White House Council of Economic Advisors under the Bill Clinton administration, Ms Yellen took over at the Fed in 2014, and managed the body through its first interest rate rise since June 2006.
Nicola Sturgeon
Nicola Sturgeon has been ranked as the second most powerful woman in the UK, behind only the Queen. Scotland first minister is one of six UK representatives in Forbes magazine’s annual list of the world’s most powerful and influential women. A Scottish government spokesman said the list underlined the importance both of the first minister’s office and the profile of Scotland as a nation. German Chancellor Angela Merkel topped the list for the sixth year running. Presidential hopeful Hillary Clinton was placed second, with Janet Yellen, chairwoman of the US Federal Reserve, third. The Queen is 29th, while Ms Sturgeon is 50th overall. The rankings consider influence, media presence, wealth and success at implementing change. The other British women who made the list are Bank of England deputy governor Nemat Shafik at 59, Guardian editor Katharine Viner at 68, Economist editor Zanny Minton Beddoes at 78, and Eliza Manningham-Buller, chairwoman
The foundation has given out $36.7bn in grant payments since it was founded in 2000, with Mrs Gates directing the organisation and in particular championing investments in women and girls around the globe. Forbes said her work had “inspired other big donors and changed the way funders think about effective philanthropy”.
5. Mary Barra
Mary Barra was promoted from chief executive to president of General Motors in January, having guided the firm to record profits in 2015. Ms Barra has been credited
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Who are the top five? 1. Angela Merkel
German Chancellor Angela Merkel tops the list for the sixth year in a row - and the 11th time in total. As a central figure in German politics ever since reunification, Ms Merkel has led Germany since 2005 and is a leading force in the European Union. Choosing her for top spot, Forbes noted that “if there is a single leader able to defy existential economic and political challenges to the European Union, from edges and core, it has been Angela Merkel.”
2. Hillary Clinton
Hillary Clinton looks set to go head-to-head with Donald Trump for the position of President of the United States in November. Mrs Clinton, who has had previous spells in the White House as first lady to husband Bill and as foreign secretary to current President Barack Obama, is bidding to become the first female President.
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Forbes said she is known for “steadiness, not inscrutability”, lauding her use of “plain sentences and easy logic” despite being “the world’s top market-mover”.
4. Melinda Gates
Co-founder of the Bill and Melinda Gates Foundation, alongside her former Microsoft head husband, Mrs Gates organised $4.2bn in charitable work and global development in 2015 alone.
with turning around the fortunes of the American car-making giant, which had to recall 30 million vehicles in 2014 due to faulty ignition switches blamed for at least 124 deaths, by fostering strong domestic sales alongside growth in China. Forbes said her latest promotion was “no surprise”, with Ms Barra leading the company on a “noticeable comeback” - and earning herself a compensation package of $28.6m last year.
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EU referendum: Boris Johnson and Michael Gove challenge David Cameron to a face-to-face debate as PM decries ‘complete untruths’ Mr Cameron has repeatedly turned down requests to debate with senior Tories amid fears so-called ‘blue-on-blue’ attacks will further widen splits with the Conservative Party. Instead he has opted to either take part in question and answer sessions with voters in front of TV cameras or do interviews with journalists. This is the first time Mr Johnson and Mr Gove have directly called for a debate with the Prime Minister and is likely to infuriate Number 10, which has sought to avoid such clashes.
Gove and Johnson’s full statement:
Gove and Johnson By Michael Wilkinson/ The Telegraph
Michael Gove and Boris Johnson have challenged the Prime Minister to a “face-toface” debate after his claim the Out campaign was telling “untruths” about Britain’s
EU membership. In a statement circulated to media, the two leading Brexit campaigners said “the public deserve the chance to hear these issues debated” between Mr Cameron and a figure from the Vote Leave campaign.
“The real risk for Britain in this referendum is voting to remain in the EU with a broken single currency and a rogue European Court. The safer choice is voting to leave, so we can take back control of our money, borders, security, trade and taxes. “If we needed a reminder of just how risky it is to remain in the EU, the European Court has today issued extraordinary judgments that undermine our ability to deal effectively with asylum. “We think that the public deserve the chance to hear these issues debated face-to-face between the Prime Minister and a spokesman for Vote Leave so they can judge for themselves which is the safer choice on 23 June. The
Prime Minister was absolutely right to hold this vote and allow Ministers the chance to disagree with him. We hope that in the same spirit he will accept this invitation.” Number 10 has rejected suggestions the Prime Minister’s intervention came from “panic” at the tightening polls and dominating discussion about immigration in the news. Journalists were only called to today’s press conference on a rooftop in central London around two hours before it begun. Mr Cameron accused Out campaigners of trying to “con voters” by telling “complete untruths” as he listed six “not true” claims about Britain’s relationship with the EU. The Prime Minister said Brexit supporters were wrong to claim the UK could do nothing to stop an EU Army, a rise in the EU budget and contributing to a eurozone bailout. He said it was time to “call out” the Out campaign who is trying to “con people into a leap in the dark”. Mr Cameron admitted he only decided to intervene with a fresh warning about “untruths” of the Out campaign when watching the news last night. Number 10 sources insisted it was the standing of the three latest names to warn against Brexit - Janet Yellen, Chair of the Federal Reserve; the chief executive of Hitachi; and Roberto Azevedo, the head of the World Trade Organisation - that made him decide to intervene.
Blood test hope for depression treatment The new test should help find a suitable treatment for people who currently do not respond to “firstline” antidepressants, reported Sky News. The test, say scientists at King’s College, London, can accurately predict whether or not ordinary antidepressant drugs will help patients. Around 50% of people with depression do not respond to “firstline” antidepressants and a third are resistant to all currently available drug treatments. Until now, it has not been possible to work out which patients might need - and would respond to - a more aggressive treatment that might involve
a combination of different drugs, and treatment has been based on trial and error. The new test, which measures inflammation of the blood, can identify those people who will definitely not respond to current treatments and help direct doctors to suitable alternatives. The research is reported in The International Journal of Neuropsychopharmacology. Study author Professor Carmine Pariante said: “This study provides a clinically suitable approach for personalising antidepressant therapy. “Patients who have blood inflammation above a certain threshold could be directed toward earlier
access to more assertive antidepressant strategies, including the addition of other antidepressants or anti-inflammatory drugs.” He told Sky News: “Increased levels of inflammation signal hyperactivity of the body’s response to stress. “What we hope this will show is that depression is not just a brain disorder but it needs to be taken as a whole body disorder and treated accordingly.” Brian Dow, from the charity Rethink Mental Illness, said: “This new approach to antidepressants has the potential to be a real game changer, and these findings are a promising start.
“Anti-depressants can be a lifeline if you have a mental illness like depression, OCD (obsessive compulsive disorder) or anxiety, but it’s not much of a lifeline if it takes years of trial and error to get to the right kind. “In the meantime, changing from one kind of medication to the next can mean having to
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deal with different side effects every time, not to mention withdrawal symptoms from coming off one to go on another. “We hope this new research creates a much needed short cut to a future where it’s no longer luck of the draw when it comes to vital medication.”
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China
US-China Strategic and Economic Dialogue could have a different focus this year By Nyshka Chandran
High-ranking government officials from the world’s largest economies gathered in Beijing on Monday for the two-day U.S.-China Strategic and Economic Dialogue (S&ED), an annual meeting to address bilateral and regional issues. But this edition could take on a different tone from previous years. The 2016 event will be the last under President Barack Obama, so analysts believe Washington will likely steer discussions towards areas with a higher success rate for signed agreements instead of politically sensitive subjects that are unlikely to produce any policy action. “The S&ED is a place where the U.S. wants to go home with a long list of accomplishments to show American people what they’ve achieved,” explained Scott Kennedy, director of the project on Chinese Business and Political Economy at The Center of Strategic and International Studies (CSIS). “There’s a tendency at these high-level events to come out with concrete deliverables, there’s always political pressure on both sides,” echoed Damien Ma, fellow and associate director at U.S. think tank The Paulson Institute. Opening remarks, Chinese President Xi Jinping urged the need for both heavyweight economies to establish “fundamental, strategic, mutual trust,” the South China Morn-
US Secretary of State John Kerry (C) and Chinese Vice Premier Liu Yandong tour the Forbidden City’s Qianlong Garden in Beijing on June 5
ing Post reported. “There is no reason to be scared of having differences, the key is not to adopt a confrontational attitude towards any differences,” Xi was quoted as saying. Currency volatility has traditionally been a headliner at the S&ED in previous years, with Washington long accusing Beijing of pushing the renminbi lower to increase trade competitiveness. This year, that may not be the case. US Secretary of State John Kerry and Chinese Vice Premier Liu Yandong tour the Forbidden City’s Qianlong Garden in Beijing on June 5 ahead of the ‘Eighth US-China Strategic and Economic Dialogue.’ “The point of focus is shifting to real economic issues, primarily excess capacity in industrial goods like steel and aluminium. That will be more front and centre than the cur-
rency issue,” noted Ma, who pointed to the US Treasury Department’s foreign exchange market report as evidence. Released in April, the report said none of the US’s big trading partners had engaged in currency manipulation in the past year. “The key for the last stages of the Obama administration is stability,” said Tim Adams, president and CEO of The Institute of International Finance (IIF), a global financial industry body. “The exchange rate has become politicized as part of the US election process so it’s in both sides’ interest to try and deemphasize it, and instead deal with longerterm structural issues like excess capacity.” Indeed, oversupply in China’s industrial sectors have sent commodity prices reeling and fanned worries over the financial health of domestic state-owned enterprises. The matter is of particular concern, especially as the share of China’s economy gets larger in proportion to the global economy, which increases Beijing’s influence on world market prices. “The US is looking for issues they can push on an open door and get some kind of agreement. They are not making progress on currency, even though they said they don’t want to talk about it. Other big issues like the South China Sea are also difficult. The Chinese have already committed to tacking over-
Persian Gulf
Saudi using Takfiris in ‘broad way’ for political aims: Iran
Iran’s Foreign Ministry spokesman Hossein Jaberi Ansari
Iran has hit out at Saudi Arabia, saying the kingdom is broadly using Takfiri groups to advance its political agenda in the region. “Riyadh has been using terrorism for years as an instrument to implement its political objectives,” Foreign Ministry Spokesman Hossein Jaberi Ansari said. The kingdom is now using Takfiri terrorism in “a broad way” to push forward its plans, the spokesman told reporters in Tehran during his weekly news briefing. Jaberi Ansari’s remarks came amid reports that Saudi Arabia has stepped up support for Takfiri militants in the face of the Iraqi army’s imminent liberation of Fallujah and the Syrian army’s advances in Aleppo and elsewhere. The spokesman warned that support for terrorists and an instrumental use of Takfiris by Saudi Arabia and other countries would
backfire. “This tactical use of terrorism by regional and global players is a strategic game which will have long-term and strategic repercussions and sooner or later, these players will be targeted by terrorists.” Takfiri groups such as Daesh and al-Qaeda-linked Nusra Front are widely believed to have received weapons and funds from Saudi Arabia and its allies in the region. Saudi Arabia and Turkey have recently announced their readiness to launch a joint ground operation with the US inside Syria, purportedly against Daesh. However, many observers believe none of the three countries is serious in fighting Takfiri groups as much as they are in seeing the back of the Syrian government. Jaberi Ansari also dismissed reports that Iran and Saudi Arabia were engaged in talks to restore their diplomatic ties. Riyadh severed relations after Tehran’s strong condemnation of the Saudi execution of prominent Shia cleric Nimr al-Nimr, which triggered angry protests in Iran and around the world. Those protests spiraled out of control in Tehran and Mashhad where some protesters attacked Saudi missions in the two cities, giving a pretext to Riyadh to cut ties with Iran. In his Monday remarks, Jaberi Ansari also took aim at a recent US Statement Department report which branded Iran as a “state sponsor of terrorism,” dismissing it as “invalid.”
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capacity so bringing it up is a smart strategy,” Kennedy remarked. To be fair, Washington has been increasingly harping on the problem in recent months. The global steel market has been hard hit from sliding prices on the back of Chinese production, and U.S. officials warned Beijing to take urgent action in April. Zhou Xiaozhou, deputy commander of Chengdu Military Area Command, salutes soldiers during a rally before a mission on the border with Vietnam last year. It’s China vs. the US at sea — and for Beijing, it’s personal. At the S&ED, the emphasis will be on the pace and scale of overcapacity, explained Ma. There’s no real disagreement on the issue but it’s more a matter of how it’s done and identifying obstacles, he said. The South China Sea may be one arena that could invite a more forceful response from Washington, judging by the fiery words exchanged over last week.. “We do not make trouble, but we have no fear of trouble. China will not bear the consequences, nor will it allow any infringement on its sovereignty and security interest, or stay indifferent to some countries creating chaos in the South China Sea,” Chinese Admiral Sun Jianguo said at the Shangri-La Dialogue, a major Asian security summit, in Singapore.
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USA
Hillary Clinton has clinched democratic nomination By Amy Chozick and Patrick Healy/ New York Times
Hillary Clinton became the first woman to capture the presidential nomination of one of the country’s major political parties on Monday night, according to an Associated Press survey of Democratic super delegates, securing enough of them to overcome a bruising challenge from Senator Bernie Sanders and turn to a brutal five-month campaign against Donald J. Trump. In a yearlong nomination fight full of surprise twists, from the popularity of Mr. Sanders to the success of Mr. Trump, the revelation that Mrs. Clinton had clinched the nomination was another startling development — especially coming on the eve of major primaries in California, New Jersey and other states. Mr. Sanders added to the drama by refusing to accept the A.P. survey and vowing to fight on, while Mr. Trump argued that he had done more for women than Mrs. Clinton. Mrs. Clinton was ebullient but also restrained as she received the news at an uncanny moment — almost eight years to the day after she ended her campaign against Barack Obama before a crowd of many teary women and girls. On Monday night, she shared the breakthrough with a jubilant audience at a campaign stop in Long Beach, Calif. “I got to tell you, according to the news, we are on the brink of a historic, historic, unprecedented moment, but we still have work to
Hillary Clinton gathered commitments from enough delegates to become the presumptive presidential nominee for the Democratic party (AP)
do, don’t we?” Mrs. Clinton said. “We have six elections tomorrow, and we’re going to fight hard for every single vote, especially right here in California.” Like Mr. Obama eight years ago, Mrs. Clinton clinched the Democratic nomination with the support of hundreds of super delegates — the party insiders, Democratic officials, members of Congress, major donors and others who help select the nominee. Under Democratic rules, these super delegates — approximately 720 in all — are allowed to back any candidate they wish and can change their allegiance any time before the Democratic National Convention in July. Mrs. Clinton has had relation-
ships with many of the super delegates for years, and her campaign began seeking their support as soon as she entered the race last spring. Mr. Sanders, by contrast, has struggled to win their backing. Mrs. Clinton and Mr. Sanders competed most aggressively for so-called pledged delegates — the roughly 4,000 delegates won through state primaries and caucuses. The A.P. declared Mrs. Clinton the presumptive nominee by reaching out to super delegates who had not announced which candidate they were supporting, and confirming that enough were backing But her aides were reluctant to proclaim the race over, for fear of depressing turnout on Tuesday —
especially in California, where the race remains close — or appearing to take the victory for granted. Robby Mook, Mrs. Clinton’s campaign manager, said the A.P.’s call was “an important milestone” but indicated Mrs. Clinton did not intend to declare victory until Tuesday night, when she “will clinch not only a win in the popular vote, but also the majority of pledged delegates.” Advisers to Mr. Sanders took a dim view of the math. He previously said he would lobby Clinton super delegates to shift their support to him by arguing that he is the party’s best chance to defeat Mr. Trump, and he particularly plans to target those super delegates who represent states where Mr. Sanders won primaries and caucuses. The advisers, speaking on the condition of anonymity, said Mr. Sanders was aiming to win the California primary on Tuesday to bolster his argument to super delegates that he is the stronger and more popular candidate than Mrs. Clinton. Mr. Sanders, speaking on Monday night at a rally in San Francisco, did not acknowledge the news that Mrs. Clinton had clinched the nomination, and instead defiantly vowed to continue his candidacy to the convention. But he also made clear that Tuesday’s vote was make or break for the future of his campaign. “Tomorrow is the most important primary in the whole Democratic nominating process — we are going to win here in California,”
Mr. Sanders said. He added that if he could win the Tuesday contests in California, North Dakota, South Dakota, New Mexico, Montana and do well in New Jersey, his campaign would be “going into that convention with enormous momentum.” Moments before Mr. Sanders took the stage, former State Senator Nina Turner of Ohio led thousands of supporters in a chant shouting, “Fight on. Fight on. Fight on.” It was a sentiment shared by many audience members like Alex Borja, 18, of Castro Valley, Calif., who said he was happy Mr. Sanders had not conceded to Mrs. Clinton and hoped he would remain in the race through the summer.“I don’t think it’s fair that they have basically coronated Hillary as the nominee from the beginning and, at this point, Bernie still has a chance to win the delegates needed to clinch the nomination at the convention,” Mr. Borja said. He added, however, that he would vote for Mrs. Clinton if she were the nominee. Mr. Sanders’s campaign spokesman, Michael Briggs, issued a sharply worded statement that refused to accept the A.P. survey. “It is unfortunate that the media, in a rush to judgment, are ignoring the Democratic National Committee’s clear statement that it is wrong to count the votes of super delegates before they actually vote at the convention this summer,” Mr. Briggs said. Mr. Trump struck familiar notes on Monday night on Twitter, attacking Mrs. Clinton as unfit for the presidency, but he also put his own spin on making history during an interview with Fox News. “I was the one that really broke the glass ceiling on behalf of women, more than anybody, in the construction industry,” Mr. Trump said.
Russia
Para Bellum? Poland’s ‘NATO Classes’ Campaign continues provoking the Russian Bear Sputnik News
Poland is bracing up itself for war with “NATO classes” at schools and military-style family picnics held in the countryside as anti-Russian sentiment is heating up ahead of the upcoming NATO summit in Warsaw, Frankfurter Algemeine Zeitung wrote. Poland Hardens Control on Border With Russia Ahead of NATO Summit Divided as they may seem, Poland’s many political parties have always been one on the same page when it comes to patriotism and national security. One example of this is the recently enacted law, which paves the way for a foreign troop presence in the country, Jo-
seph Croitoru wrote in Saturday’s issue of FAZ. Against the backdrop of the conflict between Russia and Ukraine, Warsaw is demanding a greater NATO and US military presence in the country. The unprecedented pro-NATO campaign being held in Polish schools familiarises the children with details of NATO’s military operations abroad and with various aspects of its war on terror. The program also encourages school goers to decide how best to deploy a NATO military base in their particular region. “It has also become customary in Polish schools to organize antiCommunist shows where school-
children use toys and sometimes even real weapons, albeit charged with blanks, as well as smoke guns,” the newspaper wrote. The National Remembrance Fund has proposed holding all kinds of patriotic sports
events. The Freedom Fund, sponsored by President Andrzej Duda, holds annual races commemorating Polish insurgents who fought the Soviet Army during WWII. Mock battles with imitation
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guns and period uniforms are even staged in small villages across the country where brave Poles fight “Soviet invaders” eventually “killing” them all. “Military organizations are all too happy to send their weapons experts to take part in such ‘battles,’” the newspaper wrote. Poland’s ruling Law and Justice Party has long advocated for NATO’s greater presence in the country using the unsubstantiated claims of Russia’s supposedly aggressive behaviour as an excuse. High-ranking officials, including President Andrzej Duda and Foreign Minister Witold Waszczykowski urged the alliance to station allied forces and create permanent military bases in the country.
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Bangladesh
To save Bangladesh, political parties must return to the country’s founding principles In declaring independence from Pakistan, Bangladesh sought to leave behind the country’s long history of ethnic and provincial discrimination. It also sought to dispel the radical Islamist ideology that has driven Pakistan so far from the pluralistic vision of its founding father, Muhammad Ali Jinnah. In 1972, Bangladeshis enshrined in their founding constitution the principles of secularism and political pluralism. But in 1977, General Ziaur Rehman removed the principle of secularism from the constitution, and in 1988, General Ershad declared Islam the state religion, as part of a strategy to enlist the support of Islamists to serve his political ambitions. Today, Bangladesh once again faces an existential threat posed by religious extremists. To counter it, political leaders must return to the country’s founding principles. The center-left Awami League found success in the previous two elections on a platform that promised to crack down on militancy and restore the constitution to its original principles. While in office, the Awami League has taken a firm stance against extremists, carrying out security operations and arresting militants. Some complain, however, that the government’s efforts against extremism are inconsistent and insufficient. While militants are being arrested, many fear that the government is contributing to the confusion regarding religion’s role in state politics. For example, when the Awami League government amended the Constitution in 2011, it eliminated the line on “the granting by the State of political status in favour of any religion,” and declared Islam as the state religion,
leaving the issue unresolved. Most recently, State Home Minister Asaduzzaman Khan Kamal refused to condemn the murder of secular activist Nazimuddin Samad, saying, “it is needed to see whether he has written anything objectionable in his blogs.” This echoed previous statements by Kamal, who responded to terrorist attacks last August by warning Bangladeshi citizens not to say or write anything that might offend anyone. Such statements provide political support to Islamist terrorism. Awami League leaders have explained that they feel anxious about taking too strong a stand against Islamists because the opposition “plays that religion card against us relentlessly.” They may have a point. In 2013, Islamist extremist group Hefazat-e-Islam organized mass demonstrations demanding a 13-point program that included the introduction of draconian blasphemy laws, ending “foreign cultural intrusions” such as free speech, and executing anyone found guilty of “maligning” Islam. Bangladesh’s largest Islamist organization, Jamaat-e-Islami, which accused the Awami League of complicity in a conspiracy against Islam, also
supported these demands. While Bangladesh’s main opposition party, the Bangladesh Nationalist Party (BNP), stopped short of publicly endorsing Hefazat’s program, the party did provide material support to the Islamists’ efforts. This is not the first time that the BNP has found itself allied with violent Islamist extremists. Following a brief period of military rule, voters granted the Awami League a descisive victory in 2008, in an election during which National Democratic Institute observers “saw no evidence of a pattern of infractions that would prejudice the elections.” In 2014, the Awami League won a second term, but this time the elections were marred by problems following the government’s decision to abolish the previous system of holding the vote under a caretaker government. Opposition parties — the BNP and Jamaat-e-Islami in particular — responded by announcing a boycott. As it became clear that the opposition’s decision to boycott was not going to derail elections, supporters carried out a systematic campaign of violence to stop voters from reaching the polls. “On numerous occasions, opposition party
members and activists threw petrol bombs at trucks, buses, and motorized rickshaws,” Human Rights Watch reported. “In some cases, opposition group members forced children to carry out the attacks.” Bangladesh’s Hindu minority, traditionally Awami League voters, came under intense attack as BNP activists, along with Jamaat-e-Islami’s militant wing, carried out a terror campaign as part of an effort to stop them from voting. The opposition’s concerns about its chances in fair elections were not unwarranted. Following the 2014 elections, independent survey data collected by Democracy International suggested that the Awami League would have won the elections despite the opposition boycott. Had the elections resulted in a large enough voter turnout for the Awami League, the BNP could have faced a fate worse than defeat: political irrelevancy. As it turned out, the government’s heavy-handed response to opposition violence gave the BNP a new lease on life. Among Democracy International’s 2014 post-election survey results, however, came an important finding: Some 32 percent of respondents said that the BNP needed to cut its ties with Jamaate-Islami. This is not surprising. Jamaat-e-Islami is loathed by most Bangladeshis for its role in aiding and abetting atrocities committed during the country’s 1971 war of independence from Pakistan. To this day, Jamaat-e-Islami registers a 60 percent disapproval rating in Bangladesh. The BNP may be banking on its alliance with JI to bring its Islamist supporters to the polls, but in doing so, the BNP is also ignoring the number of votes that it loses
by aligning itself with a political pariah. Not only is BNP’s alliance with JI dissuading voters, but it is weakening the party’s own internal cohesiveness. The ill effects of the alliance are not lost on several senior party leaders, who think that JI, with its tendencies towards religious extremism and violence, is dragging the BNP down. Chairperson Khaleda Zia has been unwilling to sever ties with the Islamists, resulting in mounting frustration and fractures within the party. A lack of resolution has distracted party leadership, resulting in an inability to formulate cohesive policy proposals. For months, news reports have depicted a party in increasing disarray. Although they lack popular political support, Islamist groups have been able to wield outsized influence through the use of violence and intimidation. Pandering to religious extremists has become an integral part of Bangladeshi political parties’ strategy for self-preservation. It is not only self-defeating, but dangerous. Today, Bangladesh’s Islamists are threatening more than protests. On March 25th, Hefazat officials warned that they would launch an armed jihad against the government of Bangladesh should the Supreme Court approve a petition to fully restore to the constitution the 1971 principles of secularism and religious neutrality. It took only two minutes for Bangladesh’s Supreme Court to dismiss the petition on a technicality, an outcome that extremists hailed as a victory. Meanwhile, global terrorist groups like the Islamic State have taken to the path paved by Jamaat-e-Islami, and are actively trying to establish a foothold in the country.
Sri Lanka
I can even be the first in charge: Gota Claiming that people were asking him to be the second in charge, former Defence Secretary Gotabaya Rajapaksa said he can be even the first in charge. Mr. Rajapaksa said he would join hands with anyone who would come forward to stand for the country’s unitary character and to safeguard the soldiers of the country. “People are asking me now whether I will be the second in charge. I can be the second in charge or even the first in charge,” he said addressing the ‘Wiruwani, oba surekeemata apa sudanam’ people’s movement launched by the National Move-
ment to Protect Soldiers (NMPS). He was referring to a statement made by Labour and Trade Union Relation Minister and Senior Deputy Chairman of the Sri Lanka Freedom Party (SLFP) W.D.J. Seneviratne, who had said that measures were now underway for the appointment of former Defence Secretary Gotabhaya Rajapaksa to the post of second leader of the SLFP. Speaking further Mr. Rajapaksa said the government, unfortunately, believes that the admiration of soldiers is a hindrance to the process of reconciliation. Addressing the ‘Wiruwani, oba surekeemata
apa sudanam’ people’s movement launched by the National Movement to Protect Soldiers (NMPS), Mr. Rajapaksa said the former government has followed a process of improving the mentality of the soldier starting from the very beginning. However, Mr. Rajapaksa said there were incidents where soldiers mentally broke down even in the past. “We have built up the soldiers mind to a level that they have battled to save the country and won the war. Even after the war, we took steps to keep up the mental balance of the soldiers. These soldiers had created a peaceful situation in the
country so that the people could live without fear,” he added. Mr. Rajapaksa also said the former government had taken many actions to establish reconciliation throughout the country than the current government, during the post war period. “We were able to remove all the explosives from the war victimized areas after the war during a short span of 2 ½ years. We were also able to re-settle the displaced who were in the war zone within only 2 ½ years,” he added. He also said the former government has rehabilitated the LTTE cadres who were surrendered to
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Former Defence Secretary Gotabhaya Rajapaksa
the Tri-forces and said this could be the best example which reflect the reconciliation among nations during the former government’s term. (Kalathma Jayawardhane).
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Pound falls as polls indicate more support for Brexit The pound has fallen after two separate surveys suggested rising support for the UK leaving the EU. Sterling hit a threeweek low against the dollar, dropping 1.5 cents to $1.4358, before recovering slightly. Against the euro, the pound was 0.46% lower at €1.2705. A YouGov poll found 45% favoured the UK leaving the EU, with 41% wanting to stay, while a separate Observer/ Opinium poll also found the Leave campaign ahead by 43% to 40%. “It is becoming extremely worrying for the financial markets and we expect more sterling losses if polls continue to indicate a Brexit lead,” Hussein Sayed, chief market strategist at global online broker FXTM said. Craig Erlam, senior market analyst at Oanda, said he expected the high level of volatility in currency trading to continue. “With both sides likely to step up their game over the next couple of weeks, I imagine we’ll see a lot more volatility in the pound, and the closer the polls get, or if ‘Vote Leave’ continues to push ahead, the pound may find itself back towards April’s lows before too long.” Some City analysts have warned that the value of sterling could drop sharply in the event of a Leave vote. In May’s Inflation Report, the Bank of England said that uncertainty over the EU referendum was already affecting the pound. “There is evidence that a material proportion of the 9% fall in sterling exchange rate since its peak in November could reflect referendum effects,” the report said. Asked about the fall of the pound following success for Leave in the opinion polls, pro-Brexit Conservative Boris Johnson said: “The pound will go where it will over the short term. But, believe me, in the long term you can look forward to fantastic success for this country. “I think the pound’s value will depend entirely on the strength of the UK economy.” What could happen to the value of sterling in the event of a vote to leave? According Paul Hollingsworth, UK economist at Capital Economics, a vote for leave could trigger an immediate fall in the value of sterling. However, he believes the severity of the fall would be determined by what the opinion polls say over the next few weeks. “If we see more of shift towards Leave then clearly we could see some of that depreciation come before the vote than after it. “However, if polls lean towards Remain and we still vote to leave then there would be more of shock factor, and that could hit the pound hard.” On balance, he believes that a vote to leave the EU would cause a 10%-20% fall in the pound. Mike Amey, a managing director at Pimco, the world’s largest bond fund believes it would be more like 5% to 10%.
What about in the following
in some countries. “If they felt they needed to support economic growth more forcefully then they would re-engage in quantitative easing,” he says.
What might happen to UK gilts following Brexit?
Some have argued that increased economic uncertainty following a vote to leave would trigger a sell-off in UK government bonds, or gilts. But Mr Amey does not subscribe to this view and says gilts would rally. This would be “largely because the market would expect an interest rate cut by the Bank of England and the UK financial markets would need a risk-free security to turn to.”So if there was some volatility in other assets the gilt market would be sensitive to that and perform strongly.” quark/charts/netchart/savings.qxd
weeks and months?
Any recovery of sterling would depend on various factors. On the upside we could see the political rhetoric around Brexit change following the vote, and this might have a positive impact. “I can’t imagine the Prime Minister would say ‘this result is all doom and gloom’,” says Mr Hollingsworth. Mark Carney, governor of the Bank of England, has promised to protect the banking system following the referendum result . That said, some have speculated David Cameron might have to step down in the result of a Brexit vote. This would result in a leadership contest and more political uncertainty which could affect sterling. It is not clear how long the process of leaving the EU would take. “The negotiations could take two years or much longer, so it could potentially weigh on the economy for a number of years,” says Mr Hollingsworth. “However, it may not be as bad as some have said, because during the negotiations we would still have free trade and the free movement of people… We wouldn’t wake up on the 24th and find ourselves outside the EU.”
How is the Bank of England preparing for the vote?
The Bank of England is unable to comment on the impact of a potential Brexit at the moment as it is in Purdah - the period leading up to an election during which government departments generally refrain from making new announcements. However, it previously said it would inject money into the banking system to allay any shortages following the referendum result. In terms of monetary policy following a potential Brexit vote, inflation and a weakening economy could be big challenges for the Bank. Experts believe a vote for Brexit could lead to a sharp drop in the value of sterling. In response, some say it could keep interest rates on hold or cut them to zero. But Mr Amey believes the Bank would not go as far as introducing a negative rate as we have seen
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 None (W) £1 1.26% Yly Virgin Money www.virginmoney.com Defined Access E-Saver 6 3rd Issue Branch Saver Instant £500 1.26% Yly National Counties BS Via branch 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 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 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 5 Yr Bnd (W) £10,000 2.50% F Yly State Bank of India www.sbiuk.com Online Hi-Return Deposit Close Brothers Savings www.closesavings.co.uk Fixed Term Deposit 5 Yr Bnd (P) £10,000 2.50% F Yly MONTHLY INTEREST 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Mly Charter Savings Bankwww.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 Bankwww.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 Bankwww.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 Bankwww.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: 2 June 2016 Source:
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