Gordhan congratulates new IMF head

first_img30 June 2011 South African Finance Minister Pravin Gordhan has congratulated Christine Lagarde on her appointment as managing director of the International Monetary Fund, while calling for the body to give more say to emerging countries.“As the global economy continues to be plagued with persistent economic challenges, the role of the IMF has and will continue to become crucial to global co-ordination and crisis management,” Gordhan said in a statement on Wednesday.“I am confident that Ms Lagarde will be able to actively enhance that role even-handedly and effectively.”The French finance minister was named the first ever woman head of the IMF on Tuesday.The IMF should continue to focus on certain issues to “further strengthen its relevance and legitimacy among all member countries”, Gordhan said.This included transferring quota shared to emerging and developing countries to give them more weight in IMF decisions.He also called for a commitment that the next head of the IMF need not come from Europe.“Small countries should have appropriate voice. Since the global crisis, small countries have faced particular challenges that require greater attention from the IMF,” Gordhan said.He called for more diversity in IMF staff in terms of their nationality, gender, and academic and professional backgrounds and improved surveillance of important advanced economies.The IMF’s top job has been held by a European for 65 years.Sapalast_img read more

Your Midyear Startup Checkup: Are You On Target?

first_imgRelated Posts Tags:#Analysis#start A Web Developer’s New Best Friend is the AI Wai… Why Tech Companies Need Simpler Terms of Servic… Top Reasons to Go With Managed WordPress Hostingcenter_img 2010 is over half over, which makes it a good time to reflect on the year so far and revise your startup’s plans – if necessary, of course – for the year ahead. Are you on target? Have your targets changed? And if so, have you adjusted course to compensate?Mark MacLeod posted his thoughts on the midyear point on the Startup CFO blog today, noting that it can be difficult for startups to establish accurate targets. Even so, he notes, there are two schools of thoughts when it comes to targets. The first: you set the targets, now stick with them. The second: if you can’t meet the targets, it only makes sense to adjust.If you’ve determined that, indeed, your targets need adjusting, MacLeod suggests the following: Diagnose: “Hold a post mortem,” he writes, “ideally involving much or all of your team.” What went wrong? Were the targets unreasonable? If so, why were they set in the first place? If the targets were reasonable, why weren’t they attained? What can be done about that?Reset: Now that you have new insights into your performance, you can set new targets – making sure that your investors support them, of course.Communicate: After you’ve reviewed your year-to-date performance, make sure you share that diagnosis with your whole team. Explain not only what the new targets are, but why the targets are changing.Partial Mulligan: If employees’ compensation is tied to meeting targets, MacLeod argues that “resetting targets should not be the equivalent of a Mulligan. You need to retain some incentive to hit the new targets, but unless your diagnosis tells you that the targets were flawed to begin with, there should be consequences (in terms of reduced incentive) as a result of lowering your targets.”Revising your targets may involve slight tweaks or it might mean major upheaval. As Chris Dixon writes on the subject of pivoting, “You aren’t throwing away what you’ve learned or the good things you’ve built. You are keeping your strong leg grounded and adjusting your weak leg to move in a new direction.” 8 Best WordPress Hosting Solutions on the Market audrey watterslast_img read more

South Australia Plugs in World’s Largest Battery

first_img What’s Driving the Cost of Residential Solar-Plus-Storage?On-Site Storage Is the Great EqualizerRethinking the Grid The world’s largest lithium ion battery is up and running in South Australia where officials hope it will help reduce power shortages during blistering summer weather that lies ahead.The state government announced last week that the football-field-sized battery has been installed at the Hornsdale Power Reserve, where it will store energy generated at an adjacent wind farm. According to a statement from South Australia Premier Jay Weatherill, the battery is “history in the making” and will ensure that the state has backup power to get it through the summer.Tesla finished installing the 100-megawatt battery only 63 days after signing an agreement with state officials, well under the 100 days CEO Elon Musk promised — a deadline he vowed to meet or do the job for free.It makes great press for Tesla. In South Australia, officials hope that the battery will reduce the number of blackouts and brownouts that typically occur. Although more than 40% of South Australia’s electricity comes from wind, integrating the energy into the grid and managing the intermittent nature of wind-generated power hasn’t been very successful, according to an expert quoted in an article published by The New York Times. RELATED ARTICLES Federal policy favors coalAustralia has plenty of wind and solar capabilities, but the federal government has been promoting fossil fuels over renewable energy, and Australia’s treasurer, Scott Morrison, was disdainful of the Tesla project earlier in the year. “Thirty thousand South Australian households could not get through watching one episode of ‘Australia’s Ninja Warrior’ with the big battery,” he said.The government of Prime Minister Malcolm Turnbull has promoted fossil fuels to stimulate growth and prevent power shortages in South Australia, The Times said, and suggested the state had been taken in by clever salesmanship with the Tesla project.In an email to the newspaper, energy minister Josh Frydenbert said, “The Tesla battery has been sold to the people of South Australia as an answer to their woes. But in reality it is just a fraction of the storage and backup that South Australia needs.”Not so, said the Australian general manager of Neoen, the French company that owns the nearby wind farm. “There’s no turning back,” said Franck Woitiez. “It’s not tomorrow, it’s now.” South Australians pay the highest electricity prices in the world, the article said, and electricity costs there have gone up 20% between 2012 and 2016. Residents pay between 50% and 100% more for electricity than Americans.The battery has enough capacity to power 30,000 homes for as much as an hour — not a huge number when compared to South Australia’s population, but enough, officials hope, to reduce pressure on the grid during periods of high demand.last_img read more

Rajasthan seeks formation of Inter-State Basin Authority

first_imgRajasthan has sought establishment of an Inter-State Basin Authority with the powers to resolve disputes among different States on sharing of river waters. The desert State does not agree with a proposal to set up an integrated group of watershed agencies, which it says will not serve any meaningful purpose.Home Minister Gulab Chand Kataria said at the 13th meeting of the Inter-State Council’s Standing Committee in New Delhi last week that since several Boards were already functioning for management of inter-State basin waters, there would be no utility for the integrated group of watershed agencies.The Boards include Bhakra-Beas Management Board for Indus basin, Upper Yamuna River Board for Yamuna river waters, Narmada Control Authority for Narmada river waters and the Madhya Pradesh-Rajasthan Chambal Inter-State Board for Chambal river waters.Mr. Kataria said the practice being followed for distribution of water on the basis of catchment areas of rivers went against the interest of a State like Rajasthan because it had very little such areas. “Rajasthan should be exempted from the rules framed on the basis of catchment areas,” he said.More allocation soughtWhile seeking allocation of more Central funds for expansion of forest areas to meet the national targets, Mr. Kataria sought a special status for Rajasthan in view of its “scattered environmental status” with the presence of the Aravalli hills range and the vast Thar desert. Rajasthan was geographically the biggest State in the country, he pointed out.last_img read more

Aussie TV reporter claims bringing explosives into CWG venue

first_imgAn Australian TV channel has claimed that its crew got past security personnel and entered the Commonwealth Games village with crude explosives bought in New Delhi a few days ago, raising questions over safety at the event venues.Channel 7 journalist Mike Duffy claimed that he walked into one of the Games venues with a case of explosive which could have triggered explosions if fitted with a detonator.The video footage put up in a website called 3news.co.nz showed Duffy secretly filming the purchase of the case from the boot of a car in New Delhi.The video also showed how Duffy was even given a demonstration by the vendors.”If I need to blow up this car, all I need further is a detonator and explosive,” the vendor told Duffy in the video.Duffy claimed that he was easily able to buy the items, including ammonium nitrate and explosives used for mining, in New Delhi, which is scheduled to host the Commonwealth Games from October 3 to 14.”We found that without too much trouble one can purchase these explosives and equipment on the streets of New Delhi. At the mining areas, they sell it almost alongside groceries,” he said in the news footage in the website.On Sunday, two Taiwanese nationals were injured when two motor-cycle borne attackers fired at a bus carrying foreign tourists outside Jama Masjid, raising fresh concerns about security in the wake of the Delhi Games.last_img read more