Did you know…

Did you know…

… that today is Eat Outside Day? Celebrate the last day of August by taking your breakfast, lunch, or dinner into the great outdoors. It’s the perfect excuse for you to take in some fresh air and enjoy some much-needed relaxation time under the Sun. Have fun!

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Today’s Inspirational Quote:

“A good roast of sun, it slows you, lets you relax – and out here if there’s anything wrong, you can see it coming with bags of time to do what’s next. This is the place and the weather for peace, for the cultivation of a friendly mind.”

— A.L. Kennedy

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Report: Uber investigated for FCPA offenses – The FCPA Blog 

Report: Uber investigated for FCPA offenses

The DOJ has taken “preliminary steps” to investigate if managers at Uber Technologies Inc. violated the Foreign Corrupt Practices Act, the Wall Street Journal said Tuesday.

The story cited as sources “people familiar with the matter” but didn’t name them.

Reporters Douglas MacMillan and Aruna Viswanatha said “an Uber spokesman confirmed the company is cooperating with the Justice Department on the preliminary investigation.”

The DOJ doesn’t comment on ongoing FCPA investigations and wouldn’t confirm or deny that Uber is a target.

The report said the DOJ “has begun to review allegations” that Uber violated the FCPA.

“Based on what it finds, the Justice Department may or may not decide to open a full-fledged FCPA investigation into Uber,” the WSJ said.

Uber’s board hired a new CEO, Dara Khosrowshahi from Expedia Inc., to lead the ride-hailing company. He starts work today.

Former CEO Travis Kalanick left the Silicon Valley start-up in June after eight years. Key shareholders accused him of creating a toxic corporate culture. Specific allegations included sexual harassment and discrimination and being overly aggressive toward law enforcement agencies.

The Wall Street Journal said Tuesday,

Under former Chief Executive Travis Kalanick, the eight-year-old company spread rapidly to more than 70 countries around the world in part by giving regional teams authority to adapt to local markets and expand as quickly as possible, sometimes flouting local laws.

The WSJ didn’t name countries where FCPA offenses might have occurred.

But is said Uber had violated transportation laws in South Korea and France. And in Singapore, local managers “bought more than 1,000 defective cars last year and rented them out to drivers, only fixing the safety defect after one of the cars caught on fire,” the WSJ said.

Separately, the DOJ has reportedly launched a criminal investigation into “Greyball” practices at Uber. Managers allegedly developed special software to identify law enforcement or other government officials and avoid giving them rides.

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Richard L. Cassin is the publisher and editor of the FCPA Blog.

Source: Report: Uber investigated for FCPA offenses – The FCPA Blog – The FCPA Blog

Joint Proposal by India & China in WTO on Aggregate Measurement of Support (AMS)

Press Information Bureau
Government of India
Ministry of Commerce & Industry
31-August-2017 12:55 IST
Joint Proposal by India & China in WTO on Aggregate Measurement of Support (AMS)

Recently (on 18 July 2017) India and China jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination – by developed countries – of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or ‘Amber Box’ support as a prerequisite   for consideration of other reforms in domestic support negotiations.
This is an important proposal by India and China in view of the ongoing negotiations for the upcoming 11th Ministerial Conference of the WTO to be held in Buenos Aires in December 2017. It counters the efforts by some countries to target the subsidies of the developing countries while letting the developed countries retain their huge farm subsidies.
The joint paper reveals that developed countries, including the US, the EU and Canada, have been consistently providing trade-distorting subsidies to their farmers at levels much higher than the ceiling applicable to developing countries. Developed countries have more than 90% of global AMS entitlements amounting to nearly US$ 160 bn. Most of the developing countries, including India and China, do not have AMS entitlements.
Listing the most heavily and frequently subsidised products by the US, the EU and Canada since 1995, the paper calls for elimination of such subsidies. The numbers reveal that subsidies for many items provided by the developed world are over 50% and some even more that 100% of the value of production of the product concerned, while developing countries are forced to contain it within 10% of the value of production. In other words, while developed Members have access to huge amount of AMS beyond their de minimis (these are the minimal amounts of domestic support that are allowed even though they distort trade — up to 5% of the value of production for developed countries, 10% for developing.) in contrast most developing Members have access only to de minimis resulting in a major asymmetry in the rules on agricultural trade.
The paper illustrates the adverse effects of concentration of AMS on a few products, which no other proposal in the WTO addresses.  Elimination of AMS, India and China believe, should be the starting point of reforms rather than seeking reduction of subsidies by developing countries, some of which like India provide a subsistence amount of about US $ 260 per farmer per annum compared to over 100 times more in some developed countries.
MJPS

Source: Joint Proposal by India & China in WTO on Aggregate Measurement of Support (AMS)

Requested Ministry-wise PIB releases

 

Bitcoin: Here is how Indians are minting a fortune in bitcoins – The Economic Times

Several Indian online vendors as well as individuals are investing in crypto currency mining rig machines costing around Rs 3 lakh to mine crypto currencies.

Source: Bitcoin: Here is how Indians are minting a fortune in bitcoins – The Economic Times