De La Rue vulnerable to takeover if new CEO fails

first_img DE LA RUE’S newly won freedom from bid talk could only be a temporary reprieve if its new chief executive, Tim Cobbold, is unable to turn the firm around, says a source familiar with the matter.De La Rue was only able to fend off a bid by its rival, Oberthur Technologies, last week by persuading shareholders that the firm’s new management would be able to push its value back up to levels seen before a contract with its major client, the Reserve Bank of India (RBI), was suspended in July. Oberthur dropped its bid last Monday after its revised offer of 935p per share was rejected. The withdrawal followed an aggressive campaign to persuade shareholders that the likely loss of the RBI contract made Oberthur’s offer the best exit available.After the contract’s suspension was announced in July, De La Rue’s share price plummeted 27 per cent from a norm of 900p to around 650p. Analysts say that new chief executive Cobbold now has a maximum of two years to revive the firm’s value, with both shareholders and Oberthur likely to keep a keen eye on its results in May.Oberthur has mulled bids for its rival several times over the last six years. Shareholders could look to the firm to step back into the fray if their concerns are not addressed. whatsapp De La Rue vulnerable to takeover if new CEO fails by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads Show Comments ▼ Sharecenter_img Tags: NULL Sunday 30 January 2011 11:11 pm KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapplast_img read more

Union Bank of Nigeria Plc (UBN.ng) 2017 Annual Report

first_imgUnion Bank of Nigeria Plc (UBN.ng) listed on the Nigerian Stock Exchange under the Banking sector has released it’s 2017 annual report.For more information about Union Bank of Nigeria Plc (UBN.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Union Bank of Nigeria Plc (UBN.ng) company page on AfricanFinancials.Document: Union Bank of Nigeria Plc (UBN.ng)  2017 annual report.Company ProfileUnion Bank of Nigeria Plc is a financial services institution in Nigeria providing banking products and services for individuals, small and medium-sized enterprises and corporations. The company also has business interests in the United Kingdom. The company provides a full-service offering ranging from transactional accounts, savings accounts and fixed deposits to personal and corporate loans, overdrafts and online and mobile banking services. Union Bank of Nigeria Plc also offers credit solutions which includes asset finance, corporate lending, debit capital finance, supplier finance, working capital finance and project finance as well as investment management services and trade finance solutions. The latter includes import and export letters of credit, bonds and guarantees and import and export bills of collection. Union Bank of Nigeria Plc offers treasury solutions, money market instruments, debt market services, cash management services and fixed term deposits. Founded in 2017, the company is a subsidiary of Union Global Partners Limited. Its head office is in Lagos, Nigeria. Union Bank of Nigeria Plc is listed on the Nigerian Stock Exchangelast_img read more

Why I’m looking beyond the short-term AMC share price

first_img See all posts by Dylan Hood Image source: Getty Images Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Click here to claim your copy of this special investment report — and we’ll tell you the name of this Top Small-Cap Stock… free of charge! Why I’m looking beyond the short-term AMC share price Adventurous investors like you won’t want to miss out on what could be a truly astonishing opportunity…You see, over the past three years, this AIM-listed company has been quietly powering ahead… rewarding its shareholders with generous share price growth thanks to a carefully orchestrated ‘buy and build’ strategy.And with a first-class management team at the helm, a proven, well-executed business model, plus market-leading positions in high-margin, niche products… our analysts believe there’s still plenty more potential growth in the pipeline.Here’s your chance to discover exactly what has got our Motley Fool UK investment team all hot-under-the-collar about this tiny £350+ million enterprise… inside a specially prepared free investment report.But here’s the really exciting part… right now, we believe many UK investors have quite simply never heard of this company before! The high-calibre small-cap stock flying under the City’s radar Dylan Hood owns shares in AMC Entertainment Holdings. The Motley Fool UK owns shares of and has recommended Netflix and Walt Disney. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img Our 6 ‘Best Buys Now’ Shares Dylan Hood | Wednesday, 26th May, 2021 | More on: AMC I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Enter Your Email Address Since the end of January, the AMC (NYSE:AMC) share price has been a hot topic among retail investors across the world. Subject to short squeeze deliberation triggered by the Gamestop saga, retail investors have been banding together against hedge fund short positions.However, while many investors are hoping a short squeeze could send the AMC share price rocketing, I also like the look of this stock’s long-term position.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…AMC short squeeze historyFirstly, let’s clear up exactly what a short squeeze is. In a nutshell, shorting a stock entails borrowing shares from a broker, betting their price will go down. These shares are then returned at the lower share price, and the difference is pocketed as profit. It is usually done by big hedge funds who take out multi-million short share positions.However, if the price doesn’t go down, these hedge funds find themselves in big trouble. This is because short sellers exit their positions with buy orders. If these are executed at a higher price than they were borrowed for, share prices go through the roof.In the case of AMC, things kicked off in late January soon after the Gamestop short squeeze. Retail investors quickly noticed 24% of AMC’s floated shares were held in short positions, so targeted it. By the time markets closed on 27 January over 1bn shares had been traded and the share price inflated over 300%!There is speculation of another short squeeze as over 37.3m of the 490m floated shares are shorted. In addition to this, the AMC share price has been following an extremely bullish trend, up 42% in the past 30 days. This does point towards the possibility of another short squeeze.AMC share price futureThough a short squeeze may drive up prices in the short run, there are also reasons why I am bullish on AMC’s long-term value. The cinema chain was decimated by Covid-19 closures, driving down revenues. However, the firm reported that as of March 2020, 527 out of its 589 US theatres were back open. This is great news as boosted capacity means revenues will start to increase again.In Europe, however, only 27% of cinemas were reported open in the firm’s Q1 results. While this may seem bad in the short term, as Covid-19 restrictions ease across the continent, capacity will continue to grow, driving up revenues further.CEO Adam Aron highlighted that bankruptcy was also now completely off the table, after raising over $917m of new equity and debt capital. This puts AMC in a strong financial position moving forward past the pandemic.However, with the streaming industry growing at an accelerated rate, cinemas face stiff competition. Streaming subscriber numbers surged 34% in 2020, with a big part of this attributable to the pandemic. The industry is expected to keep growing by over 20% year-on-year, as companies like Netflix and Disney increase in popularity.What I’m doing nowAs a current investor in AMC, I’m trying to look past the short squeeze speculation. I prefer to invest looking at the long-term value of a stock. I like the outlook for AMC as the cinema is finally opening its doors to customers again. The fact bankruptcy is out of the picture now is a plus too. Therefore, I will be holding for the long term. Simply click below to discover how you can take advantage of this.last_img read more

That passionate post match interview that shocked and amused fans globally

first_imgFriday Feb 9, 2018 That passionate post match interview that shocked and amused fans globally Wits University captain Constant Beckerling has become the toast of social media after his refreshing, brutally honest post-match interview after Monday night’s Varsity Cup clash in Johannesburg. The skipper’s passion, and choice of words, has made him an internet sensation.We posted this on our Instagram and Facebook pages first, so please follow us there too ADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Funnies Related Articles 29 WEEKS AGO WATCH: American reacts to brilliant Nigel… 29 WEEKS AGO Video of John Kirwan apologising while wearing… 29 WEEKS AGO Simon Zebo reveals how ‘absolute lunatic’… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyUrologists Stunned: Forget the Blue Pill, This “Fixes” Your EDSmart Life ReportsWrinkle Remedy Stuns TV Judges: Forget Surgery, Do This Once DailySmart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier Living30+ Everyday Items with a Secret Hidden PurposeNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

177 Social Dwellings in Valdebebas / Francisco Mangado

first_img Spain “COPY” Social Housing CopyAbout this officeFrancisco MangadoOfficeFollowProductsWoodSteelConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureSocial HousingMadridWoodResidentialSpainPublished on June 05, 2015Cite: “177 Social Dwellings in Valdebebas / Francisco Mangado” 05 Jun 2015. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogVentilated / Double Skin FacadeTechnowoodClick Façade SystemWindowsMitrexSolar WindowMetal PanelsAurubisOxidized Copper: Nordic BrownAcousticKvadrat AcousticsAcoustic Panel System in AMOREPACIFIC HeadquartersStonesCosentinoSilestone® Surfaces – Loft SeriesWoodLunawoodThermo Timber and Industrial ThermowoodLightsLouis PoulsenOutdoor Lighting – Flindt PlazaTiles / Mosaic / GresiteLove TilesPorcelain Tiles – NestAluminium CompositesMetawellAluminum Panels for Interior DesignMetallicsRHEINZINKZinc Roof Systems – Double Lock Standing SeamStoolsWilkhahnOffice Stool – Aline-SBulbs / Spots / Wall LightsUniosHorticultural Luminaire – Kobe FloMore products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream 177 Social Dwellings in Valdebebas / Francisco Mangado 177 Social Dwellings in Valdebebas / Francisco MangadoSave this projectSave177 Social Dwellings in Valdebebas / Francisco Mangado Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/637993/177-social-dwellings-in-valdebebas-francisco-mangado Clipboard 2014 Manufacturers: GradhermeticArchitecture:Idoia Alonso Barberena, Alejandra Muelas, Sonia AlvesStructural Engineering:Jaime Clua MartinezInstallations Engineering:Luis MolinaContractor:ArpadaCity:MadridCountry:SpainMore SpecsLess SpecsSave this picture!© Roland HalbeRecommended ProductsFiber Cements / CementsEQUITONEFiber Cement Facade Panel NaturaSuspension SystemsMetawellAluminum Panels for Ceiling SailsSuspension SystemsGustafsSlated Timber Ceiling in EQT Corporate HeadquartersFiber Cements / CementsULMA Architectural SolutionsPaper Facade Panel in Leioa School RestorationText description provided by the architects. The project tries to reconcile the privacy of the dwellings with attention to goings-on outside the block, so in the floor plan, the units are arranged in such a way that on the south side, towards the area that will accommodate offices and the ‘City of Justice’, a public zone will offer cafés, restaurants, stores, etc.; a recreational hub that will also be representative and vital in terms of exchange of functions, and therefore urban and with economic potential.Save this picture!© Roland HalbeNorth orientations are avoided. The predominant directions are east and west. The layout of the dwellings allows elements like shutters, etc., which allow full use of the energy advantages of direct sunlight in winter while curbing direct shine in summer.The garden interior of the development also receives plenty of sun, thanks to the way the buildings are arranged.Save this picture!© Roland HalbeBesides the organization of the public space, layout efficiency and economy of means have been pillars in the choice of types. Minimizing the number of vertical communication cores has been fundamental. So has concentrating the building services in a single core of installations, which makes the rest of the spaces more mobile and transformable for future reorganizations.Save this picture!© Roland HalbeProject gallerySee allShow lessGermany Pavilion – Milan Expo 2015 / SCHMIDHUBERSelected ProjectsVideo: Pat Vale’s Drawing Time-Lapse Brings NYC to LifeArchitecture NewsProject locationAddress:Camino Arroyo de Valdebebas, Madrid, Madrid, SpainLocation to be used only as a reference. It could indicate city/country but not exact address. Share Year: center_img Photographs CopySocial Housing•Madrid, Spain Architects: Francisco Mangado Area Area of this architecture project Save this picture!© Roland Halbe+ 15 Share Photographs:  Roland Halbe Manufacturers Brands with products used in this architecture project ArchDaily ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/637993/177-social-dwellings-in-valdebebas-francisco-mangado Clipboard “COPY” Area:  34930 m² Year Completion year of this architecture project last_img read more

Zoom ticketing platform lets event holders sell tickets & collect donations

first_img Melanie May | 24 August 2020 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis1 Tagged with: Digital  738 total views,  6 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis1  737 total views,  5 views todaycenter_img After Facebook’s announcement that Page owners can now run paid-for online events, a ticketing platform has launched to help holders of events on Zoom collect payment or donations.Tixoom is integrated with Zoom and has been reviewed and accepted into its official marketplace for third-party apps. Event holders can set their own ticket prices in a number of currencies including the UK Pound, and participants can pay securely with Apple Pay, Google Pay, and all major credit and debit cards with Tixoom a Verified Stripe Partner.With many events moving online during the Covid-19 pandemic, Tixoom has launched with the aim of simplifying the transaction process. Tixoom is accessed through Zoom and works with its free accounts. Event holders can choose whether to sell fixed price tickets or accept donations with all payments processed via Stripe, and Tixoom provides a customisable event page to share. While there is no subscription or ongoing contract fees, there is a 3% fee for each ticket sold through the platform as well as the payment processing fee.Tixoom founder and CEO Adam Stamper commented:“It feels like the whole world has moved their education and entertainment onto Zoom® but there was no easy replacement for collecting small amounts of cash from participants. We’re thrilled that Stripe have endorsed our goal of helping creators and teachers continue to get paid after switching their events online.”Facebook announced last week that Page owners can now create an online event, set a price, promote the event, collect payment and host the event, all from one place, currently on Facebook Live. Advertisement Zoom ticketing platform lets event holders sell tickets & collect donations About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.last_img read more

Beijing court throws out appeal by jailed cyber-dissident Wang Lihong

first_img Reporters Without Borders deplores the rejection on 20 October by a Beijing court of the appeal by cyber-dissident Wang Lihong (王 荔蕻) against a nine-month prison sentence imposed on 12 August for disturbing public order by organising a demonstration in Fuzhou in support of three bloggers convicted of defamation.Wang Lihong was arrested in March and held for five months before appearing in court on 12 August. One of her lawyers, Han Yicun, said the trial was unfair because the judge had been obstructive, interrupting the defence and the defendant several times. China: Political commentator sentenced to eight months in prison April 27, 2021 Find out more News RSF_en Help by sharing this information News The artist Ai Weiwei expressed his support for the blogger in a Tweet in August (in Chinese and in English). A blog supporting her and a petition on Twitter are also available. News Wang’s trial is a worrying signal from the Chinese government, which is stepping up its control of the Internet and in particular micro-blogging sites such as Sina Weibo (which has reached a total of 200 million users). The Chinese authorities are worried by the ability of cyber-dissidents to move from virtual activism to activism in the real world, by organising demonstrations using social networking sites as in the case of Wang.Since the beginning of the year, cyber-attacks on media organizations, the institutionalization of Internet censorship and arrests of netizens have continued (read article)China is on Reporters Without Borders’ list of Internet Enemies and is 171st out of 178 countries in the press freedom index for 2010. China’s Cyber ​​Censorship Figures June 2, 2021 Find out morecenter_img ChinaAsia – Pacific Follow the news on China ChinaAsia – Pacific Receive email alerts to go further Democracies need “reciprocity mechanism” to combat propaganda by authoritarian regimes October 21, 2011 – Updated on January 20, 2016 Beijing court throws out appeal by jailed cyber-dissident Wang Lihong News Organisation March 12, 2021 Find out morelast_img read more

Kidnapped Portuguese journalist freed

first_img IraqMiddle East – North Africa November 17, 2003 – Updated on January 20, 2016 Kidnapped Portuguese journalist freed RSF’s 2020 Round-up: 50 journalists killed, two-thirds in countries “at peace” News RSF_en News February 15, 2021 Find out more December 28, 2020 Find out more Help by sharing this information Receive email alerts December 16, 2020 Find out morecenter_img Reporter Carlos Raleiras, of the privately-owned radio station TSF, wasreleased by Iraqi captors on 15 November, a day after armed men seized himin southern Iraq. He said he had not been mistreated. The kidnappersreportedly demanded a $50,000 ransom. Portuguese prime minister José Manuel Durao Barroso welcomed his releasebut declined comment on how it had happened. The Portuguese governmentsaid it had warned journalists that Portugal could not guarantee theirsafety if they went to Iraq. Raleiras said the arrest by Iraqi police ofthe leader of the kidnappers had led to his release.____________________14.11.2003Call for release of Portuguese journalist abducted in southern IraqReporters Without Borders has called for the immediate and unconditional release of Portuguese journalist Carlos Raleiras, who was attacked and kidnapped by armed men today in southern Iraq, near the border with Kuwait. The organisation also appealed to the British military forces in charge of the region to deploy all necessary resources to track down Raleiras and his abductors.”We are very concerned about this journalist’s fate,” Reporters Without Borders secretary-general Robert Ménard said. He added: “The security conditions are extremely worrying for all journalists working in Iraq and we call on all parties there – armies from the western countries, armed groups and groups of bandits – to respect the members of the press, who are observers and neutral witnesses on field mission.”A special correspondent with the Portuguese commercial radio station TSF, Raleiras was in a convoy of several vehicles without military protection that was attacked by an unidentified group of armed men as it was heading towards the southern city of Basra.He reached the news agency LUSA in Lisbon by telephone several hours after going missing and said: “I have been kidnapped. The situation is very complicated. I cannot talk. I am using my radio. I have to hang up.” Maria Joao Ruela, another Portuguese journalist who is a correspondent for the commercial TV station SIC, was wounded in the leg in the attack but her condition is not critical. Three jailed reporters charged with “undermining national security” News Iraq : Wave of arrests of journalists covering protests in Iraqi Kurdistan to go further Organisation IraqMiddle East – North Africa Follow the news on Iraq Newslast_img read more

Derry Judge grants anonymity in court case because of risk of RAAD attack

first_img Twitter 365 additional cases of Covid-19 in Republic Twitter Main Evening News, Sport and Obituaries Tuesday May 25th Derry Judge grants anonymity in court case because of risk of RAAD attack Google+ Pinterest WhatsApp Further drop in people receiving PUP in Donegal Google+ RELATED ARTICLESMORE FROM AUTHOR WhatsAppcenter_img News Facebook Man arrested on suspicion of drugs and criminal property offences in Derry Facebook Previous articleBuncrana man jailed following 2010 assault in DerryNext articleBuncrana Council Concern at recent beach incidents News Highland By News Highland – June 14, 2013 Pinterest In what is believed to be the first case of its kind a District Judge imposed an anonymity order on the case involving three men for non drugs related offences.District Judge Barney McElholm in the past has imposed anonymity orders on cases where people have been charged with drug related offences.He did so due to the activities of RAAD, the republican vigilante group who had shot numerous people claiming they were involved in the drugs trade.At yesterdays sitting of Derry Magistrate’s Court just before a preliminary enquiry involving three men Judge McElholm said he was imposing an anonymity order because one of the men could result in the other two coming to the ‘attention of elements in this city who have shown in the past they are prepared to maim and kill.’One of the three was charged with obstructing a police officer on October 17 last.The second was charged with between October 17 and 24 perverting the course of justice by falsely identifying someone to the police.The third man was charged with perverting the course of justice by falsely claiming he was someone who had been asked to produce their driving documents on October 24.It was accepted there was a case to answer and the three said they did not wish to call any witnesses or make any statement at this stage.They were returned for trial to a date later this month.ymity o 75 positive cases of Covid confirmed in North Gardai continue to investigate Kilmacrennan firelast_img read more

A Short And Telling History Of Farm Protection Laws

first_imgColumnsA Short And Telling History Of Farm Protection Laws Santosh Paul, Senior Advocate19 Jan 2021 9:22 PMShare This – xOne of the most enduring and perpetuating myths is that industrial development takes place at the cost of agriculture. Nothing can be farther than the truth as is illustrated in the legislative history of Japan. LEGISLATIVE HISTORY OF JAPAN Japan was in the throes of the winter of 1945-46. It had surrendered to the Allied forces. Japan had probably the most debilitating feudal…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginOne of the most enduring and perpetuating myths is that industrial development takes place at the cost of agriculture. Nothing can be farther than the truth as is illustrated in the legislative history of Japan. LEGISLATIVE HISTORY OF JAPAN Japan was in the throes of the winter of 1945-46. It had surrendered to the Allied forces. Japan had probably the most debilitating feudal system, with the highest concentration of land and a vastly impoverished peasantry. General Douglas MacArthur, in command of occupied Japan shot a call to arms to end the crippling feudalism in Japan. The following instruction was not a part of a left-wing or Communist manifesto, it was sent by MacArthur to the Imperial Japanese government: “in order that the Imperial Japanese government shall remove economic obstacles to the revival and strengthening of democratic tendencies, establish respect for the dignity of man, and destroy the economic bondage which is enslaved the Japanese farmer 2 centuries of feudal oppression, the Japanese Imperial government is directed to take measures to ensure that those who till the soil of Japan shall have more equal opportunity to enjoy the fruits of their labour.. The Japanese Imperial government is therefore ordered to submit to this headquarters on or before 15/03/1946 a program of rural land reform.” The Japanese government brought in a tepid land reform bill more or less keeping the vested feudal interests in place. Outraged, MacArthur once again demanded the Parliament to bring in a more radical and more watertight legislation which ultimately came to be passed in October 1946. This legislation is credited with ending feudalism in Japan and its ensuing economic recovery. FARM SUPPORT IN JAPAN, TAIWAN, SOUTH KOREA AND CHINA. Land reform legislations gained ground with institutional support in north-east Asia viz. in Japan, South Korea, China, and Taiwan. Along with land reform legislations, legislative and administrative mechanisms were set up to implement the two-pronged action of purchasing agricultural produce at about market prices and sold to consumers at a discounted price. For instance, the government in South Korea throughout the 70s and 80s bought large quantities of rice at about market prices, and then sold it to consumers at a discount of upto 50%. Similar mechanisms were set in place in Japan Taiwan and China. This enabled surplus farm production and ensured food security. With a sound agricultural policy in place, Japan, South Korea China and Taiwan powered their economies to hitherto unseen and unparalleled heights. LAND REFORMS IN INDIA It is interesting that in post-independent India the Parliament had to fight a bitter battle with the judiciary to bring in land reforms. A study of the previous judgments in major land reforms cases before the Supreme Court will reveal that none of them ever alluded to the study of economic history of land reforms. It was never brought to the notice of the courts that land reforms were all pervading and at all stages of history. It commenced as early as in 133 BC and continues till date. Land reforms were implemented by the Greeks in 6th Century BC. Tiberius proposed land reforms which were passed by the Roman Senate in 133 BC. In Europe, France implemented land reforms after the French revolution. It was implemented in Sweden (1757), Denmark (1819), Greece (1835), Finland (1757), Canada (1873), Czechoslovakia (1945 to 1948), Ireland (1870 to 1920), Poland (1919 to 1944), Romania (1945), Hungary (1945), and the emancipation of serfs took place in Russia in 1861. In the 20th century, land reforms were implemented in Taiwan (1950’s), Egypt (1952), Vietnam (1955), South Korea (1949), Philippines (1963), Brazil (1930), Bolivia (1953), Peru (1950’s) Bolivia (1953), Chile (1963) till the assassination of Allende in 1973, Peru (1950s), Iran (1962-1971) and Syria (1958), the list is endless. Every nation has at some point of its time in its history, implemented land reforms to set right the skewed land ownership patterns. According to Professor Amartya Sen, China’s economic surge is substantially attributed to its successful implementation of land reforms, and thereby enabling the development of their human capital. Even if we look at the Indian context, the states which implemented land reforms effectively surged ahead of the rest of the states which are still battling with poverty, illiteracy, backwardness, explosive population growth. At the vanguard, is the state of Kerala which massively implemented land reforms and today has living standards comparable to South Korea. CONSTITUTIONALITY OF AMERICAN FARM PROTECTION LAWS In 1933, with most farmers in the USA were losing money because of the Great Depression. President Franklin D. Roosevelt (FDR) signed the Agricultural Adjustment Act (AAA).In the Agricultural Adjustment Administration subsidized farmers began to regulate agricultural production by destroying crops and artificially reducing supplies. It also offered subsidies to farmers to encourage them to willingly limit their production of crops. The AAA came under challenge in the celebrated decision of United States vs Butler. The majority of 6 to 3 struck down the AAA as unconstitutional. Justice Harlan Fiske Stone, denounced the majority opinion striking down the farm law as a “tortured construction of the Constitution.” Many farmers were incensed. On the night following Roberts’ opinion, life-size effigies of the six majority opinion justices erected and incinerated. The Butler decision ultimately led to FDR’s famous ‘Fireside Chat’ where he said “we have reached the point as a nation where we must take action to save the Constitution from the court and the court from itself”. President Roosevelt determined to support the American farmers, hit back with 1938 legislation, the Soil Conservation and Domestic Allotment Act, which essentially created a similar organization for distributing farmer subsidies. These legislative measures, many of them in place even today, pulled America out of the Great Depression. FARM SUPPORT ACROSS THE GLOBE It is an admitted position that countries across the globe have legislative and administrative systems in place providing support to their domestic agriculture. The Agricultural Policy Monitoring and Evaluation Report 2020 found that 54 OECD and EU countries and 12 emerging economies are providing $700 billion annually to support their agricultural sector. Out of this, $536 billion is in the form of payments to the agricultural producers themselves. This is simply because agriculture ensures food security for the nation and requires tremendous assistance as the nature of farming is its precarious vulnerability to the weather and uncontrolled events. It is noteworthy that the top spenders on farm support are rich countries like the United States, the European Union and China. Incidentally, China, the fastest growing economy in the world spends 4 times that of the United States and more than the combined spending of the 3 big spenders the European Union, the United States and Japan. This narration is important because it busts the myth that industrial growth can be achieved only by compromising on agriculture. Farm Laws have to be analyzed and tested with the global context and measures in mind.Views are personal.(Author is a Senior Advocate at the Supreme Court of India)Next Storylast_img read more