Jun202017

Notice: CO5 9DF, Gent Fairhead and Co. Limited: environmental permit draft decision advertisement

DEFRA
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The Environment Agency consults the public on certain applications for waste operations, mining waste operations, installations, water discharge and groundwater activities. In some cases they also consult on draft decisions for environmental permits. The arrangements are explained in its Public Participation Statement
These notices explain:

  • the Environment Agency’s proposed decision and the reasons and considerations on which they’ve based this
  • additional relevant information available since the application was advertised
  • any information or guidance provided by the Secretary of State relevant to the application

Jun202017

China bans online loans to college students

East Asia
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China has banned online loans to college students following a three-year boom in campus lending. [File Photo] 

China has banned online loans to college students following a three-year boom in campus lending, which has been accompanied by outrage over exorbitant rates, violent debt collection practices, porn for payment, and various financial scams.

Financial institutions not registered or authorized by regulators are now banned from offering loans on campus, said a recent notice by China’s Banking Regulatory Commission, the Ministry of Education, and the Ministry of Human Resources and Social Security.

The notice said existing online lenders must withdraw from the market. Those who refuse will be shut down. Institutions suspected of malicious fraud, violence, and spreading obscenities will be subject to prosecution.

Campus loans have been a brewing problem in schools across China. Some students who fall into this financial trap have been reported to have committed suicide, ran away from their homes, or settled their debts with sexual favors.

Naked loans

Shady Internet lenders in China are coercing female college students to provide nude photos of themselves as collateral, in exchange for higher loan amounts. The pictures will be published online, or to their families if the loans are not repaid on time, often at usurious interest rates.

Sometimes, lenders also propose a “fleshy payback”, for which these students will repay their loan with sexual activities.

Last December, at least ten gigabytes of naked pictures and videos for “naked loans” have been leaked by Jiedaibao, a Chinese online peer-to-peer lending platform. At least 167 females are involved in the case, between the age of 17-23, many of them are attending colleges.

Jiedaibao leaked naked pictures of females who fail to repay their debt in December, 2016.

Exorbitant rates

Online lenders set traps often by releasing the daily interest rate for loans.

Average daily interest rates range from 0.1 percent to 0.2 percent, which means monthly rates can reach three to six percent. This translates to an annual interest rate of 70 to 140 percent.

Last year a young woman at a college in Hefei, Anhui Province, borrowed 2,000 yuan (290 US dollars) in her first year, but her debt spiraled to 500,000 yuan (73,000 US dollars). She faced an interest rate of 30 percent a week.

Chinese banks resume campus consumer lending

China Construction Bank and Bank of China in May initiated new consumer loans tailored for university students, 18 years after Chinese banks stopped issuing credit cards and standard consumer loans to students.

The annual interest rates of the two banks are 5.6 percent and 5 percent respectively.

The state-owned banks are expected to cleanse the campus loan market, which has been controlled by private loan sharks, according to analysts.

Jun202017

Why won’t so many in the media ask questions of the EU?

John Redwood MP
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For a year many in the media have recycled old tired materials from the referendum. They have invented something called soft and hard Brexit and have gone on and on trying to find weaknesses in the UK government position, and trying to shift the negotiating aims. They have failed to show impartiality by doing the same to the EU. Why aren’t they ringing round their contacts in other member states governments and business and finding out their differences on what the EU wants?  Why don’t they analyse all the different claims and protests the EU Commission has made, and set them against the views of individual countries? You could make a programme about all the varied claims for large sums of money which seem to have no legal basis whatsoever.

So far what has been fascinating about the rest of the EU debate is how unlike the UK media and Commission briefings it has been. I have not heard the Irish government say they think high tariffs on Irish agricultural products into the UK is a price worth paying to teach us a lesson. The Dutch government do not say they want their farmers to pay tariffs or stop supplying us with all that market garden produce and all those flowers. The German government has been noisier about how the UK must not gain from leaving, but has fallen short of saying a 10% tariff on cars is a good idea. Why don’t the media do more interviews to establish what are the economic and business interests of the rest of the EU? And why don’t they say the UK offer meets their needs far better than the Commission’s general idea of punishment for the UK which would mean more punishment for the rest of the EU given the balance of trade. In a world where the UK was forced by the EU to accept high tariffs on agricultural trade, the UK would gain the option of buying cheaper product elsewhere  by cutting tariffs or growing more at home where we are able to, which the EU under their own rules would not be able to do.

The UK right from the beginning said we wanted to reassure all EU citizens living in the UK they are welcome to stay. In turn we would need the same reassurance for UK citizens living in the rest of the EU. Why didn’t the media put more pressure on the EU to agree to just this decent and sensible approach? Why did the EU want to delay, and want to propose changes to a sensible arrangement? I have never thought the EU would end up forcing UK pensioners out of their homes on the Costa Brava, so why not say so immediately? I am glad that the EU now agrees this issue should be one of the first to be tackled. I hope they will not continue to make pawns of people living abroad, and look forward to the media directing their questions to the EU over this.

The UK also made clear in its Article 50 letter of withdrawal that it accepted the EU view that you cannot stay in the single market and Customs Union when you leave the EU. This letter and supporting policy was backed overwhelmingly by the Commons when it was debated and voted. It was also placed in the Manifestos of the Conservatives and Labour who went on to get 82% of the vote in the election. Maybe the media should recognise this.

In summary the people decided to leave the EU. The last Parliament voted overwhelmingly to leave the EU and sent the letter which means we are leaving the EU. The aims for the future relationship are straightforward and cross party. We seek continuing tariff free trade on a  similar basis to today, and many collaborations, joint investments, student exchanges, tourism and the rest as close neighbours should. This is not the UK begging favours. It is commonsense, in their interests as much as ours. What’s stopping them sorting out the detail to back this up?

Jun202017

Securing our Energy Future

Australia
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The Turnbull Government is taking immediate action to put downward pressure on power prices and ensure reliable energy for all Australians.

Every decision we make in the energy sector is designed to ease pressure on household bills and make businesses more competitive.

Today, the Turnbull Government agreed to:

  • Finalise tough new regulations in the gas sector to give Australian customers priority access to gas supply before it is exported. This will commence on July 1.
  • Strengthen the Australian Energy Regulator by providing it with an additional $67.4 million to stop energy network companies gaming the system and overturning rulings in the courts.
  • Ask AEMO how to ensure that new continuous dispatchable power is provided, including what support is needed to promote new investment.

This decisive action puts the needs of Australian families and businesses first. Our priority is to ensure all Australians have access to reliable and affordable energy supplies.

The finalisation of our tough gas regulations will increase supply to the domestic market, putting downward pressure on gas prices which have risen because of supply shortfalls.  

We simply cannot allow Australians to pay more for Australian gas than competitors overseas do.

Restrictions will be placed on gas exporters when there are shortages in the domestic market.

The Turnbull Government will also take immediate action to address escalating electricity prices.

We will stop big electricity companies from running to the courts to try to overturn the Australian Energy Regulator’s decisions. Companies have made 52 appeals and the courts have ruled against consumers 31 times. This will end.

To back this, we will strengthen the Regulator by providing it with an additional $67.4 million to ensure it is fully equipped to address behaviour in the market that is pushing up electricity prices.  

Baseload power anchors our electricity system. Continuous generation underpins our household and economic security. With a significant amount of baseload generation being phased out over the next 15 years, we need to ensure we are prepared and have enough power to meet future needs.

We will ask the responsible market body, the Australian Energy Market Operator, to:

  • identify the existing and potential loss of continuous, dispatchable (baseload) generation;
  • talk to suppliers and customers, particularly large-scale emissions intensive industrial users, about what they need to secure future investment; and
  • examine how much continuous power is needed in the short term to
    stabilise power prices

On the back of the identified need, we will ask AEMO how best to ensure the new continuous dispatchable power is provided, optimising affordability and security for consumers, including what if any support, including support from Governments if new investment is needed.  

At an emergency COAG Energy Council meeting last year, following South Australia’s state-wide blackout, the Chief Scientist was tasked with developing a long term blueprint for the future security of the national electricity market.

The Chief Scientist’s report was provided to COAG on 9 June. We are continuing to examine his report with the care it deserves.  

The Commonwealth will progress the recommendations of the Chief Scientist, through the COAG Energy Council, which focus on enhanced security, stability, transparency and governance of the energy system and will continue further to consider and analyse the Clean Energy Target.