Latest news with #Economic
United News of India
18 hours ago
- Politics
- United News of India
Emergency responsible for decision to give up the rights of Indian fishermen: EAM Jaishankar
New Delhi, June 27 (UNI) External Affairs Minister S Jaishankar today said the Emergency imposed by then PM Indira Gandhi is responsible for the persistent issue of Indian fishermen being arrested by Sri Lanka. Speaking at an event to mark the 50th anniversary of the Emergency, the EAM said that during the time an agreement was reached between India and Sri Lanka in which the rights of Indian fishermen to fish in some areas of the waters of Sri Lanka was given up. He said: 'During the Emergency, sometimes major decisions were taken, without debate. 'Today a major issue is being talked about -- that our fishermen are arrested in Sri Lanka. Do you know the reason why? 'The reason is because during the Emergency an agreement was reached with Sri Lanka in which the fishermen's rights to fish in some areas of the waters of Sri Lanka, that right we gave up. 'If there had been no Emergency, and if there had been a parliament, a truly genuine parliament, then the issue would have been debated. I do not know if the parliament at the time would have agreed to such a decision or not,' he added. He said the consequences of this decision are still visible in Tamil Nadu. The EAM was referring to the 1974 and 1976 agreements reached between India and Sri Lanka over the Katchatheevu island and rights over their respective Exclusive Economic Zone areas. Katchatheevu, an uninhabited island, was ceded to Sri Lanka under a maritime agreement in 1974. Another agreement was signed in 1976 -- when the Emergency was in progress -- that restricted the fishermen of both countries from fishing in each other's exclusive economic zones. In other remarks, the EAM urged people to remain vigilant against history repeating itself, and said that India needs an empowered public to avoid future such autocratic decisions. EAM said the image of India as the oldest and largest democracy in the world took a beating when the Emergency was imposed on June 25, 1975. He also recalled his own experiences of police raids in the hostels of Jawaharlal Nehru University. UNI RN
Time of India
2 days ago
- Business
- Time of India
Coast Guard inducts fast patrol boat of Goa Shipyard
Panaji: The Indian Coast Guard on Thursday inducted ICGS Adamya, the first of eight fast patrol vessels (FPVs) from Goa Shipyard. ICGS Adamya is the first ship in its class to feature controllable pitch propellers and indigenously developed gearboxes for superior manoeuvrability, operational flexibility, and enhanced performance. The ICGS Adamya is equipped with a 30mm CRN-91 gun, two 12.7mm stabilised remote-control guns with fire control systems, and other advanced systems. These features will allow the vessel to operate with increased precision, efficiency, and responsiveness across India's extensive maritime domain. These fast patrol vessels will act as force multipliers in the Indian Coast Guard's operational fleet, enabling swift response for law enforcement, surveillance, rescue, and the protection of India's Exclusive Economic Zone. In 2022, the Indian Coast Guard placed an order for eight fast patrol vessels as part of a Rs 473 crore ($62.1 million) contract. GSL launched the first two FPVs - Adamya and Akshar - in Oct 2024, while the fifth one - Achal - was launched this month.
Chicago Tribune
2 days ago
- Business
- Chicago Tribune
Universal plans ‘horror experience' near Chicago casino
NBCUniversal will open a horror-themed attraction across from Bally's Casino, Mayor Brandon Johnson announced Thursday afternoon in what would be the brand's first entertainment venue in the Midwest. The 'year-round immersive horror experience' will be titled Universal Horror Unleashed and sit in the vacant 114,000-square-foot building at 700 W. Chicago Ave., according to city officials. It is slated to open in 2027 and will receive tax credits from a state program. Johnson cast the development as one that 'will also uplift and revitalize a dynamic neighborhood.' 'This venue will not only bring growth with new visitors to this community, but it will also create 400 — 400 — permanent jobs for Chicagoans, which ultimately grows our local economy,' Johnson told reporters. 'I'm very excited about this announcement, and I have no doubt that fans of this genre will flock to our city for these memorable experiences.' Johnson's office said the project will offer haunted mazes, themed bars and restaurants as well as a shopping space with special branded merchandise, with construction scheduled to start early next year. The agreement includes incentives from the state's Economic Development for a Growing Economy, which grants annual corporate tax credits to businesses who decide to locate in Illinois. Qualifications depend on job creation and dollars invested, with the credit equal to half of the income tax withholdings of the new employees, or 75% if the project is located in an 'underserved area' in the census tract. More credits are available for covering training costs. City officials said the horror venue is expected to create more than 400 permanent jobs, but deferred questions on its tax incentives to the state. A spokesperson for the Illinois Department of Commerce and Economic Opportunity did not immediately respond to request for comment. 'Universal's decision to make such a significant investment in Illinois is a testament to the state's unmatched entertainment sector, renowned workforce and strong infrastructure,' Gov. JB Pritzker said in a statement. 'Universal choosing Illinois didn't happen by accident — we were proud to support this project through our EDGE incentive program, which has helped fortify a positive business climate that draws world-class companies to the state.' The project's announcement follows the first Universal Horror Unleashed opening in Las Vegas this August. Page Thompson, president of New Ventures at Universal Destinations & Experiences, said the project will be one that is 'deeply connected to this city and to our riverfront location' — and also provide 'bone-chilling scares.' 'It's all fear all year, because horror isn't just for Halloween,' Thompson said. 'Chicago is a great location. It's one of the biggest cities in the United States, obviously the third-largest tourism market in the country, and we've done some research and found that Chicago has pretty high affinity for horror concepts.' In 2022, Rhode Island-based Bally's won a heated competition to build Chicago's first casino on the 30-acre Tribune Publishing printing plant site in River West. The $1.7 billion proposal includes an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants and 4,000 gaming positions, making it the largest casino in the state. Earlier this year, Bally's demolished the 43-year-old Freedom Center to begin making way for the casino complex, which is slated to open in September 2026. Bally's Chicago launched a temporary casino at Medinah Temple in September.
Time of India
2 days ago
- Business
- Time of India
Coast Guard inducts Adamya from Goa Shipyard
Panaji: The Indian Coast Guard on Thursday inducted ICGS Adamya, the first of eight fast patrol vessels (FPVs) from Goa Shipyard. It is the first ship in its class to feature controllable pitch propellers and indigenously developed gearboxes for superior manoeuvrability, operational flexibility, and enhanced performance. The ICGS Adamya is equipped with a 30mm CRN-91 gun, two 12.7mm stabilised remote-control guns with fire control systems, and other advanced systems. These features will allow the vessel to operate with increased precision, efficiency, and responsiveness across India's extensive maritime domain. These fast patrol vessels will act as force multipliers in the Coast Guard's operational fleet, enabling swift response for law enforcement, surveillance, rescue, and the protection of India's Exclusive Economic Zone. In 2022, the Coast Guard placed an order for eight fast patrol vessels as part of a Rs 473 crore ($62.1 million) contract. GSL launched the first two FPVs - Adamya and Akshar - in Oct 2024, while the fifth one - Achal - was launched this month.
Mid East Info
3 days ago
- Business
- Mid East Info
Dubai's Omining unveils first African Site in Kenya's Special Economic Zone - Middle East Business News and Information
Dubai's Omining unveils first African Site in Kenya's Special Economic Zone The DMCC-registered firm brings operational capacity and long-term planning to East Africa June 25th, Dubai, UAE: Omining, the crypto infrastructure company based in Dubai and operating under the DMCC ecosystem, has expanded operations into Kenya. The company's newly established facility in the Kenyan Special Economic Zone (SEZ) makes it one of the first large-scale Web3 deployments in East Africa by a UAE-based entity. The company's entry comes as global technology players, including Microsoft, expand into Kenya's SEZ framework, with Google and Amazon reportedly completing due diligence for future presence in the region. Omining's new facility will serve as its operational hub, with a 90-megawatt capacity currently being expanded to 200 megawatts. It leverages Kenya's stable electricity costs, investor-friendly regulation, and growing global relevance. Naivasha, where the plant will run, offers other key advantages: a year-round temperate climate ranging from 6 to 30 degrees Celsius, a 100% tax-free regime within the SEZ, and a currency whose value is closely aligned with the US dollar – much like Dubai. 'We're witnessing the beginning of a revolutionary era – the democratization of cryptocurrency mining. By enabling anyone to mine a currency without government control, we're participating in a groundbreaking movement that's reshaping the world's financial landscape,' said Francesco Colucci, Managing Partner at Omining. In under-electrified markets, crypto mining operations can play a broader role. Kenya has made significant strides in renewable energy generation, yet in rural areas, grid expansion often remains economically infeasible due to low demand. Omining's consistent, large-scale energy consumption and investments in the region can help stabilize long-term revenue for utility providers. This, in turn, adds to the long-term health of both infrastructure and access. 'The infrastructure we're building is about more than just scale,' said Lorenzo Calligaris, CTO at Omining. 'You need to be in environments that understand what you're doing and let you move fast, but responsibly. That's what we've had in Dubai, and now we're applying that playbook in Kenya.' Kenya's SEZ has emerged as a pragmatic alternative to more saturated destinations. Situated near Nairobi but free of its congestion, it is supported by strong logistics infrastructure. These fundamentals, combined with investor-friendly policies and reliable power supply, are beginning to shift how international firms perceive the region. Kenya's positioning as an SEZ destination is rapidly gaining traction across multiple industries because of a skilled labor pool, and growing integration with global digital trade systems. Recent public commentary from Kenneth Chelule, CEO of the SEZ Authority, referenced the potential of crypto mining firms like Omining to contribute to SEZ employment and energy monetization. The early links between Dubai and destinations like Kenya are expected to evolve into deeper, more sustained digital-economic relationships. Omining's move is an early example of what those relationships could look like in practice. About Omining Omining is an innovative company headquartered in Dubai, specializing in the mining of leading cryptocurrencies such as Bitcoin, Kaspa, and other emerging digital assets. It offers cutting-edge, fully customized solutions tailored to meet the needs of private investors, institutions, and businesses looking to enter or expand within the cryptocurrency mining sector in a secure, efficient, and scalable way. As part of its commitment to innovation, growth, and sustainability, Omining has recently developed a state-of-the-art mining farm in Nairobi, Kenya. This strategic expansion leverages the region's favorable climate conditions, reliable infrastructure, and increasingly green energy sources to ensure high performance with reduced environmental impact. It also marks a significant step toward building a decentralized and globally connected mining network. Omining's mission is to make cryptocurrency mining accessible, reliable, and future-oriented. Through its global operations and technical expertise, it aims to empower clients with the tools and infrastructure needed to succeed in the evolving world of blockchain and digital finance. For more information or interviews, please contact: Your Wordsmiths – Content & PR Neha Kaul 0504507068 neha@
