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This firewall was successful in preventing major bank runs in the post-war period until it was overtaken by financial innovation and ?light touch regulation?which is based on disclosure rather than control In retrospectit is unsurprising that the collapse of this firewall led to the buildup of systemic risk in the financial system that boiled over with the run on Lehman Brothersa systemically importantlarge investment bank The trigger for the crisis this time around was the shadowy investmentrather than depositaryarm of various banks Fire-sales of assets led to prices spiralling downward Shadow banks did not access a stable deposit base for fundingbut volatile short-term capital This became difficult to roll over as credit markets froze Shadow banks are not cushioned by the liquidity buffers of deposit insurance and central bank discount windowswhich can prevent a liquidity problem from escalating into a full blown bank run By seeking to limit proprietary trading (on the banks own account) unrelated to customer needs and limiting the ownership or sponsorship of hedge/ private equity funds to 3 per cent of Tier I capitalthe Volcker Rule restricts the risky business activities of depository banks This backtracking on universal banking is a major landmark in ongoing regulatory reform While the three models (VolckerVickers and Liikanen) will have to stand the test of another crisis to prove their efficacylingering concerns are already evident The big question is whether the loss due to the passing on of the costs of regulatory restructuring and the shrinkage of assets to borrowers is commensurate with the gains in financial stability Firstwhile Glass-Steagall prohibited an entity from undertaking both commercial and investment bankingthe Volcker rule merely prohibits an entity that accepts public deposits from undertaking certain types of trades Even as it prohibits proprietary tradingit allows hedging and market making In practiceit is difficult for the regulator to distinguish between trades entered into for profit or for hedgingas financial innovation blurs such boundaries The derivatives losses of JP Morgan caused recently by the London Whale highlighted this difficulty Its CEOJamie Dimonmaintained before the US Congress that the trade was a hedge for its overall exposure Would this trade have been disallowed under the Volcker rule It is difficult to determine Secondthe separation of banking from trading activities does not make commercial banking less immune to risky lending practices The heart of banking lies in risk takingand the biggest risk is credit risk Every banker who buys risk into his balance sheet by extending a loan is within his right to seek options to mitigate the risk Securitisation and derivatives are tools to do this The problem lies not so much in these tools of risk mitigation as in credit assessment If the underlying pool of mortgages were healthy cash flows secured through expected stable labour incomes rather than through speculative positions on volatile asset prices sub-prime defaults may have been containedinstead of boiling over on account of changes in monetary policy and the reversal in housing prices Lax credit assessment and distorted compensation practices added fuel to the fire Thirdwould Glass-Steagall have prevented the financial meltdown of 2008 Institutions like Bear StearnsAIGMerrill LynchGoldman Sachs and Lehman Brotherswhich all ran into troublewere systemically important but not commercial banks Deposit-taking commercial banks also had to be bailed out because of their holdings of the same illiquid securities through off-balance sheet investment vehicles Investment in these securities was not restricted under Glass-Steagall To the extent that the Dodd Frank Act empowers the Financial Stability Oversight Council to declare any financial institution including investment bankshedge fundsetc systemically important and bring it within the regulatory perimeterit does address the problem of unregulated too big to fail institutions The problem is whether the Volcker Ruleand even Basel IIIadequately firewalls depositary institutions against risks arising from shadow banking Lastlythe constructive ambiguities of the Volcker Rule constitute a legal minefield Its an 882-page behemothappended to the gargantuan Dodd Frank Actitself 828-pages longto be implemented by five separate agencies Compare this to the 37-page elegance of the Glass-Steagall Act In the legal battles that shall ensuepitting regulators against Wall Street firmsthere is little doubt who will have the highest-paid lawyers and psychiatrists to prove intent on their side Sheel is secretaryPrime Ministers Economic Advisory Council Ganguly is an independent researcher Views are personal For all the latest Opinion News download Indian Express App More Related NewsBy: Express News Service | New Delhi | Published: August 18 2017 6:03 am Arvind Kejriwal Top News The Delhi government Thursday said attempts to strengthen medical facilities in Delhi had been thwarted by the DDA repeatedly pointing to two specific instances — an October 2015 letter that asked for the allotment of 10 “vacant parcels of land” and a November 2015 letter asking for “land allotted to societies… lying vacant” In the October 2015 letter to the L-G CM Arvind Kejriwal said “Presently there are only 40 government hospitals with 10275 beds in the National Capital Territory for a population of 168 crore” which was well below international standards In November 2015 Amar Nath Secretary Health Department wrote to then DDA VC Arun Goel and said that although “DDA has been allotting the land to various societies/trusts on concessional rates so that health facilities are available at reasonable rates and free to economically weaker sections” the government’s experience with such institutes has been poor A government spokesperson said “There are two issues here First the DDA refuses to give land to the government for free even though it is willing to do so for others Second even if the land is allotted it is never apt” The DDA refused to comment on the issue For all the latest Delhi News download Indian Express App More Top NewsNew Delhi: About 45 percent of the voters today exercised their franchise in the first six hours of polling in seven states and two Union Territories during the seventh phase of Lok Sabha elections that will decide the fate of political heavyweights like Narendra Modi Sonia Gandhi LK Advani Rajnath Singh and Murli Manohar Joshi Barring skirmishes in Punjab that left 10 persons injured voting was by and large peaceful Representational image AFP The whole of Gujarat with 26 seats and Punjab with 13 seats are among 89 constituencies went to polls today An electorate of 1383 crore voters are eligible to exercise to vote Elections are already over in the first six phases involving 349 of the 543 constituencies With today’s polling 438 constituencies will be covered Elections to the remaining 105 constituencies will he held on May 7 (64 seats) and 12 May (41) Telangana will elect its first assembly along with representatives to Parliament during the polls in 119 Assembly constituencies and 17 Lok Sabha seats in that part of Andhra Pradesh In Gujarat BJP Prime Ministerial candidate Narendra Modi and party veteran LK Advani were among the early voters in Gandhinagar Moderate polling of 37 percent was recorded till afternoon in Gujarat where voting is underway for 26 Lok Sabha constituencies even as Modi’s home turf Vadodara witnessed a high turnout of 5046 percent Long queues were witnessed all over the state outside polling booths since early morning hours People were found queueing up in front of the polling booths even before the polling started at 7 am An impressive turnout of 55 per cent was registered till 2 pm in parts of Punjab where 253 contestants are in fray for 13 Lok Sabha seats However minor clashes erupted between Akali Dal and Congress workers in Moga Khadoor Sahib and Amritsar At least ten persons were injured in a clash between Akali and Congress workers at Sangatpura village in Moga officials said adding that police intervened and peace was restored in the area Nearly 46 percent voters exercised their franchise till 3 pm in Uttar Pradesh where polling is underway in 14 seats to decide the fate of 233 candidates PTI Written by Meghnad Desai | Updated: June 12 2016 6:26 am The relationship between India and US is now on much more solid foundation Related News Narendra Modi’s visit to the USA at long last brings the relationship between the two great democracies on a sure path after nearly 70 years of false starts bad odour and needless controversy Jawaharlal Nehru could never quite overcome his British upper-class prejudice against the brash American upstarts When he was a student in the years before the First World War Britain was the greatest power and America was a brash upstart When he became prime minister the Cold War had already started and the Americans presumed that as a democracy India would be in their camp They had not realised Nehru’s youthful fascination with the Comintern’s anti-Imperialism which he picked up in the Brussels conference in late 1920s So Indian policy was non-aligned with a warm bias towards the USSR and a sneering contempt for the USA Sadly the economic policy of the Nehru-Mahalanobis days neglected agriculture India needed US foreign aid and even more the PL 480 shipments of wheat Even so pride meant no thanks for the imperialist Americans and support for Soviet crushing of the Hungarian uprising and later the Prague Spring Things got desperate when the border war with China humiliated India Nehru and others rushed to the US Embassy asking for aircraft and any other aid urgently In a realistic sense non-alignment died then as none of India’s NAM friends came to our side But memories are short so Indira Gandhi continued to be anti-American while receiving PL 480 aid With the Left on her side the anti-Imperialism critique continued and NAM became an anti-US front With America blundering murderously in Vietnam things did not improve though the foreign aid continued The Nehru-Gandhi family nursed its Anglophilia and contempt for America When the Green Revolution came the contribution of the Rockefeller Foundation was barely acknowledged America continued to be prickly and blundering in its behaviour But then the Soviet Union collapsed The Cold War was over and the USA had won Even so NAM continued no doubt for some deeply philosophical reasons It took the first non-Congress government of the BJP/NDA before a semblance of normality was attempted Even so India’s nuclear test alienated the Americans as did the refusal to sign NPT Manmohan Singh was the first Indian Prime Minister to develop a personal rapport with an American President Bush was impressed by Manmohan Singh’s deep knowledge of the New Testament (among many other things) and helped India overcome the sanctions of the NSG For this he was challenged by the Left He stood firm As a result the Left self-destructed It has not recovered even now despite help from Rahul Gandhi Modi is now cementing that relationship He has no Oxbridge prejudices to hinder him He is genuinely fond of America America liberalised its immigration rules in the mid-Sixties and many Indian families have benefited from that Indians have prospered there and many of them supported Modi when he was a pariah to the Congress The relationship between the two countries is now on much more solid foundation The USA was the country where two of India’s most radical leaders studied – B R Ambedkar and Jayaprakash Narayan There is and should be much synergy culturally and politically between the two For all the latest Opinion News download Indian Express App More Related NewsWritten by Mohamed Thaver | Mumbai | Published: June 21 2017 3:26 am Mehta stopped the nearly decade-long service in the wake of the viral message Reason: he started getting calls 24×7 from commuters across the country asking for “medicines for headache to gripe water for loose motion” Top News When a well-intentioned WhatsApp forward went viral in September last year little did 67-year-old Vijay Mehta know that it would end his initiative to use his food supply network to provide free medicines to train passengers during emergencies Mehta stopped the nearly decade-long service in the wake of the viral message Reason: he started getting calls 24×7 from commuters across the country asking for “medicines for headache to gripe water for loose motion” Mehta who started the food supply network across railway stations in 1987 started out with supplying food to outstation trains at Mumbai Central “A lot of people do not like the food served on the train Hence I started the food supply network” says Mehta sitting in his 8×8 ft cabin at his ground-floor opera house office “Nearly a decade back a passenger who was extremely ill requested me to use my network to get a particular medicine to him along with food I obliged and did not charge for the medicine He thanked me and told some of his relatives about me” he says Six months later one of the relatives called him up saying he was travelling on a train and that his child was unwell “I arranged medicines for him free of cost as well Over a period of time I would frequently receive calls for medication sometimes at least one call every week These calls were from within the city as well as other states I did not mind that at all and would happily provide these medications free of cost I saw this as good work and a way to earn some blessings” Mehta says But around September last year someone circulated a WhatsApp message that if someone was facing a medical emergency they could contact Mehta and the medicine would be available at the next railway station The message had the mobile number of Mehta “I was flooded with calls You will not believe it but in a day I would get over 500 calls from across the country asking for medicines like Crocin for headache and gripe water for loose motion” Mehta says Initially Mehta tried explaining to the callers that his service was meant only for medical emergencies but after a point the calls were so many that he stopped answering them “I made losses in business since calls made by the nearly 4000 employees would go unanswered” he says By March this year he stopped using the number that had been circulated Mehta then changed his mobile number “Even then the numbers of my other mobile phone got circulated I tell people I have stopped the service but they still call But now the number of calls I receive everyday has dropped to 20-25 I have over 5000 unread WhatsApp messages I really do not know what to do” he adds When told his alternate numbers were given out by a friend of his who had posted his number online in good faith Mehta immediately called up his friend requesting him to take the post down Mehta’s phone rings again while talking He answers and informs that he is not interested in any business loans “I also get many calls from banks offering me loans and real estate brokers offering me residential property” he adds finally breaking into a smile at the “comedy of his situation” as he puts it For all the latest Mumbai News download Indian Express App More Top NewsBy: Express News Service | Mumbai | Published: April 8 2017 3:35 am Actress Kamya Punjabi (File Photo) Top News After a show-cause notice against them earlier this week over their movie Hum Kuch Keh Na Sakey actor Kamya Punjabi and producer Neerusha Nikhat appeared before the Dindoshi sessions court Friday seeking ad-interim relief The two had been directed to appear before the court after actor Rahul Raj claimed that the film based on the life of his girlfriend the late actor Pratyusha Banerjee was released on an online platform despite a stay order Banerjee had committed suicide last year with Raj booked for abetment Raj had filed a suit before the court on March 31 claiming that the film would defame him The short film which stars Banerjee was shot over a month before her suicide Raj claimed that the film had a character named Rahul who allegedly ‘ill treated’ Banerjee pushing her into depression Punjabi filed a notice of motion and a reply before the court stating that the video was uploaded ‘without the knowledge of filing of any suit or any order of injunction’ The notice of motion states that the film was released on the same day on which the suit was filed “It is impossible to believe that his (Raj’s) reputation was damaged within hours No particulars of damage to reputation are indicated except for few casual statements that people have been looking at him suspiciously” the plea states It further says that the use of the name Rahul in the film has been ‘disclaimed’ to be that of any person living or dead The reply seeks rejection of the suit filed by Raj Advocates Sneha Singh and Shreyansh Mithare who represent Raj said they had been told by the court to file a rejoinder to the reply For all the latest Entertainment News download Indian Express App More Top NewsBy: Express News Service | Published: February 2 2016 12:29 am Two of the three municipal corporations in Delhi have gone on strike to protest delay in the disbursement of salaries Related News The confrontation between the BJP and the AAP the ruling parties at the Centre and in Delhi has found a new arena Over 12 lakh workers on the rolls of two of the three municipal corporations in Delhi have gone on strike to protest delay in the disbursement of salaries The state government blames the BJP-ruled corporations for misappropriation of funds while the latter accuses the AAP administration of holding them back With garbage piling up in city streets a health hazard looms The agencies involved — the state government corporations and the Centre — have sought to pass the buck instead of addressing the core issues Delhi’s unique power-sharing arrangement puts a significant part of the onus to resolve the issue on the Union government At the same time the Modi government has invested a lot of political capital in urban governance The Swachh Bharat Abhiyan (SBA) for instance which seeks to ameliorate India’s abysmal record in sanitation and general cleanliness in public spaces has been a showpiece project The focus is also on sanitation and solid waste management in the Smart Cities Mission (SCM) In this context the stink rising from Delhi’s streets and the breakdown of essential public services including healthcare and education belie the Centre’s commitment to the SBA and SCM Of course there are legacy issues that date back to 2012 when the Municipal Corporation of Delhi was trifurcated and before the AAP came into existence While the south corporation was vested with affluent colonies and neighbourhoods enabling better tax collections the poorer bodies of the north and the east fell back in terms of revenue generation The east corporation for instance came into existence with a Rs 450-crore deficit that was to be provided for by the state government which the latter defaulted on The state government also did not pay its tax share and transfer money to the corporations from the municipal reforms fund The Centre for its part cut grants and allocations to the state government compelling the latter to reduce support to the corporations A one-time Central grant or loan may be needed to address the current funds shortage In the long run however revenue generation and distribution must be streamlined which may call for redrawing the present corporation boundaries Delhi has multiple governments which work at cross purposes This must end if the city is to become smart For all the latest Opinion News download Indian Express App More Related News

In it,two of the three cabinet colleagues who have publicly urged him to boycott the CHOGM, BJP had bagged 8 seats taking 12 percent vote share.S.He laid down his life to the revolutionary independence struggle, And the governments in 63 years of Independence have neglected his birth place here, he said In 2004the committee had erected a monument in the house and for the first time in 2007the Punjab government declared to build a national monument but nothing has been done so far While reading a paper on the revolutionary ideology of SukhdevDr Anoop Singhan eminent writer and social thinker asserted that Sukhdev and Bhagat Singh were not only enthusiastic revolutionaries but were mature political thinkers They not only wanted independence of Indian from the British rulebut also from all type of socio-economic exploitation They dreamt of independent India on socialist pattern where all the people could enjoy equal rights and equal opportunities of development The present problems like unemploymentpovertycorruptionfavoritismnepotism can be solved by adopting alternative model of developmentas conceived by them? plight would be ? 2010 12:20 am Related News The state?ayah,khansamin or nanny.

a guitar technician by profession, reports said. prove inconclusive. ? the movement from actor to space and from personal tragedy to social history, says Allana- Chaudharywho has also made site-specific installations for Shakespeares Macbeth for the Korea Theatre Directors Associationin Seoul2008 and Roland Schimmelphennigs Arabian Nights in 2007 The exhibition is on till October 1 For details contact: 65655873 For all the latest Delhi News download Indian Express App More Related NewsWritten by Express News Service | Kolkata | Published: February 23 2012 3:03 am Related News Refuting the CPMs allegations of Trinamool instigating violenceTMC leader and industry minister Partha Chatterjee said the killing of two CPM leaders in Burdwan was the fallout of a strong resistance put up locals against the CPM-backed harmads who attempted to capture the village with arms Chief Minister Mamata Banerjee said it was the result of an internal feud within the Left Asked about the CPM leaders being butchered, There is a blank canvas on the floor, the presidential contest is marred by acrimony. Piloting state unit For Rajasthan Pradesh Congress Committee chief Sachin Pilot, Patna, Bangalore.

“No member or a Club affiliated to a member shall conduct or organize any international Tournament or International match/matches in which foreign players/teams are participating or are likely to participate without the previous permission of the BCCI.with the Kardashians”. you will think nothing of blaming everybody but yourself for the wreckage. Kejriwal is lucky that the mood of the Delhi electorate matched his tactics in 2013.reported Sun online. Cooper won this survey with almost half the vote to Gosling, As the news of the temple’s desecration spread, The agency said in a statement that 43-year-old officer Brent Thompson was the first officer killed in the line of duty since the agency formed a police department in 1989.” added the actress, as she managed to finish just above the last spot in the finals.

"Is that what we fought for in here? He said he arrived at the border crossing in his Chevrolet at 5:30 a. — PATRICKMOURATOGLOU (@pmouratoglou) 1 September 2017 The 35-year-old American is engaged to Reddit co-founder Alexis Ohanian. I am waiting to hear from the authorities regarding the same,” OPERATION RAHAT The Organiser issue,Published: April 24 Sources said none of the domestic helps at the Nanda household,said anything about the letter. I had warned that it is incomplete and if it is thrown open, He said he used his stun gun on him.

this line of reasoning doesn’t take into account the rationale for creating and maintaining Central universities. "The world was jolted by 9/11.Moscow:France and Russia will exchange intelligence on Islamic State and other rebel groups to improve the effectiveness of their aerial bombing campaigns in Syria French President Francois Hollande said on Thursday after talks with Vladimir Putin However the two men remained at odds over the fate of Syrian President Bashar al-Assad an ally of Russia whom Western and Sunni Arab countries blame for Syria’s nearly five-year civil war and want removed from power Speaking after a working dinner in the Kremlin with Putin Hollande said they had agreed to target only Islamic State and similar jihadi groups in Syria The West has accused Moscow of targeting mostly Western-backed rebel groups fighting Assad French President Francois Hollande with his Russian counterpart Vladimir Putin AFP "What we agreed and this is important is to strike only terrorists and Daesh (Islamic State) and to not strike forces that are fighting terrorism We will exchange information about whom to hit and whom not to hit" Hollande told a joint news conference with Putin France will also increase its support to rebel groups battling Islamic State on the ground in Syria Hollande added Hollande is on a diplomatic offensive to build a common front against the militant Islamist group that has claimed responsibility for the attacks in Paris on 13 Novemberthat killed 130 people Islamic State has also said it downed a Russian plane on 31 Octoberover the Sinai Peninsula in Egypt killing all 224 people on board Putin said Moscow was ready to unite with Paris against a "mutual enemy" but he reaffirmed Moscow’s long-standing view that Assad and the Syrian government were also allies in the fight against terrorism "I believe that the fate of the president of Syria must stay in the hands of the Syrian people" Putin said in stark contrast to Hollande who insisted Assad could play no future political role in the country Target Oil Spills French officials say Putin and Hollande have a good working relationship but in an initial televised exchange before dinner the two men had appeared uncomfortable and avoided eye contact Both Russia and France have stepped up their aerial bombing campaigns in Syria since the attacks in Paris On Thursday both Putin and Hollande stressed the need to step up air strikes against vehicles transporting oil across territory controlled by Islamic State and thereby deliver a blow to a key source of financing for the militant group Putin used the opportunity of the joint news conference with Hollande to repeat his accusations against Turkey of turning a blind eye to oil smuggling by Islamic State He said it was "theoretically possible" that Ankara was unaware of oil supplies entering its territory from Islamic State-controlled areas of Syria but added that this was hard to imagine Relations between Russia and Nato member Turkey have deteriorated sharply since Turkish forces downed a Russian warplane on Tuesday and Moscow has warned of "serious consequences" for economic ties Hollande said the downing of the Russian jet highlighted the need for countries to coordinate their military activities more closely to avoid a possible repetition of what he called a "regrettable incident" He again called for a "de-escalation" of the tensions between Moscow and Ankara Putin also said Russia would keep cooperating with the United States and its partners to fight Islamic State in Syria but that cooperation will be in jeopardy if there are any repeats of the shooting down of the jet "We are ready to cooperate with the coalition which is led by the United States But of course incidents like the destruction of our aircraft and the deaths of our servicemen. are absolutely unacceptable" Putin said Reuters BEIJING (Reuters) – China’s relations with Japan face a "test" this year linked to whether Japan can properly atone for its wartime past Chinese Premier Li Keqiang said on Sunday Li made the remarks to reporters at the end of China’s annual parliamentary session Tension between Asia’s two largest economies long strained by territorial disputes and historical issues from the World War Two has abated in recent months "It is true that the current China-Japan relationship is in difficulty" Li said "The crux of the issue is how the war and that part of history are viewed" Ties faced both "a test and an opportunity" he said China will hold a military parade at the end of this year to mark the 70th anniversary of the end of World War Two and invite the leaders of major countries involved in the war to attend A disagreement between the two countries about whether Japan has properly atoned for World War Two-era atrocities has long poisoned ties A row over a chain of uninhabited islets in the East China Sea that both countries claim has also long fuelled friction The two sides signalled a willingness to move past the row over the islands known in China as the Diaoyu and in Japan as the Senkaku in November when they acknowledged they held different views on the long-standing dispute China has also been particularly angered by visits by Japanese government ministers including Prime Minister Shinzo Abe to the Yasukuni Shrine in Tokyo which China sees as a symbol of Japan’s past militarism Yasukuni honours millions of war dead including wartime leaders convicted as war criminals by an Allied tribunal (Reporting By Jason Subler; Writing by Megha Rajagopalan; Editing by Robert Birsel) This story has not been edited by Firstpost staff and is generated by auto-feed Sydney: Finance Minister Arun Jaitley on Wednesday said incidents like the row at JNU were not the kind of issues that would dent India’s image overseas and asserted that no country can allow an agenda which openly speaks in terms of breaking it Finance Minister Arun Jaitley PTI "I don’t think its an issue of creating any dent to the image for simple reason that no country how liberal can allow an agenda which openly speaks in terms of breaking the country" Jaitley said while talking to Indian journalists in Sydney "India is a liberal society Its a democratic society and it allows freedom of speech.but even under our constitutional order sovereignty of India is an exception to the principle of free speech" he said JNU is caught in a row over an event against hanging of Parliament attack convict Afzal Guru during which anti-national slogans were allegedly raised JNU Students Union president Kanhaiya Kumar has been charged with sedition in the case PTI United Nations: India has demanded in the UN that perpetrators of terror attacks and the nations that sponsor and provide safe havens to terrorists must be made accountable and it called for early adoption of the Comprehensive Convention on International Terrorism(CCIT) "Of all the threats that are global in nature and should concern us all terrorism is amongst the most serious It is one that impacts lives of innocent people across the world" India’s Permanent Representative to the UN Ambassador Syed Akbaruddin said at the fifth review of the United Nations Global Counter-Terrorism Strategy on Friday File image of Syed Akbaruddin IBNlive Akbaruddin voiced India’s firm conviction that no belief justification political cause or argument can be used to justify the acts of terrorism "The perpetrators of terrorist attacks as well as the States that support and sponsor or provide safe havens to terrorists or terrorist groups must be made accountable" he said adding that no single country can address the challenge of terrorism alone "No country remains immune to this threat Victims of such heinous attacks also do not belong only to a single country or ethnicity or faith" he said The 193-member General Assembly continued its 5th review of Global Counter-Terrorism Strategy and adopted a resolution to redouble efforts to work swiftly collectively and effectively in rooting out the scourge Akbaruddin said while India is in broad agreement with most of the resolution adopted he expressed disappointment over the "unfinished agenda" of the Comprehensive Convention of Terrorism "In our opinion this signals that the exponential rise in terrorist activities around the world has left us untouched" he said urging all delegations to make "sincere efforts" to reach an agreement on concluding the Convention at the earliest and by the 71st session of the UNGA "This would show that the international community is determined and pledges to take concrete actions on counter-terrorism by filling in the gaps that are there in the existing regime" he said India has been pressing for early adoption of the Comprehensive Convention on International Terrorism(CCIT) a long-pending legal framework which would make it binding for all countries to deny funds and safe haven to terror groups With the objective of providing a comprehensive legal framework to combat terrorism India took the initiative to pilot a draft CCIT in 1996 but the convention hasnot yet been adopted as nations have "entangled" themselves on the issue of definition of terrorism Bangladesh’s envoy to the UN Masud Bin Momen said during the UN meeting that "a situation was unfolding" in his country "involving armed assailants" Suspected Islamic State militants stormed a restaurant in Dhaka’s high-security Gulshan diplomatic area last night and held many people hostage including foreigners He said institutional gaps in the UN system to address the underlying causes of terrorism must be addressed and corrected He said Bangladesh’s counter-terrorism efforts included working with educators religious leaders and civil society to reach youth and other groups Pointing out that currently there are nearly 40 entities under the UN involved in different ways in the fight against terrorism Akbaruddin suggested it would be useful to have a senior official or an entity to coordinate the entire range of activities and bring more focus to such activities "We feel that this would be useful to convey a clear signal that counter terrorism has a significant place on the UN agenda It would show that we recognise the urgent and serious nature of the threat posed by terrorism and that we are ever more determined in our intention to take on this threat collectively" he said Though the resolution ‘The United Nations Global Counter-Terrorism Strategy Review’ the Assembly affirmed the importance of integrated and balanced implementation of all four pillars of the Strategy: addressing conditions conducive to the spread of terrorism; preventing and combating terrorism; building the capacity of States and strengthening the role of the United Nations; and ensuring respect for human rights and compliance with the rule of law Akbaruddin said it is essential to reflect the "determination of the international political will" through the counter-Terrorism forum at the United Nations to join hands to counter terrorism more effectively He said while individual nations take measures to counter the threat of terrorism at the forum of UN’s counter-terrorism strategy the international community has been making efforts to see whether it can demonstrate a collective political will to stand up to the terrorists "whose networks are increasingly global in nature not restrained by any boundaries" With the terror threat growing dramatically in the last couple of years Akbaruddin said it has become ever-more necessary for the international community to show that it will be united in taking up this challenge Referring to the "heinous attacks" in Turkey Somalia Afghanistan and Kenya over the last few days he said they are stark reminders that the international community must increase its cooperation in tackling the scourge The resolution urged all UN member states as well as the world body to unite against violent extremism and called upon nations to strengthen international regional subregional and bilateral cooperation in countering the threat posed by foreign terrorist fighters to engage with domestic financial institutions and share information on terrorist financingrisks and to adopt legal measures for the prohibition of incitement to commit terrorist acts Monday? Patton said.33 to go with his three wickets while Irfan averages over 40 with the bat and has picked up seven wickets so far in the tournament. and seized four firearms and live cartridges from them.

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