Heavy Construction photos – MIGUTAN – #heavy #construction #photos

MIGUTAN

Posted by daryn1979 on 2009-07-24 22:21:00

Tagged: , line , rail , workers , construction

Heavy Construction photos – MIGUTAN – #heavy #construction #photos #pics and #images for you.

I give them eternal life, and they shall never perish; no one will snatch them out of my hand. My Father, who has given them to me, is greater than all; no one can snatch them out of my Father’s hand. I and the Father are one.

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Business News – Canada: India could lead ‘blockchain revolution’

Forget bitcoin, these are the 8 craziest cryptocurrencies

Forget bitcoin, these are the 8 craziest cryptocurrencies

India and Canada are linking up to promote the technology behind bitcoin and other cryptocurrencies.

Canadian government-backed researchers are joining forces with India’s vast tech industry to explore the use of blockchain in government and academic institutions, as well as businesses.

India’s tech industry association Nasscom and Canada’s Blockchain Research Institute (BRI) said they would also create a center of excellence in India to provide “high-end technology capabilities.”

The announcement coincided with Canadian Prime Minister Justin Trudeau’s visit to India this week.

Blockchain, an internet-based ledger that keeps a public record of online transactions, is being touted as the future of the digital economy for its wide range of potential applications. India plans to use it to digitize everything from land records to healthcare, the head of a government-run think-tank said on Twitter earlier this month.

But blockchain is still best known for providing the platform for virtual currencies such as bitcoin and ethereum.

Related: Cryptocurrency regulation is ‘inevitable,’ says IMF chief

The Indian government has repeatedly warned that virtual currencies have no official backing, even likening them to “Ponzi schemes” earlier this year. Experts believe India could be preparing tough regulations, following recent moves in this direction by China and South Korea.

But India is also gung-ho about the underlying technology. Finance Minister Arun Jaitley said recently that the country would “explore use of blockchain technology proactively,” even as he was denouncing cryptocurrencies in his annual budget speech.

Related: India could be a buzzkill for bitcoin

Canada’s BRI, whose stated goal is to “build blockchain-based economies around the world,” also touted India as the next big frontier for the technology.

“We see our coalition with Nasscom as a delightful opportunity to nurture the blockchain community in India,” Don Tapscott, the institute’s founder and executive chairman, said in a statement.

“We strongly believe that India has the potential to lead the blockchain revolution,” he added.

Canada has become an attractive destination for bitcoin “miners,” who use computer algorithms to unearth the virtual currency by solving math problems, as big markets like China crack down on the activity.

CNNMoney (New Delhi) First published February 21, 2018: 8:04 AM ET




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Business News – Donald Trump Jr. begins whistle-stop tour of India

Donald Trump Jr. trip to India raises ethical concerns

Donald Trump Jr. trip to India raises ethical concerns

Donald Trump Jr. kicked off a tour of India on Tuesday with praise for the country’s business climate under Prime Minister Narendra Modi while facing questions about potential conflicts of interest.

After landing in New Delhi, President Trump’s eldest son told local journalists that Modi’s program of reforms “will be very positive for the country,” according to the Press Trust of India. “It will open up the country to much more outside investment from places like the United States,” he was quoted as saying.

But Trump Jr. did not respond to a question from CNN outside the New Delhi meeting about whether his visit to the Trump Organization’s biggest international market would fuel concerns about mixing business and politics.

Trump’s schedule in the coming days includes a dinner to mark the official launch of the Trump Towers development in Kolkata (later on Tuesday) and another with buyers of apartments in the Trump Towers in Gurgaon, outside New Delhi (on Friday).

The dinners — and a massive advertising campaign before the trip by one of Trump’s Indian business partners — have reignited criticism from ethics experts.

National newspaper ads encouraged buyers to sign up for Trump-branded condos in Gurgaon early with the promise of “a conversation and dinner” with Trump Jr.

Related: Donald Trump Jr. will dine with apartment buyers in India

“They are auctioning off access to the first family in a foreign land,” Norman Eisen, a Brookings Institution senior fellow and chair of Citizens for Responsibility and Ethics in Washington (CREW), told CNNMoney on Monday.

“What is to stop a foreign national with interests before the U.S. government from asking Don Junior to raise some issue or concern with his father?”

Trump Jr. took over day-to-day operations of the business along with his brother when their father took office.

In addition to meeting Indian journalists, Trump Jr. addressed a group of local stakeholders in the Trump Towers project in Gurgaon. The complex — where apartments cost between $800,000 and $1.6 million — is being built by M3M India in partnership with Tribeca Developers, the Trump Organization’s main representative in India.

The Trump Organization and its India partners did not immediately respond to requests for comment.

This week’s itinerary also includes visits to Trump-branded properties in Mumbai and Pune. The Trump Organization is not building any of the towers in India, instead it has licensed the name to local developers.

And while the Trump company’s top executive has no meetings scheduled with Indian government officials, he will address a business summit in the capital on Friday that Modi is also set to attend.

Trump Jr. will speak on “Reshaping Indo-Pacific Ties: The New Era of Cooperation” according to the event schedule.

— CNN’s Nikhil Kumar and Sugam Pokharel contributed to this report

CNNMoney (New Delhi) First published February 20, 2018: 10:27 AM ET




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Heavy Construction photos – Heavy works #2 – #heavy #construction #photos

Heavy works #2

This one was shot with the 40mm f/2.8 STM pancake lens. Obviously sharper…

Posted by Thierry Hudsyn on 2013-04-18 10:02:48

Tagged: , Canon 5D mark II , Canon 40mm f/2.8 , construction , contre-jour , B&W , dust , industrial

Heavy Construction photos – Heavy works #2 – #heavy #construction #photos #pics and #images for you.

Lord, you are my God; I will exalt you and praise your name, for in perfect faithfulness you have done wonderful things, things planned long ago.

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Business News – Donald Trump Jr. will dine with Trump apartment buyers in India

Shaub on Trump administration ethics:

Shaub on Trump administration ethics: 'State of crisis'

Donald Trump Jr. is pulling out all the stops on a visit to his company’s biggest international market.

President Trump’s eldest son is set to arrive in India on Tuesday. His schedule includes dinners in at least two cities with buyers of Trump-branded apartments, which could fuel ethical concerns about the links between the president and his family business.

One of the dinners, for people who have pre-booked condos in Trump Towers near New Delhi, was heralded by a series of front-page ads in two of the country’s biggest newspapers over the past few days.

“Trump has arrived. Have you?” says one ad. Another reads, “Trump is here. Are you invited?”

Some of the ads, which were taken out by one of the Indian developers working on the project, bear a photo of Trump Jr. They offer “a conversation and dinner” with him on Friday if you reserve an apartment at the Trump Towers in Gurgaon — about 20 miles outside New Delhi — by this week.

Pankaj Bansal, director of Gurgaon-based developer M3M India, confirmed to CNNMoney that the dinner was taking place. M3M is building the Gurgaon towers in a partnership with the Trump Organization’s main India representative, Tribeca Developers.

Trump Jr. will host a similar dinner in Kolkata, where 65% of the Trump Tower apartments have already been sold, according to an invitation seen by CNN. Bansal said that in addition to the Gurgaon and Kolkata events, Trump Jr would also visit Pune and Mumbai, home to the country’s first and second Trump Tower projects respectively.

Unimark Group, which is building the Trump Tower Kolkata along with Tribeca Developers and local real estate firm RDB Group, referred questions about the event to Tribeca.

trump india ad split

The Trump Organization did not immediately respond to a request for comment outside regular business hours on Monday. Tribeca Developers and RDB Group did not respond to requests for comment.

The president’s son, who took over the company’s operations with his brother Eric when their father took office, is scheduled to address a business summit in New Delhi on Friday. Other high-profile guests expected to attend the summit include Indian Prime Minister Narendra Modi and the CEOs of Netflix (NFLX) and Uber.

Early buyers of apartments at the Trump Towers in Gurgaon were last month offered the chance to dine with Trump Jr. in New York.

“The Trump Organization has hosted events for its residential owners in the past,” a spokesperson for the Trump Organization said at the time, in a statement shared by Tribeca Developers. “The plan is to host a similar event for our potential owners” of apartments in the Trump Towers in Gurgaon and Kolkata, the statement said.

Related: Donald Trump Jr. to host Trump Tower buyers from India

Bansal on Monday declined to comment on whether this week’s dinners in India will replace the New York event. It wasn’t clear when the New York dinner was scheduled to take place.

trump tower kolkata invite

The Trump Organization has five projects in India, including an office building development in Gurgaon, making the country the brand’s biggest market outside the United States.

Construction of the Gurgaon apartment complex outside New Delhi is expected to be completed by 2023. The Trump Towers in the cities of Kolkata, Mumbai and Pune are at various stages of development.

The Trump family does not own or build any of the properties. Instead, it licenses its name out to local developers.

Related: What we know about Trump’s business in India

Ethics experts have questioned President Trump’s efforts to separate himself from his businesses, saying a pledge that the Trump Organization will not sign any new deals while he is in office is not enough to avoid potential conflicts of interest.

“They are auctioning off access to the first family in a foreign land,” said Norman Eisen, a Brookings Institution senior fellow and chair of Citizens for Responsibility and Ethics in Washington (CREW).

“What is to stop a foreign national with interests before the U.S. government from asking Don Junior to raise some issue or concern with his father? We know that father and son talk all the time, and discuss business,” he added.

Bansal and other developers say, meanwhile, that the Trump name allows them to add a premium of as much as 40% to the apartments compared with the price of similar luxury properties in India.

Panchshil Realty and the Lodha Group, the developers behind the Trump Towers in Pune and Mumbai respectively, did not immediately respond to requests for comment on Trump Jr.’s visit.

CNNMoney (New Delhi) First published February 19, 2018: 10:44 AM ET




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Business News – Donald Trump Jr. will dine with Trump apartment buyers in India

Shaub on Trump administration ethics:

Shaub on Trump administration ethics: 'State of crisis'

Donald Trump Jr. is pulling out all the stops on a visit to his company’s biggest international market.

President Trump’s eldest son is set to arrive in India on Tuesday. His schedule includes dinners in at least two cities with buyers of Trump-branded apartments, which could fuel ethical concerns about the links between the president and his family business.

One of the dinners, for people who have pre-booked condos in Trump Towers near New Delhi, was heralded by a series of front-page ads in two of the country’s biggest newspapers over the past few days.

“Trump has arrived. Have you?” says one ad. Another reads, “Trump is here. Are you invited?”

Some of the ads, which were taken out by one of the Indian developers working on the project, bear a photo of Trump Jr. They offer “a conversation and dinner” with him on Friday if you reserve an apartment at the Trump Towers in Gurgaon — about 20 miles outside New Delhi — by this week.

Pankaj Bansal, director of Gurgaon-based developer M3M India, confirmed to CNNMoney that the dinner was taking place. M3M is building the Gurgaon towers in a partnership with the Trump Organization’s main India representative, Tribeca Developers.

Trump Jr. will host a similar dinner in Kolkata, where 65% of the Trump Tower apartments have already been sold, according to an invitation seen by CNN. Bansal said that in addition to the Gurgaon and Kolkata events, Trump Jr would also visit Pune and Mumbai, home to the country’s first and second Trump Tower projects respectively.

Unimark Group, which is building the Trump Tower Kolkata along with Tribeca Developers and local real estate firm RDB Group, referred questions about the event to Tribeca.

trump india ad split

The Trump Organization did not immediately respond to a request for comment outside regular business hours on Monday. Tribeca Developers and RDB Group did not respond to requests for comment.

The president’s son, who took over the company’s operations with his brother Eric when their father took office, is scheduled to address a business summit in New Delhi on Friday. Other high-profile guests expected to attend the summit include Indian Prime Minister Narendra Modi and the CEOs of Netflix (NFLX) and Uber.

Early buyers of apartments at the Trump Towers in Gurgaon were last month offered the chance to dine with Trump Jr. in New York.

“The Trump Organization has hosted events for its residential owners in the past,” a spokesperson for the Trump Organization said at the time, in a statement shared by Tribeca Developers. “The plan is to host a similar event for our potential owners” of apartments in the Trump Towers in Gurgaon and Kolkata, the statement said.

Related: Donald Trump Jr. to host Trump Tower buyers from India

Bansal on Monday declined to comment on whether this week’s dinners in India will replace the New York event. It wasn’t clear when the New York dinner was scheduled to take place.

trump tower kolkata invite

The Trump Organization has five projects in India, including an office building development in Gurgaon, making the country the brand’s biggest market outside the United States.

Construction of the Gurgaon apartment complex outside New Delhi is expected to be completed by 2023. The Trump Towers in the cities of Kolkata, Mumbai and Pune are at various stages of development.

The Trump family does not own or build any of the properties. Instead, it licenses its name out to local developers.

Related: What we know about Trump’s business in India

Ethics experts have questioned President Trump’s efforts to separate himself from his businesses, saying a pledge that the Trump Organization will not sign any new deals while he is in office is not enough to avoid potential conflicts of interest.

“They are auctioning off access to the first family in a foreign land,” said Norman Eisen, a Brookings Institution senior fellow and chair of Citizens for Responsibility and Ethics in Washington (CREW).

“What is to stop a foreign national with interests before the U.S. government from asking Don Junior to raise some issue or concern with his father? We know that father and son talk all the time, and discuss business,” he added.

Bansal and other developers say, meanwhile, that the Trump name allows them to add a premium of as much as 40% to the apartments compared with the price of similar luxury properties in India.

Panchshil Realty and the Lodha Group, the developers behind the Trump Towers in Pune and Mumbai respectively, did not immediately respond to requests for comment on Trump Jr.’s visit.

CNNMoney (New Delhi) First published February 19, 2018: 10:44 AM ET




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Business News – Nirav Modi: Diamond dealer suspected of huge India bank fraud

Most diamonds in the world are cut here

Most diamonds in the world are cut here

A billionaire diamond dealer has been linked with a $1.8 billion fraud reported by one of India’s biggest banks.

A senior government official named Nirav Modi as a leading suspect at a news conference on Thursday after investigators raided properties belonging to the celebrity jeweler and seized assets worth more than $200 million.

“Nirav Modi and his accomplices attempted to bypass established banking channels by perpetrating this fraud,” Minister of Law and Justice Ravi Shankar Prasad said. “There will be a detailed investigation, and no one will be spared,” he added.

Modi was named in a complaint to India’s Central Bureau of Investigation by Punjab National Bank, Prasad said.

In a statement Wednesday, the bank said it had discovered $1.8 billion of fraudulent activity involving a few account holders at one of its branches in Mumbai.

Related: India’s banks rattled by $1.8 billion fraud

Representatives for Modi did not respond to several requests seeking comment. He is not related to Indian Prime Minister Narendra Modi.

India’s foreign ministry suspended Nirav Modi’s passport on Friday. The prominent jeweler has been given one week to contest the suspension, the government said, following which it will be revoked. But Modi is believed to have left India in early January and is currently in New York City, according to Indian media reports.

Modi, whose father and grandfather were both in the diamond business, grew up in Antwerp, Belgium, according to his website. There are stores bearing his name in New York, Las Vegas, Hong Kong, Beijing and Mumbai and his designs have been worn by Hollywood stars including Taraji P. Henson, Dakota Johnson and Kate Winslet.

Last year he signed “Quantico” star Priyanka Chopra and “Transformers” actress Rosie Huntington-Whitley as brand ambassadors. Forbes currently ranks him as India’s 85th richest man with a net worth of $1.74 billion.

Related: Is India really open for business?

Punjab National Bank said earlier on Thursday that some of its employees had helped perform “unauthorized and fraudulent transactions” for some customers. It did not mention Modi by name.

The employees are under investigation, CEO Sunil Mehta said at a press conference.

The bank had named Modi and several others in an earlier complaint to authorities on January 31, accusing them of “cheating” the bank of around 2.8 billion rupees ($44 million). Mehta referred to the previous complaint during his press conference on Thursday, but did not name Modi or explicitly state whether the two cases were linked.

Punjab National Bank has shared information with other banks that might be impacted by the fraud, Mehta said, but he declined to name them. More would be revealed once the investigation is complete, he added.

Indian authorities did not respond to multiple requests for more detail.

Related: Why India’s $32 billion bank bailout isn’t enough

Indian media and opposition parties are now drawing parallels with the case of liquor baron Vijay Mallya, who left the country in 2016 owing an estimated $1.3 billion to 17 Indian banks.

Mallya is contesting an extradition request by the Indian government from the U.K., where he is currently based. He has denied fleeing his debts and in December described the Indian charges of fraud and money laundering as “false, fabricated and baseless.”

— Manveena Suri contributed to this report

CNNMoney (New Delhi) First published February 15, 2018: 1:27 PM ET




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Business News – Nirav Modi: Diamond dealer suspected of huge India bank fraud

Most diamonds in the world are cut here

Most diamonds in the world are cut here

A billionaire diamond dealer has been linked with a $1.8 billion fraud reported by one of India’s biggest banks.

A senior government official named Nirav Modi as a leading suspect at a news conference on Thursday after investigators raided properties belonging to the celebrity jeweler and seized assets worth more than $200 million.

“Nirav Modi and his accomplices attempted to bypass established banking channels by perpetrating this fraud,” Minister of Law and Justice Ravi Shankar Prasad told reporters. “There will be a detailed investigation, and no one will be spared,” he added.

Modi was named in a complaint to India’s Central Bureau of Investigation by Punjab National Bank, Prasad said.

In a statement Wednesday, the bank said it had discovered $1.8 billion of fraudulent activity involving a few account holders at one of its branches in Mumbai.

Related: India’s banks rattled by $1.8 billion fraud

Representatives for Modi did not respond to several requests seeking comment. He is not related to Indian Prime Minister Narendra Modi.

Prasad said the government would revoke his passport, but the prominent jeweler reportedly left India in early January and is believed to be in Switzerland.

Modi, whose father and grandfather were both in the diamond business, grew up in Antwerp, Belgium, according to his website. There are stores bearing his name in New York, Las Vegas, Hong Kong, Beijing and Mumbai and his designs have been worn by Hollywood stars including Taraji P. Henson, Dakota Johnson and Kate Winslet.

Last year he signed “Quantico” star Priyanka Chopra and “Transformers” actress Rosie Huntington-Whitley as brand ambassadors. Forbes currently ranks him as India’s 85th richest man with a net worth of $1.74 billion.

Related: Is India really open for business?

Punjab National Bank said earlier on Thursday that some of its employees had helped perform “unauthorized and fraudulent transactions” for some customers. It did not mention Modi by name.

The employees are under investigation, CEO Sunil Mehta said at a press conference.

The bank had named Modi and several others in an earlier complaint to authorities on January 31, accusing them of “cheating” the bank of around 2.8 billion rupees ($44 million). Mehta referred to the previous complaint during his press conference on Thursday, but did not name Modi or explicitly state whether the two cases were linked.

Punjab National Bank has shared information with other banks that might be impacted by the fraud, Mehta said, but he declined to name them. More would be revealed once the investigation is complete, he added.

Indian authorities did not respond to multiple requests for more detail.

Related: Why India’s $32 billion bank bailout isn’t enough

Indian media and opposition parties are now drawing parallels with the case of liquor baron Vijay Mallya, who left the country in 2016 owing an estimated $1.3 billion to 17 Indian banks.

Mallya is contesting an extradition request by the Indian government from the U.K., where he is currently based. He has denied fleeing his debts and in December described the Indian charges of fraud and money laundering as “false, fabricated and baseless.”

— Manveena Suri contributed to this report

CNNMoney (New Delhi) First published February 15, 2018: 1:27 PM ET




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Business News – Premarket: Inflation watch; Chipotle’s new CEO; Fraud in India

premarket stocks trading futures

premarket stocks trading futures
Click chart for in-depth premarket data.

1. Inflation watch: Investors will be paying very close attention to new U.S. inflation data for January at 8:30 a.m. ET.

Concerns over price hikes have helped fuel wild stocks swings in recent weeks.

Wall Street is worried that rising inflation will force the U.S. Federal Reserve to speed up its rate hike plans.

“The U.S. inflation figures release is the key event of the week, if not the month,” said Hussein Sayed, chief market strategist at FXTM.

U.S. retail sales figures for January will be released at the same time.

Retailers ended 2017 on a high note: Sales were up 5.5% during the November and December holiday shopping season, according to the National Retail Federation.

2. Stock market overview: U.S. stock futures were higher, suggesting that top indexes could post gains in a fourth consecutive trading session.

Stocks steadied on Tuesday following a week of high volatility.

European markets were up in early trading, adding around 0.5%. Most Asian markets ended the day in positive territory. The Hang Seng stood out from the pack with a 2.3% jump.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

3. Market movers — Chipotle, Fossil, Sky, Credit Suisse: Shares in Chipotle Mexican Grill (CMG) surged 12% premarket after the chain announced that Brian Niccol will take over as CEO on March 5.

Niccol has led Yum Brands’ (YUM) Taco Bell division since January 2015.

Shares in Fossil (FOSL) surged about 60% in extended trading after the retailer reported better-than-expected earnings and progress in its turnaround strategy.

Sky (SKYAY) shares were 3% higher in London trading after the broadcaster announced a new multi-billion dollar deal to continue airing Premier League soccer games over the next four years.

Credit Suisse (CS) stock gained after the bank announced its latest financial results. The Swiss bank reported a loss for the year after getting hit by charges related to recent U.S. tax reforms.

Top investors and hedge fund managers such as Warren Buffett, George Soros and Carl Icahn are expected to disclose their investments from the fourth-quarter in required regulatory filings called 13Fs.

4. Earnings : Dr Pepper Snapple (DPS), Groupon (GRPN), Hilton (HLT), Molson Coors Brewing (TAP) and Wyndham Worldwide (WYN) will release earnings before the open.

Cisco Systems (CSCO), Hyatt Hotels (H), Marriott (MAR) and TripAdvisor (TRIP) will follow after the close.

5. Eyes on India: One of India’s biggest banks has discovered $1.8 billion of fraudulent activity at one of its branches in Mumbai.

Punjab National Bank’s stock sank around 9% after the company said it “detected some fraudulent and unauthorized transactions.”

Other Indian financial giants may also be affected by the fraud.

“Based on these transactions, other banks appear to have advanced money to these customers abroad,” Punjab National Bank said.

Download CNN MoneyStream for up-to-the-minute market data and news

6. Coming this week:
Wednesday — Earnings from Cisco (CSCO), Marriott (MAR) and TripAdvisor (TRIP)
Thursday — CBS (CBS) earnings
Friday — Earnings from Coca-Cola (KO), Campbell Soup (CPB), Kraft Heinz (KHC), Smucker (SJM), Newell Brands (NWL) and Deere (DE)

CNNMoney (London) First published February 14, 2018: 4:55 AM ET




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Japan’s ‘agri-tech’ farming Revolution _ Technology Farm Invention, Agriculture Heavy Equipment


Japan Agriculture Technology – Agriculture Technology Machines
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#Godbless

But to you who are listening I say: Love your enemies, do good to those who hate you, bless those who curse you, pray for those who mistreat you.

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Heavy Construction photos – Wellingley section with top coat, looking N to Wadworth: 53.449982,-1.110848. – #heavy #construction #photos

Wellingley section with top coat, looking N to Wadworth: 53.449982,-1.110848.

Site 53.449982,-1.110848.

Posted by jkwhinfrey on 2012-09-21 11:59:36

Tagged: , A1M , motorway , construction , 1960

Heavy Construction photos – Wellingley section with top coat, looking N to Wadworth: 53.449982,-1.110848. – #heavy #construction #photos #pics and #images for you.

Whoever pursues righteousness and love finds life, prosperity and honor.

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IMG_4482

IMG_4482

end of day monday. came home & didn’t even attempt to get to our driveway, which was blocked by pipes anyhow 😛

Posted by FroggyMonkey on 2010-06-24 03:13:22

Tagged: , road , construction

Heavy Construction photos – IMG_4482 – #heavy #construction #photos #pics and #images for you.

Keep this Book of the Law always on your lips; meditate on it day and night, so that you may be careful to do everything written in it. Then you will be prosperous and successful.

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Business News – Apple raises iPhone X price in India by $50

iPhone X: First impressions

iPhone X: First impressions

Apple has raised the prices of iPhones in India.

The price hikes, effective immediately, come less than a week after Prime Minister Narendra Modi’s government said it was increasing import duties on mobile phones. Tariffs on some parts and accessories are also going up.

India is already one of the most expensive places in the world to buy an iPhone, and 14 of Apple’s (AAPL) latest models — from the iPhone 6 to the iPhone X — will now cost about 3% more.

The 256 GB version of the iPhone X, for example, will cost 109,000 rupees ($1,700) — an increase of $50. The same version in the U.S. costs $1,149.

Related: India is hiking tariffs on iPhones to 20%

The price increases were first reported by the Economic Times newspaper. Apple confirmed the new prices but declined further comment on the government’s decision.

The increased tariffs are meant to encourage smartphone companies trying to cash in on India’s lucrative market to manufacture their products in the country.

But they also contrast sharply with Modi’s speech at the World Economic Forum’s annual summit in Davos last month, where he decried the rise of protectionism around the world.

The dangers of tariffs and trade barriers, Modi said then, “are no less significant than the threats posed by climate change and terrorism.”

Related: The world’s biggest smartphone market is shrinking

While the change will impact other smartphone brands as well, top rivals such as Samsung (SSNLF) and Xiaomi already make most of their Indian phones locally. Apple imports an estimated 90% of its devices.

The Silicon Valley giant began making lower-end iPhone SE models at a plant in Bangalore last year, trying to get around manufacturing regulations that have prevented it from opening stores in India.

As a result, the price of an iPhone SE in India remains unchanged despite the higher import tariffs.

The price of an Apple Watch, however, has gone up by almost 8%, to around $520.

CNNMoney (New Delhi) First published February 5, 2018: 6:18 AM ET




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Business News – Bitcoin dips below $8,000. India is the latest buzzkill

How to buy and sell Bitcoin

Bitcoin’s rollercoaster ride has taken another plunge, and India may be to blame.

The price of bitcoin dropped below $8,000 on Friday before recovering slightly. It had slumped Thursday following a new broadside against cryptocurrencies from Indian Finance Minister Arun Jaitley.

By Saturday morning, the price of the cryptocurrency had rebounded to $9,239, according to Coindesk. That’s still a far cry from the near $20,000 price it reached in December.

India will “take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system,” Jaitley said in his annual budget speech.

While India’s cryptocurrency market is still relatively small, analysts say it has the potential to grow rapidly as bigger markets such as China and South Korea enact their own crackdowns.

Related: Samsung is cashing in on bitcoin mining

The Indian government has been cautioning its citizens about digital currencies for months. In late December, the finance ministry compared them to “Ponzi schemes.” India’s central bank has issued multiple warnings that cryptocurrencies have no official backing and people who trade in them do so “at their own risk.”

Growing signs that the government and central bank could soon unveil regulations has made the industry jittery.

Indian banks have reportedly suspended accounts of top bitcoin exchanges like Zebpay, Unocoin and Coinsecure.

Unocoin said it had not faced any banking challenges, while Zebpay and Coinsecure did not respond to requests for comment. The banks either declined to comment or did not respond to requests for comment.

But a person with knowledge of the matter confirmed that at least one of Coinsecure’s accounts had been suspended, telling CNNMoney that it was done as part of a “due diligence process.”

Related: $530 million cryptocurrency heist may be biggest ever

“These negative events play deeply into the fear factor of traders,” Raj Chowdhury, CEO of cryptocurrency firm HashCash Consultants, told CNNMoney. HashCash provides remittance services and payment systems to banks and companies across dozens of countries, and also operates its own cryptocurrency exchange in India.

Chowdhury says India’s moves to regulate cryptocurrencies are not surprising, given last year’s epic surge of interest that boosted bitcoin to nearly $20,000 in December. The price has more than halved since then.

“Last year was a wild ride,” he said. “This year it’s gotten big enough for governments to pay attention.”

India accounts for between 2% and 3% of global cryptocurrency trade, said Sathvik Vishwanath, CEO of Unocoin.

“India is comparatively a smaller market [when] compared to countries like Japan and the U.S.,” Vishwanath told CNNMoney, but he added that “interest is picking up and there is tremendous scope going forward.”

Related: Davos says bitcoin is not a currency

But traders are now worried that the government could nip India’s crypto boom in the bud. Vishwanath said Unocoin users have been calling to get clarity on whether their money is in danger.

Harshvardhan Singh, who works at a startup near New Delhi, began trading in ethereum — another virtual currency increasingly popular in India — in May last year. He said he was “a little worried in the short run” after the government’s recent statements and the resulting “bloodbath.”

But like many others, Singh feels virtual currencies have become too big to fail.

Related: What is bitcoin?

“Blockchain and cryptocurrencies built on top of [it] are now part of this massive ecosystem which countries can’t just afford to outlaw,” he said.

Some industry figures agree.

“We are not worried,” said Vishwanath, adding that he doubts the government will “take a knee-jerk reaction without proper analysis.”

The government, on its part, has set up a committee to study cryptocurrencies. Jaitley said Thursday that it will await its report before taking any action. He also said India would look into using the underlying blockchain technology in its own digital payment systems.

Related: Facebook bans ads promoting cryptocurrencies

HashCash CEO Chowdhury said many in the industry may even welcome regulation.

“Last year it was the year of ignoring it, this year is the year of debating it,” he added. “Next year will hopefully be the year of accepting it.”

— Vinayak Dewan contributed to this report

CNNMoney (New Delhi) First published February 2, 2018: 9:47 AM ET




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Technology News – PSA: No India hasn’t banned Bitcoin — but it’s still talking tough on crypto

PSA: No India hasn’t banned Bitcoin — but it’s still talking tough on crypto


Reports of the death of Bitcoin in India have been greatly exaggerated.

On Thursday a budget speech by finance minister Arun Jaitley generated a tsunami of ‘the Bitcoin party is over in India’ headlines, adding to downward pressures on the cryptocurrency.

Safe to say, the truth of the matter is a lot more gray. Yes, Jaitley talked tough on crypto currencies. But no, there was no outright ban — not yet, anyway. The Indian government’s plans for crypto regulation remain unformulated (or at least unstated). It did set up a committee to look into crypto back in April. Which reported in Jaitley in August. But no regulations have been confirmed, leaving rumors to swirl.

Here’s the relevant chunk of Jaitley’s budget speech (via The India Express):

Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy.

One clear takeaway from that is the minister is sounding much more positive about blockchain technology. And his tonal contrast between blockchain and cryptocurrencies is obviously intentional — and therefore interesting.

So yes Jaitley wants to sound like he’s pouring cold water on crypto. But whether that means you should hodl or not depends on your own personal threshold for risk.

The point about the Indian government not recognizing crypto as legal tender was already made by Jaitley, back in December. And a crackdown on crypto financing illegitimate activities is what any government will say it wants to do. What’s more interesting is the second clause in his sentence — where he tacks on “or as part of the payment system”, which is certainly suggestive of a ban. But nothing is explicitly stated.

And, as CNN reported earlier, Jaitley was explicitly asked if the government is moving to ban cryptocurrencies by Indian state-owned broadcaster Doordarshan, which interviewed him after the budget speech.

Here’s CNN’s translation of the exchange (emphasis mine):

TV Host: We’ve seen a lot of excitement over bitcoins. Why aren’t you banning it instead of stating it isn’t legal tender?

Jaitley: We are discouraging people from using it now. There is a government committee that’s looking into it right now and they will announce their decisions and next steps after they are done.

So really the minister’s intention looks to have been to try and inject a little more sanity into the crypto space by splashing a little cold water around. And no one should argue with the sense of that.

But how exactly will Bitcoin and crypto be regulated in India? Well, that remains to be seen.

Featured Image: Jon Russell/Flickr




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