Category: kiygakrz

  • New EU rules on short sales trade in myth

    first_img The European Union’s new proposals on short selling address a practice that supposedly contributed to recent financial crises. But there is still too much misunderstanding of short selling, and these wide new powers bring dangers of their own.It is easy to point the finger of blame at those who borrow shares they believe will fall and buy them back at a profit. Finding short sellers at the scene of every disaster, naïve observers confuse correlation with causation, and ignore the valuable service provided in the early discovery of overvalued stock.Politicians attacked short sellers as “spivs” after HBOS shares plunged in 2008, leading to a takeover by Lloyds. But it soon emerged that borrowed stock, a clear measure of short selling, was just three per cent of available shares, a level typical for the UK. The Lehman bankruptcy report by Anton Valukas this March found that Lehman’s available liquidity and the actions of its senior executives and auditor were central to its collapse –?yet former Lehman CEO Richard Fuld wrongly blamed short sellers and sought a naked short selling ban before bankruptcy was filed.Short selling was actively involved in a market collapse this May, but that was because the German government banned some kinds of short selling overnight. Billions were wiped off the major European indices, with the FTSE falling 2.8 per cent. The new EU regulations restrict such “rogue” actions at a national level. But if the result is pan-European bans of uncertain length, it will be scant comfort.There’s little evidence that bans help. Research on the SEC’s 2008 ban by Ekkehar Boehmer, Charles Jones and Xiaoyan Zhang (2009) found no clear evidence that it helped stem a collapse in share prices. Alessandro Beber and Marco Pagano (2010) looked across all the global bans and concluded “the overall evidence indicates that short-selling bans have at best left stock prices unaffected, and at worst may have contributed to their decline.”Despite the eagerness of many to blame the messenger, short sellers spot companies with real problems. Cracking down on them won’t make these problems go away –?they will just take longer to become public.AT A GLANCE | EUROPEAN SHORT SELLING PROPOSALSIf the European parliament and 27member states agree, the two laws to reform short-selling and derivatives will come into effect in 2012. Negotiations with countries and lawmakers, however, could water down the rules.Commission officials want to introduce standardisation to the derivatives markets such as interest-rate swaps that bet on borrowing rates. This would make trading more transparent and easier to move from over-the-counter to exchanges, where it can be easily monitored.The rules will ask derivative traders to use clearing houses which provide a safety net in the event of a collapse like Lehman Brothers, by stepping in should either buyer or seller to a trade go bust.The proposals make it mandatory to report all trading to central data banks or repositories, which will make it possible for regulators to keep tabs on the marketIndustrial companies will be given exemptions, provided their use of derivatives does not pass a threshold that will be set up the new European supervisor.All trades involving short-selling will be flagged as such. Smaller short positions will be shown to the regulators while traders will be obliged to publicly post big short positions – where the value tops 0.5 per cent of the market value of the company concerned.If a seller cannot close a short sale after four days by coming up with the assets he promised to sell, the regulator can force him to pay the buyer cash instead. A fine can also be imposed.The markets watchdog will also be able to prohibit short-selling for three months at a time. Regulators can also impose a one-day ban if the price of a financial instrument suddenly dips.The rules also introduce tight controls for “naked” short selling, when sellers have not arranged to borrow the assets such as company stock they promised to sell. New EU rules on short sales trade in myth whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-Today Share Tags: NULL Wednesday 15 September 2010 8:51 pm whatsapp Show Comments ▼ KCS-content last_img read more

  • First Quantum Minerals HY2006 Interim Report

    first_imgFirst Quantum Minerals (FQMZ.zm) listed on the Lusaka Securities Exchange under the Mining sector has released it’s 2006 interim results for the half year.For more information about First Quantum Minerals (FQMZ.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the First Quantum Minerals (FQMZ.zm) company page on AfricanFinancials.Document: First Quantum Minerals (FQMZ.zm)  2006 interim results for the half year.Company ProfileFirst Quantum Minerals Limited is an international holding company overseeing the extraction of copper, nickel, gold, zinc and acid through mining operations in Zambia, Australia, Finland, Turkey, Spain and Mauritania. The mining corporation operates six mines: Kansanshi copper-gold mine, Guelb Moghrein copper-gold mine, Las Cruces copper mine, Pyhasalmi copper-zinc mine, Ravensthorpe nickel-cobalt mine and Cayeli copper-zinc mine. Its subsidiary divisions have interests in evaluating and acquiring mineral properties, regulatory reporting, treasury and finance, corporate administration, and a metal marketing division. Copper is the main commodity mined by First Quantum Minerals in Zambia, and gold is a by-product commodity. First Quantum Minerals Limited is listed on the Lusaka Stock Exchangelast_img read more

  • AngloGold Ashanti Limited (AGA.gh) 2008 Annual Report

    first_imgAngloGold Ashanti Limited (AGA.gh) listed on the Ghana Stock Exchange under the Mining sector has released it’s 2008 annual report.For more information about AngloGold Ashanti Limited (AGA.gh) reports, abridged reports, interim earnings results and earnings presentations, visit the AngloGold Ashanti Limited (AGA.gh) company page on AfricanFinancials.Document: AngloGold Ashanti Limited (AGA.gh)  2008 annual report.Company ProfileAngloGold Ashanti Limited is a global mining company with extensive interests in the Americas, Continental Africa, South Africa and Australasia. It boasts a portfolio of 17 operations and 3 projects in 10 countries, including long-life, relatively low-cost operating assets with differing ore body types located in key gold-producing regions. The company was formed in 2004 through the merger of AngloGold and the Ashanti Goldfields Corporation. There are seven mines in the Continental Africa region, of which 6 are operational. In Ghana, the company has two mines; Iduapriem and Obuasi. AngloGold Ashanti Limited is the third-largest gold mining company in the world, measured by production. In addition to its mining operations, it has established several exploration programmes in regions around the world. AngloGold Ashanti Limited is listed on the Ghana Stock Exchangelast_img read more

  • Forget short-selling stocks! Here’s why I’m sticking to a buy-and-hold investing strategy

    first_img I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Image source: Getty Images I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. jonathansmith1 has no position in any of the shares mentioned. The Motley Fool UK has recommended BlackBerry. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. “This Stock Could Be Like Buying Amazon in 1997” Jonathan Smith | Monday, 1st February, 2021 Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!center_img Forget short-selling stocks! Here’s why I’m sticking to a buy-and-hold investing strategy Our 6 ‘Best Buys Now’ Shares There’s been a lot of discussion recently about the volatility of share prices from short-selling stocks. This has impacted the prices of stocks including GameStop, AMC, BlackBerry, and others. Engaging in short-selling of stocks is possible for a retail investor like myself to do. However, it carries more risk than buying (or being long) a stock. It’s also more of a short-term play, whereas I prefer to buy-and-hold for the longer term.What’s involved in short-selling a stock?Investors short-sell a stock when they think the price will fall. I’ve sometimes pointed out when I think a stock is overvalued, such as with the Ocado share price late last year. If I wanted to act on this idea, I could hit ‘sell’ on my trading account instead of ‘buy’. Even though I don’t own Ocado stock, it would allow me to short sell it, and thus benefit if the price moved lower. I’d need a leveraged or margin account to do this, and in some cases this would involve borrowing money from my broker.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…The main reason why short-selling a stock is riskier than buying is due to the potential loss size. When I buy a stock, the most I can lose is 100%. The share price cannot fall below zero. If I short a stock, my potential loss is unlimited. The share price could go to infinity, meaning my loss could be greater than 100% of my funds. Short-selling can be helpful as a risk management tool, to protect me if I’m holding a stock and it keeps falling in value. Also, short-selling a stock by itself can be very profitable if I time it correctly. But it’s mostly done by institutions, with risk managers watching the trading position. If I shorted a stock, I’d struggle to accurately gauge the risk I was taking on.My buy-and-hold strategyInstead of short selling stocks, I’ve been more profitable buying instead. Recent moves have shown that buying stocks with high volatility can also be risky. For example, the GameStop share price dropped 70% last Thursday in the space of only a few hours. It can be argued that this is an isolated example. Even so, I prefer to stick closer to home, investing in FTSE 100 stocks that have been listed for many years.This buy-and-hold strategy can yield strong results over time. I recently wrote a piece talking about Anglo-American. Over a five year period through to the start of 2021, the share price rose 813%. During this period, there were days when the stock fell. But over the longer-term, the trend was moving higher. I do need to be careful though, as this was the top performer. Other stocks may not rise in value even over a long period.Emotions can easily cloud my judgement in the short-term. If I saw a stock fall 70% in a day and then rally 100% the next I’d have a headache and need a large beer! It’s so hard to make rational calls when looking to benefit from short-term moves. Short-selling a stock only compounds this, due to the constant worry of carrying unlimited liability if the share price moves higher. So I’ll be sticking to going long stocks, and doing so with a long time horizon. Simply click below to discover how you can take advantage of this. Enter Your Email Address See all posts by Jonathan Smithlast_img read more

  • Six Nations: Scotland 17 – 19 France

    first_img An opportunists try: Stuart Hogg dots down to score the first try of the game between Scotland and FranceBy Alan Dymock at MurrayfieldThe match in 30 secondsScotland went incredibly close to recording a tough victory over France, but a late penalty saw the hosts lose out to a disorganised, disheveled looking Bleus side, falling 19-17.Huget’s hop: The winger scores against the grainThe game slipped away from Scotland who were good quality for their two tries – one from an opportunistic Stuart Hogg chasing his own high kick into France’s goal area and one from Tommy Seyomur who profited from lovely hands and a smart block to slide in for a second. However, a Yoann Huget interception metres from his own line was the first instant of A forward-running Scotland shooting themselves in the foot. The last and most telling turn from France after the referee gave a penalty to the visitors in the last play, with a perplexed Scotland adjudged to have put their hands in.There wasn’t enough time left to get up the park after this late hammer blow.Scotland – Tries: Hogg, Seymour. Con: Laidlaw 2. Pens: WeirFrance –Tries: Huget. Con: Machenaud. Pens: .Machenaud 3Post-match bulletin–            France had a woeful day at the set-piece, losing no less than eight lineouts. They also lost two of their own scrums. They were also turned over from three of their own mauls.–            Prop Ryan Grant made 38m with ball in hand – more than Tommy Seymour or Alex Dunbar.–            Machenaud and Mermoz made five turnovers between them. When you add this to the teams 91% tackle success rate, it shows the counter-punch-nature of Scotland’s two smart tries.–            Lapandry was the day’s top tackler, claiming 14 on his own. RW’s proposed France XV v Ireland: Brice Dulin; Yoann Huget, Gael Fickou, Mathieu Bastareaud, Maxime Medard; Jules Plisson, Maxime Machenaud; Thomas Domingo, Brice Mach, Nicolas Mas, Pascal Pape, Yoann Maestri, Antonie Claassen, Wenceslas Lauret, Louis Picamoles.The decision to play Vahaamaninha was an odd one to begin with, but in a scrambling game like this they needed scramblers. They’ll need something other than a lumbering lock against Ireland, too, who are quick off the mark. They also need to be able to slip through a wise old back-line next week. Maybe it is time for Fickou to play off the shoulder of a surprisingly energetic Bastareaud, before he runs out of steam? –            Simply put, Scott Johnson was “absolutely gutted,” while Kelly Brown thanked the crowd, but apologised for not doing it for them. “I felt as if we had quite a lot of control, but it was very disappointing to lose it in the last couple of minutes.” Johnson called it “growing pains, but it’s a game we should have won. Sometimes the scoreboard doesn’t always reflect that.Those growing pains hurt.”–            There was a lot of chat from Scotland’s coach about the issue with referees’ differing approaches to the breakdown. Scotland conceded 13 penalties in this game. France conceded five.–            Sean Lamont went off with a knee complaint, while Johnnie Beattie was seen on the touchline with crutches after hurting his ankle.The second score: Seymour scythes in, but it wasn’t enoughWhat’s next?–            Scotland were close to a famous victory (though admittedly this was a shambles of a French outfit). With four minutes to go the Scots coughed up ball and allowed telling turnovers, which confident, smart, successful teams don’t do.–            Hogg and Laidlaw did brilliantly throughout the game, knocking balls into France’s corners of the pitch for players to hound? Why did they not do this when they were ahead? In the last game Scotland cannot be allowed to play thoughtless one-out-runner rugby at key moments in the game.–            France need major changes. This was the most passionless and poor French performance for some time. Winning like that deserves scant praise, but nothing more. If they do not play inspired, ruthless rugby in the next game it will be hard to see Philippe Saint-Andre leading them to the World Cup.RW’s proposed Scotland XV v Wales: Stuart Hogg; Tommy Seymour, Alex Dunbar, Matt Scott, Max Evans, Duncan Weir, Greig Laidlaw, Ryan Grant, Scott Lawson, Geoff Cross, Richie Gray, Jim Hamilton, Ryan Wilson, Kelly Brown, David Denton.OK, so consistency in the back row now looks impossible because of injuries, but good set-piece for a large part of the game must be rewarded. And when Hogg, Scott and Dunbar are confident you have to be excited about them playing together. This team needs to learn to consistently grind out wins, stringing them together, so let this group, right now, be as uniform as possible. It’s all good experience coming through the rough results and realizing they can do it. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Scotland’s Tommy Seymour (R) scores his team’s second try during a Six Nations International rugby union match between Scotland and France at Murrayfield stadium in Edinburgh, Scotland, on March 8, 2014. AFP PHOTO / ANDREW YATES (Photo credit should read ANDREW YATES/AFP/Getty Images) last_img read more

  • European Social Fund Objective 3

    European Social Fund Objective 3 Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. The new European Social Fund Objective 3 was launched today. Application packs will be available from 23 June and the deadline for returns is 11 August 2000.Find out more from ESF News. Howard Lake | 4 June 2000 | News  15 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis read more

  • Your Chance to Change the World: The No-fibbling Guide to Social Entrepreneurship

    first_img  16 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 10 April 2008 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.center_img Your Chance to Change the World: The No-fibbling Guide to Social Entrepreneurship Tagged with: Tradinglast_img read more

  • Kidnappers release Azadi reporter, but two others still missing

    first_imgNews to go further Organisation Pakistani supreme court acquits main suspect in Daniel Pearl murder Follow the news on Pakistan Help by sharing this information News News June 2, 2021 Find out more January 28, 2021 Find out more March 10, 2008 – Updated on January 20, 2016 Kidnappers release Azadi reporter, but two others still missingcenter_img News RSF_en Receive email alerts PakistanAsia – Pacific Pakistani journalist critical of the military wounded by gunfire Pakistani TV anchor censored after denouncing violence against journalists PakistanAsia – Pacific April 21, 2021 Find out more Reporters Without Borders welcomes the release on 8 March of reporter Khalil Khosa of Azadi, a daily based in Quetta, the capital of Balochistan province. Khosa had been missing for eight days, after failing to return from a news conference in Nasirabad, in the south of the province, on 29 February.Khosa has not described the circumstances of his abduction but he said his kidnappers told him, “Don’t practise this kind of journalism again.” He also told a fellow journalist in Quetta that they were looking for a photo he took during the recent parliamentary election campaign.His family said at the time of his disappearance that Khosa could have been abducted because of articles criticising certain Baloch nationalist parties.Azadi is still without news of two other reporters who are believed to have been kidnapped – Hameed Baloch, who went missing on 3 March, and Javed Lehri, who went missing on 30 November 2007.———————————————————-06.03.2008 – Two journalists kidnapped in Balochistan, a third missing since NovemberReporters Without Borders is very worried about two journalists employed by the Urdu-language Baloch daily Azadi, Hameed Baloch and Khalil Khosa, who went missing in the province of Balochistan within three days of each other, on 29 February and 3 March, and who were probably kidnapped.“The current deterioration in press freedom in Balochistan has become quite intolerable”, Reporters Without Borders said. “These abductions, coming on the heels of the 9 February murder of Chishti Mujahid, are part of the disastrous consequences of the fighting between government forces and Baloch separatist groups. We urge the authorities to do everything possible to protect journalists and to come to the help of those who are still missing.”According to the Balochistan Union of Journalists (BUJ), Baloch was kidnapped on 3 March in Taftan, near the Iranian border. “His disappearance may be due to the security services, tribal rivalry or political parties”, BUJ president Mujeeb Ahmed told Reporters Without Borders.Another BUJ member said : “In my view, influential tribes must be implicated, as was the case with Riaz Mengal (of the newspaper Intikhab), who we thought had been kidnapped by the security services but in fact had been kidnapped by tribal chiefs.”Khosa has not been seen since attending a news conference in the southern Baloch town of Nasirabad on 29 February. His family thinks he may have been kidnapped because of articles criticising Baloch nationalist parties that took part in the recent parliamentary elections while other Baloch nationalist groups boycotted them.Based in the Baloch provincial capital of Quetta, Azadi is still without news of its young reporter Javed Lehri, who has been missing since 30 November. Editor Muhammad Asif Baloch thinks he was kidnapped by the security services, who kidnapped the head of the Baloch Voice TV station, Munir Mengal, in June 2006. Mengal was eventually handed over to the police, who are still holding him despite court orders for his release. last_img read more

  • Hungary’s leading independent radio station taken off the air

    first_img Receive email alerts to go further February 10, 2021 Hungary’s leading independent radio station taken off the air Klubrádió studio (photo: Attila Kisbenedek / AFP) News May 4, 2021 Find out more A court has approved the Hungarian Media Council’s decision not to renew the broadcasting licence of Klubrádió, the country’s leading independent radio station. Reporters Without Borders (RSF) condemns this major blow to media pluralism and urges the European Commission to stop delaying its investigation into the Media Council’s independence and state aid for pro-government media. Organisation News Use the Digital Services Act to make democracy prevail over platform interests, RSF tells EU As a result of the 9 February ruling by the Metropolitan Court in Budapest rejecting Klubrádió’s appeal against the Media Council’s decision, this Budapest-based radio station will disappear from the air waves in a few days’ time, when its licence expires on the evening of 14 February.The Media Council, which is heavily influenced by Prime Minister Viktor Orbán’s government, gave a trivial reason for its decision last September not to renew Klubrádió’s licence – the radio station’s failure to keep the Council informed about its adherence to airtime quotas for Hungarian and international music.Known for its outspoken and humorous criticism of the government, Klubrádió had previously been ordered to restrict the area covered by its broadcasts to the capital. From now on it will be limited to broadcasting on the Internet.“With the Hungarian judicial system’s support, the Media Council has used an administrative pretext to deal a major blow to media pluralism,” said Pavol Szalai, the head of RSF’s European Union and Balkans desk. “The European Commission must delay no more in investigating the Council’s independence under the revised European directive on broadcast media, and in investigating the other curbs on press freedom, such as state aid to pro-government media.”Klubrádió plans to take its appeal against the Media Council’s decision to Hungary’s supreme court. But its broadcast frequency is still put out to bid and its disappearance from the airwaves will have irreversible consequences, including the loss of listeners and advertisers.The radio station thus joins the long list of victims of the censorship policies pursued by the government, which used political and economic pressure to dismantle the biggest independent news website, Index, last July.Hungary is ranked 89th out of 180 countries in RSF’s 2020 World Press Freedom Index. Follow the news on Hungarycenter_img HungaryEurope – Central Asia Condemning abusesMedia independence Freedom of expressionJudicial harassment News HungaryEurope – Central Asia Condemning abusesMedia independence Freedom of expressionJudicial harassment June 2, 2021 Find out more Help by sharing this information News RSF_en RSF and 60 other organisations call for an EU anti-SLAPP directive Swedish Reporters Without Borders awards press freedom prize to a Hungarian news site December 2, 2020 Find out morelast_img read more

  • Inquisition By The Media: The Newsroom Is Not A Court Room

    first_imgColumnsInquisition By The Media: The Newsroom Is Not A Court Room Mahalakshmi Pavani, Senior Advocate17 Aug 2020 4:24 AMShare This – x”It has been seen that when a certain case is in court, the media starts a parallel trial, which is not good…Let the court first decide on a matter, then the media can criticize it.”[i] Soli J. Sorabjee India, like many other common law jurisdictions, has adopted an adversarial system that governs criminal procedure. The duty to prosecute vests with the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?Login”It has been seen that when a certain case is in court, the media starts a parallel trial, which is not good…Let the court first decide on a matter, then the media can criticize it.”[i] Soli J. Sorabjee India, like many other common law jurisdictions, has adopted an adversarial system that governs criminal procedure. The duty to prosecute vests with the State whilst the accused has got the right to defend himself against all the charges that have been levelled against him. There is always a presumption of innocence on the accused, until such an accused is proven guilty beyond reasonable doubt, the burden of which lies heavily on the prosecution. Furthermore, it is a well-settled position that the right to a fair trial comes under the umbrella of fundamental rights that are guaranteed by the Constitution. Evolution of Media: The Advent of the Information Age The freedom of press is of paramount importance and is a fundamental right under the ambit of freedom of speech and expression that is enshrined in Article 19 (1) (a) of our Constitution. In any functional democracy, the media described as the fourth pillar of Democracy is often perceived to be a watchdog that keeps an eye on the traditional organs of the State and its duty is to keep the citizens aware and informed of local and global developments. The past few decades has seen an evolution in the dissemination of information – from news being traditionally obtained through print or radio to the broadcast of news channels that emerged with the advent of electronic media through the introduction of television and satellite networks. Moreover, the internet has played a revolutionizing role, with the invention of social media by which billions across the world voice their thoughts and opinions through various social networking and streaming platforms that thrive on the internet. Inquisitions by Newsrooms The past bears witness to several incidents that have been potentially subject to a phenomenon that is commonly referred to as a Media Trial. The unnatural death of a citizen in the most gruesome or unexplained circumstances or even alleged scams that were suspected to have enjoyed political patronage in regimes across the world have often come under intense media gaze and scrutiny. The famous case of K.M. Nanavati, which is over half a century old but yet continues to be a favourite amongst aspiring law students was a classic example of a media trial. Russi Karanjia, the editor of Blitz, a Bombay-based tabloid (as it was then), had vociferously developed positive public opinion in favour of the accused and in fact, portrayed the victim to be the actual villain in this episode of murder, so much so that it actually influenced the jury members in the trial to find the accused not guilty! However, this verdict was eventually rejected and the Bombay High Court subsequently found the accused guilty and convicted him, which conviction was upheld by the Supreme Court. Today, we watch news channels on prime time television establish panel debates that witnesses participation from eminent lawyers, activists, politicians, film stars, to even a serving Director-General of Police, each competing to express their views and offer their opinion on the matter. The anchor who moderates these panel debates begins to play the role of an inquisitorial judge, by directly cross-examining the participants in his discussion, whilst his team undertakes to unearth ‘material evidence’ that is critical to the investigation, which is eventually brought on live television. More often than not, enough aspersions have already been cast on certain characters related to such incidents that are subject of these panel discussions, so as to label them as an accused even before the agencies have formally completed the investigation process from all angles. The tone and tenor of these debates manage to attract enough public attention and often become the focal point of discussion in society, developing pre-conceived notions against certain individuals, due to the heavy influence on public opinion. Two Hundredth Report of the Law Commission The Law Commission, under the Chairmanship of Justice M. Jagganadha Rao in its Two Hundredth Report titled ‘Trial by Media: Free Speech v. Free Trial under Criminal Procedure (Amendments to the Contempt of Courts Act, 1971)'[ii] (“Report”) which came out in August 2006 examined several issues concerning the prejudiced coverage of criminal matters against a suspect and an accused, even in the pre-trial stage. It was pointed out in the Report that though the freedom of speech and expression is a fundamental right, the same is not absolute and is subject to certain reasonable restrictions under Article 19 (2) of the Constitution. The Report inter alia examined provisions under contempt law in India which typically grant immunity for publications that have taken place before the commencement of proceedings, although such publications could affect the rights of the accused to have a fair trial and could interfere in the administration of justice. The Report further discussed a number of precedents rendered by Indian courts and courts in other jurisdictions on the possibility of a Judge being subconsciously affected by publications issued by media houses. The Report inter alia further highlighted certain categories of media publications that would be recognized as prejudicial to a suspect or an accused, such as the publications concerning the character of the accused, publication of confessions, publications that comment or reflect upon the merits of the case, et al. It was recommended by the Law Commission to suitably amend the Contempt of Courts Act, 1971 and even a draft Bill was incorporated in the Report to amend the legislation. However, the said draft Bill has still not enjoyed sanction of Parliament. Observations of the Supreme Court The Supreme Court of India has constantly emphasized on the role of media in a democracy and the importance to uphold the freedom of speech and expression and the freedom of press. However, the Supreme Court has also highlighted the need for journalists to undertake responsible coverage in exercise of its fundamental rights. In Santosh Kumar Shashibhushan Bariyar v. State of Maharashtra[iii], the Supreme Court opined that public opinion may run counter to the rule of law and constitutionalism, taking into account the dangers of capital sentencing becoming a spectacle before the media and that if a media trial was possible, then sentencing by the media could not be ruled out. The Supreme Court in R.K. Anand v. Delhi High Court[iv] considered that commercial considerations of a media house may assume greater significance over higher standards of professionalism. However, it was made explicitly clear by the Supreme Court that any attempt to control the media from outside would likely cause more harm than good and that the norms to regulate the media and to raise professional standards should come from within itself. A Three-Judges Bench of the Supreme Court in S.Kushboo v. Kanniammal & Anr.[v] observed[MP1] that it was imperative that the electronic and news media should play a positive role in presenting to the public what actually transpired during the course of a hearing, which should not be publicized in a manner so as to garner publicity for its own paper or news channel. In Siddhartha Vashisht v. State (NCT of Delhi)[vi], the Supreme Court inter alia observed that there was a danger of a serious risk of prejudice if the media published statements which would outrightly hold the suspect or accused guilty even before such an order had been passed by a court. Furthermore, the Supreme Court also stated that it was expected from persons at the helm of affairs to ensure that a trial by media would not hamper fair investigations by the investigating agency and would not prejudice the right of defence of an accused in any manner whatsoever. The Bench, whilst upholding the conviction in this case, also held that although the trial by media had to a limited extent affected the rights of the accused, it did not tantamount to a prejudice permitting the court to take a different view. It is indeed extremely relevant to note the dissent of Chandrachud, J in Romila Thapar v. Union of India[vii] which held that the use of the electronic media by the executive would not only subvert a fair investigation but would also influence and manipulate public opinion, which would soon be followed by a trial by media. This dissent strongly resonates with a quote by John Grisham: “Why bother with a Trial? If the cops can’t convict with evidence, they use the media to convict with suspicion.” Conclusion The media has always been in the forefront and has played a pivotal role in keeping the citizen informed. Moreover, investigative journalism throughout the years has brought into the limelight several instances of irregularities and wrongdoings which has set the criminal justice mechanism into motion. At the same time one must never forget how the media was instrumental in highlighting gross injustice that had been meted out by the trial courts in cases such as Priyadarshani Matoo and Jessica Lal, wherein acquittals were accorded despite overwhelming evidence against the accused, which were subsequently reversed by the High Court and upheld by the Supreme Court. However, despite the hype and sensationalism adopted by the media, due care must be taken so as to ensure responsible reportage. There is a very thin line that exists between the freedom of speech and expression that is exercised by the media and the right to life of an individual who comes under intense public scrutiny. The media must ensure that whilst it works to keep the people informed, it should not transgress the boundaries so as to influence an investigation and interfere with the administration of justice. (Views are personal only. Author is a Senior Advocate at the Supreme Court of India and President of SCWLA. She is also Senior Executive at SCBA)(The Author acknowledges the contribution of Advocate Partha Mansukhani) [i] Panel discussion on the Self-Regulation of the Media organised by Indian Women Press Corps (IWPC), accessed on https://www.outlookindia.com/newswire/story/there-cant-be-media-trial-in-every-case-soli-sorabjee/762212 [ii] Law Commission of India 200th Report on Trial by Media Free Speech and Fair Trial under Criminal Procedure Code, 1973 , August 2006 accessed on http://lawcommissionofindia.nic.in/reports/rep200.pdf [iii] (2009) 6 SCC 498 [iv] (2009) 8 SCC 106 [v] (2010) 5 SCC 600 [vi](2010) 6 SCC 1 [vi] (2018) 10 SCC 753 Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more