TORM Optimistic of Product Tanker LongTerm Prospects

first_imgzoomllustration. Image Courtesy: Pexels under CC0 Creative Commons license Danish shipping company TORM saw its earnings plunge in the third quarter of 2018 driven by historically low levels in the product tanker market.The company’s net loss for the period reached USD 24.9 million, compared to a net loss of USD 4.2 million reported in the same quarter a year earlier. Revenue for the period ended September 30, 2018, was down at USD 140.4 million from USD 155.8 million reported in the corresponding period of 2017.“The product tanker market reached historically low levels in the third quarter impacted by a decrease in demand growth and shorter sailing distances. I am nonetheless pleased that TORM continues to perform well in a difficult market,” Jacob Meldgaard, Executive Director, said.“We believe product tanker freight rates have bottomed out in the third quarter, and in the fourth quarter we have experienced firmer product tanker freight rates driven by increasing export activity in the US Gulf and a stronger crude tanker market. We maintain an optimistic view of the long-term prospects of the product tanker market. In the third quarter of 2018, TORM achieved TCE rates of 10,598 USD/day, compared to the 14,279 USD/day reported in the same period of 2017. The product tanker market has remained soft throughout the third quarter of 2018, with MR benchmark freight rates reaching all-time historically low levels, the company explained.During the third quarter of 2018, TORM entered into agreements to sell two older vessels. In October 2018, TORM has entered into an agreement to sell the MR vessel TORM Clara. The three vessels were sold for a total consideration of USD 20 million, and a total debt of USD 12 million is expected to be repaid in connection with the vessel sales.last_img read more

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SFL Pens USD 270 Mn Lease Financing Deals

first_imgzoomImage Courtesy: Maersk Oslo-listed Ship Finance International Limited (SFL) has entered into lease financing agreements worth USD 270 million with an unnamed Asian-based institution to finance three 10,600 TEU container vessels acquired in 2018.The vessels are employed under long term time charters to Maersk Line A/S until 2024, with options to extend the charters by up to four additional years. Each lease financing has a term of more than 10 years, with an option to purchase the vessel back after six years, at expiry of the firm period of the charters to Maersk.A portion of the proceeds from the lease financings have been used to refinance the USD 200 million loan facility arranged at the time of the acquisition. SFL said that the transactions freed up approximately USD 70 million of investment capacity, which is expected to be deployed in new investments.This transaction follows the recently announced USD 400 million lease financing on four 14,000 TEU vessels chartered to Evergreen.SFL added that it had delivered the 2002 built VLCC Front Falcon to its new owner. The sale of the vessel was announced in November 2018, and the net sales price was approximately USD 30.7 million.Following the sale of the Front Falcon, Ship Finance only has one vessel remaining from the company’s initial fleet in 2004.“Our continued ability to source highly competitive capital, with nearly USD 700 million raised in the matter of few weeks, allows us to act swiftly on accretive opportunities. This has allowed us to continue to expand and renew our portfolio and simultaneously increase our investment capacity,” Ole B. Hjertaker, CEO of Ship Finance Management AS, said.last_img read more

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Cosco Bulker Aground between Argentina and Uruguay

first_imgzoomIllustration. Source: PxHere under CC0 Creative Commons license The 38,801 dwt bulk carrier Fu Xing Hai has grounded at Martin Garcia Channel, between Argentina and Uruguay.The 2016-built ship, owned by China’s COSCO Shipping Bulk, ran into trouble at km 105 of the waterway on July 16.According to data provided by privately-owned shipping organization Agencia Maritima NABSA S.A., the bulker is obstructing the navigation in the channel as the traffic through the area where it ran aground is allowed for ships with a draft of up to 7 meters. The organization added that the vessels proceeding up River Argentina have to sail through the Emilio Mitre Channel.AIS data from MarineTraffic shows that the vessel is still aground. Refloating operations are currently underway with the assistance of tugboats.At the time of the incident the Hong Kong-flagged bulker was sailing from Uruguay’s Nueva Palmira port with Port of Rotterdam, the Netherlands set as its final destination.World Maritime News Stafflast_img read more

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Traffic Advisories

first_img Local Area Office: 902-527-5448 Fax: 902-527-5998 NEW WORK ANNAPOLIS COUNTY: Clarence Road Clarence Road, at Salomon Chute Brook, will be closed for repairsfrom Thursday, Oct. 2 to Friday, Oct. 3. Traffic control will consist of barricades, traffic controlpersons and signage. Detours are available via Hampton MountainRoad and Messenger Road. -30- LUNENBURG COUNTY: Barkhouse Bridge Barkhouse Bridge on Trunk 3, about 0.4 kilometres north of theCrandel Road intersection, will have a one-lane closure forrepairs from Thursday, Oct. 2 to Friday, Oct. 31. Traffic control will consist of traffic signals. Wide loads areasked to use Highway 103 as a detour. Work takes place 24 hours aday. Local Area Office: 902-825-3395 Fax: 902-825-2776last_img read more

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Investing in Southern Regions Culture

first_imgTOURISM, CULTURE AND HERITAGE–Investing in Southern Region’sCulture The Nova Scotia government is investing more than $40,000 invisual arts, crafts and live theatre in the Southern Region aspart of its ongoing support for the province’s arts and cultureindustry. “This investment helps individuals and groups fund specialprojects that encourage growth in the arts and culture sector inNova Scotia,” said Rodney MacDonald, Minister of Tourism, Cultureand Heritage. “Each year, our department invests more than $5million in cultural programs.” A group of visual artists now has professional representation toexport their work to art galleries outside of Nova Scotia.Christine Ross, an art consultant from Annapolis Royal, will usethe $4,000 in funding to research potential new markets. “Most artists have to support themselves with other jobs, leavingthem very little time to spend finding galleries outside of theprovince willing to show their work,” said Ms. Ross. “This willbe a more direct and professional approach and will includegalleries in the northeastern United States.” The latest round of investments from the department’s IndustriesGrowth Program involves $256,465 for 38 organizations across NovaScotia. Successful applicants for this program require anevaluation of the achievement of their projects. The Industries Growth Program provides $450,000 a year to supportprojects that enhance out-of-province sales of Nova Scotia’scultural products. It also supports the improvement of technicaland export capabilities and expands market opportunities andrevenues.last_img read more

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Highway 101 to Receive Repaving

first_imgThe province is investing about $2 million into repaving asection of Highway 101. Ron Russell, Minister of Transportation and Public Works,announced today, June 25, that bridge repairs and repaving along19.5 kilometres of Highway 101, from Stillwater to NewportStation, will move forward this year. “We are making sound investments today so Nova Scotians can enjoya safe transportation network well into the future,” said Mr.Russell. “This work will extend the life of this highway andbenefit residents, tourists and the commercial trucking sector.” The work is scheduled to be completed by Sept. 30. DexterConstruction was awarded the contract. The Department of Transportation and Public Works highways division manages more than 23,000 kilometres of roads in NovaScotia. It maintains an inventory of 4,100 bridges and operatesseven provincial ferries. Staff provide services from districtoffices in Bridgewater, Bedford, Truro and Sydney.last_img read more

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Minister Signs FiveYear Agriculture Agreement

first_imgNova Scotia farmers will continue to have programs to help them adapt to changing consumer markets, enhance food safety systems, support environmental actions and prevent disease and track food to its original source. Agriculture Minister Brooke Taylor, with his Canadian counterparts, signed a $1.3-billion agreement today, July 11, during the annual ministers conference in Quebec City. The Growing Forward agreement will fund current programs and help develop new approaches for Nova Scotia’s agricultural industry. “Growing Forward provides many benefits right across the value chain, from farm gate to fork,” said Mr. Taylor. “We have consulted with the agricultural sector and involved them in discussions leading up to the signing of this agreement. “Growing Forward is good for Nova Scotia farmers because it provides program flexibility to meet local needs.” Nova Scotia will work with the federal government to determine the program details and implement them by April 1, 2009. The agreement is cost-shared 60-40 by the federal and provincial governments. The agreement also includes agriculture business risk-management programs.last_img read more

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Candidates Entitled to Campaign in Apartment Buildings

first_imgLandlords and apartment building owners are being reminded that candidates in municipal elections are entitled to campaign in apartment buildings. Nova Scotia’s municipal elections officer, Vi Carmichael, said she has received reports of candidates being denied entry into apartment and other residential buildings. “The law is on the candidates’ side,” said Ms. Carmichael. “The Municipal Elections Act is very clear: landlords and building owners cannot prevent candidates or their representatives from canvassing in apartment buildings. “The occupants of the individual apartments may, of course, choose to let the candidate into their units or not, but the candidates have the right to be in the building during reasonable hours.” Candidates in federal and provincial elections also have this right. In addition, the law upholds the right of apartment renters and condominiums owners to display election campaign materials from their units. The Investment Property Owners Association of Nova Scotia has advised its members that the law entitles candidates to campaign in apartment buildings and that to prevent them is an offence punishable by a fine of $2,500 or imprisonment of up to six months.last_img read more

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Ombudsmans Office Visits Communities for Fairness Week

first_imgNova Scotians will have an opportunity to learn and ask questions about the Office of the Ombudsman’s role in investigating complaints against provincial and municipal government departments, agencies, boards and commissions. The Office of the Ombudsman is hosting outreach sessions across the province as part of Fairness Week, Oct. 12-16. The province is celebrating the week as part of the 200th anniversary of the world’s first legislative ombudsman. “Fairness Week is an opportunity to show Nova Scotians what the Office of the Ombudsman can do to help,” said Dwight Bishop, the Ombudsman for Nova Scotia. “By visiting communities, we hope to spread the word about our services, and teach people about the complaint process.” The Ombudsman’s office will host the sessions in Amherst, Dartmouth, Inverness, Port Hawksbury, Sydney and Yarmouth. The office will also have an open-house in Halifax on Friday, Oct. 16. The ombudsman’s role is to ensure government’s policies and procedures are fair and implemented in a consistent manner. The Ombudsman does not assign blame, but resolves complaints in a just and practical manner. The Ombudsman provides disputing parties an opportunity to be heard. The Nova Scotia Office of the Ombudsman was established in 1971.The office represents fairness, integrity and good governance for the province. For more information about the Office of the Ombudsman and the complaint process, visit www.gov.ns.ca/ombu .last_img read more

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May Tourism Stats Available

first_imgNova Scotia welcomed 614,100 visitors between January and May, up four per cent compared to the same time last year. The province experienced a decrease of three per cent during the month of May, a slight drop compared to 2009. Visits to novascotia.com during May increased by 21 per cent compared to last year, reflecting increased marketing efforts in key markets. Room nights sold between January and May were up two per cent across the province compared to the same time period in 2009. Room nights sold in May remained unchanged. “We’re pleased to see an encouraging start to the tourism season, although it is still very early to speculate on the year as a whole,” said Percy Paris, Minister of Tourism, Culture and Heritage. “Tourism is important to communities throughout Nova Scotia and we continue to work with our partners in the industry as they create good jobs to grow the economy.” Between January and May, domestic travel showed a growth of four per cent. Visits from Ontario were up five per cent and visitors from Atlantic Canada and Quebec increased by six per cent in each market compared to this time last year. Visits from Western Canada were down 19 per cent. Visitors from the United States from January to May also increased by four per cent compared to last year, while overseas visitors were down by four per cent. Visitors from the United Kingdom are down slightly, with a two per cent decrease. The number of people traveling to Nova Scotia by road during the first five months of the year grew by seven per cent. Air travel decreased by four per cent in the same period. Tourism is an important contributor to Nova Scotia’s economy. In 2008, the industry employed more than 31,000 people in all areas of the province and generated revenues of $1.82 billion. Nova Scotia’s comprehensive system for reporting monthly tourism statistics includes counting non-resident overnight visitors at all entry points to the province and gathering the number of room nights sold from licensed accommodations operators. Detailed tourism statistics can be found on the Department of Tourism, Culture and Heritage website at www.gov.ns.ca/tch/tourism/facts-figures.aspx .last_img read more

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University Funding in Nova Scotia OpEd

first_imgLast week, I met with university student leaders to outline the steps we’re taking to ensure a university education remains affordable in Nova Scotia and to help universities remain competitive and sustainable for years to come. The first part of our plan is to cap tuition increases annually at three per cent. For Nova Scotia undergraduate students that means an average increase of about $154 per year. For out-of-province undergraduate students, the average increase is about $185 per year. We will also continue to fund the Nova Scotia University Student Bursary Program, for Nova Scotia and out of province students, which provides $29 million each year to reduce the cost of tuition. These measures follow a tuition fee freeze, then a roll-back, to address the problems that had been created by years of unchecked fee increases. They will keep tuition at a Nova Scotia university at or below the national average for Nova Scotia students. They will help to make university affordable, but I realize that they may not be enough. The report by Dr. Tim O’Neill stated that Nova Scotia has a very weak student assistance program. I agree. The premier agrees. University students clearly agree, too. I recently received a report outlining common themes from public meetings on student assistance held in November. It is clear that students want us to focus our efforts on capping the amount of student debt, improving the loan-to-grant ratio so students have to pay back less money, and provide financial assistance to those students who need it most. We agree with those priorities and have made some inroads. Within the next few weeks, I will meet again with student leaders to discuss the establishment of a debt cap, comparable to those in other jurisdictions, loan limits and a change to the loan-to-grant ratio, based on need. The debt cap will also reduce the need for graduates to leave the province because of high debt loads. The Graduate Retention Rebate also provides eligible graduates with a maximum tax credit of $2,500 per year in the year of graduation and in each of the next five years to a maximum of $15,000 over the six-year period. When you pair these with our government’s efforts to attract new, cutting-edge businesses and investors to the province, our graduates will have significant opportunities to live, work and prosper in Nova Scotia. We have told the universities that their grant will be reduced by four per cent this year and that we will discuss future grant changes with them. We are not asking universities to do anything other than what all areas of the public sector are doing. We all have a responsibility to live within our means. We are confident that university boards, many of which are made up of business leaders used to dealing with tight budgets, will deal with these financial circumstances and make it work. In April, the province will begin working on a new funding arrangement for universities to cover 2012-15. Both universities and students will be involved in the discussions. We know there is strong value in a post-secondary education and we are fortunate enough to have top-quality institutions and a variety of programs available in our own province. I look forward to working with the universities and the students in the weeks and months ahead to ensure as many students as possible can access the first-class programs that Nova Scotia’s universities offer. -30-last_img read more

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Government Trucking Industry Offer Free Brake Inspections

first_imgThousands of truckers across North America will take advantage of free brake checks during the Commercial Vehicle Safety Alliance’s Brake Safety Awareness Week. Nova Scotia will hold its check Tuesday, Sept. 13, at the Kelly Lake Vehicle Compliance Station on Highway 102, near the Halifax Stanfield International Airport. Vehicle inspectors from the three Maritime provinces will provide free checks for truckers who stop in from 9:30 a.m. to 3 p.m. “Research consistently demonstrates that drivers and mechanics are in need of more education and awareness of how braking systems operate and how to inspect and maintain them,” said Dan Leopold, director, vehicle compliance for the Department of Transportation and Infrastructure Renewal. “Those who come to the brake check will see first hand how specially trained inspectors check vehicles for critical safety violations and how important brakes are to the safe operation of large trucks.” Safety literature and refreshments will be provided. There will not be any enforcement action taken during the event. Its purpose is education and inspection, and to improve highway safety. Similar events are being held in New Brunswick and P.E.I. For more information on Commercial Vehicle Safety Alliance’s Brake Safety Week, visit www.cvsa.org/programs/op_airbrake.aspx .last_img read more

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Amherst Access Office Closed

first_imgThe Amherst Access Nova Scotia office is closed today, April 17, due to problems with the ventilation system. Technicians are working on the system and the department will reassess the situation by mid-day. For inquiries, call 1-800-670-4357 or access online services and updates on the closure at www.gov.ns.ca/snsmr . -30-last_img

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Plages surveillées en NouvelleÉcosse

first_imgREMARQUE–Une liste des plages provinciales surveillées est présentée à la fin du présent communiqué. Les sauveteurs commenceront à surveiller les plages de la Nouvelle-Écosse à 10 h le samedi 29 juin afin d’assurer la sécurité des gens de la province. « Le Nova Scotia Lifeguard Service entame sa 41e année de service aux gens qui profitent des plages de la province pour se rafraîchir et s’amuser, a dit David Wilson, ministre de la Santé et du Mieux-être. La sécurité aquatique est une responsabilité partagée, et nous demandons à tous les gens qui utilisent les plages de faire preuve de prudence lorsqu’ils pratiquent la natation ou tout autre sport aquatique. » Les sauveteurs de la Nouvelle-Écosse sont entièrement accrédités et suivent une formation avant le début de la saison afin de leur permettre d’acquérir les compétences techniques et physiques nécessaires pour effectuer des sauvetages dans l’eau et promouvoir la sécurité aquatique. « Notre camp de formation, qui a eu lieu la fin de semaine dernière, a été une excellente occasion de démontrer que nos sauveteurs sont bien formés et prêts pour la saison estivale, a dit Sarah Bernier, sauveteure. Nous avons tenu notre première compétition et obtenu des résultats incroyables, ce qui démontre bien notre niveau de préparation mentale et physique. » Depuis 1973, le service de sauvetage a maintenu une fiche parfaite puisqu’il n’y a eu aucune noyade sur les plages de la Nouvelle-Écosse pendant les heures de surveillance. Le service vise à maintenir ce record. « Nous espérons que cet été sera aussi sécuritaire, et nous rappelons aux gens de bien surveiller leurs enfants, de ne pas consommer d’alcool et de se comporter de façon responsable lorsqu’ils sont à la plage », a dit Paul d’Eon, directeur du Nova Scotia Lifeguard Service. Le Nova Scotia Lifeguard Service et la Société de sauvetage, Division de la Nouvelle-Écosse, sont embauchés à contrat par le ministère de la Santé et du Mieux-être pour assurer la surveillance des plages. Des renseignements supplémentaires sur le service de sauvetage sont offerts au www.nsls.ns.ca (en anglais seulement).last_img read more

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Province Announces Funding for Perkins House Museum

first_imgThe province is investing to repair and reopen Perkins House Museum, a provincially registered heritage property and one of the oldest buildings in the Nova Scotia Museum collection. Premier Stephen McNeil made the announcement today, April 23, at the Queens County Museum. “The Perkins House Museum is a significant part of the province’s heritage,” said Premier McNeil. “Preserving a building that is rich in culture provides the community a place to come together to proudly tell their stories and pass them down to future generations.” Recent estimates put the cost of the renovations in the $1 million to $1.5 million dollar range. Initial design work will start within the next month, with renovations beginning later this year. Perkins House is expected to reopen in summer 2018. Built in 1766 with unique construction methods, Perkins House is one of the few remaining types of its style in Canada. The Simeon Perkins diary, which details the house, as well as the lives of the people living in it and in the community from 1766 to 1812, adds to the importance of the house as an illustration of an early part of Nova Scotia history. “Today’s announcement was music to our ears,” said Linda Rafuse, director of Queens County Museum and Perkins House. “Nova Scotia Museum sites are symbols of our past glory and grandeur. Simeon Perkins and his house are part of our national heritage, both priceless records of our history. This is a good day for Perkins House.” Historic houses provide hands-on learning experiences and help to educate students, researchers and the public by providing venues that enliven history, social studies, geography, civics and other subjects. Excellence in cultural stewardship is a key theme of the province’s culture strategy, Nova Scotia’s Culture Action Plan. The full plan is online at http://novascotia.ca/culture.last_img read more

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Traffic Advisories Annapolis and Inverness Counties

first_img ANNAPOLIS COUNTY: Brickton Bridge, Brickton Brickton Bridge on Mount Hanley Road in Brickton will be closed for repairs until 4 p.m. today, June 1. Detour routes are Trunk 1, Lawrencetown Lane and Route 201. NEW WORK INVERNESS COUNTY: Highway 105 near Whycocomagh Highway 105 near Whycocomagh will be reduced to one lane for paving starting today, June 1, until Thursday August 31. The lane reduction starts 3.7 kilometres west of Exit 4 and continues for 8.4 kilometres west. Work takes place from 6 a.m. to 9 p.m. Traffic control personnel will be on site. -30-last_img read more

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NSBI Approves Payroll Rebate

first_img Information on NSBI transactions can be found at www.novascotiabusiness.com/fundingdisclosures . -30- Quick facts: payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount of the rebate payroll rebates are only paid after a business has generated actual payroll for the Nova Scotia economy for every dollar a company spends on the new jobs it receives between five and 10 cents back when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year payroll rebates are paid through the Strategic Investment Fund center_img Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Monkedia LLC. Monkedia has created a technology that helps clients improve their digital advertising campaigns by pairing machine learning, artificial intelligence and creative strategies. The company is expanding its satellite office in Dartmouth. Monkedia has the potential to create up to 50 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $9,360,000 in salaries. It is also estimated the new employees would contribute provincial tax revenues of $1,074,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $610,350 over five years. Monkedia would be eligible for a smaller rebate if it creates fewer than 50 new jobs. last_img read more

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Neeraj drawing inspiration from Virat and Co ahead of clash against Amir

first_imgNew Delhi: Neeraj Goyat will draw inspiration from India’s dominating World Cup triumph over Pakistan when he takes on Pakistani-origin British boxer Amir Khan at next month’s WBC Pearl World Championship bout in Jeddah, Saudi Arabia. The Indian pro-boxer, who was the WBC Asia welterweight title-holder, will take on Amir, a two-time world champion and Olympic silver-medallist, at the King Abdullah Sports City in Jeddah on July 12. Neeraj and Amir, who has Pakistani roots, recently had a war of words on social media after India crushed Pakistan by 89 runs at the World Cup last Sunday. Also Read – Djokovic heaps praise on ‘very complete’ Medvedev Amir had said he would avenge Pakistan’s defeat by knocking out Neeraj, who responded by saying “keep dreaming”. “This fight has been billed as ‘Nation connect’ and after India beat Pakistan at World Cup, Amir tweeted and I also replied. For me, India’s win over Pakistan at the World cup will serve as an inspiration. In a way, the Indian team has started it and I will complete it on July 12,” Neeraj told PTI. “Given the current background, there will be a bit of pressure. Of course, we both will try to ensure that we make our country proud,” he added. Also Read – Mary Kom enters quarterfinals, Saweety Boora bows out of World C’ships The 27-year-old from Haryana said he will face the biggest test of his career on July 12. “When I started as a professional boxer, I had this dream of taking Indian boxing to the world stage and it is coming true now. It is the first time that an Indian will fight against such a big name like Amir Khan. I want to beat him and seal India’s place on the global map,” Neeraj said. “Now WBC belt has the picture of my country. It has my photo like the Muhammad Alis and Mike Tysons and it is a big thing for me. So it will be the biggest match not only for me but also for Indian professional boxing. If I do well, it will pave the way for other Indian boxers.” Amir held the WBC silver welterweight title from 2014 to 2016 but his bid to become a two-weight champion fell short in his last outing against Terence Crawford in New York for the WBO welterweight title. Neeraj, who has a record of 11 wins including two knockouts, feels he will have a psychological advantage going into the clash. “I think I will have the advantage over Amir because I had won the same day at Canada when Amir lost in US in April. I played against a tough fighter all six rounds, so I will have that mental edge.” When Amir clinched the Olympic medal in 2004 Athens olympics, Neeraj hadn’t even started his boxing career. The Indian said he has been sparring with younger boxers, to prepare for his fight with the senior pro. “I have been watching his videos and I know his style, so I am sparring with those boxers who have a similar style. I fight the young boxers because they are more motivated,” he said. “I used to train at Pune but now I am back to my home Haryana. My coach Narender Rana prepares my training schedule. I spar twice a week.” Neeraj believes sport has the power to transcend boundaries and create amity between the people of India and Pakistan. “I think sports can bring the countries together. It will bring people together, they just need safety and want to see the country’s flag flying high. “In sports, someday we will win, someday they will win, so it will bring happiness to the people of both countries, so politics will end and it will promote friendship,” he signed off.last_img read more

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Wont back out from buying Bhushan Power JSW to NCLT

first_imgNew Delhi: JSW Steel on Monday told the National Company Law Tribunal (NCLT) that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters.During the proceedings in National Company Law Tribunal, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports and needs to know what is going inside Bhushan Power & Steel Ltd (BPSL). A two member National Company Law Tribunal bench headed by the President Justice M M Kumar asked the Resolution Professional (RP) of BPSL to hand over a copy of the forensic report to JSW Steel. Also Read – Maruti cuts production for 8th straight month in SepNational Company Law Tribunal said that alleged fraud reports will not have any impact on the insolvency resolution process and JSW’s resolution plan for BPSL. National Company Law Tribunal has to take a decision over the lenders’ approval of the resolution plan of JSW Steel for BPSL. Earlier on February 4, the National Company Law Appellate Tribunal (NCLAT) had dismissed the plea of Tata Steel and upheld the Committee of Creditors (CoC) decision to approve JSW Steel’s bid. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsThe National Company Law Appellate Tribunal had said the Committee of Creditors decision was well within its rights to negotiate better terms with resolution applicants and has had asked National Company Law Tribunal to decide over JSW Steel’s bid by March 31, 2019. However, the judgement is still pending before the Principal bench of National Company Law Tribunal. JSW Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to over Rs 19,000 crore, whereas Tata Steel’s last offer was at Rs 17,000 crore after it had refused to revise its bid. Last week, state-owned lender Allahabad Bank had reported fraud of over Rs 1,774 crore by BPSL to the Reserve Bank of India. Earlier, PNB reported a fraud worth Rs 3,805.15 crore by BPSL by misappropriating bank funds and manipulating its books of accounts. Around 85 per cent of PNB’s Rs 4,399 crore exposure to the company had been siphoned off. Investigate agency CBI has already registered complaint in April names several other lenders. According to the CBI, BPSL diverted around Rs 2,348 crore through its directors and staff from the loan accounts of PNB, Oriental Bank of Commerce, IDBI Bank and UCO Bank into the accounts of more than 200 shell companies without any obvious purpose. Last week, with several cities facing water crisis, companies such as JSW and Tata Steel said they are focusing on sustainability of water, a critical resource for steel majors apart from iron-ore and coal. “Our water sustainability strategy for future- readiness is to continue investing in sewage treatment plant (STP), and creating new rain water harvesting (RWH) structures at various locations to improve the groundwater table,” Tata Steel said in its latest annual report. A 25 millions of litres per day (MLD) tertiary treatment plant was commissioned at its Bara STP to convert sewage water of the Jamshedpur township into process water for reuse in steel manufacturing.last_img read more

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Barcas Rakitic unmoved by transfer rumours

first_imgTOKYO: Barcelona midfielder Ivan Rakitic accepts his days at the Nou Camp may be numbered, but for now he is concentrating on preparing for next season with the Spanish champions. After the arrival of Frenkie de Jong from Ajax and 31-year-old Sergio Busquets signing a new five-year deal last year, Barcelona’s midfield is looking a little crowded and the Croat could be the man shipped out this summer. Speaking ahead of his side’s pre-season match against Chelsea in Japan on Tuesday, Rakitic admitted it was awkward talking about his future but he was used to the rumours. Also Read – Thermal coal import may surpass 200 MT this fiscal”Does it bother me? No it doesn’t, I have to understand soccer in general works like that,” Rakitic said at a news conference in Tokyo on Monday when asked about any impending move. “In some way it also fills me with pride because if other teams ask about me it is because I am doing things really well.” Rakitic said he is simply trying to enjoy his soccer at Barca as they seek to put disappointments of recent seasons behind them. “I think the club has other things to do right now other than speak about my issues,” the 31-year-old said. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostCoach Enesto Valverde has an embarrassment of riches when it comes to attacking midfielders at his disposal after the arrival of Antoine Griezmann from La Liga rivals Atletico Madrid this month. Griezmann joins a loaded attacking group that also includes Lionel Messi, Luis Suarez, Phillipe Coutinho and Ousmane Dembele. French international Griezmann, who is likely to play his first game in a Barcelona shirt on Tuesday, accepts that Barca play a different brand of football to Atletico but he is confident he can adjust. “They are two different ways of attacking,” Griezmann said. “At Atletico it’s very quick and the other way is with lots of patience. I will adapt like I did at Atletico.” “It’s a style I like. I know I can contribute in many ways and, as you know, it’s not a problem for me to run in front or in the back.”last_img read more

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