Prime Minister Receives Chinese Garden Gift from China for the People of Jamaica

first_imgPrime Minister Receives Chinese Garden Gift from China for the People of JamaicaJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay FacebookTwitterWhatsAppEmail Children and adults alike now have another outdoor space for recreation and relaxation as a result of the donation of the Harmonious Enjoyment Chinese Garden to the Government of Jamaica on Wednesday, August 19 at the Hope Botanical Gardens. Marking 43 years of diplomatic ties between Jamaica and the People’s Republic of China and in honour of Jamaica’s independence, Prime Minister Portia Simpson Miller officially accepted the Chinese Garden as a gift from the Asian country, which was constructed inside the Hope Botanical Gardens at a cost of $237.8 Million. The CHASE Fund and the Chinese Benevolent Association contributed $5 Million and $1 Million respectively. Noting that the Chinese are an important part of the Jamaican family, Mrs. Simpson Miller added that the Chinese Garden is a celebration of a common heritage amidst diversity, national and bilateral unity and cultural strength. She said that: “It is also a testament to Jamaica’s political Independence and the bold internationalism that propelled us to forge and advance diplomatic ties with China in 1972.” Jamaica was the first country in the Caribbean region to establish diplomatic relations with China. Mrs. Simpson Miller said that the contentious and unpopular decision at the time was led by former Prime Minister, the Most Honourable Michael Manley, “who was certain of the moral correctness of our defence of the ‘One China’ policy.” The Prime Minister declared that “Our bonds of friendship and cooperation have withstood the stormy currents of global geopolitics.” Prime Minister Receives Chinese Garden Gift from China for the People of Jamaica Office of the Prime MinisterAugust 21, 2015Written by: OPM Communications Unit RelatedNational Disaster Risk Management Volunteers’ Programme (NDRMVP) RelatedPut Aside Negative Thoughts – PM RelatedPrime Minister Simpson Miller Commends Jamaica’s Sportsmen and Sportswomen Photo: JIS PhotographerAfter signing the official documents marking the presentation and acceptance of the Chinese Garden from the People’s Republic of China to the Government and people of Jamaica, Prime Minister Portia Simpson Miller (right) and Charge d’ Affaires, Embassy of the People’s Republic of China Mr. Xia Guoshun pose for the cameras at the Garden launch on Wednesday, August 19 at the Hope Botanical Gardens. Marking 43 years of diplomatic ties between Jamaica and the People’s Republic of China and in honour of Jamaica’s independence, Prime Minister Portia Simpson Miller officially accepted the Chinese Garden as a gift from the Asian country, which was constructed inside the Hope Botanical Gardens at a cost of $237.8 million. Expressing gratitude on behalf of the Government and the people of Jamaica, Mrs. Simpson Miller said that “We appreciate the gesture of kindness and friendship of the Government and people of the People’s Republic of China. A gift as beautiful as this is a gift that keeps on giving.  It is timeless!”  Charge d’ Affaires, Embassy of the People’s Republic of China Mr. Xia Guoshun expressed appreciation for the cooperation between Jamaica and China. Advertisements Story HighlightsChildren and adults alike now have another outdoor space for recreation and relaxation as a result of the donation of the Harmonious Enjoyment Chinese Garden to the Government of Jamaica on Wednesday, August 19 at the Hope Botanical Gardens.Marking 43 years of diplomatic ties between Jamaica and the People’s Republic of China and in honour of Jamaica’s independence, Prime Minister Portia Simpson Miller officially accepted the Chinese Garden as a gift from the Asian country.Ground was broken for the garden project in February 2014. Ground was broken for the garden project in February 2014. Since the formal documents for the acceptance of the gift were signed in February 2010 by the Ministry of Foreign Affairs and Foreign Trade, the Nature Preservation Foundation has been working on the Chinese Garden Project to bring it to fruition. In the garden, families can experience the outstanding indications of Chinese architecture informed by the philosophy of harmony and Feng Shui. Additionally, the original Lily Pond, featuring an outline of the Island of Jamaica, which was previously only accessible by the wildlife at the pond or by boat, still takes centre-stage in the newly designed garden in keeping with Chinese architecture.  This water feature is said to symbolise ‘communication and dreams’.last_img read more

SEC webpage tracks agency’s ESG activity

first_imgSEC signals its focus on ESG 5 4 Why Tony Robbins, tax shelters and financial advisers don’t mix 1 For reprint and licensing requests for this article, click here,MOST READ Newsletters Over the last couple weeks, the Securities and Exchange Commission has engaged in a whirlwind of activity related to climate change and environmental, social and governance investing. On Monday, the agency established a webpage to help the public keep track of what has become the agency’s highest-profile priority. InvestCloud to acquire Advicent and NaviPlan planning softwarecenter_img Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. House committee poised to advance SECURE 2.0 retirement savings bill The Gates divorce: Lessons for financial advisers 2 House panel unanimously passes SECURE 2.0 The site is part of the agencywide response to what the SEC says is soaring demand from investors for information about climate and ESG issues. A link at the top of the SEC homepage directs visitors to the site, which will be continuously updated.The webpage highlights the SEC’s request for comment on climate disclosure, a directive on climate-related disclosures, an announcement that the SEC Division of Examinations has elevated ESG as an examination priority, an announcement of an enforcement task force on climate and ESG, and an investor bulletin.“Our all-of-SEC approach looks at how climate and ESG intersect with our broader regulatory framework to get investors the information they need to plan for their financial future,” SEC Acting Chair Allison Herren Lee said in a statement.The SEC’s intense focus on ESG issues is expected to continue after the Senate confirms Gary Gensler, the Biden administration’s nominee for SEC chair. In a Senate Banking Committee hearing earlier this month, Gensler voiced support for expanding corporate ESG disclosures.When Gensler is confirmed, the SEC will have a 3-2 Democratic majority. The two Republican members of the commission, Hester Peirce and Elad Roisman, have pushed back against the SEC’s recent ESG moves. 3last_img read more

Indiana panel backs higher fines for underaged tobacco sales

first_img Facebook IndianaLocalNews WhatsApp Facebook Previous articleGov. Holcomb keeps padding huge campaign cash leadNext articleLawsuit against Indiana university given class action status Associated PressNews from the Associated Press and its network of reporters and publications. Pinterest (AP Photo/Jeff Roberson, File) INDIANAPOLIS (AP) — The push to toughen Indiana’s penalties on stores for selling tobacco products to underage customers is facing some questions over whether the proposed fines are too steep.Members of state Senate’s health committee voted 11-0 on Wednesday to endorse the bill that includes raising the minimum age for smoking and vaping from 18 to 21 to conform with the new federal law.The Senate proposal would triple possible retailer fines to between $600 and $3,000 based on the number of violations in a six-month period. Indiana panel backs higher fines for underaged tobacco sales Google+ WhatsApp Twitter Google+ Twitter By Associated Press – January 16, 2020 0 307 Pinterestlast_img read more

CDC issues raw milk Brucella warning for 4 states

first_imgThe US Centers for Disease Control and Prevention (CDC) today said people in four states—Connecticut, New Jersey, New York, and Rhode Island—who drank raw milk from Udder Milk may be infected with a rare but serious Brucella abortus RB51 bacterium and should see their doctors for antibiotic treatment.Brucella can sicken anyone, but in women, it can cause miscarriage and other pregnancy complications, making it critical for pregnant women who may have consumed raw milk from Udder Milk to seek immediate medical care, the CDC warned.Company not providing source infoThe CDC’s warning comes after a New Jersey woman got sick in late September after drinking raw milk from Udder Milk. The alert is the second of its kind in the past 3 months. In September, the CDC urged people who consumed raw milk from a Texas dairy to contact their doctors after a Texas woman contracted brucellosis from drinking raw milk, with other suspected cases pending.The CDC said the New Jersey and Texas incidents are not related. The Texas dairy cooperated with investigators, and raw milk samples from its facility tested positive for Brucella RB51.Complicating the probe of the New Jersey investigation, Udder Milk doesn’t appear to be cooperating with the federal and state investigators. The company hasn’t provided information about farms that supply the milk, making it impossible to find the source of the woman’s infection.Udder Milk directs customers to member-only websites for the sale and delivery of the raw milk, which shift to avoid detection by public health officials. In New Jersey, selling and distributing raw milk and raw milk products is illegal, and in New York, selling raw milk outside of farms that produce it is also illegal. Also, farms that sell raw milk in New York require a permit.Despite the lack of information from the company, federal and state officials are working to trace the source of the contaminated raw milk and raw milk products.CDC: Udder Milk consumers need antibioticsWilliam Bower, MD, team lead for the CDC group that investigates brucellosis, said in a CDC press release, “Because health officials have no direct way to let people know they may have drunk contaminated milk, everyone who consumed milk from Udder Milk in the past 6 months should receive antibiotics now to avoid having long-term health effects from the bacteria.”The CDC said the Brucella RB51 strain is resistant to some antibiotics typically used to prevent or treat brucellosis, and people who drank raw milk from Udder Milk should tell their doctors that they may have been exposed to the particular strain.Symptoms can include fever, sweating, aching, and fatigue. Untreated, the infection can progress to arthritis, heart problems, liver or spleen enlargement, and sometimes nervous system problems. Even people without acute symptoms can develop chronic infections that can last years, Browder said in a September warning related to the Texas Brucella RB51 case.Those who consumed products from Udder Milk should monitor themselves for fever for 1 month after they last drank the milk and watch for other symptoms for 6 months.RB51 is a weakened Brucella strain used to vaccinate young female cattle, the CDC said. Though cattle vaccination has driven down the risk of people contracting brucellosis from sick cows, in rare instances, vaccinated animals can shed RB51 in their milk.”The only way to avoid this potential exposure to RB51 is to drink pasteurized milk,” the CDC said in its warning today.See also:Nov 21 CDC press releaseSep 15 CIDRAP News story “CDC issues alert over raw milk and Brucella infection”last_img read more

Manchester United in three horse race to complete €80m summer signing…

first_imgIt’s just becoming harder and harder to believe that Manchester United were that close to signing Nelson Semedo in January.Although the claims from the Portuguese press were pretty strong, with some outlets even saying the agreement was made, the recent updates make clear that there’s no deal for the transfer.Portuguese newspaper Record has a story today saying Borussia Dortmund have now joined the race for the right-back. The German side were impressed with his performances against them in the Champions League and now have scouts in Portugal following the player.But according to the story, Dortmund should have no financial resources to compete against their league rivals Bayern Munich. The Bavarian side are said to be pretty strong in the lead, and would also be ahead of Manchester United.Record claims that although Manchester United have been following the player for more time, it was Bayern Munich who contacted Benfica first.So that puts José Mourinho’s side second in a three horse race. Manchester United went from a clear run to having some heavy competition in a matter of months.That is, if they were really interested in first place.The Red Devils watch Portuguese league games every single weekend, and considering that Benfica have several players with good potential, maybe the scouts at Estádio da Luz weren’t really interested in a right-back. Especially with all the rumours surrounding Victor Lindelof.Unsurprisingly, all this competition turns out to be quite interesting for Benfica, who’d like to make as much money as possible, and can rely on Nelson Semedo’s €80m release clause to do so. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksTrending TodayForge of Empires – Free Online GameIf You Like to Play, this City-Building Game is a Must-Have. No Install.Forge of Empires – Free Online GameUndoMisterStocksThese Hilarious Photos Were Captured On The SubwayMisterStocksUndo聽多多 Hearmore.asia1969年前出生的香港居民現可免費試戴頂尖的歐洲助聽器聽多多 Hearmore.asiaUndoSingles50Hong Kong: A 40+ Dating Site That Actually Works!Singles50UndoTheTopFiveVPNEnjoy Netflix Now Without Any RestrictionsTheTopFiveVPNUndo美術寶1對1香港媽媽們注意了,速來領取適合4-12歲孩子的繪畫課,手慢無美術寶1對1Undo熱門話題生髮率無敵高!96%的禿頭都獲得改善!←這會不會長太多?熱門話題UndoSmart Tech TrendSelf Adjusting Glasses Take Hong Kong by StormSmart Tech TrendUndoCoworking Space | Search AdsThe cost of shared office in Hong Kong might surprise youCoworking Space | Search AdsUndolast_img read more

Local GAA results – Saturday

first_imgThe finalists of the Seamus O’Riain Cup have been decided.Moycarkey Borris were first across the line after beating JK Brackens by a goal at the Ragg in the eraly throw in, the final score 1-18 to 18 points.Then in Dolla, in the other semi final, Burgess booked their spot in the final after beating Templederry kenyons, the final score there 2-17 to 2-14. Pat Gibson is selector for Burgess, he’s eager to bring back a trophyINTERMEDIATEIn the County intermediate football championship, Golden Kilfeacle have booked their place in the final after beating Borrisokane in Templemore, the final score there 2-11 to 5 points.Also, Moyne Templetuohy have advanced to the semi final after beating Rockwell Rovers, 2-10 to 8 points the final score in Holycross.+++There were 2 relegation battles in the intermediate Hurling yesterday.In group 2 Lattin Cullen Gaels are going down after falling to Moyle Rovers in Golden. Moyle Rovers were leading by 9 points at full time, 20 points to 1-08 the final score.In group 1, Arravale Rovers were sunk by Kiladangan in Kilcommon. Kiladangan avoiding relegation by two points, 1-15 to 1-13 the final score.MINORKnockavilla will meet Drom Inch in the County Minor B football championship final.Knockavilla overcame the Mullinahone challenge in Munroe to secure their spot in the final. The match ended 3-11 to 3-7 for Kickham’s.Drom and Inch paved their path to the final by beating Ballina in Toomevara, 2-11 to 1-08.last_img read more

What Lamar Smith Did – and Didn’t – Learn from SOPA

first_imgWhy Tech Companies Need Simpler Terms of Servic… Related Posts nancy scola Lamar Smith (R-TX), the mastermind behind last winter’s widely-disliked Stop Online Piracy Act, is back at it. His latest bill may not be the SOPA redux that some observers fear, but his legislative tactics are every bit as problematic. Fifty days.That’s the median time it took for eight legislative bills – on economic espionage, identity theft, abortion in the District of Columbia – to circulate in the House of Representatives before they were put on the agenda for Tuesday’s markup session by the House Judiciary Committee.Zero days.That’s how long the ninth bill on the agenda, a measure submitted by Judiciary chair Lamar Smith, existed before it was submitted for Tuesday’s markup. Unlike the other eight (H.R. 6029, H.R. 4362, H.R. 3803… ), Smith’s Intellectual Property Attaché Act didn’t even have a number. It had yet to be introduced into the House legislative system.That’s legislating the future of copyright, the Internet and creative content, Lamar Smith-style.The Smith WaySmith’s IPAA maneuver is of a piece with how he has run his tech and copyright agenda since taking the gavel of powerful Judiciary Committee in January, when Republicans gained control of the House. After 13 terms in the House, the 64-year-old Texas Republican is a copyright near-absolutist of the ‘theft is theft’ variety, a school of thought where, by all appearances, “fair use” receives less consideration than even MPAA and RIAA demand. Why Smith is so committed to that path is an open question. The TV, movie, and music industries havelongbeen among his top funders, but whether that’s cause or effect isn’t much worth debating.It’s the way that Smith goes about making legislation that makes one wonder if Smith learned anything meaningful at all from the recent fight over the Stop Online Piracy Act (SOPA) that he authored and championed, and its cousin in the Senate, the Protect IP Act, or PIPA. There was an enormous swell of public interest in Internet policy back then, as well as the copyright policy to which it is inextricably linked. Oregon Sen. Ron Wyden, a democrat, explained his take on the sales pitch made by the the bill’s supporters back in January, when nobody knew what a SOPA or a PIPA was. “This is noncontroversial,” Wyden said, channelling PIPA’s backers inside and (mostly) outside Congress. “Nobody is in favor of piracy. This is practically a gimme.”The line from Smith’s office this week on the rush to get IPAA through: Oh, this bill? This one’s really no big deal.Echoes of SOPAIn the end, SOPA got tripped up by process as much as anything. Smith, as chair of the Judiciary Committee, called a single hearing on a bill that would have had a sweeping effect on the functioning of the Internet. The panel was stacked with the bill’s advocates. One witness, an attorney for Google, raised an objection. But as that bill steamed along to markup, members of Congress got the feeling that they been sold a bill of goods.“This bill is not ready for prime time,” concluded Wisconsin Republican James Sensenbrenner, himself a former Judiciary Committee chair. One of the most pivotal moments in the SOPA debate, in retrospect, might have been when Ohio’s ultra-conservative Jim Jordan jumped off the legislative train, suggesting that the House “take a little extra time,” not rubberstamp Smith’s SOPA without knowing what it really would do. Certainly, the website blackouts, news reports, and email and tweet deluges drew Congress’ attention to the major Internet bill barrelling through its halls. That was something new. “Here you have a picture,” Wyden said in January, “of millions of Americans saying that this process has been flawed, [that] it only listened to one side.” The Oregonian’s takeaway? “In terms of communicating with government, America is never going to be the same.”Tell that to Lamar Smith.In a way, it’s not his fault. Judiciary chairs in both the House and Senate have enormous leeway to handle the business that falls under their jurisdiction. But add to that the fact that in the past few decades – as the online universe has expanded apace – nearly all things having to do with the Internet have been ceded to those same Judiciary Committees. What you end up with is very few people making policy on a medium of historic importance not only for us in the U.S. but for billions of people all over the planet. It’s a dangerous combination, all the moreso when the process seems sloppy and rushed. The working copy of the IPAA posted on Smith’s website carries a date stamp from the House’s bill-drafting Legislative Counsel Office of July 5th, meaning that the bill existed in draft form for just three business days before it was scheduled for markup. Two of those days were during a holiday week.The draft also lists the name of California Republican Darrell Issa, the leader of the House’s SOPA resistance, as an original co-sponsor. That’s not true, Issa’s office said this week. He’s not a co-sponsor of IPAA and never has been.Again, Smith’s office says that’s no big deal. “We often list bills for markup to give us the option to debate them if we get them ready in time,” a committee aide wrote in an email this week. With IPAA not yet properly introduced, Tuesday’s markup came and went without its formal consideration.Ministry of Openness & Transparency All of this is not to say that Lamar Smith took nothing away from the SOPA fight. His team seems to have picked up the language of its opponents. The Declaration of Internet Freedom rolled up by activists last week, largely in reaction to the SOPA/PIPA case, included near its very top a call for making the crafting of Internet policy a transparent and participatory experience. Smith’s aide: “We plan to circulate a new draft based off those changes to ensure that the development of this bill continues to be an open and transparent process.”That’s transparency-washing, Smith’s critics say. “He might say that he invites a transparent process,” observes Josh Levy of Free Press, which co-led the creation of the Declaration of Internet Freedom. “But he hasn’t done much to show it.” Levy continues, “I think Lamar Smith could use an education in what engaging the public means. It means something different from just reaching out to his fellow members of Congress.”The view from the House Judiciary Committee offices is that the Intellectual Property Attaché Act just doesn’t warrant the attention. The IP attaché program has been around since 1996, stationing liaisons in U.S. embassies in countries where CDs are regularly copied, Nikes knocked off and electronics reverse-engineered. There are attachés in China (both Beijing and Guangzhou), Bangkok, Rio de Janeiro, New Delhi and Moscow, and there’s a currently an ‘unfilled but established post in Cairo. Their mission, in part, is to “encourage strong IPR [intellectual property rights] protection and enforcement by U.S. trading partners for the benefit of U.S. rights holders.”Smith’s Legislative Trial BalloonThe IPAA is a narrow bill, Smith aides say, focused on streamlining the use of funds in the U.S. Patent and Trademark Office (USPTO) and increasing organizational efficiencies. A reshuffling, more or less. The bill would, it seems, bump up the program from its home in the somewhat beleaguered USPTO to a slot in the greater Department of Commerce bureaucracy. It would add an 11th full Assistant Secretary of Commerce, this one charged with overseeing “intellectual property” matters. And there’s a bit of job re-titling. The post now known as Administrator for Policy and External Affairs at PTO would become Deputy Assistant Secretary of Commerce for Intellectual Property Policy and External Affairs. (RWW’s Brian Proffitt runs down more of the details.) IPAA is no SOPA, but it’s plenty robust to warrant some healthy consideration.Actually, in its modest scope and wonkish subject matter, IPAA makes a rather nice vehicle with which Smith can test the post-SOPA waters. Move around pieces of an overseas program that few people have ever heard of, in a bureaucracy few people care about, and see who freaks. It’s a juicy bit of lawmaking – certainly IPAA would be a nice win for the so-called content industry angered by the way SOPA and PIPA played out – but maybe just dry enough that it stands a chance of getting passed.As it turns out, people did freak. After Politico reported the planned inclusion of the bill in Tuesday’s markup, techblogs picked up the story and ran with the idea that IPAA was SOPA back from the dead, that IPAA was the first move in a plan to move the bulk of SOPA through Congress piece by piece. The response annoyed Smith’s staff. “This week, the House Judiciary Committee released a discussion draft of a bill that streamlines the IP attaché program to help safeguard American intellectual property abroad,” Smith’s aide wrote. “Unfortunately, some groups and blogs have misreported that this is a follow up to the Stop Online Piracy Act. That is not the case.”In other words, IPAA triggered an early-warning system that had been built and primed by SOPA/PIPA. The alarm bell’s volume might irritate Smith. That’s understandable. But he should also understand that his way of doing things is what set it off.How to Dislodge Lamar SmithSo what to do about Lamar Smith? He’s up for re-election in November, but there’s little chance that he’ll be relieved from his Judiciary Committee post through the ballot box. Smith’s opponents in the May Republican primary in Texas’s 21st district, a software engineer and a sheriff, banged him over the head with SOPA as hard as they could. More attention to the topic came from local billboards organized by the anti-SOPA group Fight for the Future and funded in part through online fundraising. “Don’t Mess with the Internet,” they read, with the footer, “Paid for by the Internet.” Yet Smith crushed the challenge, garnering 77% of the vote. His Democratic challenger works as a volunteer for the Texas Democratic Party, and either way, the district is heavily Republican. (For political numbers geeks, the Cook PVI on Texas’ 21st is +14 in favor of Smith’s party.)There’s a better chance that internal House wrangling will bring an end to Smith’s reign as Judiciary Committee chair. One possibility: The House Republican leadership, eager both to be seen as the party of the future and to have the favor of the tech world, will lean on Smith to stop being so reflexively retrograde when it comes to the Internet. There are signs that similar forces were at play in SOPA’s demise. Another: Smith will be done in by House rules. At the moment, committee chairs have to step aside after three terms, as required by the GOP’s bylaws. Smith has held the chair only since last year, but he was the ranking Republican on the committee for two terms before. Leadership can decide that both stints count towards the term limit. That’s what forced out Sensenbrenner in 2006. (Next in line in seniority after Smith and Sennsenbrenner is North Carolina’s Howard Coble, who seems to have been neither here nor there on SOPA.) The last possibility is the most revolutionary. House Republicans actually elect their committee chairs, and Smith could face a challenge from someone within his own party, a la the epic battle between auto-industry favorite John Dingell and environmentalist Henry Waxman for the chairship of the House Energy and Commerce Committee in 2008, when Democrats were eager to get legislating against climate change and in favor of progressive energy policies. Waxman won.To save you the trouble of checking: Darrell Issa is indeed already on the House Judiciary Committee. A Web Developer’s New Best Friend is the AI Wai…center_img Top Reasons to Go With Managed WordPress Hosting Tags:#politics#web 8 Best WordPress Hosting Solutions on the Marketlast_img read more

9 months agoInter Milan GM Marotta: No problem with Icardi contract talks

first_imgTagsTransfersAbout the authorCarlos VolcanoShare the loveHave your say Inter Milan GM Marotta: No problem with Icardi contract talksby Carlos Volcano9 months agoSend to a friendShare the loveInter Milan GM Beppe Marotta insists there’s no concern over Mauro Icardi’s contract situation.There has been tension since Icardi’s wife Wanda Nara, who also acts as his agent, said they were “far away” from an agreement on a new deal.“The fans should not worry, there’s no need to talk about this as controversy,” Marotta told Rai Sport.“These are typical dynamics in a football club, especially when approaching deadlines. “There will be no problem, as both parties want to continue together and that is a common denominator that bodes well for the future.” last_img read more

Color Line Deploys New RoRo Ship on OsloKiel Route

first_imgNorway-based ferry operator Color Line has increased freight capacity between the ports of Oslo in Norway and Kiel in Germany by deploying new roll-on/roll-off (RoRo) vessel on this sea route.On January 10, 2019, the company’s recently acquired Color Carrier sailed for the first time from Hjortneskaia in Oslo to Kiel.The ship will have six weekly evening departures, three in each direction and the route will have roughly 21 hour sailing time.The new tonnage will double the existing offer on the route with an increased capacity of 36 000 trailers annually, according to Color Line.With the new RoRo product, Color Line Cargo will be able to shift a huge quantity of trucks and trailers from road to seaway.The initiative is an important contribution to strengthening the environmentally-friendly sea route, Trond Kleivdal, CEO of the company, explained. He added that the move is in line with the company’s ambitions for further development of sustainable and environmentally-friendly solutions for Norwegian shipping.Previously known as Finncarrier, the 1998-built ship was purchased by Color Line from Finnlines. Two years ago, the 154.5-meter-long vessel was equipped with scrubbers.According to Color Line, Color Carrier will also be refitted to use existing facilities for shore power at the Color Line terminal in Oslo and at similar facilities in Kiel.last_img read more

‘Rs 25K crore rights issue not enough for Vodafone Idea’

first_imgNew Delhi: As telecom major Vodafone Idea (VIL) opened its rights issue on Wednesday for the next two weeks with an aim to raise Rs 25,000 crore, sector experts say the fund would not be enough for the company given its high debt and the highly-competitive market. In the meantime, Bharti Airtel too has announced that on April 24 its committee for fund infusion would decide on the shareholders who would be able to participate in its rights issue for around Rs 25,000 crore. Also Read – Thermal coal import may surpass 200 MT this fiscalAnalysts say Airtel is in a better financial position than Vodafone Idea and unlike the newly-merged entity, the amount raised from the rights issue by Sunil Bharti Mittal-led Airtel would be sufficient for the time being. Vodafone Idea is offering 2,000 crore shares at a price of Rs 12.50 apiece. The entitlement ratio of the issue, which will close on April 24, has been fixed at 87 rights shares for every 38 currently held. Under rights issue, existing shareholders are offered to purchase additional stock shares, known as subscription warrants, in proportion to their existing holdings. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostIn a rights offering, the subscription price at which each share may be purchased is generally discounted relative to the current market price. Rights are often transferable, allowing the holder to sell them in the open market. “Vodafone idea is very stretched because their Ebitda has fallen to about $650 million(around Rs 4,495 crore), their debt is also quite high and their leverage as measured by debt-to-Ebitda too is high,” Nitin Soni, Director for corporate ratings at Fitch Ratings, told IANS. He said that Airtel is a diversified company and has operations in Africa as well while Vodafone Idea is a telecom-specific company which has severely deteriorated its financials. “In that light, their (Airtel’s) equity injection is sufficient and they are going to raise another $3 billion from African IPO and sale of assets, but for Vodafone idea it is insufficient and they might have to raise more money in future because their capex plan is about $3.5-4 billion,” Soni said. He added: “They (Vodafone Idea) need to invest heavily to avoid any network congestion and their Ebitda has fallen much more than Bharti’s. So all in all they would probably need more equity, or stake or sale of other assets”. According to the company’s promoter shareholders, Vodafone Group and Aditya Birla Group have confirmed their participation of up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, in the rights issue. “It is not compulsory that the rights issues of companies are fully subscribed over time, it is up to the market conditions and existing shareholders, and whether they rely on the management and the future expansion plans of the company,” said Manish Yadav, Head of Research, CapitalAim. Amit Gupta, Co-Founder and Chief Executive Officer at Trading Bells, said the fund would work for two or three quarters but the company would require additional infusion after that. “Vodafone Idea has a overall debt of Rs 1,23,000 crore with a gross debt-to-Ebitda (earnings before interest, tax, depreciation and amortisation) ratio of 33.30. After infusion of the equity capital through the rights issue, the debt would reduce to Rs 98,000 crore and its debt-to-Ebitda ratio would decline to 26.50 which would still be higher than that of its competitors Bharti Airtel and Reliance Jio,” Gupta said. The company is also looking to sell its 11.5 per cent stake in Indus Towers in the next two to three months and raise around Rs 5,500 crore. Off late, apart from loss in revenue, Vodafone Idea has also lost a large number subscribers to both Bharti Airtel and Reliance Jio. Vodafone Idea, the largest telecom operator in terms of subscribers, lost 35.87 lakh users taking its total base to 41.52 crore while both Jio and Airtel added to their subscriber base. From the industry perspective, Prashant Singhal, Emerging Markets TMT Leader at Ernst & Young, said that although the rights issue would help in reducing the debt, the sector being a capital intensive industry, companies would continue to need capital for expanding and investing their networks. He said that rationalisation of tariffs, which are extremely low currently, would give a much-needed boost to the sector, apart from the capital infusion.last_img read more