Recommended for you Olive branch extended by Opposition Leader, says it is time for Turks and Caicos leaders to unite Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 17 Oct 2014 – Turks and Caicos Islanders should not travel five West African countries because the government is strongly advising against it… you may find yourself unable to reenter the territory if you do. The government this morning issued a travel advisory around 8:30am which likely takes immediate effect… nations named were: Liberia, Guinea, Senegal, Sierra Leone and Nigeria. No change on how long you could be quarantined; still 21 days according to the Minister of Health, Porsha Smith. Who explained, “We have been monitoring movements globally, and note that each day additional cases of Ebola are identified in various countries. We are not isolated from the world; therefore TCIG has issued a travel advisory as a precautionary measure.” The Turks and Caicos remains Ebola free.Questions arising now about how much influence the Premier has over his Cabinet as yet again, members of the governing side went MIA during voting on critical legislation. MM has confirmed that the Immigration Bill 2014 failed to get a second reading yesterday because both Minister of Health Porsha Smith and Minister of Government Support Services George Lightbourne were not in the House of Assembly during voting. The PDM with its eight NOs edged out the PNPs seven YESes. The governor’s appointed members abstained from voting. Minister Don Hue Gardiner who presented the bill for a second reading was encouraged to seek consultation. TCI Country Leaders condemn vicious memes Related Items:donhue gardiner, george lightbourne, guinea, Liberia, Nigeria, Pdm, pnp, Portia smith, Senegal, Sierra Leone, tci government Opposition Leader responds to Throne Speech 11 days later; says PDM Govt plan puts TCI in ‘deep doo doo’
Cision is going public through a merger with Capitol Acquisition Corp. III, a blank-check acquisition firm. Cision, a PR tech company and owner of PR Newswire, is expected to have an initial value of $2.4 billion upon closing in Q2 2017. In a press release, Ein cited industry movement away from advertising and toward unpaid publicity — or “earned media” — as the reason for investing in Cision. As a blank check acqusition firm, Capitol develops publicly-traded investment vehicles to merge with exisiting private companies, easing their transition into a publicly listed company. In addition to its “earned media” tech arm, Cision owns PR Newswire, Gorkana Group, PR Web, HARO and iContact. The existing Cision management team, including CEO Kevin Akeroyd and CFO Jack Pearlstein, will continue to run the company. Joining the board of directors from Capitol are Mark Ein, chairman and CEO, as well as Dyson Dryden, president and CFO. “There is a shift in corporate marketing spend to the earned channel driven by its higher ROI and proven success in building brands and the declining efficacy of traditional paid media advertising,” Ein said. “We are investing in Cision, a market leader, to get behind this large, important trend and position the company for accelerated future growth. We think the combined company will deliver superior returns for investors long into the future.” PR Newswire came under the Cision umbrella in 2015 when it was purchased from UBM for $841 million. The sale was part of UBM’s realigned ‘events first’ strategy, through which they have continuously sold off media properties while investing in conference and event assets.
Coffee sinks Smucker’s profit410 viewsCoffee sinks Smucker’s profit410 views00:00 / 00:00- 00:00:0000:00Coffee sinks Smucker’s profit410 viewsBusinessCoffee has become acidic for J.M. Smucker. Its retail coffee sales, primarily its Folgers brand, fell again in the latest quarter. As a result, the company’s sales and profit fell. It hiked pricesVentuno Web Player 4.50Coffee has become acidic for J.M. Smucker. Its retail coffee sales, primarily its Folgers brand, fell again in the latest quarter. As a result, the company’s sales and profit fell. It hiked prices
Bigg Boss Marathi 2Colors MarathiBigg Boss Marathi season 1 saw competitive celebrity contestants like Megha Dhade, Aastad Kale, Sai Lokur, Pushkar Jog, Sharmishtha Raut and Smita Gondkar reaching the finale and entertaining viewers throughout the season by bringing out their real personalities on screen. Other evicted contestants like Resham Tipnis, Rajesh Shringarpure, Vineet Bhonde, Sushant Shelar, Kishore Chougule, Bhushan Kadu and Aarti Solanki too had left their mark with their participation on the show. And now it is time for Bigg Boss Marathi season 2 which is all set to air its grand premiere this Sunday with new celebrity contestants entering the house.Mahesh Manjrekar, who is coming back to host the controversial reality TV show to treat viewers with a proper dose of entertainment, will be introducing the celebrity contestants in the grand premiere episode. It will air on May 26 at 7 pm and thereafter everyday at 9.30 pm on Colors Marathi channel and online streaming platform Voot.The set of Bigg Boss Marathi 2 and Bigg Boss 13 Hindi, which will be hosted by Salman Khan, has been constructed at Goregaon Film City in Mumbai. And the tentative list of Bigg Boss Marathi 2 contestants is already out.Rasika Sunil, Ramdas Athawale, Indurikar Maharaj, Surekha Punekar and Mayuri Deshmukh are some of the names being considered for the show. The confirmed and final list of contestants will be announced on the premiere episode of the show.Keep watching this space for the latest updates on Bigg Boss Marathi 2.
WHEN THE CRACKS SHOW: Scheduled commercial banks, who are staring at non-performing assets worth lakhs of crores of rupees created through loan defaults by major steel and infrastructure companies are going all out to recover them. REUTERS/Adnan AbidiInsolvency is more than the flavour of the season when there are no more favours to be done. A National Company Law Tribunal (NCLT) inquiry on steel company loan paybacks is being carried out on the recommendation of the Reserve Bank of India (RBI). The deliberations have proved to be stinging verdicts on the profitability of companies seconded for insolvency by RBI under the Insolvency and Bankruptcy Code (IBC), following several failed attempts at loan recovery.Equally chastening has been the sense of resignation, — more in the nature of a barely disguised sang froid –, among companies towards their prescribed fates to be assigned by NCLT. Not much of an objection to insolvency proceedings at all, as things stand.Steel is a cyclical industry and firms battling debt is not new. But successive investment cycles, as a byproduct of booming stock markets and optimistic investors, could make it tempting to relax one’s grip at the wrong moments. As the bosses of 12 steel companies are finding out, complacency is not an option in basic materials industries, and the wrong results lead to acute pain.Auto grade steel manufacturing giant Bhushan Steel is facing the heat on behalf of its struggling power venture Bhushan Power & Steel as well. The two companies together owe 41 banks, including seven foreign banks, more than Rs 80,000 crore. Privately held Bhushan Steel, which is said to owe banks a whopping Rs 44,447 crore, has all but run out of steam after some mild brawling to prove SBI wrong (the company had alleged that the bank inflated its dues by around Rs 100 crore).NCLT death rowLast week, Bhushan Power, promoted by the Singal family, had not objected to the insolvency proceedings but requested the court to ensure the company was treated as a ‘going concern’. Data from Capitaline reveals that the company reported net loss of Rs 2,433 crore in 2015-16 on the back of Rs 8,491 crore in revenues. The firm reported net loss of Rs 3,501 crore in 2016-17 on revenues of Rs 15,027 crore. Its annual report for 2015-16 says that it has been facing severe stress in its debt servicing over the past few years.Other companies on NCLT’s death row include Jyoti Structures, Monnet Ispat, Alok Industries, Amtek Auto, Era Infra and Electrosteel Steels. Among them, the case of Electrosteel Steels stands out like a sore thumb.Electrosteel is among the six companies which were specifically referred to the NCLT for a debt resolution plan.Kolkata-headquartered Electrosteel is not among the top five loan defaulters on NCLT’s tickoff roster, owing Rs 14,000 crore in all and Rs 1,404 crore to SBI alone. An unduly high share of non-banking debt is what sets it apart from the rest. Electrosteel is not known to have repaid debt since April 2015. And, it is understood to owe lenders Rs 9,600 crore and a “couple of hundred crore more to non-financial creditors”, as pointed out by a company source in various news reports. ALL SACKED UP: A worker rests on sacks filled with sponge iron at a steel factory on the outskirts of Jammu on July 10, 2014. REUTERS/Mukesh GuptaFresh loans have not helped the company turn the corner. Even as SBI moved in to recover dues by taking control of its assets and manage it under the IBC, Electrosteel did not demur.This was a clear triumph of experience over hope. For, Electrosteel had debt of Rs 10,274 crore on its books in fiscal 2016 and lenders had first opted for the strategic debt restructuring (SDR) path to resolve the issue.The SDR was introduced by the RBI to tackle the issue of burgeoning debt by allowing banks to acquire control of a defaulting company by converting loans into equity. Following this, the banks were supposed to bring in new promoters and upgrade their sticky assets to standard ones. Electrosteel was the first case where lenders invoked the SDR mechanism, as reported in financial daily HT Mint.The Electrosteel Steels management would quickly blame the failed debt restructuring plan in September 2013 and a botched line of credit for the company’s woes.Riding the market waveIn many ways, Electrosteel was a product of unreal market euphoria which did not measure companies on fundamentals like earnings potential, asset quality, or even revenue history – often, like it repeats history today. When Electrosteel floated its initial public offering (IPO) in late 2010, investors did not ask too many questions. The company hadn’t finished a full year of operations and had no earnings or revenue history. In fact, one of the main purposes of its IPO was to finance its maiden manufacturing plant, for which private equity players would have been a better bet.In the event, the IPO did not have a promising start, and Electrosteel and its IPO managers ran foul of the market regulator after SEBI received complaints about non-disclosure of a rejection of the company’s proposal for forest clearance at the Kodolibad iron ore mine. Electrosteel and its merchant bankers SBI Cap, Axis Capital and Edelweiss Financial were hit with fines totalling Rs 2.5 crore on that occasion.The company had serious execution issues, and it was all downhill after that, as it teetered on the edge of bankruptcy in a couple of years. After the IPO price of Rs 10-11 per share, it went as low as Rs 2 per share. It traded on July 27 at Rs 4.73 per share, down 8.33 percent over its previous closing. Essentially, the company stock is trading at over 50 percent below its IPO price nearly seven years later. Raghavendra NWhen management promises to investors turn out to be a sheer mirage in a sea of IPOs, instances like that of Electrosteel Steels are glaring examples of the quantum of mismanagement (see chart above) which Indian banks and taxpayers face. Not to mention greed and misuse of power in the top echelons of banking which is the root cause of humongous NPAs running into the lakhs of crores encumbering India’s PSU banks.Besides declaring insolvency, the possibility of calling international bidders for the steel assets after they are put on sale would work — provided it does not set a precedent. It is equally vital for banks to take care while appraising loan proposals in future and exercising stronger oversight over disbursements to ensure that loan money assets are created and loans not diverted. This will help projects generate sufficient income to repay their loans on time.The RBI expects the average GNPA ratio of banks to increase from 9.6 per cent in March 2017 to 10.2 percent by March 2018, and fears that this number could easily rise. Banks have reduced lending to the steel, infrastructure, construction, real estate, oil and gas and telecom sectors. These are the key drivers of the economy and also comprise the highest amount of stressed assets within the banking system.Withholding lending to these sectors will not work for long. Derisking through the agency of discretion may be a safety valve for banks at the moment, but may not help the Indian economy even in the medium term.
A fun fact for you. Every team but one in the Premier League has kept a clean sheet on the road at some point. The odd one out? Arsenal. This spells trouble for them as they attempt to earn themselves a spot back in the Champions League towards the end of the season.Four of their remaining six Premier League games are on the road, three of them to sides that are chasing seventh place still, and they will need every point they can get if they are force their way into the Top 4.That run starts with an incredibly tricky trip to Vicarage Road to face a Watford side that has had a terrific season, and one that also arrives in good recent form. They have won half of their past six games, but those defeats have all come on the road to Liverpool and the two Manchester clubs. Indeed, they had the better of their trip to United, when they should have taken a least a point – which they would have if it hadn’t been for Anthony Martial’s offside goal.Since then, they’ve staged an incredible comeback to reach the FA Cup final from 2-0 down, when Troy Deeney kept his nerve and Gerard Delofeu found two moments of magic to turn things round.In their first home game since, the atmosphere should be rocking and with a nice six day break they should be refreshed enough to take on an Arsenal side that is in the middle of a Europa League quarter-final.The Gunners were impressive in taking a 2-0 first leg lead against Napoli that gives them a fine chance of making the semis, although it remains to be seen if Unai Emery puts his eggs in the European basket. Aaron Ramsey and Lucas Torriera made a huge difference against the Italians going forward but at the back Sokratis Papastathopoulos made a key difference in keeping a clean sheet.The Greek is suspended for tonight’s game and Shkodran Mustafi’s defensive performances haven’t been up to the same standard. Deeney and Delofeu will be looking to target a backline that has been dodgy on the road and Watford won’t be fearing Arsenal in midfield even if Granit Xhaka passes the fitness test.Long story short, 11/10 is too short for a side that has only managed to beat Huddersfield and Blackpool in their last 12 away games, and Watford can fancy their chances here. This should also be a game with plenty of attacking endeavour – each of Watford’s last eight matches in all competitions have featured over 2.5 goals – and it might be that goals give us the value.Watford v ArsenalPremier League20:00 Sky Sports Premier League / Sky Sports Main Event / Sky Sports Ultra HDHEAD TO HEAD RECORD(Maximum 10 matches)SEP 2018 PREMIER LEAGUE Arsenal 2-0 WatfordMAR 2018 PREMIER LEAGUE Arsenal 3-0 WatfordOCT 2017 PREMIER LEAGUE Watford 2-1 ArsenalJAN 2017 PREMIER LEAGUE Arsenal 1-2 WatfordAUG 2016 PREMIER LEAGUE Watford 1-3 ArsenalAPR 2016 PREMIER LEAGUE Arsenal 4-0 WatfordMAR 2016 FA CUP Arsenal 1-2 WatfordOCT 2015 PREMIER LEAGUE Watford 0-3 ArsenalDEC 2006 PREMIERSHIP Watford 1-2 ArsenalOCT 2006 PREMIERSHIP Arsenal 3-0 WatfordThe special offered for ‘Over 2.5 goals, over 11.5 corners and over 3.5 cards’ in the match is an interesting one – Arsenal’s 1-0 defeat at Everton saw the home side force nine corners of their own whilst Arsenal had six – and there were five cards too. The 10/1 offered on Watford winning 2-1 looks like a correct score which could be a live runner.RECOMMENDED BETS (scale of 1-100 points)2 pts win Over 2.5 goals, over 11.5 corners and over 3.5 cards in the match at 17/2 with starsports.bet1 pt win WATFORD 2-1 WIN at 10/1 with starsports.betPROFIT/LOSS SINCE JAN 1 2017: PROFIT 264.72 points(excluding Premier League ante-post)