SATURDAY GOP party and forum for candidates running in the November elections, 5 p.m. at Route 66 Classic Grill, 18730 Soledad Canyon Road, Canyon Country. Cost: $10. Call (661) 253-3206 to R.S.V.P. Santa Clarita Runners Club will meet for a morning run, 7 o’clock in the parking lot at Starbucks, 26415 Bouquet Canyon Road, Valencia. Call (661) 294-0821 or visit www.scrunners.org. Free wellness workshop will present research about stubborn weight, fatigue and hormone imbalance, 10-11:30 a.m. at the office of Dr. Larry Cart, 24868 Apple St., Suite 101, Newhall. Call (661) 284-6233. Advocacy and Transition workshop for parents of children with special needs, 3 p.m. at the LETMESAIL Lifestyle Enrichment Center, 28304 Constellation Road, Valencia. Call (661) 702-8555 or e-mail firstname.lastname@example.org. Santa Clarita Runners Club will meet for marathon training, 6:30 a.m. in the parking lot at Granary Square, 25930 McBean Parkway, Valencia. Call (661) 294-0821 or visit www.scrunners.org. Bingo will be played, 10:30 a.m. at Mint Canyon Moose Lodge, 18000 W. Sierra Highway, Canyon Country. Call (661) 252-7222. Saugus train station will be open, 1-4 p.m. at Heritage Junction in William S. Hart Park, 24151 San Fernando Road, Newhall. Call (661) 254-1275. Karaoke night, 7:30 p.m. at VFW Post 6110, 16555 Sierra Highway, Canyon Country. Call (661) 252-9989. MONDAY North Newhall workshop will focus on development planning for the area north of downtown Newhall, 10 a.m.-8 p.m. in Hart Hall at William S. Hart Park, 24151 San Fernando Road, Newhall. Call (661) 255-4330. Senior Sit-in to save the Transitional Care Unit, 3:30-4:30 p.m. at Henry Mayo Newhall Memorial Hospital, 23845 McBean Parkway, Valencia. Call Robin Clough at (661) 259-9444. Cooking Club will meet, 5-8 p.m. at the LETMESAIL Lifestyle Enrichment Center, 28304 Constellation Road, Valencia. Call (661) 702-8555. SCV Historical Society board of directors will meet, 6:30 p.m. at Heritage Junction, 24101 San Fernando Road, Newhall. Call (661) 254-1275. Special Olympics offers golf lessons to athletes with learning disabilities, evenings at Vista Valencia Golf Course, 24700 W. Trevino Drive, Valencia. New athletes or volunteer coaches can call (661) 253-2121. TUESDAY North Newhall workshop will focus on development planning for the area north of downtown Newhall, 10 a.m.-8 p.m. in Hart Hall at William S. Hart Park, 24151 San Fernando Road, Newhall. Call (661) 255-4330. Santa Clarita Valley Macintosh User’s Group will meet, 7 p.m. at Rogers Systems, 25030 W. Avenue Tibbetts, Valencia. Call (661) 250-4149. Lions Club will meet, 7:15 p.m. at Marie Callender’s, 27630 The Old Road, Valencia. Call (661) 294-8677. Nonaerobic workout in a heated pool for joint and muscle conditioning, 10:30 a.m. at the Santa Clarita Valley Family YMCA, 26147 McBean Parkway, Valencia. Call (661) 253-3593. Santa Clarita Runners Club will work out, 6:15 p.m. at the College of the Canyons track, 26455 N. Rockwell Road, Valencia. Call (661) 294-0821 or visit www.scrunners.org. Karaoke night, 7:30 p.m. at VFW Post 6110, 16555 Sierra Highway, Canyon Country. Call (661) 252-9989.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe joys and headaches of holiday travel: John PhillipsSaugus train station will be open, 1-4 p.m. at Heritage Junction in William S. Hart Park, 24151 Newhall Ave. Call (661) 254-1275. Karaoke night, 8 o’clock at VFW Post 6885, 16208 Sierra Highway, Canyon Country. Call (661) 252-6885. Special Olympics offers athletic training and competition for athletes with learning disabilities throughout the day at various locations in Santa Clarita. New athletes or volunteer coaches can call (661) 253-2121. SUNDAY Junior Rangers will meet, 2-4 p.m. at Placerita Canyon Nature Center, 19152 Placerita Canyon Road, Newhall. Call (661) 259-7721.
Since the first Tweets were published on Twitter, magazine publishers have been looking for a way—any way—to monetize social media. Now, one new media company is giving it a shot.Glam Media has launched Tinker.com, a micro-blogging platform for users to find, follow, filter, create and share real-time conversations on events and news from online platforms like Twitter. Samir Arora, CEO of Glam Media, calls Tinker “the first safe micro-blogging solution for brands to advertise on curated event conversations.” Concurrently, the company is launching what it calls “the first professional micro-bloggers network.” Glam says Tinker will allows users to follow specific events, such as “professional micro-bloggers covering an Internet industry conference,” fans Tweeting as they watch an episode of Lost or “bloggers covering the NCAA’s March Madness.” Tinker will offer advertisers “safe” curation and filtration mechanisms to ensure brands will not be seen near potentially harmful posts.How the revenue sharing will work is not entirely clear. Tinker’s “Micro-Blogger Network” is currently building a micro-payments platform for members, acting as a content payment system for opt-in monetization, calculating posts and page views, and attributing a micro-revenue sharing.In February, the company launched a monetization model around real-time micro-blogging at New York Fashion Week and the Academy Awards.
Rap masters return April–May for first tour in 20 years, a chance to feel living history in your bonesPhilip MerrillGRAMMYs Mar 6, 2018 – 2:19 pm Hip-hop pioneers Eric B. & Rakim have announced their first tour in 20 years beginning April 8 in Boston at the House of Blues, heading south and then west to California, their final date is May 3 at The Fillmore in San Francisco.It might take a moment for those not familiar with the name Eric B. & Rakim that you already know their music. Those in the know will remember that Eric Barrier helped define the meaning of DJ in rap, such as his samples from James Brown hits, while Rolling Stone lauded Rakim on the duo’s 1987 album Paid In Full enthusiastically, writing, “Old-school titan Rakim may still lead the race for Best Rapper Ever, and this album is a big reason why.” Either way, the duo’s music has been etched into American culture.In fact, the phrase “Pump up the volume” is immortal because of Eric B. & Rakim. Their formative musical accomplishments have grown into many new dimensions of rap, hip-hop and DJ excellence. As befits legends returning to the stage, you might want to see what they can do live.Getting The Latest Music News Just Got Easier. Introducing: GRAMMY Bot. Find it On KIK and Facebook Messenger Email Twitter Pump It Up: Eric B. & Rakim Launch First Tour In 20 Years News Facebook Tour To Catch: Eric B. & Rakim Return pump-it-eric-b-rakim-launch-first-tour-20-years
WILMINGTON, MA — Here are highlights from the Wilmington Police Log for Wednesday, July 4, 2018:Railroad gates were stuck down on Woburn Street. Police notified Amtrak. (10:06am)Police issued a parking citation to a driver parked across three parking spots in Savers parking lot. (10:05am)A customer reported a Savers employee was rude to him and requested to speak to an officer. Police reviewed surveillance and determined no issue needed to be addressed. (11:33am)Police responded to reports of an intoxicated female on Town Beach. Female party has a friend with her who is sober. He will bring her home. Police stood by until female party left. (4:22pm)A caller reported parties were fighting in the McDonald’s parking lot. One party got into a white 4-door and left towards Market Basket. Two parties got into a tan 4-door Honda and left towards Tewksbury. Police will check with management tomorrow to access video cameras. (10:49pm)(DISCLAIMER: This information is public information. An arrest does not constitute a conviction. Any arrested person is innocent until proven guilty.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip?Share this:TwitterFacebookLike this:Like Loading… RelatedPOLICE LOG for July 27: OUI Arrest; Woman Brings Caged Bird To Town BeachIn “Police Log”POLICE LOG for August 10: Car Stolen; License Plate Stolen; Road Rage Incident At Cumberland FarmsIn “Police Log”POLICE LOG for July 11: Florida Man Arrested; Hit & Run At Gas Station; Highway CrashIn “Police Log”
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.
Share APEmergency responders and security officials are parked outside as smoke rises from the Resorts World Manila complex, early Friday, June 2, 2017, in Manila, Philippines. Gunshots and explosions rang out early Friday at a mall, casino and hotel complex near Manila’s international airport in the Philippine capital, sparking a security alarm amid an ongoing Muslim militant siege in the country’s south. (AP Photo/Bullit Marquez)Gunshots and explosions rang out early Friday at a mall, casino and hotel complex near Manila’s international airport in the Philippine capital, sparking a security alarm amid an ongoing Muslim militant siege in the country’s south. Philippine police rushed to the Resorts World Manila complex early Friday after gunshots rang out at the complex, where smoke began billowing from an upper floor of the building. Resorts World Manila said in its Facebook account that it was “currently on lockdown following reports of gunfire from unidentified men,” adding “the company is working closely with the Philippine National Police to ensure that all guests and employees are safe.” “We ask for your prayers during these difficult times,” the company said. Philippine policemen have not given details about the incident but have begun cordoning off the area near the Ninoy Aquino International Airport. “I heard many, many gunshots,” Julio Silva, a witness who managed to dash out of the mall complex, told DZMM radio network. The incident is unfolding amid a 10-day deadly siege by Muslim militants aligned to the Islamic State group in the southern city of Marawi. The attack has sparked fears that the militants may attack elsewhere to divert the focus of thousands of troops trying to quell the siege.
Kolkata: State Public Works Department (PWD) minister Aroop Biswas during his budget speech in the Assembly said that various agencies from Delhi and Mumbai have been assigned to examine the health status of various bridges across the state that are owned by the department.While addressing the House, Biswas said that the agencies will carry out a detailed study on the bridges situated not only in the city but also in various districts. The agencies will submit a report to the government after six months after the examination is over. On the basis of the report submitted by the expert agencies, the PWD will take up the steps to repair or renovate those bridges which become weaker with the passing of time. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataThe minister also criticized the erstwhile Left Front government for taking up maintenance issue properly. He also provided some data before the House to show how the Mamata Banerjee government increased the budgetary allocation for his department. “In the last eight years of the Left Front regime the budgetary allocation remained around Rs 6,113 crore in the PWD out of which around Rs 3,498 had been spent. During the last financial year, the budgetary allocation remained at Rs 16,801 crore but the expenditure outnumbered the allotment. The PWD had spent Rs 20,565 crore which shows that money was spent out of planned budget,” Biswas told the Assembly. Also Read – Lightning kills 8, injures 16 in stateIt may be mentioned that the PWD has created a bridge inspection and monitoring cell for ensuring proper health study of various bridges. The department has also taken up a project of constructing 20 capacity passenger shelters at important junctions of state highways in every district. One cell has been created headed by one Executive Engineer for proper monitoring of complaints and suggestions received on a whatsapp number 9073362000. The minister also mentioned that under ‘Baitarani’ scheme initiated by the state government the PED has taken up the construction of 402 more crematoriums and 20 electric furnaces are being constructed in various crematoriums.