Category: fofabvlic

Bank of Cyprus sells €2.8bn of bad loans to Apollo

Tuesday 28 August 2018 4:10 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoHouse CoastPregnant Beggar Was Asking for Help, But Then One Woman Followed HerHouse CoastUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoCrowdy FanKaley Cuoco Net Worth Left Her Billionaire Husband SpeechlessCrowdy FanUndoinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastUndoVitaminewsShe Had No Clue Why The Crowd Started Cheering HerVitaminewsUndo Bank of Cyprus Group has agreed the sale of €2.8bn (£2.5bn) in bad loans to US private equity giant Apollo in a deal that the bank – laid low by the Eurozone crisis – said will be “transformative”.Apollo, which manages assets worth $270bn (£209bn), will pay €1.4bn for the non-performing loan (NPL) portfolio – known as “Project Helix” – of mortgage lending to more than 14,000 companies. Bank of Cyprus will gain 48 cents for every euro in gross book value. More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks‘Neighbor from hell’ faces new charges after scaring off home He added: “Since 2014, we have focused on decreasing our stock of NPLs and improving the asset quality of the bank, and today’s transaction is a significant step forward on our journey of de-risking the balance sheet and enhancing our capital position.”The deal, which is contingent on acceptance by the European Central Bank, the Eurozone’s banking supervisor, will lower the bank’s non-performing exposure ratio by 10 percentage points.The bank also announced a €220m capital raise which will boost its tier one capital ratio, a key measure of balance sheet strength. A “small number of institutional investors” backed the capital raise, the bank said.Morgan Stanley, KPMG and Alantra Corporate Portfolio Advisors International acted as financial advisors on the deal, with legal advice from Allen & Overy, Chryssafinis & Polyviou, and Ashurst. Bank of Cyprus sells €2.8bn of bad loans to Apollo whatsapp Jasper Jolly Share whatsapp The deal marks another milestone in the recovery of the Cypriot bank, which was forced to bail in depositors to avoid collapse in 2013. Shares in the London-listed bank rose by more than four per cent today.Since its near collapse the bank has slowly made its way back, with former Royal Bank of Scotland banker John Hourican leading the lender’s restructuring. Hourican will stay on until the end of 2020, the bank also announced today.The Helix transaction is the latest sale by the bank as it looks to reduce its balance sheet and focus on its core operations of lending in Cyprus. It sold its UK subsidiary, now known as Cynergy, in July for £203m.The servicing of the Helix loans will be taken out of Bank of Cyprus’s hands after a transitional period, although the timing has yet to be decided between the two sides.Hourican said: “This is a transformative sale for the Bank and is the first meaningful corporate and SME [small and medium-sized enterprise] NPL trade in Cyprus.” read more

In tearing up America’s democratic norms, Donald Trump leaves behind a poisonous legacy

first_img Share Get City A.M. columnists’ views delivered straight to your inbox in our daily Midday Update newsletter. For there is little doubt that the Republican Party remains Trump’s to lead. And until the virus struck, Trump had a sterling record on the economy. His dogged efforts at deregulation jump-started the US economy, making it the envy of the advanced industrial world.   This is the highest intra-party favorability for any Republican since Gallup began modern polling in the 1920s. Put simply, Trump is more popular with the party faithful than was Eisenhower, Nixon, or Reagan.  Donald Trump has always put his own needs ahead of those of America Main image credit: Getty Notice that I said first term.  Donald Trump has always put his own needs ahead of those of America Also Read: In tearing up America’s democratic norms, Donald Trump leaves behind a poisonous legacy Opinion He has kept his word to evangelical Christians by appointing three young conservative Supreme Court Justices who will influence American life for a generation to come, along with hundreds of other federal jurists.  by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAll Things Auto | Search AdsBuick’s New Lineup Is Truly StunningAll Things Auto | Search AdsMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia30+ Funny Photos Of Car Owners Having A Rough DayDrivepediaGameday NewsMichael Oher Tells A Whole Different Story About ‘The Blind Side’Gameday NewsBrake For It40 New Features In The 2021 Ford BroncoBrake For It Trump’s foreign policy accomplishments are also seminal, far outshining his glamourous, overrated, predecessor Barack Obama. In tearing up America’s democratic norms, Donald Trump leaves behind a poisonous legacy Here, Trump is a major part of the problem. All of us knew, given his unbearable narcissism, concern only for himself and not the people of the country or the country itself, that if there was a close result Trump would not think of the greater good, but would instead pull the temple down around all of us.  In this, out of all the modern Presidents, he is unique. His character must be disqualifying of Trump, as a President and as a man.  The US mainstream media has given up any pretense of objectivity, to the disgust of most of the country, instead all becoming editorialists (without the expertise), playing an endless, childish game of “Gotcha” with a man they despised. This in turn fuelled the President’s persecution mania, bringing out the worst in both. No, Trump is right, he was not treated fairly.  As I write this, with the states of Nevada, Pennsylvania, Georgia, Arizona, and North Carolina circling around him, the first term of Donald J. Trump as President of the United States is about to come to a shattering end.  Crucially, he radically changed America’s perception of a rising China, correctly noting that this superpower rivalry, and not Islamic fundamentalism, was the country’s greatest strategic threat moving ahead.  He has fought a trade war with China on the premise that a generation’s worth of free trade deals has offshored manufacturing jobs to America’s rising enemy.  In short, as always, Trump has put his own needs ahead of those of America. center_img The outgoing President is also right in that his many political enemies did not fight fairly with him. I have watched in horror close-hand as otherwise sane Democratic friends of mine have come down with what I have called Trump Derangement Syndrome, as the crude personal ugliness of the man as much as anything else drove them to behave despicably towards him.  For all that he has done, it is past time for him to go.  whatsapp whatsapp China’s failure to stop the spread of the coronavirus, shameless abrogation of its understanding with the UK over Hong Kong as it cracked down on free speech, horrendous treatment of Uighurs in western Xinxiang province, bloody seizure of 300 kilometers of Indian land in the high Himalayas, and bullying of its maritime neighbours in the South China and East China Seas have all confirmed his basic strategic analysis.  There is no constitutional impediment to him running again in four years’ time, and (his health willing) he is the overwhelming favorite to be the party’s nominee for 2024.  John HulsmanDr John C. Hulsman is senior columnist at City A.M., a life member of the Council on Foreign Relations, and president of John C. Hulsman Enterprises. He can be reached for corporate speaking and private briefings at Show Comments ▼ Sunday 15 November 2020 9:21 pm What explains this fanatical devotion? Simply put, Trump has transformed the GOP into a working-class party, and he has laboured assiduously (unlike many Presidents before him) to keep the promises he made to his base.  City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. In tearing at the norms that have made American democracy the envy of the world, at gnawing away at the culture and customs that have sustained the Republic for 240 years, Donald Trump has done America great harm. When I left Washington 14 years ago, everyone was a naive China dove. Now, both parties have woken up, becoming various varieties of hawk. This is largely due to Donald Trump — and geostrategically it alone amounts to a not inconsiderable legacy.  And that is what he has done, crying out — all facts to the contrary — that the election was rigged, commanding the battleground states to stop counting the postal votes, stating that he has won states he has not, and threatening frivolous lawsuits to enhance the appearance of fraud, with absolutely no evidence.  And yet for all this, I cannot wait to see the back of him. For character matters — matters immensely — in the making of history. As Trump himself has said: “One of the big problems is that politics is such a disgrace, good people don’t go into government.” About this, above all, he is surely right.  The President remains wildly popular in the GOP, as a February Gallup poll attests to, where he was given an overwhelming 94 per cent approval rating by his Republican supporters.  More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Tags: Donald Trump Joe Biden People US Presidential Election 2020last_img read more

Challengers say Treasury talks are frustrating

first_img Show Comments ▼ Express KCS BOSSES at smaller banks have said that they were “disappointed” by recent meetings with Treasury officials.Bosses from 11 challenger banks – including Metro Bank, Aldermore and OneSavings Bank – sat down with Treasury officials on Friday to voice their concerns over a new bank tax set to go into effect next year.The tax will take an additional eight per cent of banks’ profits each year for the government, on top of the existing corporation tax. It will apply to challenger banks and building societies currently exempt from the existing bank levy.The tax has come under sharp criticism from bank bosses, building societies and MPs alike who say it would hurt competition and choke lending.But despite increased pressure on the Treasury, one challenger bank chief executive who attended Friday’s meeting said that the talks proved “frustrating.”Paul Lyman, chief executive of Secure Trust Bank and the head of the British Bankers’ Association’s challenger banks panel, told City A.M. yesterday that while government officials acknowledged the role challenger banks play in promoting competition in the banking sector, they made little indication that they would revise the bank tax surcharge or introduce other measures to benefit the smaller firms.“At this point in time, we’ve had yet to see any alignment in what the government is saying and its deeds, which is a tad disappointing,” Lyman said, adding that while he had “no objection to being taxed” he thought that challenger banks and larger firms were “not operating on the same level”.“We’re not asking for extra advantages. We’re not asking for special treatment. We’re asking for a level playing field,” he said.Calling the proposed tax a “counterproductive government policy”, Lyman added: “I wouldn’t be at all surprised if this were legislation that was shaped by the lobbying of the big banks.” whatsapp whatsapp center_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapWatch President Biden Do Battle With a Cicada: ‘It Got Me’ (Video)The WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Sunday 13 September 2015 11:52 pm Challengers say Treasury talks are frustrating Sharelast_img read more

News / Gatemore happy with new terms of DX Group takeover of Menzies Distribution

first_img Activist investor Gatemore Capital has resolved its dispute with DX Group and okayed a takeover of Menzies Distribution, which will bring an end to Petar Cvetkovic’s rein as DX CEO.Gatemore Capital chief investment officer and managing partner Liad Meidar had opposed the deal and called on Mr Cvetkovic and DX chairman Bob Holt to resign, claiming they had destroyed the operator’s market value by 90%.Today, however, Mr Meidar announced that DX had come to new arrangements regarding the purchase of Menzies that were “fairer to shareholders”.He told The Loadstar: “The terms of the merger have improved for shareholders by 95%. The debt load is much lower and this will give the company much needed breathing space to get some of the issues we have identified resolved.”Under the revised terms, DX Group will acquire Menzies on a cash- and debt-free basis for £40m in cash and the issuance of new DX shares, representing 65% of its value.“This is a significant step-down from the £60m purchase price initially tabled, which diluted shares by 75%,” said Mr Meidar. “We [current shareholders] will therefore own, in aggregate, 35% of DX’s enlarged share capital – a significant increase from the 20% initially offered.”Currently, Gatemore owns 21.3% of DX Group. With the new share issue, the value of its holding will be diluted to 7.45%, but Mr Meidar said this was a significant improvement on the original merger proposal which would have left Gatemore with just 4.2%.He said: “The deal has restored a more productive working relationship between DX Group’s board and its shareholders – it still needs to be finalised, of course, but they have shown a willingness to listen.”When the deal was announced in March, DX Group said once it was completed, the board would be enlarged by independent non-executive directors and Mr Holt replaced. The plans included the appointment of Menzies Distributions MD Greg Michael as the new CEO, Menzies’ finance director Paul McCourt taking over as chief financial officer and DX finance director Daljit Basi becoming executive director.When asked by The Loadstar whether any of this would change, DX Group declined to comment.In a statement to the London Stock Exchange, Mr Holt said: “We are pleased to have reached this agreement and believe that the revised terms of the proposed transaction represent an attractive opportunity for all stakeholders of both companies.”Mr Meidar said he continued to believe in the long-term value of DX as a standalone business, due to its “leading position in document exchange, secure delivery and IDW [irregular dimension & weight] freight”.“We believe the shareholders will be pleased by the revised terms that have been agreed, which is why we have agreed in turn to vote in favour of the transaction,” he added. By Alexander Whiteman 05/06/2017last_img read more

Premium / Supply chain wars: Apple, carrots and sticks

first_img << Go back Email* Email* Premium subscriber LOGIN Please Login Forgotten your password? Please click here Whatever happens between Presidents Xi and Trump at the G20, it looks like these men are carving the earth into two spheres of influence. As I wrote earlier this month, this could turn out to be a good thing if it sparks a technological race between the two zones, because technology is the principle driver of economic growth.But corporations like Apple – let alone a slew of other shippers – need to work out quite quickly if they can successfully ... Reset Your Password LOGIN New Premium subscriber REGISTER Password* Please either REGISTER or login below to continue By Aongus Buckley 24/06/2019 Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium Resetlast_img read more

Fitbit tracks your steps; now it wants to chart your Zs, too

first_imgHealthFitbit tracks your steps; now it wants to chart your Zs, too All Fitbits will offer recommendations through the Fitbit app on ways to improve sleep. For example, if you get more sleep on weekends, Fitbit might suggest that you’re not getting enough during the week. Or if sleep quality improves after exercise, the app might suggest more workouts.Ultimately, Fitbit hopes to personalize recommendations on how much sleep you need rather than rely on general guidelines from studies, said Shelten Yuen, Fitbit’s vice president of research and development. Some might need more, others less, and Yuen said Fitbit can tell based on signs such as increased heart rate and fatigue.— Anick Jesdanun Related: NEW YORK — Fitbit, whose devices encourage people to walk 10,000 steps each day, now wants to put them to sleep as well.The company said data collected by the millions of Fitbit trackers in use show that people are averaging less than seven hours of sleep a night, the amount recommended by the Centers for Disease Control and Prevention. And the Zs people do get aren’t necessarily the right kind of sleep.So Fitbit will offer deeper sleep tracking on some of its devices. Fitbits already track how much sleep people get and use sensors to measure periods of being awake or restless while in bed. Now, using a built-in heart-rate monitor, the devices will break sleep into clinically defined stages.advertisement By Associated Press March 6, 2017 Reprints For example, about a quarter of sleep is supposed to consist of the rapid-eye movement, or REM, phase. This is when dreams occur, and scientists believe it’s important for improving memory. Fitbit says devices with this new Sleep Stages feature will be able to measure whether you get enough REM sleep.Fitbit also announced an updated version of its Alta tracker. The new version has heart rate monitoring and seven days of battery life. The Alta HR goes on sale in a few weeks for about $150. Fitbit will start taking orders on Monday. Existing Charge 2 and Blaze devices will get the sleep feature through free software updates.advertisement Mark Lennihan/AP One of Fitbit’s chief competitors, the Apple Watch, doesn’t come with sleep tracking, as it needs a nightly recharge. Other fitness trackers and smartwatches do offer sleep tracking with varying degrees of depth and accuracy, but the sleep capabilities often take a backseat to features for running, cycling and other exercise.According to research firm IDC, Fitbit is the leading seller of wearable devices, but it’s facing a steep decline because most of its sales are in the US, where many people who want a fitness tracker already have one. Pushing capabilities beyond exercise could help Fitbit appeal to people whose fitness routines are already stable.“We really want our users to think about sleep as being as important as your activity,” said Christina Kothari, senior product marketing manager at Fitbit.center_img Tags wellness Step inside a wired nursery: Lots of tech — and not much evidence it’s helpful Associated Press Fitbit likely won’t improve your health, study says Related: About the Author Reprintslast_img read more

Fr Paddy: 10 New Year’s resolutions from the Pope

first_imgHome Columnists Fr Paddy: 10 New Year’s resolutions from the Pope Columnists Pinterest Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest Community Fr Paddy: 10 New Year’s resolutions from the Pope TAGSFr PaddyNew year resolutions By Fr Paddy – 12th January 2019 New Arles road opens but disquiet over who was invited to official opening Community Twitter Previous articleDeaths in Laois – Saturday, January 12, 2019Next articleSuccess for Knockbeg College duo at BT Young Scientist Exhibition Fr PaddyFr Paddy is a curate in the hugely vibrant Portlaoise Parish. From Carlow town, he was educated in Carlow CBS and studied Business and Politics in Trinity College Dublin before training to be a priest in Carlow College.He is the youngest priest in the Kildare & Leighlin diocese and writes for a number of media outlets. He has almost 14,000 followers on Twitter. Facebook Facebook WhatsApp Council Pope Francis Pope Francis’s 10 New Year ResolutionsIn a very frank interview published in the Argentine weekly “Viva”, Pope Francis gave out 10 very sensible pieces of advice on how to live a happy life. Contrary to what most might think, none of them show intent to convert to religion and it is in no way implied that only through being a Catholic, will you be able to achieve a blissful life. The unconventional Pope’s advice got as specific as telling people to turn their TVs off when they sit down to eat. While some may find it hard to rest on Sundays or find time to play with their kids, it’s more about the general idea of finding time to rest and spend quality time with your family. 1. “Live and let live.”Everyone should be guided by this principle. There is a similar expression in Rome that says, “Move forward and let others do the same.” 2. “Give yourself to others.” People need to be open and generous toward others, because if you withdraw into yourself, you’ll get stuck and run the risk of becoming selfish. Remember, stagnant water becomes putrid.” 3. “Proceed calmly” in life. Pope Francis used to teach high school literature, and he often used an image from an Argentine novel by Ricardo Guiraldes, in which the protagonist – gaucho Don Segundo Sombra – looks back on how he lived his life. “In ‘Don Segundo Sombra’, there’s something great about someone who rereads his life. He says that in his youth he was a stream full of rocks that he carried with him; as an adult, a rushing river; and in old age, he was still moving, but slowly, like a pool of water.He said he likes this latter image of a pool of water – to have, ‘the ability to move with kindness and humility, a calmness in life.’4. “A healthy sense of leisure.”The pleasures of art, literature and playing together with children have been lost, he said. “Consumerism has brought us anxiety” and stress, causing people to lose a “healthy culture of leisure.” Their time is “swallowed up” so people can’t share it with anyone. Even though many parents work long hours, they must set aside time to play with their children; work schedules make it “complicated, but you must do it,” he said.Families should also turn off the TV when they sit down to eat because, even though television is useful for keeping up with the news, having it on during mealtime, ‘doesn’t let you communicate with each other.’5. Sundays should be holidays.Workers should have Sundays off because “Sunday is for family,” he said.6. Find innovative ways to create dignified jobs for young people.“We need to be creative with young people. If they have no opportunities they will get into drugs” and be more vulnerable to suicide, he said. “It’s not enough to give them food,” he said. “Dignity is given to you when you can bring food home” from one’s own labor.7. Respect and take care of nature. Environmental degradation “is one of the biggest challenges we have,” he said. “I think a question that we’re not asking ourselves is: ‘Isn’t humanity committing suicide with this indiscriminate and tyrannical use of nature?’”8. Stop being negative.“Needing to talk badly about others indicates low self-esteem. That means, ‘I feel so low that instead of picking myself up I have to cut others down,’” the pope said. “Letting go of negative things quickly is healthy.”9. Don’t proselytize; respect others’ beliefs. “We can inspire others through witness so that one grows together in communicating.But the worst thing of all is religious proselytism, which paralyzes: ‘I am talking with you in order to persuade you,’ No. Each person dialogues, starting with his and her own identity. The church grows by attraction, not proselytizing,” the pope said.10. Work for peace.“We are living in a time of many wars,” he said, and “the call for peace must be shouted. Peace sometimes gives the impression of being quiet, but it is never quiet, peace is always proactive” and dynamic.SEE ALSO – Mountrath Mart closure ‘a sad day for farming in Laois’ Twitter Laois secondary school announces scholarship winners for new academic yearlast_img read more

FSCO issues guideline on treating consumers fairly

first_img Keywords Consumer protectionCompanies Financial Services Commission of Ontario Related news FSCO has published its own guidance that aims to clarify the regulator’s expectations for the industry.The Treating Financial Services Consumers Fairly Guideline clarifies FSCO’s own expectations for the industry. It applies to four FSCO-regulated sectors: insurance, credit union/caisse populaire, loan and trust, and mortgage brokering.It “ensures a common understanding between FSCO and its licensees about what it means to treat consumers fairly throughout the life cycle of a financial product,” FSCO says in a news release.As with the new guidance from the CCIR and CISRO, the Ontario regulator says that its guidance is designed to be flexible and principles-based, which allows firms to adapt its concepts to their particular business.“Much of what FSCO expects from licensees in terms of the fair treatment of consumers is contained, directly or indirectly, in existing legislation or is part of accepted industry best practices,” says FSCO.However, treating financial services consumers fairly is not just about the law. It is about an ethical way of conducting business, and ensuring a corporate culture that places the interests of the consumer at the centre of all business decisions.”“FSCO takes its consumer protection mandate seriously. Licensees can use this comprehensive guideline to strengthen their policies and procedures, and ensure a corporate culture that prioritizes the interests of consumers,” says Anatol Monid, executive director, licensing and market conduct division, FSCO, in a statement.“FSCO’s guideline is consistent with the Registered Insurance Brokers of Ontario’s Code of Conduct, as well as our 2015 Fair Treatment of Customers Guideline. We look forward to continuing efforts with FSCO to achieve broad industry implementation of fair treatment practices,” adds Patrick Ballantyne, CEO of the Registered Insurance Brokers of Ontario. In the wake of new guidance on treating customers fairly from the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO), the Financial Services Commission of Ontario (FSCO) on Friday issued its own version of similar guidance.Last week, CCIR and the CISRO released joint guidance for insurers and distributors on the subject of ensuring that clients are treated fairly throughout the industry. law regulations paper flat illustration bakhtiarzein/123RF Facebook LinkedIn Twitter FCA seeks to boost consumer protection Vulnerable clients deserve same results as everyone else: FCA James Langton Share this article and your comments with peers on social media Retail customers still come second to firms’ interests, EBA report findslast_img read more

Jamaica Debt Exchange (JDX) Offer Launched

first_imgJamaica Debt Exchange (JDX) Offer Launched Finance & Public ServiceJanuary 14, 2010 Advertisements FacebookTwitterWhatsAppEmail The Government’s $700 billion Jamaica Debt Exchange (JDX) offer initiative was launched on Thursday (January 14) at the Bank of Jamaica’s (BoJ) auditorium, downtown Kingston.Prime Minister the Hon. Bruce Golding, urged support for the undertaking, and pledged the administration’s commitment to good governance.The JDX is a new debt management initiative involving the voluntary exchange of existing bonds, excluding Treasury Bills, issued by the Government in the domestic market for new bonds of the same principal value, but which have lower interest cost and longer maturities.The exchange ratio will see each $100 old bond being exchanged for a new $100 bond. The offer, which opened on Thursday, is scheduled to expire on January 25, with settlements expected on February 16.The Minister of Finance and the Public Service Minister, the Hon. Audley Shaw (at left), addressing Thursday’s (January 14) launch of the Government’s Jamaica Debt Exchange (JDX) initiative at the Bank of Jamaica (BoJ) auditorium, downtown Kingston. Seated from left, are: Financial Secretary, Dr. Wesley Hughes; Prime Minister, the Hon. Bruce Golding, who delivered the main address; and Governor of the Bank of Jamaica (BoJ), Brian Wynter.The medium term initiative is pivotal to Jamaica securing up to US$2.4 billion in low cost financing from the International Monetary Fund (IMF) and other multilateral institutions, including the World Bank and the Inter-American Development Bank (IDB).Addressing the launch, Mr. Golding described the initiative as unprecedented and one of the most important undertaken in Jamaica, for many years.“We have no alternative, we have no option. It is part of the agreement that we have spent so many weeks and months negotiating with the International Monetary Fund (IMF),” Mr. Golding said.“But, even if the IMF didn’t exist, and even if we had not turned to the IMF for assistance, what we are seeking to do is something that would have been necessary and that any good management of the economy would have required to be done,” he emphasised.Prime Minister, the Hon. Bruce Golding, addressing Thursday’s (January 14) launch of the Government’s Jamaica Debt Exchange (JDX) initiative at the Bank of Jamaica (BoJ) auditorium, downtown Kingston.Reiterating his appeal for support for the initiative, the Prime Minister contended that “this is an exam in which the pass mark is 100 per cent and failure is not something I want to contemplate.”“It is a contribution that we are asking those people who invested in Government Bonds (who), in doing so, entered upon a contract of trust. We are asking them to make this voluntary contribution in the national effort,” he pleaded.Mr. Golding pointed out that implicit in the administration’s appeal for support, was their commitment to good governance, underpinned by prudent fiscal policies and operations.“What we are presenting to you involves a covenant, where we are asking you to make a sacrifice so that this country can have a future. And we accept that, in turn, we have to give you an undertaking that, in terms of our fiscal management, in terms of the performance targets that we are going to have to achieve, we are going to do everything possible to make sure that we hold our end of the bargain,” he said.“If we fail to do so, we would have not only have betrayed your trust, but we would have (also) caused you to make a sacrifice without the gains and the benefits of that sacrifice being assured,” the Prime Minister assured.Noting that the undertaking requires strong leadership, both within Government and the private sector, the Prime Minister pledged to provide the necessary leadership and expressed confidence that the private sector would do likewise. He also thanked the institutions which have responded positively so far.Minister of Finance and the Public Service Hon. Audley Shaw, noted that the JDX was demonstrative of the administration’s recognition of the gravity of the economic challenges facing Jamaica, the administration’s decision to act boldly and introducing remedial action at a time when such action has to be taken.He said that the Government has embarked upon a vigorous economic reform programme, to raise the real Gross Domestic product (GDP) growth rate, reduce public debt and permanently instill fiscal discipline and accountability, through a stronger institutional framework for Government finances.“It will be characterised by fiscal consolidation strategies, including the streamlining of expenditure, public sector reform and divestment of non-core entities,” he outlined.Mr. Shaw added that the undertaking will entail reforms to the financial system, in terms of strengthening the regulatory environment in relation to the Bank of Jamaica (BOJ) and the Financial Services Commission (FSC).“It will see the Bank of Jamaica taking on a more central role for financial systems stability. It will see the enactment of fiscal responsibility laws, to ensure that we stick within specific limits of deficits and debt to GDP ratios,” he stated.He explained that it also involves a comprehensive debt management strategy that did not involve minor repairs and piecemeal approaches.“The alternative to reducing interest is too unpleasant to entertain, and would cause dramatic and far reaching damage to Jamaica’s real economy,” he said. RelatedJamaica Debt Exchange (JDX) Offer Launchedcenter_img RelatedJamaica Debt Exchange (JDX) Offer Launched RelatedJamaica Debt Exchange (JDX) Offer Launchedlast_img read more

Mandatory COVID-19 testing introduced to bolster border measures

first_imgMandatory COVID-19 testing introduced to bolster border measures all international arrivals to England, including UK nationals, required to present a negative COVID-19 test taken up to 72 hours prior to departurepassengers will be subject to an immediate fine of £500 if they fail to comply with the new regulations on pre-departure testingall passengers arriving from countries not on the government’s travel corridor list will still be required to self-isolate for 10 days, regardless of test resultpassengers will still be required to fill in a passenger locator form and be subject to national lockdown restrictionsPassengers arriving from all international destinations will be required to present a negative COVID-19 test result before departing for England to help protect against new strains of coronavirus circulating internationally.Transport Secretary Grant Shapps has announced that from next week inbound passengers arriving by boat, plane or train will have to take a test up to than 72 hours before departing the country they are in, to help protect against the new strains of coronavirus such as those seen in Denmark and South Africa.Today’s (8 January 2021) decisive action is in response to the changes seen in the transmission of the virus both domestically and across the globe. Pre-departure testing will protect travel and will provide an additional layer of safety from imported cases of coronavirus on top of the mandatory 10 day self-isolation for arrivals, helping identify people who may currently be infectious and preventing them from travelling to England.A negative pre-departure test reduces the risk of someone travelling whilst infectious, acting as another safeguard to prevent imported infections. Passengers arriving from countries not on the government’s travel corridor list must self-isolate for 10 days regardless of their pre-departure test result to provide further robust protection from those travelling from high-risk countries.Prior to departure passengers will need to present proof of a negative COVID-19 test result to carriers, as well as their passenger locator form. The UK Border Force will conduct spot checks on arrival into England to ensure that passengers are fully compliant.The move further bolsters existing protective measures which helped to safely enable international travel last year, with self-isolation for new arrivals and travel corridors remaining critical in reducing the risk of imported cases from high-risk countries.Transport Secretary, Grant Shapps said:We already have significant measures in place to prevent imported cases of COVID-19, but with new strains of the virus developing internationally we must take further precautions.Taken together with the existing mandatory self-isolation period for passengers returning from high-risk countries, pre-departure tests will provide a further line of defence – helping us control the virus as we roll out the vaccine at pace over the coming weeks.National lockdown restrictions which came into force on 6 January 2021 remain in place meaning everyone must stay at home unless travelling for a very limited set of reasons, including for work.Permitted travellers will need to take their test up to 72 hours before departure, and this will apply irrespective of whether a country is on the travel corridor list. The government will set out the standards that these tests will need to meet and what proof passengers will need to present.Passengers arriving into England who have successfully demonstrated a negative result prior to departure from a country not on the travel corridor list will still have the option to reduce the self-isolation period from 10 to as little as 5 days by paying for a test through the Test to Release scheme. The scheme requires a test to be taken on or after the fifth full day since leaving a country not on the travel corridor list.Passengers will be required to show their negative test result before boarding, and transport operators will deny boarding if necessary. On arrival back into the UK, Border Force will check passengers test results through the current spot check regime, to ensure that individuals are compliant with the new rules, and passengers will be subject to an immediate fine of £500.There will be a limited number of exemptions, including for hauliers, children under 11, crews and for those who travelling from countries without the infrastructure available to deliver the tests. Further exemptions will be set out on GOV.UK.This follows the recent decision to temporarily suspend direct travel from South Africa to England after new evidence emerged from health authorities reporting an outbreak of a variant strain of coronavirus spreading to some local communities.Those who travel indirectly from South Africa must self-isolate for 10 days.All travellers will still be required to complete a passenger locator form before arrival into England. This is critical in being able to track the virus in case of any local outbreaks, and those who fail to complete a passenger locator form will be subject to an increased fine of £500. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). 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