Minister Asks Workplaces To Refocus on Safety

first_imgSeven workplace deaths in just over a month should make Nova Scotia employers and employees think twice about the risks they face in the work they do. Between 2007 and 2011, an average of 25 workers died on the job, so this many deaths so early in the year is cause for concern. “This is a tragic start to 2012 and all of us must take immediate action to avoid further injuries, illnesses and deaths in our workplaces,” said Marilyn More, Minister of Labour and Advanced Education. “Whether one works on a hectic shop floor or a seemingly safe office, we need to change our ‘I’ve done this a million times so it must be safe’ mindset.” To date, two truckers died in separate motor vehicle accidents, two fishermen drowned while checking on lobster crates at low tide, a farm worker was killed by a falling tree and a sandblaster was crushed underneath equipment he was cleaning. All of these incidents remain under investigation. A shipyard worker also had a fatal heart attack. In recent years, almost half of all workplace deaths were caused by chronic illnesses, such as heart or lung disease. So far, only one workplace death resulted from a chronic illness this year. Keeping workplaces safe is a joint effort between government, employers and employees. Government investigates injuries and illnesses, enforces the Occupational Health and Safety Act, and promotes safe work practices. It works closely with the Workers’ Compensation Board, safety organizations and industry safety associations across the province. Employers and employees likely have the greatest impact on workplace safety because they usually have an intimate knowledge of the work they do, and the materials and practices that are used. “Employers and employees need to remain vigilant to the risks facing them at work,” said Jim LeBlanc, executive director, Occupational Health and Safety division. “In so many investigations, we find that most injuries could have been avoided if more consideration had been given to the task and how it was to be done.”last_img read more

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Mayor others push back on Canadian companys proposed robot brothel in Houston

first_imgHOUSTON – A so-called robot brothel a Canadian company said it wants to open in Houston is getting pushback from local officials and community groups, with the mayor saying the city is reviewing its ordinances to determine if they address public safety and health issues raised by the business.Mayor Sylvester Turner said he’s not trying to be the “moral police” but this is not the type of business he wants opening in the city.“We do need to be very mindful of what comes into our city and what our children and others may be exposed to. So I want to be very sensitive to that,” Turner said Wednesday.KinkySdollS announced last month on its Facebook page that it plans on opening a “love dolls brothel” in Houston. It would be the company’s second location. The first location opened in 2017 in Toronto.The company didn’t immediately return calls or emails seeking comment on Thursday.On its social media pages, KinkySdollS says its human-like dolls, which can speak and feel warm to the touch, are available for sale or rent.City inspectors have visited the site of the proposed business and have ordered the owner to apply for a demolition permit after they noticed construction work had been done without a permit, said Alanna Reed, a spokeswoman for Houston’s public works department.Reed said her department has not been told when the business plans on opening.Turner said he’s asked the city’s legal and health departments to review all ordinances, including those related to sexually oriented businesses, to see if any of them will cover this type of business.The city may have to amend current ordinances or create a new one “to limit or regulate these types of businesses,” Turner said.Issues Houston officials are reviewing about the proposed robot brothel include whether it has to be located a certain distance away from schools, day-care centres and churches — like other sexually oriented businesses — and health concerns related to any reuse and cleaning of the dolls.“I’m not trying to be the moral police or anything like that. But I am charged with the health and safety of the people within our city,” Turner said.Elijah Rising, a Houston-based non-profit focused on ending sex trafficking, has started a petition asking that the business be kept out of the city.“We have seen the progression as sex buyers go from pornography to strip clubs to purchasing sex — robot brothels will ultimately harm men, their understanding of healthy sexuality and increase the demand for the prostitution and sexual exploitation of women and children,” Elijah Rising wrote in its petition, which has received more than 8,700 signatures.Annie McAdams, a Houston-based attorney who has represented sex-trafficking victims, said she’s concerned a robot brothel will further dehumanize sexual activity and objectify women.But McAdams said she doesn’t think the city will be able to keep the business from opening.“Any of the laws that currently apply to what we call sexually oriented businesses don’t really apply to robots. They apply to human beings,” she said.Houston has long had a culture that’s resistant to regulation. It remains the only major U.S. city without zoning — something Turner describes as an overall plus.“We are very reluctant to place restrictions on how people use their property. And that’s been something that we’ve carried with a great deal of pride and certain people will try to take advantage of that. This is one of those cases,” Turner said.McAdams said she expects the Texas Legislature to likely get involved in this issue during next year’s legislative session, with possible proposals to ban such businesses.“One thing Texas loves to regulate is sex,” she said.___Follow Juan A. Lozano on Twitter at read more

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Woman seriously injured when avalanche strikes during national park adventure

first_imgFIELD, B.C. — A woman is listed in critical, life-threatening condition in a Calgary hospital after she was caught in an avalanche near Field, British Columbia.Parks Canada confirms the woman was with a group of ice-climbers in Yoho National Park on Monday when the slide happened.Covenant Health says reports of the avalanche came in around 4:00 p.m. MT and emergency medical authorities in Banff, Alta., responded.The victim, who is believed to be in her 30s, was airlifted to the Foothills Medical Centre.There are no reports of anyone else being injured. (CTV Calgary)The Canadian Presslast_img read more

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Dont fall prey to allurements of BJP Congress Mayawati

first_imgRampur (UP): BSP president Mayawati Saturday accused the BJP and Congress of “offering allurements” at election time and asked people not to fall prey to them.Addressing a joint SP-BSP rally in favour of Samajwadi Party candidate Azam Khan here , she said “Don’t fall for the ‘hawa-hawai’ BJP manifesto full of allurements,” which are just tall claims. “The promises of ‘achchey din’ by the BJP have proved to be as hollow as the ones given by the earlier Congress governments at the Centre,” Mayawati said. Also Read – Uddhav bats for ‘Sena CM'”BJP’s ‘sabka saath, sabka vikas’ has been reduced to mere ‘jumlebaazi’ …similar alluring promises are being made also by the Congress,” she said. Attacking the central government on demonetisation and GST, she said both the steps were carried out in a hurry without any preparation. ‘This has increased poverty and unemployment …the small and medium traders are most unhappy…the economy has been hit and corruption has also increased,” she claimed. Addressing the rally, SP president Akhilesh Yadav claimed that BJP will not be able to get a single seat in the polling held on April 11 and 18 and the third phase voting slated for April 23.last_img read more

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Morocco and South Africa Bolster Cooperation in Africa

Rabat – Nasser Bourita, Minister of Foreign Affairs and International Cooperation, met with Maite Nkoana-Mashabane the South African Minister for International relations and Cooperation on Tuesday in Rabat.They were both attending the Ministerial Conference for an African Agenda on Migration.After the meeting, Bourita explained the importance of Morocco-South Africa collaboration on the basis of a win-win strategic partnership. “The role of Morocco and South Africa remains pivotal regarding issues related to peace, development and migration,” Bourita said. “The goal of the meeting is precisely to move forward in this direction, Bourita added. The cordial meeting the Foreign minister had with his south African counterpart was an opportunity to coordinate action by the two countries on crucial topics as migration.“When Morocco and South Africa coordinate their efforts in the service of the African Agenda, Africa will have a stronger voice and greater influence on multilateral debates,” said Bourita, noting that “the African Union is the appropriate framework “to coordinate our positions.”This was Nkoana-Mashabane’s first visit to Morocco. The meeting comes only weeks after King Mohammed VI’s historic meeting with South Africa’s president Jacob Zuma, when the two leaders pledged their commitment to closer working relationships between the two key nations.Bourita indicated that Morocco and South Africa’s newly  shared vision follows the meeting of the two countries Heads of States, who agreed to open a new page in the relations between the two countries, strengthen diplomatic interaction and explore cooperation topics.The conference was attended by the South African Minister for International Relations and Cooperation Maite Nkoana-Mashabane, whose visit to Morocco is a first. read more

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Two killed in Kiriella fire

A woman and her child were killed in Kiriella when the house they were living in was set on fire this morning.The police media unit said that the 32 year old woman and her 7 year old child died in the blaze. Initial investigations revealed that the woman had set the house on fire over a family dispute.The Magisterial inquiry is to be conducted today.

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Two men arrested in Fort Erie after getting lost at the

Two Toronto men are facing drug-related charges after a bag of suspected cocaine and $10,000 in cash were found in a vehicle at the border.Police say two men in a rental vehicle ended up getting lost near the Canada/U.S. border on Nov. 22.The duo made a wrong turn onto the Peace Bridge and in an attempt to avoid crossing the border, the men turned around and returned to Canada through the NEXUS lane.They were referred to a secondary examination because they were not NEXUS members.Canada Border Services Agency officers examined the vehicle and seized approximately 120 grams of suspected cocaine and $10,000 in cash.Dean Howlett, 24, and Sezar Hermez, 25, are facing several charges including drug trafficking and breach of probation. They are scheduled to appear in a St. Catharines courtroom on Dec. 21.“The RCMP is committed to protecting Canadian communities against the threat of illegal drugs. This investigation is another example of the effective partnership that exists between the RCMP and the CBSA which has resulted in the removal of harmful, illegal drugs from our communities.” states Inspector Ann Koenig, Officer in charge of Hamilton Niagara RCMP Detachment. read more

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Tour de France the leading contenders for the yellow jersey

first_imgThe 2014 Tour de France gets under way this weekend. Ahead of the race we look at the leading contenders to claim the coveted yellow jersey. Source: PA Wire/Press Association ImagesChris Froome (Team Sky)The reigning champion has the best team, can time trial with the best of them and – unlike arch-rival Bradley Wiggins – actually looks threatening going uphill. At last year’s Tour de France, Froome was barely challenged after taking the yellow jersey on stage eight, losing time on only three stages.The Kenyan-born Briton won five general classification (GC) titles in 2013 and has defended his titles at the Tour of Oman and Tour de Romandie this year – although he looked less impressive against Alberto Contador at both the Volta a Catalunya (sixth overall) and the Criterium du Dauphine (12th). But while cracks may be appearing, Froome’s power and the consistency of Team Sky ensures the 29-year-old remains the man to beat.Alberto Contador (Tinkoff-Saxo)The Spaniard made his return to the Tour de France last year after missing the 2012 edition due to a doping ban. Contador finished fourth, over six minutes behind Froome, after falling off the pace on the penultimate stage up Mont Semnoz, which allowed Nairo Quintana and Joaquim Rodriguez to claim second and third, respectively. The Tinkoff-Saxo rider failed to win a GC title in 2013 but has already triumphed at the Tirreno-Adriatico and Tour of the Basque Country this year, while he finished second ahead of Froome at both the Volta a Catalunya and the Dauphine. Contador’s ability to accelerate remains one of the most dangerous weapons in world cycling and, as a two-time Tour champion, he will be one to watch throughout July. Source: Lionel CironneauAndrew Talansky (Garmin-Sharp)Talansky’s smash-and-grab at the Dauphine has catapulted the American into consideration for the Tour de France. The Dauphine is the traditional form guide for Le Tour with nine cyclists having won both races in the same year, including Eddy Merckx (1971), Miguel Indurain (1995) and the past two champions – Wiggins (2012) and Froome (2013). Talansky got into a breakaway on the last stage of the Dauphine with team-mate Ryder Hesjedal and Contador, who was wearing the leader’s yellow jersey, left his chase too late on the climb to Courchevel. Talansky finished fourth on the stage but crossed the line over a minute ahead of Contador to clinch the yellow jersey. It was the 25-year-old’s first GC victory on the UCI World Tour and although it seems unlikely he will be able to replicate that result in the Tour de France, Dauphine form cannot be underestimated. Source: SirottiAlejandro Valverde (Movistar)With Nairo Quintana having raced the Giro d’Italia this year instead of Le Tour, Valverde will lead Movistar at the 2014 Tour de France. The 34-year-old’s best days may be behind him – his best finish at the French grand tour was fifth in 2007 – but he still has the ability in the mountains to be a threat. Last year, Valverde finished over 15 minutes behind Froome but he has claimed podium finishes at the Vuelta in the past two years. The Spaniard would need some luck to win Le Tour but he remains one of the few who could. It would also be a huge statement from Valverde to his critics as his career starts to wind down, as he has been regularly criticised for failing to fulfil his potential. Source: SirottiRui Costa (Lampre-Merida)The Portuguese left Movistar at the end of last year to lead a team and he will get his first chance at a grand tour, when Le Tour begins in Leeds on July 5. Costa has claimed three podium finishes on the World Tour this year, including his third straight GC victory at the Tour de Suisse at the end of June. The reigning world road race champion has also finished second at the Paris-Nice and third at the Tour de Romandie this year. A genuine climber, Costa won two stages at the Tour de France last year and one in 2011, but having never finished higher than 18th at Le Tour, he would have to improve dramatically to be a serious GC contender, while the support the 27-year-old is set to receive from Lampre-Merida will also cast doubt on his credentials.Nadal loses to 19-year-old Kyrgios at WimbledonWeeping Serena in Wimbledon health scare Vincenzo Nibali (Astana)Having claimed his maiden podium finish at Le Tour in 2012 – behind Wiggins and Froome – Nibali bypassed the world’s most-famous cycling race last year to focus on the Giro d’Italia, which he won by almost five minutes. The Italian also has a GC victory at the Vuelta a Espana to his name (in 2010), so if he was to win the Tour de France, he would become just the sixth cyclist to win all three grand tours. With six podium finishes across the grand tours of France, Italy and Spain, Nibali has genuine GC ability but his form this year has been mediocre. The 29-year-old finished fifth at the Tour de Romandie and seventh at the Dauphine but Astana coach Paolo Slongo has claimed Nibali is aiming to peak at the Tour de France.last_img read more

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Oregon promotes Cristobal to head coach

first_imgOregon assistant Mario Cristobal was officially promoted to head coach a year to the day after Willie Taggart was introduced.Taggart bolted Tuesday for the top job at Florida State, and Cristobal — the co-offensive coordinator and offensive line coach — was named interim coach for the Las Vegas Bowl. But after a groundswell of support from the players, that interim label was removed on Friday.The 47-year-old Cristobal becomes Oregon’s 34th head coach.“I know this, and I think everyone that knows me will also know this: You’ll receive every ounce of effort, sweat — whatever it takes to ensure our student-athletes have the finest experience, from an academic standpoint, from a football standpoint,” he said at an introductory press conference late Friday afternoon.Before coming to Eugene, Oregon, with Taggart, Cristobal had spent four seasons as offensive line coach at Alabama. He has six seasons of head coaching experience at Florida International, where he went 27-47, including 20-26 in conference, with two bowl appearances from 2007-12. He was also an assistant at Miami, his alma mater.Cristobal joined Taggart’s staff just 11 months ago.Rob Mullens, Oregon’s athletic director, said he interviewed several candidates for the job.“Something separated Mario from the group,” Mullens said. “His commitment to the full student-athlete experience, his fierce desire to compete, his passion for recruiting, his love for Eugene and this university.”Cristobal spoke to the team earlier in the day.“We’re just happy to finally have a coach and have a guy we all love,” Ducks safety Brady Breeze told reporters afterward. “I don’t think there’s a guy on the team that doesn’t like coach Cristobal, and just his knowledge of the game and the way he approaches all of us individually.”last_img read more

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Chinese firm plans to sell cars through a vending machine

first_imgSomething for the weekend: Employers looking to procure company cars for their workforce have a range of options available to them. And organisations in China may soon have a n additional one to add to that list. Chinese online shopping organisation Tmall has come up with an innovative car shopping experience to save time: an automotive vending machine.Tmall, owned by the Alibaba Group, plans to launch its car shopping experience later this year to provide Chinese drivers with the country’s first car vending machine. Currently, the only other car vending machine is in Singapore, operated by a different organisation.Individuals looking to buy new wheels will be able to browse the range of cars available on their smartphones, making their purchase digitally. The corresponding cars will be stored in a huge garage-like building. Once bought, the chosen car will then be delivered to its new owner at ground level.If consumers use Alibaba’s credit-scoring system, Sesame Credit, the purchasing process could be even quicker, because anyone with over 750 points on the credit system will be able to select their chosen model online, pay a 10% initial fee, and drive away in their new car immediately. This will be followed up with monthly payments to repay the full value of the car.Yu Wei, general manager, automotive division at Tmall, said: “It will make buying cars as easy as buying a can of Coke. The era of online car shopping has already arrived.”Here at Employee Benefits, we have considerable expertise in online shopping, so a digitally accessible car vending machine could prove far too dangerous for our receipt-laden wallets…last_img read more

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Navy Under Secretary Says DOD Looking Across Services for USS Truman Refueling

first_imgNavy Under Secretary Thomas Modly said Tuesday it remains unknown what budget cuts will be necessary to refuel the aircraft carrier USS Truman but that DOD is now searching “across all the services’ budgets” for its options, USNI News reported.The Navy had requested to retire the nuclear-powered Truman in its fiscal 2020 budget request in favor of modernization initiatives, but last week Vice President Mike Pence announced the White House had decided to keep the carrier without offering solutions for the cost.“What I’m hearing is that they’re going to look for other ways to fund some of the modernization,” Modly said after speaking at the Navy League’s annual Sea Air Space symposium.The Navy had planned on $4 billion in savings by not refueling the Truman, instead focusing on research and development of unmanned platforms and next-generation weapons. The decision to refuel the Truman has now put some of those initiatives at risk, according to the report.Modly said with the refueling he did not expect that all the investments into future weapons would be cut, but he also could not say that all the planned investments would be protected.Navy photo by Mass Communication Specialist 1st Class Sarah Villegas ADC AUTHORlast_img read more

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Smashing Pumpkins To Embark On Summer 2019 Tour With Noel Gallaghers High

first_img Smashing Pumpkins To Tour With Noel Gallagher smashing-pumpkins-embark-summer-2019-tour-noel-gallaghers-high-flying-birds Tickets go on sale March 8. For more information about tickets and dates, visit the Smashing Pumpkins’ website. Motorhead’s 1979 Singles “Bomber” And “Overkill” Rev Up For Record Store Day Smashing Pumpkins To Embark On Summer 2019 Tour With Noel Gallagher’s High Flying Birds Twitter Facebook center_img News The tour will hit cities in the United States and Canada Jennifer VelezGRAMMYs Mar 4, 2019 – 2:16 pm GRAMMY-winning ’90s rockers the Smashing Pumpkins and Noel Gallagher’s High Flying Birds have announced a joint summer tour that will feature hardcore punk band AFI. The bands will embark on performances through North American cities after the Pumpkins return from touring Europe. The tour will kick off on Aug. 8 on the East Coast in Camden, N.J., continue to the Midwest to cities including Tinley Park, Ill., before heading to the West Coast to Los Angeles and Mountain View, Calif. “Excited to announce The Smashing Pumpkins and @NoelGallagher’s High Flying Birds will be touring North America this summer with special guests @AFI,” the Pumpkins tweeted. Email last_img read more

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We want India at Commonwealth Games no question UK minister

first_imgLONDON: The UK government has stepped in to back India in an ongoing row over Shooting being dropped from the Commonwealth Games to be held in the British city of Birmingham in 2022. Britain’s Sports Minister Nigel Adams said that India was an important Commonwealth country and he has written to the Commonwealth Games Federation (CGF) to try and find a solution to the impasse. Also Read – Watch: Donald Trump says Florida faces absolute monster hurricane Advertise With Us “We want India to be here, no question,” the Minister of State for Sport, Media and Creative Industries said in a statement on Tuesday. “I totally understand how passionate people are about shooting across the Commonwealth. I’ve already written to the Commonwealth Games Federation to see if we can accommodate shooting in some form, maybe a Commonwealth Shooting Championship,” he said. Also Read – Pakistan test-fires 290-km range missile Advertise With Us The Indian Olympic Association (IOC) is set to decide next month whether to boycott the Games after it was confirmed that shooting would not be included for the first time since 1970. India won a record 16 shooting medals at the Commonwealth Games on the Gold Coast last year. David Grevemberg, the chief executive of the Commonwealth Games Federation, has also indicated plans to speak to the IOC to try and find a resolution. Advertise With Us “India is a critical member of the Commonwealth, we want Indian athletes to participate, and there is a strong Indian community in Birmingham which wants to celebrate these athletes,” said Grevemberg. A possible compromise where a Commonwealth Shooting competition could be staged at Bisley in Surrey, instead of Birmingham, has been on the cards. However, Ian Reid the CEO for Birmingham 2022, believes holding events outside of the West Midlands region was not ideal. “The panel determined that the proposed location for shooting at Bisley in Surrey offered little or no benefit to the West Midlands, in a Games with a significant proportion of funding coming from the region,” said Reid. “We have spoken with the CGF and understand senior executives hope to meet with the Indian Olympic Association soon to discuss their concerns. It’s our hope that we will be welcoming India to Birmingham in 2022,” he said. Birmingham 2022’s stand is that shooting is not a core Commonwealth Games Federation sport, but an optional one and that in December 2017, it was not included in Birmingham’s bid to host the 2022 Games. It instead proposed adding three sports – women’s Cricket, para table tennis and beach volleyball – all of which can be staged in venues in Birmingham or the West Midlands, “bringing additional benefits to a region that is providing substantial funding for the Games”. Birmingham 2022 is being billed as the first major multi-sport event to feature more women’s medal events than men’s after women’s T20 cricket, beach volleyball and para table tennis were added to the programme. It means there will be 135 medals available for women and 133 for men. It also marks the first time that cricket, a sport associated with many Commonwealth countries, has been included at the Commonwealth Games since South Africa won a men’s 50-over tournament in Kuala Lumpur in 1998. “We want every single nation and territory eligible to compete in the Commonwealth Games, including India, to be in Birmingham in 2022,” Reid added.last_img read more

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Sources Sen Oaks Stepping Down Taking Plea Deal

first_imgAccording to two sources familiar with the situation, embattled Sen. Nathaniel Oaks (D-41), will resign from his West Baltimore State Senate seat at the end of the day and take a plea deal connected to federal fraud and bribery charges.Veteran legislator Nathaniel Oaks is leaving the Maryland State Senate after accepting a federal plea deal. (Courtesy photo)The veteran legislator from the Edmondson Village community of West Baltimore was facing up to 10 years. Sources say the plea deal will have him serving six to 18 months in prison.Oaks was indicted last year on federal fraud charges, accused of using his official position to aid in a fraudulent real estate deal, set up by FBI operatives, in exchange for $15,000.Last month, Oaks was removed from the Senate Finance Committee by Senate President Mike Miller, after a recommendation by the Joint Committee on Legislative Ethics. Oaks was the only member of the Baltimore City Delegation on that influential committee.last_img read more

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Star Clippers waives single supplement to the Mediterranean and Indonesia

first_imgStar Clippers waives single supplement to the Mediterranean and Indonesia Posted by Tuesday, March 14, 2017 MIAMI — Star Clippers has savings for solo travellers on 2017 cruises to the Eastern and Western Mediterranean and Indonesia, for travel April through October.Solo traveller rates start from US$1,650 onboard Royal Clipper or Star Flyer. For an exotic trip, clients can sail around Indonesian isles and stop at ports of call on Bali, Lombok, Java and Komodo Islands with solo traveller rates starting from $1,360 onboard Star Clipper.Star Flyer and Star Clipper are the cruise line’s two smaller ships, sailing with 170 passengers each and a crew of 74. Royal Clipper sails with 227 passengers and a crew of 106. Travelweek Group center_img Tags: Indonesia, Mediterranean, Promotions, Star Clippers Share << Previous PostNext Post >>last_img read more

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High Court Decides in Favor of Quicken Loans in RESPA Case

first_img Agents & Brokers Attorneys & Title Companies Company News HUD Lenders & Servicers Origination Points Processing Service Providers 2012-05-25 Ryan Schuette High Court Decides in Favor of Quicken Loans in RESPA Case The “”Supreme Court””: ruled unanimously in favor of “”Quicken Loans, Inc.””:, Thursday, in a case that bars lenders from splitting settlement fees with third parties.[IMAGE]The decision upholds an interpretation of the Real Estate Settlement Procedures Act (RESPA) that gives lenders leeway when it comes to charging fees. It rejects a longstanding HUD policy that interpreted the law to include a flat ban on unearned fees.[COLUMN_BREAK]Writing for the high court, Justice Antonin Scalia said that plaintiffs “”must demonstrate that a charge for settlement services was divided between two or more persons”” to establish that a lender violated RESPA.The decision ends a nearly four-year suit against the Detroit-based lender.The case began in 2008 when three Louisiana families filed separate suits against Quicken Loans. The plaintiffs argued that the lender billed them for origination discount fees without reducing interest rates.The suits worked their way through three lower courts, including a U.S. Fifth Circuit Court of Appeals, whose disagreement with past decisions helped land the case before the Supreme Court.Much of the contention surrounded previous guidance issued by “”HUD””: supporting the view that the legal framework prohibits lenders from charging unearned fees. The court wrote that the proper interpretation is “”manifestly in├âÔÇÜ├é┬¼consistent with the statute HUD purported to construe,”” arguing that it “”would make no sense if Congress had already resolved”” any issues with the law. in Government, Origination, Servicingcenter_img May 25, 2012 480 Views Sharelast_img read more

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House Ethics to release list of money movers

first_imgBy George PsyllidesAs part of a probe into the collapse of the island’s economy, the House Ethics Committee decided yesterday to publish all the names of individuals and companies that either took money out of Cyprus in the run up to a deposit seizure last March or received favourable treatment when borrowing from banks.Main opposition party AKEL suggested having a separate entry about politically exposed persons (PEPs) and other cases — like that of a businessman who was considered bankrupt but transferred €20m abroad on March 1, 2013 – and other people and companies who took large amounts of cash out of Cyprus in February 2013.In an eight-hour session yesterday, parties agreed to the changes that will be included in the final text of the report that will exceed 500 pages.It will be divided into a section containing the joint conclusions, including 11,000 names of individuals and companies that transferred money abroad from July 2012 to March 2013.The report will also include bank bonuses and the names of people who received loans with favourable terms or had their loans written off.There will be a separate appendix with the parties’ differing views.The committee will meet again on April 29 to review the final report after some amendments.The report will be discussed by the plenum on the morning of May 6.Committee chairman Demetris Syllouris said the report recorded “political culpability, supervisory culpability, structural gaps in the operation of the supervisory authorities, corporate governance problems in banks, problems in the presentation of bank financial results, problems in the implementation of laws and regulations, and need for additional laws and regulations for the banking system to work better.”“There were suspicious money routes, and favourable treatment,” he said.Among other things, the report focuses on the fire-sale of the Greek operations of Cypriot banks in the wake of the Eurogroup’s bailout/bail-in decision; the sudden spike in Emergency Liquidity Assistance in the order of billions of euros within 40 days after the state underwrote €1.8bn to float Laiki Bank in May 2012; banks’ bookkeeping and the possible inflating of assets; and, potential conflicts of interest concerning law firms which banked with the same financial institution as clients who owed the bank money.Piraeus Bank, the Greek lender that took over the Cypriot banks’ operations, reportedly wrote to the committee arguing that the transaction was legitimate and a condition set by international lenders.Reports said the bank rejected claims that big shareholders had taken out loans from Laiki Bank to support Marfin Investment Group and Marfin Egnatia Bank stock. All three entities were controlled by Greek businessman Andreas Vgenopoulos.You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoGundry MD PrebioThrive Probiotic SupplementCardiologist: This Is What Happens To Your Body When You Eat GlutenGundry MD PrebioThrive Probiotic SupplementUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img read more

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CEO Zimarin takes 499 control of RCB after Otkritie walks out Update

first_imgBANK Otkritie Financial Corporation sold its 19.85 per cent stake in RCB Bank on Wednesday to the “management of the bank”, the Limassol-based lender said, with the chief executive now in control of nearly half of the capital.“The board of directors of RCB Bank notes that the change in the shareholding structure reflects the strategic objectives of the bank to continue its successful business development with the focus on Cypriot and European markets,” RCB said in a statement on its website.“In accordance with the bank’s strategy for the next three years, RCB will continue developing and providing its clients with high quality modern banking services on Cypriot and European markets,” a source close the bank said. The management bought shares of a stable, dynamic and profitable Cypriot bank and the lender “actively develops operations in Cyprus” expanding its branch network after having increased its client base by one third.Following the transaction, the shareholding of Crendaro Investment, which previously held almost a third of the bank’s stock, rose to 5,389,933 shares or 49.9 per cent, according to the bank’s website. Russia’s state-owned VTB Bank is the owner of 5m shares, or 46.3 per cent of the shareholding and Mitarva Ltd holds 411,536 ordinary shares, or 3.81 per cent of the equity.The bank’s management paid slightly more than $100m (€84.7m) to acquire Otkritie’s stake, the source said.The Central Bank of Cyprus, which jointly supervises RCB and three other Cypriot lenders with the European Central Bank, was not immediately available for comment.Kiril Zimarin, RCB’s chief executive officer, “is the ultimate beneficiary of Crendaro,” the source said. “Other members from the bank’s top management are the ultimate beneficiaries of Mitarva”.The Financial Times reported on Thursday that a “significant depositor run” compelled Otkritie to sell its RCB stake, acquired three years ago. Otkritie sold its RCB stake for a profit after receiving €41.5m in dividend last year alone which was twice as much as the bank’s 2016 net earnings, Financial Times reported without citing a source.According to RCB’s 2016 annual report, the lender which generated a net profit of €81.7m last year against a net profit of €144.9m the year before, paid out a total of €210.2m in dividend to its shareholders.Last year, its loans and advancements to customers dropped to €7.2bn from €11.3bn the year before, according to the document. Its customer deposits rose to below €2.8bn last year from €2.7bn in 2015, while its deposits from banks fell to €5.2bn from €9.4bn, respectively.You May LikeSUVs | Search AdsThese SUVs Will Take Your Breath Away. Research 2019 Luxury Crossover SUV DealsSUVs | Search AdsUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndo Pensioner dies after crash on Paphos-Polis roadUndoCypriot tycoon launches ‘Bank of Cannabis’UndoThree arrested in connection with hotel theftsUndoby Taboolaby Taboolalast_img read more

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He said ‘I shall continue from where my mentor stopped’. read more

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