APTN National NewsA special guest speaker made a moving presentation on the resiliency of the human spirit at the Truth and Reconciliation Commission’s national event in Saskatoon.APTN National News reporter Larissa Burnouf has this story.
APTN National NewsA Nunavut man is claiming he was abused by RCMP while in custody in Iqaluit.The incident was captured on video.That video has sparked an outside investigation into the RCMP in Nunavut.APTN’s Kent Driscoll has the story.
APTN National NewsSeptember 30th may be the last day of the month, but it’s also the day that dictates what colour of clothing you wear.At least if you’re at any number of Winnipeg schools.The day has been chosen as orange T-shirt day.It’s when students remember residential school survivors.APTN’s Matt Thordarson reports.
Kenneth Jackson APTN National NewsJust like they said they would a group of inmates inside a Regina jail are refusing to eat the “gross” meals served to them sending back oatmeal at breakfast and bologna sandwiches at lunch Thursday.It’s believed the hunger protest is secluded mainly to one section of the Regina Correctional Centre’s remand wing where about 70 inmates are demanding better quality food they say is often old and stinky according to inmate Kenneth Morrison, 27, originally from the Muscowpetung First Nation in Saskatchewan.Morrison said all but one person, a diabetic, is taking part from his unit, 1C, and many are Aboriginal.“We haven’t eaten. We have sent the breakfast trays back and we have sent the lunch trays back,” said Morrison who is awaiting trial for assault, possession of stolen property and breaches in March. “Everybody has been really responsible about it and respectful. We’re just trying to get the point across, right?”Saskatchewan has been plagued with complaints from inmates across several of their institutions after privatizing food services in November to Compass Group, a company based in Mississauga, Ont., in an effort to save money – an estimated $12 million over the next five years.But almost immediately inmates threw their arms up or in the case of the RCC, their trays as this is the third food protest since just before Christmas.The institution is split into different sections, including convicted inmates serving sentences, who are kept from those awaiting trial on charges.Sentence inmates held a so-called hunger strike for a few days in December before the province gave them assurances food quality was being addressed. Another one erupted just after New Year’s, but was short lived.Then on Tuesday, Morrison called APTN National News saying he was organizing a protest on the remand side.Morrison told APTN Thursday afternoon he met with the jail’s warden Darin Reeves Tuesday to provide his demands and afterward was given a letter from Reeves outlining how inmate concerns were being addressed. Reading from a letter he told APTN jail staff had met with a representative from Compass Wednesday who promised to address food quality.That included better tasting milk and fixing kitchen equipment like the damaged coffee maker. The letter mentions the “turkey product” served to inmates would be improved immediately.Consistency is something they are looking to address too, right down to whether there’s mustard on bologna sandwiches.“They usually send mustard but it’s not consistent,” said Morrison.But he’s seen uncooked or stinky meat make its way to the inmates. Adding to the problem is that the food is served on dirty trays from a messy cart, he said.Compass has apparently promised to improve its cleanliness but maybe not by Thursday morning.“The cart they sent today stinks like garbage still. The stains are still on it. I don’t know if they washed it with a dirty rag, but it smelled very, very bad,” he said. The hunger protest has now gone political, at least on the inside, and appears to be the one thing in the way of ending the food protest.Morrison said they are demanding equal representation among inmates. Sentence inmates have representatives to express concerns to Reeves on behalf of all of them, but that doesn’t include remand guys said Morrison.“(It’s) to let them know we are in need of representation in remand, just to ensure things like this don’t happen anymore (by) ensuring communication,” he said. So if they get their political representatives, better food, new coffee maker and prove their point Morrison doesn’t see the protest lasting too much longer.“As long as the (other inmates) are okay with that then I don’t see it proceeding,” he firstname.lastname@example.org @afixedaddressKenneth Jackson can be reached at 613-325-6073, collect calls accepted.
Some of the most active companies traded Thursday on the Toronto Stock Exchange:Toronto Stock Exchange (16,082.09, down 23.26 points)Aurora Cannabis Inc. (TSX:ACB). Healthcare. Up 12 cents, or 3.06 per cent, to $4.04 on 12.2 million shares.Canopy Growth Corp. (TSX:WEED). Healthcare. Down 34 cents, or 1.73 per cent, to $19.35 on 9.8 million shares.NexGen Energy Ltd. (TSX:NXE). Miner. Up 59 cents, or 24.08 per cent, to $3.04 on 8.5 million shares.Wallbridge Mining Company Ltd. (TSX:WM). Miner. Up five cents, or 66.67 per cent, to 12.5 cents on 7.1 million shares.Manulife Financial Corp. (TSX:MFC). Financial Services. Up $1.09, or 4.13 per cent, to $27.47 on 6.6 million shares.Kinross Gold Corp. (TSX:K). Miner. Up 19 cents, 3.56 per cent, to $5.53 on 6.3 million shares.Companies reporting major news:Cameco Corp. (TSX:CCO). Miner. Up 34 cents, or 2.96 per cent, to $11.84 on 4.4 million shares. The Saskatchewan-based company said on Wednesday that it will temporarily suspend operations at its McArthur River mine and Key Lake milling operation by the end of January because of low uranium prices. About 845 workers are getting layoff notices.Eldorado Gold Corp. (TSX:ELD). Miner. up six cents, or 3.87 per cent, to $1.61 on 3.2 million shares. The Toronto-based miner is suspending work at its Skouries development project amid its ongoing dispute with the Greek government. The company says Greece’s Ministry of Energy and Environment has not issued the required permits for the project. Eldorado also says the company also initiated legal action.TransCanada Corp. (TSX:TRP). Oil and gas. Down 18 cents, or 0.29 per cent, to $61.75 on 1.4 million shares. The pipeline giant reported a third-quarter profit of $612 million (70 cents per share), compared with a loss of $135 million (17 cents per share) in the same quarter last year. Revenue fell to $3.24 billion compared with $3.63 billion in the same quarter last year. TransCanada said Thursday it received broad interest for space on its Keystone XL pipeline, with a final investment decision on the project possibly weeks away.
TORONTO – International cybersecurity company Trend Micro is setting up a new Toronto research lab for “ethical hackers” in collaboration with Canadian telecom giant Telus Corp.Trend Micro — a global company that originated in California but relocated its headquarters to Tokyo — said it expects the new office to house about 100 of the cybersecurity researchers within two years.“It’s a very difficult profile to find but I’m very confident that Canada has developed (an) incredible foundation over the years.” said Wael Mohamed, Trend Micro’s global president.In fact, Trend Micro already has a 200-person team in Ottawa that runs the company’s global cybersecurity operation for cloud computing.Mohamed co-founded the Ottawa operation, which began as Third Brigade, and joined Trend Micro when it bought the independent startup in 2009 for an undisclosed amount.Trend Micro also recently acquired a Montreal firm that does research into artificial intelligence and machine learning.The company hasn’t said what the financial commitment will be for the Toronto research lab but Mohamed said each of the highly-skilled staff will be paid more than $100,000 annually.About 25 members of Trend Micro’s new Toronto “threat” research team are currently working from a Telus office but they will move to a new Trend Micro location by mid-2018.Mohamed said Telus is a leader in detecting network vulnerabilities and its research is used by cybersecurity companies around the world, including Trend Micro.“What we’re doing is, we’re taking this nucleus that has proven that it’s very, very solid and putting on top of it (Trend’s) knowledge, insight, expertise and more investment,” Mohamed said.Telus said the strategic relationship with Trend Micro will result in increased Canadian-specific research into cybersecurity and enhance it with Trend’s global perspective.“Companies must co-innovate to solve tough problems for their customers, as they are directly faced with constant cybersecurity and privacy threats,” said Ibrahim Gedeon, chief technology officer for Telus.“This is why we are working with Trend Micro to increase the existing protection of our customers.”In addition to the Cybersecurity Research Centre in Toronto, Trend Micro has seven other research centres around the world in Taipei, Tokyo, Munich, Manila, Prague, Ottawa and Austin, Texas.“We chose Toronto because of the strength of the talent, as well as our overall increased investment in Canada,” Eva Chen, CEO of the parent company, said in a statement.Toronto and the surrounding area have been pushing to become a hub for advanced research on several fronts, including artificial intelligence, cybersecurity and automated vehicles.Companies in this story: (TSX:T)Note to readers: This is a corrected story. An earlier version used an outdated title for Wael Mohamed, who is now Trend Micro’s global president.
After starting out as a family business in 1982, PepsiCo. has announced the Spitz sunflower seed plant in Bow Island will shut down, leading to over 50 people losing their jobs.In a statement, the company said it made its “difficult decision” on Thursday.“This facility will close later this year and Spitz production will be moving to an existing contract manufacturer partner in the US.,” the company said in a statement. “This was a business decision based on an extensive evaluation of the long-term viability of this site and its ability to meet our increasing volume requirements for the brand, which will continue to play an important role in our North American portfolio.“We are committed to assisting our impacted associates with financial support, access to financial counselling and job placement services.”Spitz sunflower seed plant in Bow Island is shutting down, leading to over 50 people losing their jobs. It was founded in 1982 in Bow Island and bought by PepsiCo in 2008. In a statement, company points to “long-term viability” and “increasing volume requirements” #abmoney pic.twitter.com/yrZR8VbmmV— Lucas Meyer (@meyer_lucas) February 16, 2018Spitz International was founded in 1982 by Dutch immigrants Tom and Emmy Droog, eventually becoming a leading sunflower seed producer and was bought by PepsiCo. in 2008.“We hope you get out there and enjoy all our delicious flavours and taste the Spitz® difference for yourself!” the Spitz website still said on Friday. “And when you do, think of the folks in Bow Island, who couldn’t be prouder.”While the company’s statement made no mention of politics, the area’s MLA and UCP Finance Critic Drew Barnes blames the NDP.“Many companies are going to vote with their feet, they’re not going to provide jobs, they’re not going to create wealth here in Alberta, and until a government change or a new direction, we’re going to be feeling the pain for it,” he said. “You look at our ever-increasing electricity rates, you look at our minimum wage changes, you look at our oil and gas people not working in Alberta.“They didn’t make their decision only in this vacuum, but I’m sure when I’m talking to the people in Bow Island in the coffee shop tomorrow morning, they’ll be feeling the current NDP government’s a big part of their decision.”
VANCOUVER – West Fraser Timber Co. Ltd. is reporting net earnings of $197 million in the first quarter of 2018 compared with $123 million a year ago.The company reported basic earnings per share of $2.53 versus $1.58 a year earlier. Analysts had expected $2.43 in reported earnings per share according to Thomson Reuters.Sales rose to $1.36 billion from $1.19 billion in the first quarter of 2017.The company says winter weather and transportation challenges, as well as full quarter of export duties, were a factor in its lumber segment’s operating earnings falling to $189 million from $232 million in the fourth quarter of 2017.It says it benefited from stronger prices for plywood and Canadian pulp.Companies in this story: (TSX:WFT)
WASHINGTON – Canada and its European allies mounted a transatlantic counter offensive Wednesday to stop the Trump administration from imposing potentially punishing and disruptive tariffs on steel and aluminum later this week.Prime Minister Justin Trudeau and French President Emmanuel Macron made their cases separately to dissuade President Donald Trump from using a national-security clause in U.S. trade law to impose potentially crippling tariffs on Canada, Mexico and Europe, which were provisionally exempted from the duties when they were first imposed in March.Those exemptions are due to expire Friday, and if they are not renewed, Trudeau said consumers in both Canada and the U.S. would be hurt. Macron echoed those concerns, and issued a broader warning against starting a trade war.Trump’s two key economic cabinet members — trade czar Robert Lighthizer and Commerce Secretary Wilbur Ross — were in Paris on Wednesday to face nervous European Union counterparts and hear their concerns first hand.Ross stared down the concerns by questioning the efficiency of the World Trade Organization and other large institutions: “We would operate within frameworks if we were convinced that people would move quickly.”The steel standoff highlighted the rift over the rules-based international trade order that is likely to be on full display when Trudeau hosts the G7 leaders next week: a skeptical Trump on one side facing down the rest of the G7, including Trudeau.Macron and Trudeau are to meet in Ottawa next week ahead of the G7 summit in Quebec to talk strategy.Trudeau described Wednesday how he pushed U.S. Vice-President Mike Pence during a phone call a day earlier to exempt Canadian steel and aluminum imports to the U.S.The prime minister said the government is dealing with the U.S. on multiple economic fronts, including trying to forge a deal on a renegotiated North American Free Trade Agreement.Canada, the U.S. and Mexico are pushing hard to get a deal on a renegotiated NAFTA before Congressional elections in the fall and what’s expected to be a turning-point election in Mexico on July 1.Trudeau and his cabinet, as well as premiers and business leaders, have been mounting a full-court press on their American counterparts to prevent Trump from killing NAFTA.Trudeau also spoke by phone Wednesday to the premiers of Ontario, Quebec and Saskatchewan.“They all agreed to continue to defend the Canadian steel and aluminum industry from unwarranted tariffs and to stand up for the best interests of all Canadian workers and businesses,” said a readout from the Prime Minister’s Office.Trudeau himself has made multiple overtures to find common ground and forge a personal connection with Trump.Trudeau emphasized that when he spoke to Pence.“I had a good conversation with the vice president yesterday and obviously impressed upon him the fact that I’ve been having direct conversations with the president for close to a year now,” said Trudeau.“He seemed to understand very clearly that national-security issues don’t really apply when you talk about steel or aluminum from Canada.”Canadian aluminum is a component of American jets and Canadian steel is used to build U.S. armoured vehicles, Trudeau said.“We’re continuing to work, highlighting that it would be not great for Canadian workers and Canadian industry, obviously, but it also would be difficult for American workers, American jobs and American consumers, who will pay more for various products.”Macron told the Organization for Economic Co-operation and Development in Paris that “threats over trade war will solve nothing of the serious imbalances.”In a dig at Trump, he said: “One can think about making voters happy by saying: ‘I have a victory, I’ll change the rules, you’ll see.’”The EU has promised retaliation if the U.S. tariffs are imposed saying a range of American products from peanut butter to bourbon will be affected.Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting Tuesday in Washington with Lighthizer, has also said in the past that Canada would retaliate.“I would like to absolutely assure Canadians, particularly those that work in the steel and aluminum industries, that the government is absolutely prepared to and will defend Canadian industries and Canadian jobs,” she said Wednesday in Ottawa, hours after leaving Washington empty-handed.“We will respond appropriately.”
Aimia Inc. has rejected an unsolicited US$180-million offer by Mexican airline operator Grupo Aeromexico to buy the Montreal-based company’s stake in their joint loyalty program PLM.The proposed transaction to buy Aimia’s 48.9 per cent stake in Premier Loyalty & Marketing (PLM), a joint venture which owns the Club Premier frequent flyer program, would have given Grupo Aeromexico full control.“The Company has promptly rejected the offer as it believes that its stake in PLM is worth significantly more than the offer price, which reflected no improvement whatsoever to the terms previously proposed by Aeromexico to Aimia in prior discussions between the parties,” Aimia said in a statement Thursday.Aimia noted that PLM generated adjusted earnings before interest, taxes, depreciation and amortization of US$77.4-million in 2017, and the contract between the two parties runs until 2030.The offer came one day after a group led by Air Canada offered to buy Aimia’s loyalty business Aeroplan in a deal valued at $2.25 billion, including points liabilities they would assume.Grupo Aeromexico is “playing hardball” said Adam Shine, an analyst with National Bank in a note to clients.“If it wasn’t obvious yesterday, it’s increasingly clear today that Aimia is being pushed into selling off its pieces by larger partners who always had a stronger bargaining position in these assorted relationships.”Grupo Aeromexico, which currently owns 51.1 per cent of PLM, had said the offer for Aimia’s 48.9 per cent stake would expire at midnight on Aug. 3, but such deadlines are often amended.Club Premier has more than 3.7 million members and more than 100 partners, according to Aimia’s website.Grupo Aeromexico, which also operates its namesake airline, said it has informed Aimia that its current contract will not be extended beyond its current expiration date in 2030.“If completed, the Proposed Transaction would result in a positive outcome for Aimia’s shareholders as it provides an opportunity to realize an immediate return on the disposal of an asset, the divestiture of which would have otherwise been challenging,” the group said in a statement. “The Proposed Transaction would also provide benefits to Aimia’s stakeholders as it would provide material financial resources which Aimia can use to strengthen its core business.”Air Canada told its clients that the proposed transaction, which expires Aug. 2, would allow customers to transfer their points to the airline’s own loyalty program when it launches in 2020.Grupo Aeromexico said Thursday that the US$180 million price tag, including dividends and marketing fees paid to Aimia since its investment, represents an annualized rate of return for the Montreal-based company of approximately 18 per cent. The group also said launching an initial public offering of PLM is not an option.“For this reason it is Aeromexico’s view that the best long-term solution for all stakeholders is for Aeromexico to acquire the equity stake currently held by Aimia,” it said in a statement.
NEW YORK — Stocks that moved substantially or traded heavily Tuesday:Bank of America Corp. (BAC), down $1.55 to $26.99Banks fell more than the rest of the market as bond yields dropped sharply, which makes it harder to make money from lending.Duke Energy Corp. (DUK), up 43 cents to $90.05High-dividend stocks like utilities held up relatively well as traders sought out lower-risk investments.Cronos Group Inc. (CRON), up 57 cents to $10.74The marijuana producer confirmed it’s in talks about a potential investment by the U.S. tobacco company Altria Group.AutoZone Inc. (AZO), up $55.61 to $880.07The Memphis, Tennessee-based auto parts retailer reported earnings that beat Wall Street’s forecasts.Dollar General Corp. (DG), down $7.60 to $104.10The discount retailer said it expects lingering costs from hurricane season to hurt its results through the rest of the year.Hovnanian Enterprises Inc. (HOV), down 12 cents to $1.10Homebuilders fell after luxury homebuilder Toll Brothers issued a cautious assessment of the housing market.United Parcel Service Inc. (UPS), down $8.50 to $106.77Morgan Stanley analysts said the market is underestimating the negative impact on UPS and Federal Express from Amazon Air.RH (RH), up $13.48 to $137.13The furniture and housewares company reported earnings that came in far ahead of what analysts were expecting.The Associated Press
LOS ANGELES — California has finalized hundreds of pages of rules governing the nation’s largest legal pot market, but the dense regulations are unlikely to settle long-running disputes over testing and home deliveries.Even if imperfect, the rules were welcomed by many in the industry who have been contending with shifting temporary regulations since the state began broad legal sales last year.By far the biggest dispute focused on deliveries.The rules will allow home marijuana deliveries statewide, even into communities that have banned commercial pot sales.The regulation by the state Bureau of Cannabis Control was opposed by police chiefs and other critics who predict it will create an unruly market of largely hidden pot transactions, while undercutting control by cities and counties.The dispute could end up in court.Michael R. Blood, The Associated Press
Come in costume or come as you are, to scrutinize evidence and figure out whodunnit while enjoying a fantastic feast. After the murder has been solved, there will be a DJ to help us celebrate.Doors open at 6 pm, dinner and show to start at 7:00.Sponsored by the Fort St. John Curling Club, the FSJ Oil Wives, and Stage North Theatre Society. FORT ST. JOHN, B.C. – Join the Fort St. John Curling Club will hold the second night of a night of intrigue and murder March 10. The first show on March 3 of Bordello of the Damned Murder Mystery sold-out in just days and due to demand, the Curling Club has added a second show this Saturday.Stage North Theatre Society will once again perform the dinner theatre murder mystery starting at 7 p.m. The doors open at 6 p.m.Tickets are $65 plus fees and available at Systems Sound Source or online at Energetictickets.ca. There are only 88 tickets available for this Saturday’s event.
FORT ST. JOHN, B.C. – The residents affected by the Old Fort landslide were given gift cards on Monday as part of the continuing community support.In partnership with St. John Advertising and Promotion and Casey’s Pub, a community Halloween Party fundraiser was held last month to raise funds to support the evacuees.The money raised was then converted to gift cards and handed out to residents in goody bags. Julie Roach-Burns, of St. John Advertising and Promotion, says Save On Foods has joined in on the support and is giving discounts to Old Fort residents that need to replenish food items that had expired during the evacuation order.“Save On Foods was here, and Cory one of the store managers announced that there are coupons in everyone’s gift bags giving 15-percent off when they go to replenish their entire house. So when they’re ready for the big shop, they use that coupon and get 15-percent off their purchase”, said Roach-Burns.Roach-Burns says any Old Fort residents that were unable to make it to the giveaway on Monday is welcome to drop by to St. John Advertising and Promotion, located at 8211-100 Avenue, to receive their goody bag.
Saturday, July 20th, 2019Saturday boasts wagon rides to three different music pit stops, a full day of family entertainment that includes a gold panning demo, artisan market, kids zone and more shares the organizer. Friday, July 19th, 2019 6:30 pm – Fort Motors Kick-Off Party 7:00 pm – Dinner 8:00 pm – Music & Dance Floor with Travis Fowler Band & Party To view the FB Event Page; CLICK HERECamping availableTickets available online and at 8 Seconds Western Wear in Fort St. John. BALDONNEL, B.C. – The Horse Ranch will be hosting the Beatton River Roundup Music Festival, two family-friendly days of entertainment, food and fun.Country music will be heard in this country settings with multiple music venues starting Friday, July 19th to Saturday, July 20th, 2019. 12:00 pm – Music Pit Stop Wagon Rides, Artisan Market Place and Kids & Adult Zones8:00 pm – Main Stage opening with Travis Fowler and headlining Trevor Panczak
Kolkata: The narcotics cell under Detective Department (DD) of Kolkata Police has nabbed a person with heroin worth Rs 2 lakh from in front of the police morgue located behind the Calcutta Medical College and Hospital (CMCH)The man has been identified as Arvind Singh. According to a source, police officers recently got a tip-off that the heroin smuggler was operating in and around Sealdah-College Street area. Based on the information, police officers came to know that Singh sold heroin to school and college students in the city through a few local drug peddlers. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaDetective Department personnel came to know that the area behind the medical college and hospital has turned into a hub of drug addicts since the past few days. During investigation, sleuths came to know that Singh operated from the area. Police officers immediately started search operations to nab Singh at his residential area in Girish Park but were not able to locate him. On Wednesday evening, a source of police informed that Singh has been seen around CMCH. Immediately, a team from DD raided the spot in front of the police morgue behind CMCH and arrested Singh. Sleuths have also seized 275 grams of heroin from him which he intended to hand over to some drug peddlers who allegedly did not come. Also Read – Bengal civic volunteer dies in road mishap on national highwayAccording to the police, the increase in drug addiction in students has become a major issue since the past few months. Recently several drug dealers and drug peddlers have been arrested, who sold ganja, heroin and other drugs to school and college students. To curb the menace, police are mulling to get in touch with school and college authorities and make an initiative to conduct counselling sessions for students to prevent them from getting addicted to drugs. On March 14, police officers had arrested two persons and seized 4kg ganja. Sleuths came to know that drug peddlers were trying to sell ganja to students of various schools and colleges. Three more were arrested with other drugs from multiple locations. They also sold drugs to students. Singh’s name cropped up during investigation in these cases.
Lucknow: The Congress late on Saturday night announced its candidates for three Lok Sabha constituencies in Uttar Pradesh. The eighth list of candidates announced by the party names Rashid Alvi from Amroha, Mahesh Pathak from Mathura and Kunwar Sarvaraj Singh from Aonla in the state. A former spokesperson of the Congress, Alvi has been a member of the Lok Sabha from Amroha (1999-2004) and a two-term Rajya Sabha MP from Andhra Pradesh. Kunwar Sarvaraj Singh has been a three-time Lok Sabha MP from Aonla. He was elected to the Lok Sabha from the constituency in 1996 and 1999 on Samajwadi tickets, while in 2004, he got elected on a Janata Dal (United) ticket. Mahesh Pathak, who has been fielded from Mathura by the Congress, is a local businessman.
New Delhi: Jet fuel price was on Monday hiked by over one per cent, the second straight monthly increase in rate coming on the back of firming global prices.The price of Aviation Turbine Fuel (ATF) was hiked by Rs 677.1 per kilolitre, or 1.07 per cent, to Rs 63,472.22 per kl in the national capital, according to price notification issued by state-owned oil firms. The increase comes on the back of a steep 8.1 per cent (Rs 4,734.15 per kl) hike in rates effected on March 1. Simultaneously, the price of non-subsidised cooking gas (LPG) was increased by Rs 5 per 14.2-kg cylinder. It now costs Rs 706.50 in the national capital. Also Read – Thermal coal import may surpass 200 MT this fiscalThis is the second straight increase in LPG rate. Price was hiked by Rs 42.5 per cylinder on March 1. The hike will add to the burden of cash strapped airlines that are already reeling under pressure from cut-throat competition in the sector. Non-subsidised LPG is the gas that consumer buys after exhausting their quota of 12 cylinders of 14.2-kg at sub-market or subsidised rates. Price of subsidised LPG was almost unchanged at Rs 495.86. LPG, as well as ATF prices, are revised on 1st of every month based on the average international rate for benchmark fuel and foreign exchange rate in the preceding month. Also, the price of kerosene sold through the public distribution system (PDS) was increased to Rs 32.54 per litre from Rs 32.24. This is in accordance with the 2016 decision to raise rates by 25 paise a litre every month till subsidy on the fuel is eliminated. Non-subsidised kerosene costs Rs 64,460.83 per kl (Rs 64.46 per litre) in the national capital.
New Delhi: The Supreme Court decision to annul the Reserve Bank of India’s (RBI’s) February 12 circular of last year on resolving bad debts is set to benefit several stressed companies which were staring at insolvency proceedings. According to rating agency ICRA, as of September 2018, nearly 70 borrowers with bad debts worth over Rs 3.8 lakh crore, could have eventually being referred for insolvency proceedings as a result of provisions of RBI’s February 12, 2018, circular. Also Read – India gets first tranche of Swiss bank a/c details While the court’s order will have no impact on the classification of a stressed account as a non-performing asset (NPA or bad loan) or on provisions that banks need to set aside on this account, it will give more time and discretion to banks on finalising a res olution plan. The RBI circular mandated lenders to initiate resolution or restructuring of loans of Rs 2,000 crore and above within six months from the date of default, on which the court found that the central bank had acted beyond its legal powers. Also Read – Tourists to be allowed in J&K from Thursday After the expiry of the 180 days, the defaulting borrowers, under the circular struck down by the apex court, had to mandatorily face proceedings under the Insolvency and Bankruptcy Code (IBC). One of the biggest beneficiaries of the Supreme Court order may be the financially troubled Jet Airways, which has a debt of around Rs 10,000 crore. As part of the resolution plan, the State Bank of India (SBI)-led lenders consortium has taken over 50.5 per cent stake in the airline, with a view to selling the shares to a potential buyer in the coming months. Under the nullified RBI circular, banks would have had to finalise a resolution plan for the airline by June if they wanted to avoid insolvency proceedings. With the Court’s quashing of the circular, the bankers have now more time to seek a resolution. Among the large power companies, which might have faced the heat, is the Lalitpur Power Generation Co, the Shishir Bajaj Group’s 1,980 MW thermal power project in Lalitpur, Uttar Pradesh which had been struggling for several years. Multiple efforts were made by the lenders to find a resolution for the account but no headway had bee made. Similarly, the KSK Mahanadi Power Co, a former subsidiary of KSK Energy Ventures, has a total debt of Rs 15,702 crore. Delayed repayments from state-owned power distributors led to cash flow strains for the company and it could not purchase sufficient coal. KSK Mahanadi operates a 3,600 MW thermal power plant in Chhattisgarh, which sells power to Gujarat, Andhra Pradesh, Chhattisgarh, Tamil Nadu and Uttar Pradesh. Another such case is Jaiprakash Power Ventures, with an aggregate capacity of 2,220 MW comprising hydro (400 MW) and thermal (1,820 MW) across the country. It owes banks Rs 14,000 crore. Earlier last year, lenders tried to sell near 50 per cent stake in the company but there was a lack of interest among buyers. Various experts have said that the February 12 circular had introduced a lot of rigidity. On the impact of the Supreme Court decision, they said it will not have significant impact on assets of the non-power sectors that are already under resolution.