WhatsApp NewsBreaking newsWeather alert issued as homes lose powerBy admin – December 21, 2013 660 Advertisement Facebook Print Andrew CareyMET eireann issued a weather warning this morning at 7am and it is continue through today as storms, gales and hail showers continue to batter the country.Sign up for the weekly Limerick Post newsletter Sign Up A lightening strike in the south of the country in overnight storms left up to 7,000 homes without power but some 3,000 are restored.However homes in County Limerick and parts of Clare have also been sporadically darkened as power outages are reported.The Orange status weather warning comes with recommendations from An Garda Siochana that all unnecessary travel should be avoided as weather conditions hamper roads with localized flooding.ESB networks crews are working to restore all homes to power while the company say that extra crews will be on standby over Christmas in case of outages.A yellow marine weather alert is in place as where gusts from the southwest hit 100km/h while last nights storm had winds reaching 120km/h in parts.A number of sailings have been delayed or cancelled and anyone with any travel plans should check with operators. Email Twitter Previous articleTax demands made on alleged brothel keepersNext articleFarmer wins court costs appeal admin Linkedin
News UpdatesRBI Advisory On Loan Moratorium : Frequently Asked Questions LIVELAW NEWS NETWORK11 April 2020 5:19 AMShare This – xOn March 27, the Reserve Bank of India allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. QUESTION 1: When/what was the RBI announcement? ANSWER: Last week,…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginOn March 27, the Reserve Bank of India allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. QUESTION 1: When/what was the RBI announcement? ANSWER: Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. QUESTION 2: Why has RBI announced the relief package? ANSWER: Reserve Bank of India has announced certain regulatory measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses. It was felt that there may be a temporary disruption in the cash flows, and in some cases loss of income, for the businesses/ individuals and the present measures work to bring relief to those businesses / individuals.RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order] QUESTION 3: Which are the facilities eligible for availing the benefits under the RBI COVID-19 regulatory package and whether the facility is extended across the board to all borrowers? ANSWER: All term loans (including agricultural term loans, retail, crop loans and loans under Pool Purchases) and cash credit/overdraft are eligible to avail the benefits under the package. This is available to all such accounts, which are standard assets as on 1st March 2020. Further, to avoid unnecessary paperwork the facility has been extended across the board to all the borrowers by extending repayment of term loan installments (includes interest) by 90 days. The original repayment period for term loans will get extended by 90 days e.g. a loan repayable in 60 installments maturing on 1st March 2025 will mature on 1st June 2025.RBI Permits Lending Institutions To Allow 3-Month Moratorium On Term Loans [Read Full Statement] QUESTION 4: Is rescheduling of payments applicable for all kinds of term loans? ANSWER: It is applicable for all term loans in all the segments, irrespective of the segment and the tenor of the term loans. QUESTION 5: Is rescheduling of term loans only for principal amount or it also includes interest? ANSWER: Rescheduling of principal can be done for a period of three months falling due between March 1, 2020 and May 31, 2020. For example, where the last installment of a term loan falls due for payment of on say 1st March 2020, it will become payable on 1st June 2020. For EMI based term loans, it will be three EMIs falling due between 1st March 2020 and May 31st, 2020 and the tenor will be extended by three months and have to be repaid during the extended period, as per the example under (2) above. For other term loans, it will be all the installments and Interest falling due during the same period, irrespective of the tenor of payment i.e. monthly, quarterly, half yearly, annually, bullet payment etc. For term loans, where the repayment has not commenced, the interest portion for three months alone needs to be reckoned. QUESTION 6: What happens if the extended tenor of term loan goes beyond the maximum period stipulated for a product or as stipulated in the loan policy? ANSWER: This can be extended for all such term loans without the need for seeking deviations or approvals. QUESTION 7: What will be the treatment of interest on the working capital facilities? ANSWER: The recovery of Interest applied to cash credit/overdraft on 31st March, 30th April and 31st May 2020 is being ‘deferred’. However, the entire interest must be recovered along with the interest being applied on 30th June 2020 and in cases, where monthly interest is not being applied, along with the next interest date. QUESTION 8: What will be the impact of this relief by RBI on borrowers as far as reporting of default is concerned? ANSWER: Any delay in payment leads to default and gets reported to Credit Bureaus. For business loans of Rs. 5 Crores and above, the banks report the overdue position to RBI also through CRILC. As a result of this relief package, the overdue payments post 1st March 2020 will not be reported to Credit Bureaus/ CRILC for three months. No penal interest or charges will be payable to the banks. Similarly, SEBI has allowed that Credit Rating Agencies (CRAs) may not consider the delay as default by listed companies if the same is owing to lockdown conditions arising due to COVID-19. QUESTION 9: That means businesses/ Individuals should necessarily take the benefit? ANSWER: You may take the benefits under this package if there is a disruption in your cash flows or there is loss of income. However, you must take into account that the interest on the loans, though not mandatorily payable immediately and gets postponed by 3 months, continues to accrue on your account and results in higher cost. To give you a perspective, suppose your loan outstanding is Rs 100,000 and you are charged 12 percent rate of interest on your loans, then every month you are liable to pay Rs. 1,000 as interest. In case you opt not to service the interest every month, you are liable to pay interest at 12 percent p.a. and accordingly you will pay Rs. 3,030.10 at the end of 3rd month. Similarly, in case the interest rate is 10 percent, you are required to pay Rs. 833 p.m. or Rs. 2,521 after three months. QUESTION 10: Should I get upset if any bank staff or its collection agent approach me for repayment? ANSWER: You should not get upset and tell bank staff/ collection agent that you want to avail the benefit being extended under regulatory package. QUESTION 11: What about my credit card dues? ANSWER: The relief is available for credit card payments also. In case of credit card dues, there is a requirement to pay minimum amount and if it is not paid the same gets reported to Credit Bureaus. In view of the RBI circular, the overdues in the credit card account do not get reported to the credit bureaus for a period of three months. However, interest will be charged by the credit card issuer on unpaid amount. You should check from your card provider to arrive at interest payable. Although no penal interest will be charged during this period, but you must remember that the interest rate on credit card dues are normally much higher compared to normal bank credit and you should take a decision accordingly. QUESTION 12: What about interchangeability being permitted from non-fund based to fund based or FB to NFB for businesses? ANSWER: The interest applied on the fund based portion of interchangeability availed during the said period of 1st March to 31st May 2020 will be eligible for moratorium. In respect of new sanctions accorded from 1st March and availed during the period, the interest applied on the Fund based portion would be eligible. QUESTION 13: In what other ways, businesses have been given relief? ANSWER: The businesses may request the bank to re-assess their working capital requirements on account of disruption of their cash flows or elongation of working capital cycle. They may also request for reduction in margin on NFB facilities (LCs/ BGs etc) or also relief in Security. Decision will be taken by the bank branches on case-to-case basis based on the genuineness of the request. QUESTION 14: Are NBFCs/MFIs/HFCs eligible under the “easing of working capital financing”? ANSWER: At present, they are not being considered under the scheme. However, RBI has made provision for sufficient liquidity support to these financial intermediaries under recently introduced Targeted Longer-term Refinancing Operations i.e. TLTRO. Liquidity availed under the scheme by Banks has to be deployed in investment grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as on March 27, 2020. Banks shall be required to acquire up to fifty per cent of their incremental holdings of eligible instruments from primary market issuances and the remaining fifty per cent from the secondary market, including from mutual funds and non-banking finance companies. Investments made by banks under this facility will be classified as held to maturity (HTM) even in excess of 25 per cent of total investment permitted to be included in the HTM portfolio. Exposures under this facility will also not be reckoned under the large exposure framework. Banks will be able to support NBFCs/ MFIs/ HFCs etc. under this window and we do not foresee liquidity squeeze for these Financial Intermediaries. QUESTION 14: Will all these measures of RBI be treated as “restructuring”? What about the provisions applicable? ANSWER: The measures stipulated by RBI under the March 27, 2020 circular on COVID-19 Regulatory Package will not be treated as “restructuring” and hence will not result in asset classification downgrade. Accordingly, the enhanced provisions for Restructured Accounts will not apply. QUESTION 15: What about installments/EMIs being recovered through SI/ECS/NACH? What will be the procedure for refund of the installment/EMIs, if demanded by the borrower? ANSWER: Please get in touch with your bank for the revised mandate(Source : Press Information Bureau, Govt of India)Next Story
By 2024, we’ll have a fully established Information Economy where data is critical to businesses looking to predictively spot new opportunities to gain a competitive edge. Standards-based information will be sold, donated and traded on open exchanges. Data marketplaces will facilitate the transfer of data in and out of siloes more fluidly and people will start to broker their own data. We’re already seeing many signs of this – but it’s only the beginning.Within this landscape, your company’s data is important – that’s obvious. But just how important is it? How can you measure its value? Today, we talk about ‘data as the new currency’ and we try to give it a price tag. Typically, data is worth what someone is willing to pay for it. That simple transactional view does not tell the whole story.As organizations race to make sense of the opportunities and problems associated with our increasingly data driven world, businesses are coping with the need to more accurately measure its true value.But have no fear – it’s not all doom and gloom. Savvy businesses will take note and prepare for the future by ‘architecting for value’ – understanding and creating business and IT valuation processes within the company that reveal the real value of data. Let’s take a look at some examples of new data valuation activities being undertaken by organizations today.Data Becomes Your New Product: A recent report on Big Data’s market disruption by Capgemini and EMC found that 63% of respondents consider that the monetization of data could eventually become as valuable to their organizations as their existing products and services. This speaks volumes about Big Data’s potential – companies that have long sold products for revenue may start generating more revenue from data value than product value. French tennis racket manufacturer Babolat makes a ‘smart racket,’ the Babolat Play, which generates and collects data about a player’s performance on the court. By creating a smart product, Babolat took the first step to data value. This data could become an entirely new revenue stream. Babolat might, for instance, sell this data to app developers looking to make new products and user experiences or sell the data to athletic research organizations for data mining. A tennis racket can only be sold once, but the data it produces has endless monetization potential.Data Valuation for the Worst Case Scenario: Large-scale cyber-breaches are becoming far too frequent, resulting in great financial loss for multiple companies. As a result, data insurance policies are becoming a necessary part of doing business. Working with the insured, data insurance companies have to place value on a data set that not only looks at the value of the data to the insured’s business, but also takes into account the multitude of other factors that happen in the event of a data breach. Customer notifications, reparations and other costs such as PR for damage control all must be factored into the price of insurance. AIG’s CyberEdge, ACE’s Privacy and Network Security, and Lockton’s Cyber & Technology division offer companies coverages in the event of a breach that factor in the nuanced effects.Data in a Digital Bankruptcy: Caesars Entertainment Operating Co., which controls Caesars Palace, Caesars Atlantic City, Harrah’s Reno and more than a dozen regional properties, filed for bankruptcy earlier this year. Interestingly, the most valuable individual asset that creditors are vying for is Caesars’ Total Rewards Loyalty Program, the company’s big-data customer loyalty program that it has built over the last 17 years. It is said to have data on more than 45 million customers. This data is valued by creditors at $1 billion – that’s a fairly large number. It exceeds the value of any of Caesars’ physical Las Vegas properties, which really puts the value of data in perspective. The program is also said to be 17% of the total value of all Caesars’ operating assets. Since the gaming industry does not have agreed upon valuation policies and practices for data, the value of the Total Rewards Loyalty Program will be contested in court and could result in interesting rulings around data valuation.Data Deals; Mergers and Acquisitions: Data is now one of the primary assets companies are after in an M&A, in some cases more so than the people, IP, or real estate. In LinkedIn’s recent acquisition of Lynda.com, data was likely the biggest asset to come along with the acquisition price. LinkedIn’s CEO Jeff Weiner made note of Lynda.com’s extensive library of premium video as a compelling reason to buy the company, meaning that LinkedIn was after Lynda.com’s data assets to augment its professional network. Out of the $1.5 billion, it’s likely that a significant portion went toward the purchase of video data assets.Information Economy for a Better World: The Cancer Genome Atlas (TCGA) aims to develop pharmaceutical and diagnostic targets in cancer by making it easy to share genetic data. This collaboration of NCI and the National Human Genome Research Institute in essence looks to code genomic data so that standards-based, common data elements can be shared through open-source infrastructure.To succeed in the Information Economy, an organization must place data at the heart of everything that they do, every day. Businesses have to prioritize data valuation for technical and business-driven content throughout the organization. They must make it part of their business strategy by developing tools for valuation and policies and services to acquire or sell data. In order to leap ahead in this new world, companies must remain focused on honing their ability to achieve data-driven insights by predictively spotting new opportunities.Some start-ups and traditional organizations are already making headway in this arena. For others, it’s not too late. But as the Information Economy takes shape in the years ahead, those that move too slowly will not survive. The race is on – don’t be left behind.
Sir Des Champs will be aiming to give Willie Mullins a first victory in the race and Ireland its first winner since War Of Attrition in 2006. First Lieutenant has also been left in by Mouse Morris, under the same Gigginstown House Stud ownership, and they could also run Bog Warrior. Bobs Worth and 2011 winner Long Run give Nicky Henderson a strong hand as he attempts to wrestle the British trainers’ championship from Paul Nicholls. Long Run will be wearing cheekpieces in public for the first time, while Bobs Worth has not had a run since the Hennessy Gold Cup over 100 days ago. Nicholls has dominated the race in recent years and has just one chance this year with Silviniaco Conti. Cape Tribulation, Captain Chris, last year’s runner-up The Giant Bolster, Sunnyhillboy, Wayward Prince and Monbeg Dude complete the list of possible runners. There are 12 horses remaining at the latest entry stage for the Betfred Cheltenham Gold Cup, with all the big guns standing their ground. Press Association
Press Association But the debate surrounding whether or not talismanic midfielder Bale will remain past the September 2 transfer deadline will continue to make the headlines as the Spanish giants are said to be ready to spend the best part of £100million to land him. Villas-Boas said: “The only thing I can say about the stories is I am not going to comment because everybody has speculated a lot. There are some different stories, some which are not true, with people inventing without knowledge of what is going on. “The only thing I can tell you is the player is under the treatment of the medical department for this pain in the foot which is disturbing him. “He has been called up for his national team [for a friendly match against the Republic of Ireland], our medical department is going to be in contact with the Wales medical department to make sure they have everything available in terms of giving information on how the player has been doing in these last weeks. “Regarding the speculation, I don’t want to extend myself further than I have told you.” Bale, who was not at White Hart Lane, is set to report for international duty with Wales on Sunday ahead of Wednesday’s friendly against Ireland. Villas-Boas said: “The only thing we can do is make information available to the Welsh FA. If he gets to a fixture available to play it is because he hasn’t felt pain. He is training on his own so there is a possibility he makes a recovery.” The Spurs manager, though, accepted it was unlikely Bale would be in contention to face Crystal Palace in their Premier League opener next weekend. He added: “If we manage to recover the player, but obviously he is far far off fitness regarding what the others have done. It is three weeks since he played for Tottenham so I wouldn’t expect him to play for us.” Villas-Boas insisted the frenzied speculation surrounding Bale’s future had not been allowed to impact the squad’s pre-season build-up. “It has not affected us in any shape or form. We have continued our preparation,” said Villas-Boas, who expects to complete the signing of Toulouse midfielder Etienne Capoue in an £8m deal early next week. “What we have to recognise is five weeks gone by since (we started) buying and selling, but we haven’t been able to train with all the team together because Paulinho and Soldado only arrived last week. “There will be more players to arrive and more players to leave. At the moment we are a team in prospect. Villas-Boas added: “We still have lots of things to do. The last week in the transfer window can be surprising. “I can’t tell you we have stopped in the transfer market because we haven’t, this means players coming in and players going out. “We will continue to re-strengthen ourselves, but what we have at the moment is a very strong squad either way, one that puts us in a good position to get the three points at Palace.” Bale was a notable absentee as Tottenham rounded off their pre-season campaign with a 1-1 draw against Espanyol at White Hart Lane, where summer signing Roberto Soldado marked his home debut with a goal from the penalty spot in the first half. It was a sound performance from Spurs, who look well-equipped to challenge for the top four of the Barclays Premier League once again. Tottenham manager Andre Villas-Boas refused to be drawn any further on the future of Real Madrid target Gareth Bale – but stressed the midfielder would link up with Wales next week.
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisCounty routes for the Meals on Wheels program appears to be declining and to make sure seniors don’t go without a meal; the Alpena Senior Citizens Center wants to help.“We have drivers that go out every Monday, Wednesday, and Friday. So it’s not out of the way for us, we’re already passing most of these houses. We want to make sure everyone knows about Meals on Wheels. The decrease maybe because they moved away, some people move downstate or with family. There are some people that move to a care facility, and there are some that pass away,” In Home Service Manager, Mike Stauffer said.One issue appears to be the lack of knowledge about the program.“They can come into the center or they can just call. I can set up an assessment to come out to the house, get all of the paperwork done and verify that they do qualify and we can get meals started within one to two days. It’s not a big turnover; we want to make sure that everyone gets what he or she needs,” Stauffer said.With the winter season ahead, the Meals on Wheels program is another way to check up on seniors to make sure they are in health.“If you have family that lives out in the county and you get concerned about them because you can’t make it out there, we have to see the person whose receiving the meal. If we don’t see them and we’re not notified we do have procedures in place to make sure that they are doing OK,” Stauffer explained.And if you’re a picky eater, that’s no problem at all.“We do have other options besides the hot meal they can have a shack lunch which has varies things maybe a half sandwich or a hot dog or a fish sandwich or something like that, something easy to heat up. There are salads that the kitchen can make and put in there so there is a variety of food that they can receive,” he added.If you, a caregiver, or a loved one would like to learn more about the Meals on Wheels program contact the Alpena Senior Center at 989–356–3585.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious The Salvation Army Holding Christmas Signup Next WeekNext Local Junior High School Gets Fit with Project Healthy School Program