Eleven public transit systems in Nova Scotia will be improved thanks to the government of Canada’s investment of $37.5 million. The announcement was made today, Nov. 24, by Peter MacKay, Minister of Foreign Affairs and ACOA, on behalf of Lawrence Cannon, Minister of Transport, Infrastructure and Communities, and Jamie Muir, Minister of Service Nova Scotia and Municipal Relations. These investments towards public transit infrastructure will help reduce traffic congestion and improve air quality, as well as help reduce carbon dioxide and other greenhouse gas emissions. Transit services that will benefit from the federal funding include Metro Transit in Halifax Regional Municipality, Cape Breton Transit, Kings Transit (Kings County and surrounding area), and eight other community transit organizations. Eligible capital investments may include the purchase of buses and accessible transit vehicles, the construction of new terminals and maintenance facilities, and the acquisition of improved computerized systems for transit services. “Reliable and efficient public transit is key to ensuring environmentally sound, vibrant, and healthy communities,” said Mr. MacKay. “The government of Canada recognizes that improving public transit use can help reduce congestion, lower automobile emissions, and make our communities more livable by supporting their economic, social, and cultural development.” “Today’s investments will help improve our public transit systems in both urban and rural Nova Scotian communities,” said Mr. Muir. “They support healthy, vibrant, sustainable communities, as well as help protect our environment. They also reduce isolation through better access to employment, education, medical services, and community and social events.” The funds include more than $11.7 million from the Canada-Nova Scotia Agreement on the Transfer of Federal Public Transit Funds, and $25.8 million to Nova Scotia through the federal Public Transit Capital Trust. Service Nova Scotia and Municipal Relations will administer the distribution of these funds, primarily based on ridership. Public transit providers will likely receive funding before March 31, 2007. “We are delighted that the Canadian government is investing in public transit systems throughout Nova Scotia,” said Russell Walker, president of the Union of Nova Scotia Municipalities. “Larger transit services, which include HRM, Kings, and CBRM, will be able to provide improved services, and rural communities will be able to enhance accessible services to seniors, persons with disabilities, and the disadvantaged.” Through Budget 2006, the government of Canada has provided $1.3 billion in dedicated funding for public transit across Canada. Nationally, $900 million was provided through the Public Transit Capital Trust and $400 million was committed through the Public Transit Fund. For more information about the transit funding announced today, please call 1-902-424-2088. For more information on the Government of Canada’s infrastructure initiatives in Nova Scotia, visit www.infrastructure.gc.ca.
Families across the Fundy region will have more opportunities to be physically active thanks to the province’s annual recreation facility development grant program. Barry Barnet, Minister of Health Promotion and Protection, announced today, May 14, investments totaling $217,500 for the Fundy region. The investment is part of the annual $3-million provincewide grant program. “Investing in sport and recreation facilities is one part of our overall strategy to make Nova Scotians healthier and help reduce the demand on our health-care system,” said Mr. Barnet The grants will be used to renovate a recreation centre and community hall, increase playground equipment, develop more trails, and upgrade a baseball field. Community groups work with Department of Health Promotion and Protection staff to develop projects and apply for funding. The recreation facility development grant program provides up to one-third of capital costs and communities are responsible for raising the rest. The program will help create about $14.5 million in construction through 84 organizations. “Our goal is to make Nova Scotia the healthiest province in the country,” said Mr. Barnet. “We can not do this alone. I congratulate the many volunteers that recognized a need in their communities and worked so hard to build the support and make it a reality.” Grants through the recreation facility development program are provided based on criteria, such as community need and benefits, the level of planning and preparation, sustainability, and other funding commitments. The grant program helps municipalities and community groups plan, construct, renovate, conserve or acquire facilities for public recreation. Eligible projects include community centres, pools, sport facilities, parks, playgrounds, trails and other outdoor facilities.
VANCOUVER – A unique and exotic tropical plant, acclaimed for its size and abhorred for its smell, is blooming at a Vancouver conservatory.A news release from the Vancouver Park Board says the titan arum, the largest flower on earth, began to bloom Sunday evening.Over the next 24 to 28 hours the plant, better known as the corpse flower because of its powerful stench, will release an aroma that has been described as similar to rotting flesh, discarded diapers or hot garbage.The park board says the now nearly two-metre tall flower produces the smell and a deep-red flesh colour inside the open petal in order to attract pollinator insects like carrion beetles and flesh flies that feed on dead animals.It takes the titan arum as long as 10 years to produce its single spike-like bloom wrapped by the funnel-like petal, and the spike of the rare flower even self-heats to approximately human body temperature while the petal unfurls, to better spread the putrid scent.It’s the first time the plant, native to Sumatra, has bloomed in B.C. and “Uncle Fester,” as it has been dubbed, is on display at the Bloedel Conservatory in Queen Elizabeth Park, with extended viewing hours starting at 7 a.m., so the curious, and the brave, can get a whiff.
“FORTUNATE SON is about espionage, political activism and love, loyalty and healing. The world seemed on the brink of cataclysm in 1968. Divisions between races, generations and sexes seemed irreparable,” says showrunner Andrew Wreggitt. “But there was also a sense of optimism, a belief that change was possible and everyone had a role to play. The world is still plagued by many of the same issues of 1968, but we see that same growing activism and drive for change today.”FORTUNATE SON is filming in Calgary and the surrounding areas including Drumheller, Tsuu T’ina First Nation Reserve, and High River in Alberta, Canada.Executive Producers are Andrew Wreggitt, Tom Cox, Jordy Randall and Erin Haskett. The series is produced by Brian Dennis. Stefan Schwartz is Co-Executive Producer, while Jessalyn Dennis is a Consulting Producer. Stefan Schwartz (The Americans, Dexter) and Ken Girotti (Vikings, Orphan Black) are the show’s directors.A CBC original series, FORTUNATE SON is produced by SEVEN24 Films and Lark Productions in association with CBC and NBCUniversal International Studios with the financial participation of the Canada Media Fund, Government of Alberta – Alberta Media Fund, the Canadian Film or Video Production Tax Credit, the Ontario Film and Television Tax Credit and the British Columbia Production Services Credit. For CBC, Sally Catto is General Manager, Programming; Trish Williams is Executive Director, Scripted Content; Helen Asimakis is Senior Director, Scripted Content; and Deborah Nathan is Executive in Charge of Production.ABOUT CBC/RADIO-CANADA:CBC/Radio-Canada is Canada’s national public broadcaster. Through our mandate to inform, enlighten and entertain, we play a central role in strengthening Canadian culture. As Canada’s trusted news source, we offer a uniquely Canadian perspective on news, current affairs and world affairs. Our distinctively homegrown entertainment programming draws audiences from across the country. Deeply rooted in communities, CBC/Radio-Canada offers diverse content in English, French and eight Indigenous languages. We also deliver content in Spanish, Arabic and Chinese, as well as both official languages, through Radio Canada International (RCI). We are leading the transformation to meet the needs of Canadians in a digital world..ABOUT NBCUNIVERSAL INTERNATIONAL STUDIOS:NBCUniversal International Studios delivers award-winning international content to millions across the globe. Based in London, the business’ in-house production labels include: Carnival Films, creator of worldwide phenomenon Downton Abbey and Sky 1’s most-watched drama, Stan Lee’s Lucky Man; Monkey, producer of BAFTA-winning Made in Chelsea and reality ITVBe hit, The Real Housewives of Cheshire; and Australian-based Matchbox Pictures, SPA’s Media Super Production Business of the Year and maker of critically-acclaimed drama series The Nowhere Boys, Glitch, The Slapand Seven Types of Ambiguity. International Studios has also produced a television remake of Hanna for Amazon Prime Video, which was recently recommissioned for season two.Additionally, NBCUniversal International Studios operates a joint production venture with Working Title Television (London Spy and Birdsong) and Heyday Television (The InBetween, The Capture and The Long Song), owns an equity stake in LARK Productions Canada (First Responders and Motive), and has a first-look deal with Hardy Son & Baker. It also operates a prolific International Formats business, which licenses and produces content in over 70 territories worldwide, with key brands including World of Dance, Top Chef, Suits and House.Complementing its content, in 2017, International Studios extended the legacy of award-winning title, Downton Abbey, by launching Downton Abbey: The Exhibition in New York. It recently completed a run in West Palm Beach, Florida and is currently in Boston. Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment CALGARY, AB / TORONTO, ON – With production now underway in Calgary, SEVEN24 Films and Lark Productions today revealed casting for new CBC original drama FORTUNATE SON, set to premiere in winter 2020 on CBC and the free CBC Gem streaming service. NBCUniversal has international distribution rights. Inspired by a true story and created by showrunner Andrew Wreggitt (Pure, Borealis), FORTUNATE SON is a spy drama set in the social and political chaos of the late 1960s.Kari Matchett (Covert Affairs, 2 Hearts) plays Ruby Howard, an American who fled to Canada as a fugitive from the law. Set in the chaos of the late 1960s, the Vietnam War and the anti-war protest movement, Ruby helps smuggle Vietnam War deserters and draft dodgers across the Canadian border. What she doesn’t know is how these actions will unfold and who is watching her. Rising star Darren Mann plays Travis Hunter, a Vietnam war deserter whose troubled past follows him into Canada and the lives of the Howard family. Mann is known for the Chilling Adventures of Sabrina series and the critically acclaimed film Giant Little Ones. Stephen Moyer stars as Vern Lang, a CIA agent. Moyer is well-known for his roles in True Blood and most recently, The Gifted. Additional lead cast includes Kacey Rohl (Arrow, Hannibal), Rick Roberts (This Life, Designated Survivor), Patrick Gallagher (Night at the Museum, Glee), Ty Olsson (War for the Planet of the Apes, Supernatural), Alex Nachi (1991, Clash) and Zoé de Grand’Maison (Riverdale, Orphan Black).“FORTUNATE SON takes us back to a period in Canadian history that we haven’t yet seen reflected dramatically on CBC, and given today’s sense of political and social unrest, now is the time to tell this story,” said Sally Catto, General Manager, Programming, CBC. “The series feels relevant and relatable to Canadians, and we look forward to watching the cast bring this gripping drama to life.” ABOUT SEVEN24 FILMS:SEVEN24 Films is an independent film and television production company whose work has spanned over two decades. Executive Producers Tom Cox and Jordy Randall have produced dramatic series, mini-series, television movies and feature films garnering over one hundred industry awards and nominations. In addition to the People’s Choice Award winning series, Wynonna Earp, current projects include Fortunate Son, a political thriller for CBC and NBCU International, Dark Cargo, a noir thriller for YouTube Premium, JANN, the #1 new Comedy on CTV, and the hit family series Heartland, the longest running one-hour series in Canadian history, now in production on its thirteenth season for CBC and UPtv. Previous projects include Young Drunk Punk for Rogers and CBC, the Canadian Screen Award winner Borealis, the Gemini Award winning movie Mayerthorpe and Gemini Award winning Mini-Series Burn Up.Tom Cox and Jordy Randall were also co-producers on numerous high-profile feature films including the Academy Award nominated Brokeback Mountain, The Assassination of Jesse James by the Coward Robert Ford and Resurrecting the Champ. ABOUT LARK PRODUCTIONS:Lark Productions is an award-winning television production company that creates exceptional programming that partners and travels internationally. Lark develops and produces both scripted & unscripted content and enjoys a distribution and development deal with NBCUniversal International.Established in Vancouver in 2010, Lark’s productions include Canadian Screen Award nominated Motive (CTV, USA Network), the hit formats The Real Housewives of Toronto (Slice) and The Real Housewives of Vancouver (Slice), Crash Gallery (CBC), Paramedics: Life on the Line (Knowledge Network), Emergency Room: Life + Death at VGH (Knowledge Network, Discovery Fit), and High Moon (SYFY). Facebook Advertisement Advertisement Login/Register With: Twitter
The ACMC is led by Minister Rishad Bathiudeen. (Colombo Gazette) All Ceylon Makkal Congress (ACMC) member M H M Navavi resigned from his seat in Parliament.Navavi, a United National Party National list Parliamentarian had handed over his resignation letter to Parliament.
According to a readout of the meeting issued by a spokesman for the Secretary-General, Mr. Annan briefed Dr. Rice on progress on UN reform “and stressed the need for agreement on a broad package.” “The Secretary-General also expressed concern about recently adopted Congressional legislation,” the spokesman said, referring to the bill passed by the US House of Representatives that set conditions for withholding the US dues to the UN budget. On the issue of Iraq, Mr. Annan described the work of the UN electoral and constitutional teams in Iraq. “They agreed on the need to reach out to the Sunni community and that closer consultation between the United Nations and the United States would be useful and necessary,” the spokesman said.The two agreed on the need to support the African Union’s (AU) peacekeeping mission in Sudan’s Darfur, including providing military support from the North Atlantic Treaty Organization (NATO) and the European Union (EU). Militias linked to the Government have been seen looting, pillaging and raping the people of Darfur, causing nearly two million either to flee to neighbouring Chad or to seek security as internally displaced people (IDPs).Among other issues, Ms. Rice and Mr. Annan also talked about the work of the UN teams investigating the assassination of former Lebanese Prime Minister Rafik Hariri and verifying Syria’s withdrawal from its neighbour.Mr. Annan stressed the dire situation in Haiti and the need to press for reconciliation in the Caribbean country, the spokesman said.They agreed that developments in Uzbekistan and its neighbours gave cause for worry. Last week senior UN human rights officials voiced concern over allegations of torture, ill-treatment and arbitrary detention there.Mr. Annan and Ms. Rice also discussed the impending mission of the Secretary-General’s Special Envoy, Ambassador Kai Eide, the Permanent Representative of Norway to NATO, to carry out a comprehensive review of the situation in Kosovo, the spokesman said.
No further concessions can be made to Greece, Germany’s Finance Minister Wolfgang Schaeuble said on Sunday, amid widespread concern that Greece is way off meeting its bailout conditions.The current bailout plan for Greece was already “very accommodating” he told Germany’s Welt am Sonntag newspaper on Sunday.Inspectors from the EU, European Central Bank and International Monetary Fund are visiting Greece to decide whether to keep it hooked up to a 130-billion-euro lifeline.Greece has fallen behind targets agreed as conditions of its bailout deal, mainly due to three months of political limbo as it struggled to form a government after two inconclusive elections but also because of resistance to reforms from unions and other interests.“I cannot see that there is any room left for further concessions,” Schaeuble said. “The problem did not arise because the programme had faults, but rather because Greece did not implement it fully enough,» he said.He added it was not helpful now to speculate about giving Greece more time or more money.“It is not a question of generosity. The question is rather, is there plausible way for Greece to manage this.”He also ruled out a further debt writedown for Greece, when asked whether interest could be waived on euro zone bail out loans to Greece or the European Central Bank could waive interest on its Greek debt holdings.“We have just pushed through a large debt writedown of more than 50 percent with private creditors. I campaigned more for this than many others, and the central bank is independent,” he said.Asked whether the German state development bank (KfW) could take a writedown on its loans to Greece, Schaeuble said, “The largest German creditor at the first writedown was the state bad bank. We have already participated. It makes no sense to make such a move every half a year. It only destroys trust.”Last September the bad bank of nationalised mortgage lender Hypo Real Estate pledged to roll over almost 1 billion euros ($1.4 billion) of Greek debt, making it the first German institute to quantify its commitment to a second bailout of Athens.Schaeuble slammed those, including politicians within Germany’s centre-right coalition, who have spoken openly about a possible Greek exit from the euro.If you want to restore calm on markets then you should not “feed them with speculation.”Source: Reuters Facebook Twitter: @NeosKosmos Instagram
With only 20 years of age, the England under-21 forward will remain at Everton, coach Marco Silva said on MondayAfter spending the first semester of 2018 in the German Bundesliga, playing with RB Leipzig in eleven matches and scoring five times, Ademola Lookman seems to be “locked” in Everton.The Toffees’ boss told The Guardian today about the future of many players, and he said “he is our player and he stays,” about Lookman.The attacker has played with the English National Team in the U19, U20 and U21 divisions, scoring four goals.Premier League Betting: Match-day 5 Stuart Heath – September 14, 2019 Going into the Premier League’s match-day five with a gap already beginning to form at the top of the league. We will take a…Meanwhile, he has defended the jerseys of Charlton Athletic and Everton in England, while he just played in Germany with Leipzig before the summer.But Marco Silva has said he will not sell or re-loan Lookman this season, even after the German side is asking for his return.“It is not easy for us as a club to sign some players because in normal situations they ask a lot of money and also we have to make the right decisions,” he said about the team looking for additions only.
It’s been six years since Mount St. Helens returned to relative slumber after its last eruptive phase, but the notorious volcano is quietly recharging for the next one, scientists said Wednesday.There are no signs of an impending eruption, according to the U.S. Geological Survey. But ongoing analysis has confirmed that magma underneath the volcano is re-pressurizing — and has been for years. The buildup is likely caused by a surge of new magma several miles below the surface, according to the USGS.That doesn’t mean Mount St. Helens is going to erupt again any time soon. It does, however, underscore the need to keep constant watch on it and other volcanoes in the region, said Seth Moran, a seismologist with the USGS’s Cascades Volcano Observatory in Vancouver.“The message to us as an observatory is, we need to be ready,” Moran said.Mount St. Helens has been the Northwest’s most closely monitored volcano since its catastrophic 1980 eruption. Additional eruptions continued through 1986, and another dome-building eruption occurred from 2004 to 2008.Scientists have two lines of evidence showing pressure building up again since then, Moran said. Small earthquakes under the mountain are consistent with that pattern, he said. And GPS units have shown slight land inflation and deformation even miles away from the crater, he added.
The Philippines has won its first ever World Series of Poker (WSOP) gold bracelet after 29-year-old Mike Takayama outlasted a field of 2,065 players in the US$1,000 No Limit Hold’em Super Turbo Bounty event.Takayama, a two-time Asian Poker Tour (APT) main event champion, became the first Filipino in the 49-year history of the WSOP to claim a gold bracelet, taking home US$198,568 in the process. Ironically, this is the poker pro’s first ever trip to Las Vegas for the world’s premier tournament series. RelatedPosts 181 Chinese nationals arrested in dispute over POGO accreditation status New Chief Executive vows to protect Macau’s gaming and tourism industry from harm Genting’s Resorts World Las Vegas names five key additions to executive team Load More It also tops a hugely successful WSOP for Asia, with Hong Kong’s Jacky Wong finishing fourth in the US$1,000 NLHE Double Stack for a US$220,000 payday while Singapore’s Chris Chong finished fourth in the US$1,500 NLHE Monster Stack for US$355,000.UK native Sam Razavi, the popular four-time APT Player of the Year who now calls Cebu home, narrowly missed a bracelet of his own a fortnight ago when he finished runner-up in the US$1,500 NLHE Millionaire Maker for a massive US$725,000 payday.Speaking to WSOP.com after his win, Takayama said, “I’m very happy because winning the bracelet is everyone’s dream. I’m the first Filipino to win a bracelet, so I’m really, really, really happy about that.”The WSOP was first held in 1970 when Benny Binion invited seven of the world’s best players to compete in a winner takes all event at the Horseshoe Casino in Las Vegas. It has since grown to become the biggest event on the annual poker calendar with this year’s WSOP boasting 78 gold bracelet events.The 2018 WSOP Main Event kicks off today, Monday 2 July.
Byron Mallott, Democratic candidate for governor, will leave Sealaska’s board next month to concentrate on his campaign. (KTOO News)In a press release, he said he would complete his term, which ends at the corporation’s June 28th annual meeting. But he will not seek re-election to the board.Sealaska Chairman and former state Sen. Albert Kookesh says the board supports Mallott’s decision.“I think it was good step that he took to, one, allow him to concentrate on the governor’s race and, two, open it up for shareholders so he didn’t just hold onto his seat and have to give it up after that if he got elected,” he said.Mallott could not be immediately reached for comment.When Sealaska board incumbents leave, they often step down before the next election. The board then appoints a replacement, who can run as an incumbent.Mallott’s decision leaves an open seat with no heir-apparent. That eases the way for other candidates. They include a recently-announced slate of shareholders with business experience outside the corporation.“The people who are running on that slate have good intentions,” Kookesh said. “They want to run a clean race and I commend them for that. But we also have people who are independents who are running. And you have to commend them and recognize their want to be involved too.”Sealaska will distribute ballots to its almost 22,000 shareholders on May 15th. They must be cast by June 26th.In addition to Sealaska service, Mallott’s been Yakutat and Juneau mayor, Alaska Permanent Fund executive director and Alaska Federation of Natives president. Bryon Mallott will leave Sealaska’s board of directors next month to spend more time campaigning for governor.He’s served on the Juneau-based regional Native corporation’s governing body – or been its CEO – since 1972.Mallott, a Democrat, is all but assured to challenge Republican Gov. Sean Parnell in the November general election.
Ruhul Kabir RizviBangladesh Nationalist Party (BNP) senior joint secretary general Ruhul Kabir Rizvi has alleged the court verdict that sentenced the party chairperson to five years in jail is the result of prime minister Sheikh Hasina’s vengeance.“This verdict is a result of the vengeance of prime minister Sheikh Hasina. This verdict is aimed at annihilating the opposition in a bid to establish one-party rule in the country,” Rizvi told a media briefing, in an instant reaction to the verdict.He claimed that the people of Bangladesh have rejected the “anti-people” verdict. “Justice has not been ensured in the judgement. This verdict goes against the desires and aspirations of the people.”He also claimed that the judge gave such a verdict only to save his job and to satisfy a certain person [prime minister].He said the party rejected and condemned the verdict.
Jatiya Oikya Front convenor Kamal Hossain. File PhotoCalling upon all to stage a vote revolution, Jatiya Oikya Front leader Kamal Hossain on Thursday said 30 December will be another victory day of the nation as Oikya Front will win the election, reports UNB.”We won in the past; we’ll achieve victory this time, too. 30 December will be another victory day. You’ll stage a vote revolution on 30 December,” he said.He was speaking at a press conference at Oikya Front’s Purana Paltan office after a meeting with senior leaders of the alliance.”We’ll achieve a victory… this won’t be the win of any party, it’ll be people’s victory-the victory of all,” he added.”There’s nothing to fear. [We] fought against autocrats throughout the life; we won, not the autocrats. There would have been no 71 and no Bangladesh had the autocrats won.”Mentioning that the people of Bangladesh never bowed down to arms, money and power, Kamal hoped that people will not be defeated this time either.
The Giants announced they firing of head coach Ben McAdoo and GM Jerry Reese after a disastrous 2017 season, on and off the field. McAdoo had been in the cross hairs for weeks, and his handling of the Eli Manning benching made it a matter of “when,” not “if” he would get canned.After dropping to 2-10 with a loss to the Raiders, McAdoo was asked about the elephant in the room, and said he would continue to show up and coach as long as his key card worked.Key card revoked. Box up your stuff, Phony Soprano. Go meet with “The Bobs.”
[World CupHome](http://www.skyscanner.net/news/articles/2010/04/005215-south-africa-world-cup—home.html)| [World CupSchedule](http://www.skyscanner.net/news/articles/2010/04/005224-south-africa-world-cup-2010—schedule.html)| England| USA| Algeria| SloveniaIf England do not qualify from (and preferably win) their group, then the team should remain in South Africa since they will not be popular back home. By anyone’s standards, this group is a gift and Capello must have been delighted, and he will be able to test out his squad in matches which should be comfortable, and not exhaust his best players. The US will be solid, fit but uninspiring, the Solvenians could perhaps turn it on, and the Algerians will just be pleased they got to have a holiday.Fixtures: [World CupVenues](http://www.skyscanner.net/news/articles/2010/04/005220-south-africa-world-cup—venues.html)| Cheap flightsto South Africa England v USASat 12 JuneRoyal Bafokeng England v Algeria| Fri 18 June | Green PointSlovenia v England | Wed 23 June | Nelson Mandela BayUSA v Algeria | Wed 23 June | Loftus Versfeld Get on the ball for less with Skyscanner [World CupTeams](http://www.skyscanner.net/news/articles/2010/04/005223-south-africa-world-cup-2010—teams.html)| [World CupPackages](http://www.skyscanner.net/news/articles/2010/04/005233-south-africa-world-cup-2010—packages.html) World Cup Group C [World CupDestinations](http://www.skyscanner.net/news/articles/2010/04/005221-south-africa-world-cup-2010—destinations.html)| | Great deals on packages to theSouth Africa World Cup [World CupGroups](http://www.skyscanner.net/news/articles/2010/04/005225-south-africa-world-cup-2010—groups.html) —|—|—|— Algeria v SloveniaSun 13 JunePeter Mokaba ReturnOne wayMulti-cityFromAdd nearby airports ToAdd nearby airportsDepart14/08/2019Return21/08/2019Cabin Class & Travellers1 adult, EconomyDirect flights onlySearch flights Map Slovenia v USAFri 18 JuneEllis Park | Great deals on car hirein South Africa [World CupNews](http://www.skyscanner.net/news/articles/south-africa-world-cup-news/)| Save more on hotelsin South Africa RelatedSouth Africa World Cup 2010 – SloveniaSouth Africa World Cup 2010 – SloveniaSouth Africa World Cup 2010 – EnglandEngland – World Cup Group CSouth Africa World Cup 2010 – GroupsMillions of us tuned in to see if our country was drawn in the so-called “Group of Death” in December last year.
Cabinet on Friday night approved in principle Hellenic Bank’s offerfor the acquisition of a section of the state-owned Cyprus Cooperative Bank (CCB).Speaking to reporters at the presidential palace after the decision, Finance Minister Harris Georgiades said the proposal had been approved on the condition that Hellenic Bank submitted a binding capitalization plan before the CCB convened a general meeting slated for Monday to discuss and decide on the matter.The proposal outlines that Hellenic will be subject to a capital raise and will undertake payment of the CCB’s total deposits, amounting to €9.7 billion.Hellenic will also take on €10.3bn of CCB’s assets consisting of loans, bonds and cash, including non-performing loans valued at approximately €500 million.Assets worth approximately €8.3bn will be transferred to the state.“In various cases we had to take difficult decisions but down the road it became obvious that where we dared, the result was worthwhile,” Georgiades said.“As far as the Co-op is concerned, it is clear that behind the human element and behind the cooperative idea which certainly helped several of our fellow citizens, there was bad management. This relaxed structure can have no place in the demanding European environment.”In April, the government deposited €2.5bn in the co-op bank raised from several bonds in return for non-performing loans worth €7bn and company shares worth €165m.With an additional injection of €1bn towards the CCB, all of the lender’s property, worth €600m, and performing loans valued at €500m will be in the government’s hands.All revenue reaped from the proceeds, sale and management of these assets will be additional public revenue and this is the key difference between previous deposits towards banks, Georgiades said.“This makes the additional burden on public debt manageable,” the minister stipulated but stressed it would not be repeated.The European Commission will also be called to approve the move, putting forward its own conditions broadly aimed at maximising state revenue.Though damages to portfolios are not expected, the proposal includes a guarantee to buyers for any potential damages. Based on figures from an independent agency, the potential and unlikely damages in a 12-year period are not expected to exceed €184m, the minister said in his statement.“Our aim is to have banking institutions that aren’t supported on clay legs, that have been rid of the pathogens and mistakes of the past. Through this decision, we are taking a decisive step in that direction,” Georgiades said.Responding to criticism that has surrounded plans for CCB’s partial acquisition, the minister suggested self reflection from those complaining.“I’d like to remind that in 2013, the CCB had €300m negative working capital. This means €300m was needed just so capital could be at zero and much more so it could be at the necessary levels. The risk of a haircut was visible and demanded state support.”Though progress has been noted, the problem with non-performing loans granted before 2014 still burden the CCB despite the drop from €7.4bn to €6.2bn, he said.Taxpayers are also expected to foot the bill relating to the compensation granted to staff who will be made redundant.On Friday morning, a representative of Etyk, the bank workers union, revealed more details about how the deal will affect the state-owned bank, into which Cypriot taxpayers have already pumped more than €4bn over the past four years.Christos Panagides, secretary-general of Etyk said in an interview with state radio CyBC that Hellenic will take about 1,100 of the co-op’s 2,650 staff, while another 900 will have to retire through a voluntary retirement scheme.The rest, he said, will continue to work for the body that will remain in place after the deal to administer the bank’s non-performing loan portfolio, which accounts for roughly six tenths of the total.In a statement released on Friday afternoon, following negotiations between the two sides, Hellenic said it “submitted today a final offer for the acquisition of certain assets and liabilities of CCB, which is subject, amongst other things, to a capital raise of the company.”The statement followed an announcement from the CCB that it had received a revised acquisition proposal from Hellenic.The CCB said it had convened a general meeting for Monday at 6.30pm to discuss and decide on the matter.“Further to our May 14, 2018 announcement, the Cyprus Cooperative Bank confirms that it received a revised proposal from Hellenic Bank as part of the strategic transaction, and in accordance with the relevant invitation for demonstration of interest.”You May LikeOpoopa6 Harmful Effects of Using Too Much Headphones You Never Knew! | my.opoopa.comOpoopaUndoHer MomentsEveryone Is Jealous Of What This Little Girl’s Mom Can DoHer MomentsUndoVikings: Free Online GameIf you’re over 40 – this game is a must!Vikings: Free Online GameUndo The Deniz boat incident showed clearly the intentions of the Turkish sideUndoBrazil prison riot kills 52, with 16 decapitatedUndoHeroes’ welcome for Israeli teens after woman detained for false rape claim (Update 2)Undoby Taboolaby Taboola
A scheme aimed at helping vulnerable homeowners repay their mortgages is expected to receive the green light from the European Commission sometime in November without any radical changes, Finance Minister Harris Georgiades said on Monday.The scheme, dubbed Estia, Greek for home, has been heavily ciriticised by experts as it appears in its current form to be a godsend for strategic defaulters.Speaking before the House finance committee, Georgiades said he expected the commission’s competition watchdog to approve the scheme within November. The commission is making sure the scheme does not constitute state aid.The minister conceded the scheme was not perfect but it was necessary in the effort to reduce the most difficult category of bad loans, the ones linked to primary residences worth up to €350,000.“The scheme is not perfect and there cannot be such a perfect scheme,” he said.The scheme as proposed enables households and small and medium-size enterprises which have non-performing loans with primary residence worth up to €350,000 as collateral, an annual income of up to €50,000, and net assets worth up to 125 per cent the value of their home (e.g a household with a home valued at €350,000 and other assets valued up to 125 per cent of that, which is €427,000 is still eligible for this scheme) to benefit by having one third of their monthly loan repayment subsidised by the taxpayer.Many articles have been written about the unfairness of the scheme on those who, by contrast, scrimp and save to meet their loan payments and who will not qualify for relief.Also unfair, the critics say, is that under the scheme the banks will take a 20 per cent hit on the loans of defaulters but creditworthy customers must pay up in full or risk becoming defaulters themselves if they come up short.Georgiades suggested it was normal for questions to be raised and moral hazards to emerge but it “is a necessary scheme to tackle the most difficult category of non-performing loans”.Based on the dialogue with the competition watchdog, the scheme is expected to be approved inside November, he said. After that it will be put before the cabinet, which will make the changes dictated by the European Commission.“I foresee that the scheme will be approved based on the ongoing dialogue, this is the very clear indication we have received,” the minister said. “I do not expect the final amendments to be radical, I do not expect them to change the substance of the scheme or its basic aspects.”The minister said €13.9bn worth of loans have a primary residence as collateral while €8.7bn worth of loans have primary residences priced at €350,000 as collateral.Around 40 per cent of total loans with primary residences were non-performing, he added.Georgiades said the scheme was necessary to deal with the €20bn in bad loans — €11bn on bank balance sheets – which are still a serious problem for the economy.“The toxic burden inside the banks is much more manageable but the percentage is high and European supervisors does not seem satisfied even with these rates,” he said.You May LikeCalifornia Earthquake AuthorityEarthquake insurance that fits your future plansCalifornia Earthquake AuthorityUndoLivestlyChip 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 ArePopularEverythingUndo Pensioner dies after crash on Paphos-Polis roadUndoConcern over falling tourism numbersUndoOur View: Argaka mukhtar should not act as if he owns the beachUndoby Taboolaby Taboola