Government defers scrap metal legislation to 2019

Tag: 上海楼凤AN

first_imgGovernment has deferred the deadline for bringing legislation to govern the scrap metal trade to the National Assembly, to next year.This was revealed during the second day of consideration of the Budget 2019 estimates when Business Minister Dominic Gaskin was questioned about allocations to various agencies under the Ministry.He was previously optimistic of bringing the scrap metal legislation to the House by this year end, following much back and forth after the trade was halted by Government.The ban was temporarily lifted in February 2017, after it was imposed in JuneBusiness Minister Dominic Gaskin2015. The Business Minister revealed in September that Government would be reopening the trade of scrap metal for three-month stints at a time until the relevant legislation was tabled. In June 2018, he had said that the new legislation was taken to the Cabinet and approved at that level. The next step, he had noted, would have been to approach the National Assembly.“Hopefully, before the end of the year, we will have a new legislation.  We will have a new software system that we are using, and we will have a Board of Directors to oversee the scrap metal unit, and I believe we’ll have something firm and solid in place to regulate the scrap metal industry,” Gaskin had told the media earlier this year.However, following that declaration, the legislation was finalised in the Attorney General’s Chambers and has since been awaiting passage in the National Assembly. Government had approved a restart of the scrap metal trade in Guyana during February 2017 after closing down the industry one year prior to that.The main reason for this was to allow exporters to ship out the existing stock over a limited period of three months, to ensure that there was no pile-up of these materials. However, in April 2018, after several months of delays, Government decided to reopen the trade to facilitate the clearance of some of the accumulated scrap metal across the country.While a date for the full resumption of the trade had not been announced, Gaskin had told this publication that the date depended on several important factors.The Minister disclosed that a meeting was held with exporters and dealers to introduce them to a new system that the Business Ministry was trying to implement.According to him, it is a software-based system that was specially designed to help the Ministry to monitor and regulate the trade once it resumed, creating a level playing field for all.Gaskin said the resumption of the trade would give the Ministry the opportunity to test the system to ensure that it was working and would also help to clear some of the accumulated scrap metal that has been legitimately acquired from some of the exporters or dealers’ yards.It was after a forensic audit conducted by the Scrap Metal Unit (SMU) that Government had removed the responsibility for the trade from the Central Housing and Planning Authority (CH&PA) to the Business Ministry.last_img read more


Tag: 上海楼凤AN

first_img Sponsored By: Spruce Point Capital Management targeted Dollarama in a campaign last October.Tyler Anderson/National Post March 5, 20198:24 AM ESTLast UpdatedMarch 6, 20199:36 AM EST Filed under News FP Street advertisement Reddit The short seller who sent Dollarama into a spin sees Canada as land of opportunity for activism Shareholder activism ’off the charts’ in Canada with 22 short campaigns last year alone Recommended For YouOman urges Iran to release seized tankerDavid Rosenberg: Deflation is still the No. 1 threat to global economic stability — and central banks know itTrans Mountain construction work can go ahead as National Energy Board re-validates permitsBank of Canada drops mortgage stress test rate for first time since 2016The storm is coming and investors need a financial ark to see them through More What you need to know about passing the family cottage to the next generation Barbara Shecter Twittercenter_img Comment Spruce Point Capital Management LLC, the New York short-selling firm that targeted Montreal-based retailer Dollarama Inc. last year, is planning to take aim at more Canadian companies, Ben Axler, the firm’s founder and chief investment officer, said Monday.“We’re going to do more Canadian activism, definitely,” Axler told the Financial Post after speaking on a panel about activist investing at a Canadian Club event in Toronto.He declined to identify any specific new targets, but suggested they are likely to share characteristics with past ones such as Dollarama, which Spruce Point said was overvalued by about 40 per cent, and space tech firm Maxar Technologies Ltd. Meet the New York investor who’s making all the right calls in shorting Canadian stocks Dollarama shares drop after short-seller says ’broken growth story’ could tumble 40% Ten stocks for 2019: What the pros are picking to outperform this year Axler said he finds Canada’s relatively small market appealing because there are fewer analysts, particularly forensic analysts, tracking companies.“We view that as a market opportunity,” he said, adding that a growing base of retail investors in certain sectors provides a ready audience for activists seeking to make an impact.“We think Canadian shareholders are more apt to listen to an activist,” he said.Dollarama stock has been climbing so far this year, regaining some of the ground it lost after last year’s Spruce Point report and a general market decline. Maxar stock hasn’t bounced back from a slide that began in mid-2018.Activism is already “off the charts” in Canada, with 22 short campaigns last year alone, said Patricia Olasker, a partner at Davies Ward Phillips & Vineberg who was part of the panel discussion.During the discussion, Axler, whose firm has targeted companies from North America to Australia to China, criticized managers who pursue unsustainable returns, use short-term funds to pursue share buybacks, and pay themselves well despite missing targets.Conditions are ripe for activism in a bull market, where “excessive valuations” are common, he said. While some companies are rising with the tide, analysts tend to be unified in assigning ‘buy’ recommendations.Short-sellers create a “natural counterbalance,” in these circumstances, he said.Axler said he attended the Toronto event to stake Spruce Point’s claim as a “fact-based” short-seller, firmly outside the camp of “short and distort” players who use misleading facts to drive down a share price and profit from the decline.“That’s not the type of activism we want to engage in,” he said. “The downside is there are others who might.”Canadian market watchdogs are in the initial stages of a probe aimed at uncovering “the nature and extent of abusive short-selling” in the marketplace. But Axler said he views the regulatory environment in both the United States and Canada as positive for short-sellers.“The regulatory environment is actually an opportunity for third-party activists to come in,” he said, adding after the panel discussion that regulators, particularly in the United States under the Trump administration, are hampered by limited resources.This creates a “need for short-sellers” and they are “filling that void,” he said.“We can highlight problems as we see them. (Then) it’s up to the market to decide.”The panel discussion included Sunny Puri, a portfolio manager at Anson Funds, and David Salman, president of Laurel Hill.Puri said some sectors appear ripe for activist activity, including Canada’s cannabis industry, where fortunes rose at a frenzied pace ahead of October’s nationwide legalization.“There are a few quality companies,” Puri said, adding that many of the rest don’t justify their valuations. He compared the intense interest from retail investors — and the likelihood of a boom followed by a bust — to crypto-currency a year earlier, and mining a decade or so before that. 0 Comments Email Share this storyThe short seller who sent Dollarama into a spin sees Canada as land of opportunity for activism Tumblr Pinterest Google+ LinkedIn Featured Stories Facebook ← Previous Next → Join the conversation →last_img read more