‘Dues of cane farmers will be paid soon’

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first_imgUttar Pradesh Cane Development Minister Suresh Rana said on Monday that the State will ensure the entire cane arrears of around ₹10,000 crore are paid to farmers before the start of the new season from October. A proposal to provide ₹5,535 crore for the purpose of clearing cane dues of both cooperative and private sector will be placed before the Cabinet in the coming week, he said. Sugarcane crushing season in Uttar Pradesh, the country’s leading sugar producing State, starts from October 20 and continues till November 5. “Cane arrears have come down to around ₹10,000 crore. We have kept a target to bring the dues to zero before the start of the new season from October 20,” Mr. Rana told reporters on the sidelines of 59th annual general meeting of the National Federation of Sugar Factories Ltd here. The State government will place a Cabinet proposal seeking approval of ₹5,535 crore funds, which was allocated in the State budget for sugar sector, he said. As per the proposal, Mr. Rana said the State government will provide ₹1,010 crore to cooperative mills, ₹25 crore to a state mill and ₹500 crore to private mills for direct payment of cane dues.Soft loan Another ₹4,000 crore will be made available through a soft loan to private mills for clearing cane payment. The modality of the soft loan is being worked out, he added. He did not elaborate further. Earlier speaking at the AGM, he said the State government is committed towards cane growers.last_img read more



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first_imgzoom China’s announced cut in the handling tariff for import and export containers is credit negative for Shanghai International Port (Group) (SIPG), Moody’s rating agency said.However, the cuts, unveiled by China’s National Development and Reform Commission (NDRC) earlier in November, will not immediately affect SIPG’s A1 issuer rating or the A2 backed senior unsecured bond ratings of Shanghai Port Group (BVI) Holding. The ratings outlook remains stable.“The reduction in tariff will negatively impact SIPG’s profitability and cash flow generation capability from 2018 onwards, and reduce the financial headroom for its standalone credit profile,” Osbert Tang, a Moody’s Vice President and Senior Analyst, and the Local Market Analyst for SIPG, said.On November 15, the NDRC revealed that the import and export handling tariff for non-transshipment containers at the Port of Shanghai will be lowered by 19.4% to CNY 480 per TEU, effective January 1, 2018.The NDRC also ordered tariff cuts of between 11% and 21% at several other ports, including Tianjin, Ningbo-Zhoushan and Qingdao, that enjoyed dominant market positions in their respective servicing regions.The tariff adjustment was prompted by the Chinese government’s antitrust review on the business operations of coastal ports, with the aim of reducing overall logistics costs and promoting a fairer operating environment for shipping companies. Other announced measures included a further opening of tugboat, tallying and shipping agency markets, and cancellation of unreasonable contract clauses.Moody’s estimates that, as a result of the tariff reduction, SIPG’s container handling revenue will fall by CNY 1 to CNY 1.5 billion in 2018, resulting in a lower gross profit margin of 52%-53% for this business segment during the same year when compared with the 57% achieved during the six months between January and June 2017.Accordingly, Moody’s estimates that SIPG’s adjusted funds from operations (FFO)/debt and FFO interest coverage will soften to 20%-21% and 6.0x-6.5x, respectively, in 2018 from earlier projections of 22%-23% and 6.5x-7.0x.Such revised projections will reduce SIPG’s financial headroom against the downgrade triggers for its baseline credit assessment, namely, adjusted FFO/debt below 20% and/or FFO interest coverage below 6.0x on a sustained basis.Shanghai International Port (Group), the dominant player in the Port of Shanghai, handled 29.9 million TEUs between January and September 2017.last_img read more


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first_img State Rep. Shane Hernandez has introduced legislation to clarify Michigan law and protect local charities from unnecessary harassment.Hernandez, R-Port Huron, sponsored a bill to allow charitable organizations to continue longstanding practices of collecting money in public roadways under strict guidelines.“What we’re attempting to do is simply remove laws from the books which are often ignored anyway,” Hernandez said.  “I want to thank Senator Phil Pavlov for helping bring this issue to my attention.  His request for an Attorney General opinion really helped us pinpoint the problem which we are trying to fix.”Under the legislation, anyone wishing to solicit funds on or near Michigan roads would have to be doing so for a charitable or civic organization.  They could do so only during daylight hours, and must maintain at least $500,000 of personal liability insurance in order to protect local municipalities from potential lawsuits.“In the communities I represent, local fire departments, police departments, and charitable organizations really depend on fundraising drives to help pay for important programs for the community,” Hernandez said. “As a lawmaker, I believe in eliminating unnecessary and often unenforced regulations whenever possible.”### 02Feb Rep. Hernandez introduces legislation to reduce unnecessary restrictions on charities Categories: Hernandez News,Newslast_img read more


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first_img State Rep.  Mary Whiteford announced the start of her summer reading program throughout the community, which encourages children to read over the summer months and win a chance to join Rep. Whiteford in Lansing for a day.“I encourage children to participate and read as many books as possible this summer,” Whiteford said. “This contest highlights the importance of early literacy and the many benefits that reading provides to our students.”The contest is open to any child in first through fifth grades.  Participants should complete a Rep. Whiteford Summer Reading Contest bookmark for every 10 books they read and drop it off at participating libraries before Friday, Sept. 1. Students may submit multiple entries.The winning bookmark will be chosen randomly and the lucky winner and their family will join Rep. Whiteford in Lansing as Rep for a Day this fall.  Bookmarks with contest rules are available on Rep. Whiteford’s website.Participating libraries include:Allegan Public Library, 331 Hubbard St. in Allegan;Salem Township Library, 3007 142nd in Burnips;Saugatuck-Douglas District Library, 137 E. Center St. in Douglas;Fennville District Library, 400 W. Main St. in Fennville;Hopkins Public Library, 118 E. Main St. in Hopkins;C. Wheeler Public Library, 1576 S. Main St. in Martin;Otsego District Public Library, 401 Dix St. in Otsego; andCharles A. Ransom District Library, 180 S. Sherwood Ave. in Plainwell.For more information on the contest, contact Rep. Whiteford’s Lansing office by phone at 517-373-0836 or email at MaryWhiteford@house.mi.gov. Categories: Whiteford News 22Jun Rep. Whiteford announces summer reading contest for local studentslast_img read more


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first_imgTeliaSonera International Carrier is to deliver NHL ice-hockey games to Viasat Broadcasting in Stockholm under a five-year deal.TeliaSonera will deliver 35 match feeds to Viasat. The company chose Snell to supply of its Alchemist frame rate convertors for fast motion HD sport broadcasts. Encompass Digital Media was chosen to provide the US contribution feeds.last_img