SA hockey teams up against it at World Cup

first_img3 June 2014 South Africa’s men and women’s national hockey teams head into their second round of games at the Hockey World Cup in The Hague on Tuesday after both going down in their opening matches on Sunday. The men fell 4-0 to Germany, the winners of the past two Olympic Games, while the women lost 4-1 to Argentina, the defending World Cup champions. Both the Germans and Argentinians are ranked second in the world rankings.Standout performer Goalkeeper Rassie Pieterse was the standout performer for the South African men against Germany, pulling off a string of fine saves. At the other end of the field, however, coach Fabian Gregory felt his forwards did not make the most of the opportunities they created, especially in the first half. Germany’s head coach Markus Weise was, nonetheless, complimentary of South Africa’s performance, saying he didn’t feel comfortable until his team moved into a 3- 0 lead.Next match South Africa next face New Zealand, 2-1 winners over South Korea in a roller- coaster first outing in which the Asians missed a penalty stroke, on Tuesday. The Black Sticks are ranked sixth in the world, while South Africa, the African champions, are ranked twelfth. The South African men are in Pool B with Germany, the Netherlands, New Zealand, South Korea and Argentina.Women The national women’s team, African champions too and ranked eleventh in the world, face Germany, the world number six, on Tuesday. Giles Bonnet’s charges were found wanting in their defence of penalty corners against Argentina, but they showed admirable fighting spirit against the experienced South Americans.Penalty corner goals Led by Luciana Aymar, the eight-time FIH (International Hockey Federation) Player of the Year, the defending champions led 2-0 at the break, with both goals coming from penalty corner shots by Carla Rebecchi. They added a third goal early in the second half from another short corner, with Noel Barrionueva netting after a variation. Rebecchi completed her hat-trick just before the hour, but only two minutes later South Africa found a reply.South African goal After a flowing counter-attack, Tarryn Bright fired a superb deflection across the goalkeeper and into the corner of the Argentinian goal to make the final score 4-1. The Investec South African women’s group, Pool B, includes Argentina, the United States, China, Germany and England.last_img read more

Whistler Film Festival Announces Call for Submissions for 2018 Edition

first_imgAdvertisement Login/Register With: Advertisement Advertisement Whistler, B.C. – The 18th Whistler Film Festival (WFF) is now accepting submissions, which will run from November 28th to December 2nd, 2018, and will feature up to 90 films comprised of approximately 45 features and 45 shorts. Canadian and International filmmakers are invited to submit films of all lengths and genres by the following deadlines: April 30th for early film submissions (discount on application); June 30th for regular submissions; and August 15th for late submissions.Cinematic excellence rests at the heart of the Whistler Film Festival. To recognize the vitality of the art form, the 2018 festival will feature up to seven juried competitive sections with 14 awards and $146,500 in cash prizes and commissions ($31,500 in cash prizes and $115,000 in prizes). Award categories include the Borsos Competition for Best Canadian Feature Awards, the World Documentary Award, the Mountain Culture Award, the International and Canadian ShortWork Awards, and the MPPIA Short Film Award, as well as the Alliance of Women Female Journalists’ EDA Awards for Best Feature and Best Short. All feature length films are also eligible for the Audience Award to be selected by the festival-going public who cast their votes for the most popular film.“Building on the success of our past 17 years, the Whistler Film Festival remains the last significant North American festival within each calendar year, and continues to build on its reputation as “Canada’s Coolest Festival”,” says Paul Gratton, WFF’s Director of Programming. “For Canadian dramatic films, all Western premieres will automatically compete for the prestigious Borsos Awards and filmmakers will have unprecedented access to distributors and industry executives from across the country. With a focus on indie production that continues to grow in prestige and influence each year, WFF affords unique publicity and distribution opportunities, and serves as an entry point to the North American market. Whistler is one festival that filmmakers can’t afford to miss.” Celebrating its 14th edition in 2018, the Borsos Competition for Best Canadian Feature presented by the Directors Guild of Canada, British Columbia honours independent vision, original directorial style, and the diversity of talent found in Canadian independent film. All feature films of new, narrative work by Canadian filmmakers presenting their Western Canadian premieres at the festival will be eligible. In 2017, 20 entries were presented. For 14 consecutive years, Borsos Competition entries have exuded and celebrated the creative fire and artistry embodied by filmmaker Phillip Borsos, known for his inspiring work on the award-winning films The Grey Fox (1982), and Bethune: The Making of a Hero (1990). An international jury of three seasoned industry veterans adjudicate the following awards: Best Canadian Feature Film (the largest cash and commission festival prize for a Canadian film after TIFF, which includes a $15,000 cash prize presented by the Directors Guild of Canada, British Columbia and $15,000 post-production prize sponsored by Encore Vancouver); Best Director of a Borsos Film presented by the Directors Guild of Canada, British Columbia; Best Screenplay for a Borsos Film; Best Performance in a Borsos Film; and Best Cinematography in a Borsos Film sponsored by the International Cinematographers Guild | Local 669. Esteemed jury members have included Deepa Mehta, Jason Priestley, Luc Déry, Bruce Greenwood, Kim Cattrall, Ivan Reitman, Atom Egoyan, Donald Sutherland, Robert Lantos, and Norman Jewison among others to date.From the personal to the political, WFF’s World Documentary Competitionwill showcase innovative and unique documentaries from around the world. With courageous viewpoints and a deep-rooted desire to explore, these films capture the human spirit in its many guises and often challenge us to look at our world from a new perspective. An international jury of three will select the winner.As a reflection of the festival’s unique setting, WFF’s Mountain Culture Film Competition honours films from around the world that capture mountain places and experiences with a cinematic flourish. All films must be Western Canadian Premieres. A jury of three will select the winner.WFF’s ShortWork Competition will showcase up to 45 short films (under 50 minutes in length) within five short film programs. Presented with verve and limited only by their duration, these short films display the extraordinary talent, dynamism and creative exploration found in the work of some of the world’s most interesting filmmakers. A jury of three will select the International winner and a Canadian winner, which is eligible for a $1,000 cash prize.WFF’s BC Student ShortWork Award will be presented to a short film produced by post-secondary students in British Columbia selected from a film program of up to ten films. A jury of three will select the winner, which is eligible for a $500 cash prize.Film submission guidelines are now available CLICK HERE.Recognized as one of Canada’s leading festivals and industry events, the Whistler Film Festival will welcome film fans and filmmakers to experience its 18th edition from November 28th to December 2nd. Featuring innovative and original films from around the world and opportunities to connect with the people who made them, this year’s five-day fest will be filled with a solid lineup of premieres, artists of our time, lively celebrations, unique industry initiatives, time to play in North America’s premier mountain resort destination.ABOUT WFFS:  The Whistler Film Festival Society (WFFS) is a charitable organization dedicated to furthering the art of film by providing programs that focus on the discovery, development and promotion of new talent culminating with a must attend festival for artists, industry and audiences in Whistler. WFFS produces one of Canada’s leading film festivals and plays a leadership role in offering talent and project development programs for Canadian artists. Find out more CLICK HERE. Facebook LEAVE A REPLY Cancel replyLog in to leave a comment Twitterlast_img read more

Recent Developments Residential school students say theyve been hurt by law firm

first_imgAPTN National NewsOn November 10, British Columbia Supreme Court Justice Brenda Brown ordered an investigation into the allegations made against a Calgary law firm. We do not know how many of the Blott and Company lawyers are facing these allegations.There is a publication ban on material that is before the court.The original air date for the APTN Investigates episode on this matter was to be Jan. 27, 2012. Many of our sources urged us to move the broadcast date up so that their concerns could be made known to the public as soon as possible. So we decided to move the date of our broadcast up to November 28.Our investigation was nearing completion in late October. That’s when the people responsible for overseeing the Indian residential school students’ compensation process suddenly took action. We say “suddenly” because a handful of reliable sources have told us they’d had been reporting concerns for three years or longer and seeing no action. That lack of visible action is what prompted some of those sources to approach APTN Investigates.But after we began asking questions, things definitely started to happen.A meeting attended by a number of senior officials was held in Stand Off, AB. on Oct. 22.More than a dozen people attended that meeting in the Chief Shot Both Sides Building on the Blood Reserve. Included in that number was court monitor Randy Bennett, Michael Mooney of Crawford Class Action Services, National Administrative Committee member Kathleen Mahoney and her spouse Phil Fontaine, former national chief and representative plaintiff for the residential schools settlement agreement, Treaty 7 Grand Chief Charles Weasel Head, who is also chief of the Blood Tribe, Charlene Belleau, head of the AFN residential schools unit, and others.The allegations former students were making against Blott and Company were put before the court monitor at that Saturday meeting in Southern Alberta. We are told the court monitor made the decision then and there to ask the court to order an investigation.We expect the matter was discussed when the Oversight Committee met in Toronto on Oct. 25, but the minutes of that meeting have not yet been posted online.Shortly after that meeting in Stand Off, Mooney applied to British Columbia Supreme Court Justice Brenda Brown for an ex parte order suspending the law firm from contact with its clients. That order was issued in Vancouver on October 31.An ex parte application is one where the other side is not present to argue against the action requested of the court. Ex parte processes are very rare. After the suspension order was issued, the parties were summoned to appear before Justice Brown in Vancouver on November 10.At the end of that day-long hearing, Justice Brown lifted the suspension so that Blott and Company clients could resume receiving legal representation. But the judge ordered the court monitor to commence an investigation into the allegations.As we said earlier, the judge placed a publication ban on materials before the court. APTN Investigates does not know what is before the court. We have not obtained any materials or information from what has been filed in court. We are reporting only on information we gathered independently. Most of that information was gathered well before the court became involved in this matter. Many current or former Blott clients allowed us to look through their files and see the paperwork associated with their claims last August.During the last weekend in November, the court monitor began seizing files. One of our sources voluntarily surrendered the material she had placed in the possession of Russell D. Taylor, a private investigator in Alberta.last_img read more

Football Ryan Day talks depth and recruiting on National Signing Day

Ohio State head coach Ryan Day stepped up to the podium on National Signing Day without much doubt as to what his class would look like. He began the day with 15 players who had signed their letters of intent in the 2019 class, including five-star defensive end Zach Harrison, five-star center Harry Miller and five-star wide receiver Garrett Wilson, bringing the roster total to 83. He added two more linemen:  four-star offensive guard Enokk Vimahi and three-star offensive guard Dawand Jones, making the roster at a full 85 players. After the Vimahi signing, Ohio State was ranked as having the No. 13 class in the country and the No. 3 class in the Big Ten. But to Day, after taking over the head coaching job from Urban Meyer, establishing relationships with the current recruiting class and planning ahead for the future, this 2019 class represented much more than that ranking entailed. “When you look at what we’ve done as a culture since August, with the coaching change, we’ve only had two guys leave the program,” Day said. “When you keep the retention like, it shows about the culture in the coaching change, but also it isn’t about signing 27 guys because you’re retaining guys. Guys want to stay in the program. That’s the strength of our team right now.” Even with the retention, Ohio State did lose depth at quarterback. Redshirt freshman Tate Martell transferred to the University of Miami, and is attempting to gain eligibility with the Hurricanes for the 2019 season.Day said he was disappointed to see Martell leave and wishes him nothing but the best moving forward.“First off, it’s hard to recruit a highly recruited guy, then recruit guys behind them,” Day said. “If they leave, after their third year in the program, it gets really hard. That’s the constant struggle of right now with college football and the quarterback situation. It’s very sensitive.” With former Georgia freshman Justin Fields coming in to replace Martell, it leaves Ohio State with only three scholarship quarterbacks: Fields, freshman Matthew Baldwin and junior Chris Chugunov. Day said he still wants a room with four quarterbacks, the roster would is full. “You have to adjust with what you have,” Day said. “You take it year by year, do the best you can to put the best product on the field, go from there.” Regarding Fields’ eligibility, Day said he is hoping to hear a ruling in the next few weeks, but is “holding his breath” and is unsure at what the ruling would be. According to the head coach, the ruling would determine how many reps Baldwin would get at quarterback in the spring. No matter if it’s Fields or Baldwin behind center at the start of the 2019 season, Day said the youth at quarterback is “a big challenge.”The head coach said he is approaching the 2019 season similarly to what he believes Clemson did last season when it started Trevor Lawrence, a true freshman at quarterback. This is something recruits want: to play immediately when they start college. However, it is not something that usually happens at Ohio State, something that Day is aware of and does not hide from recruits. “Guys want to play right now,” Day said. “The best way to combat that is to be honest in the recruiting process. To tell someone they’re going to come in and play right away is not right. I think you have to be honest with them, tell them it’s a competition. There’s no expectation problems when they get here.” But with one signing day under his belt, his first as the head coach, the future is here for Ryan Day, shown through the recruiting class he has helped shape in his first month on the job.Story updated at 6:43 p.m. after Dawand Jones commits to Ohio State. read more

Iniesta misses Barca training session ahead of El Clásico

first_imgBarcelona captain Andres Iniesta was absent from the club’s latest training session ahead of his final match against arch-rivals Real Madrid in the famous “El Clásico”The veteran playmaker recently announced that he will be ending his 22-year association with Barcelona at the end of the season with Iniesta yet to confirm his future plans.The 33-year-old is reportedly struggling with a minor calf complaint and undertook “specific work” away from the rest of the first-team squad during Thursday’s session.Despite the setback, Barcelona is hopeful that Iniesta will be available for his final appearances in El Clásico on Sunday.Sergio Ramos, Real MadridZidane reveals Sergio Ramos injury concern for Real Madrid Andrew Smyth – September 14, 2019 Zinedine Zidane has put Sergio Ramos’ availability for Real Madrid’s trip to Sevilla next weekend in doubt after withdrawing him against Levante.? Entrenamiento de los jugadores disponibles del primer equipo en el campo Tito Vilanova. @andresiniesta8 hace trabajo específico #ForçaBarça pic.twitter.com/63KhuszuAH— FC Barcelona ???? (@FCBarcelona_es) 3 May 2018The 2010 World Cup winner is expected to join the Chinese Super League in the summer after previously declaring his intentions to leave Europe all together so that he will not have to ever face his beloved Barcelona in a competitive match.last_img read more

Chelsea set to snatch Golovin from Juventus grasp

first_imgChelsea have reportedly entered negotiations with CSKA Moscow for Aleksandr Golovin in a £27m deal, claims the Daily TelegraphThe Russia international had been strongly linked with a move to Juventus prior to the beginning of this summer’s World Cup, but the Serie A champions have failed to reach an agreement with Golovin over the past few weeks.Following his impressive performances at the World Cup, the 22-year-old’s reputation has only enhanced and now Chelsea have leapfrogged Juventus in the for his signature.Franck Ribery, FiorentinaFiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.While the Blues are currently unsure over who will be charge at Stamford Bridge for next season, former Napoli boss Maurizio Sarri remains the strong favourite to replace current manager Antonio Conte.With this in mind, Chelsea have already begun pursuing the Italian’s list of transfer targets with Golovin’s potential arrival having been given the green light by Sarri.Meanwhile, England international Ruben Loftus-Cheek faces an uncertain future and recently admitted that he may be forced to seek a move elsewhere in order to continue playing regularly after an impressive loan spell at Crystal Palace.last_img read more

Alamo Flags owner continues tradition of giving away thousands of American flags

first_img Updated: 4:30 PM 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsSAN DIEGO (KUSI) – A group of local patriots are encouraging others to celebrate their independence over the Fourth of July this year.KUSI’s Dan Plante visited Seaport Village where the owner of Alamo Flags, began his annual tradition of handing out thousands of flags to anyone who wants one. Dan Plante, Posted: July 1, 2019 Dan Plante Categories: Good Morning San Diego, Local San Diego News FacebookTwitter Alamo Flags owner continues tradition of giving away thousands of American flags for Fourth of July July 1, 2019 The “Flag Man” Giveth!!! 1st Generation American Donates 2000-American Flags For The 4th Of July In San Diego. Loves American Flag So Much, He Started “Alamo Flags” In Seaport Village. Check Out Story On https://t.co/eH5XaiBq7S pic.twitter.com/FCel1eBMKy— Dan Plante (@DanPlanteKUSI) June 28, 2019last_img read more

Woman seeking showbiz talent of a certain age for vaudeville revival

first_imgBARBERTON — You’re only as old as you act.Harriet Walker, 69, has an itch to prove it. So she’s hanging a shingle outside the Barberton Grange.Wanted: Showbiz talent of a certain age.“I’m looking for people who can juggle, who can yodel, who can dance, who can do ventriloquism,” she said. “Can you play Dixieland jazz or bluegrass? Can you play the banjo?”If you said yes to any of these — or you’ve got some other stage-worthy skill that generates smiles — and you’re “50 and better,” you’re what Walker’s after. Talent of nearly any sort is welcome. Walker emphasized to this reporter that a dog jumping through a hoop would be great.“I am looking for anyone who has talent that I can put together in a 90-minute show,” she said.She wants to demonstrate that there’s as much seasoned talent in Clark County as there is in Portland, home of the Northwest Senior Theater, an auditions-only company that stages two Broadway-style shows per year. Walker has been a member of NST for years — and wants to imitate it up here.“I’m trying to start an organization patterned after NST — up and running, working well, profitable financially,” she said.And, contributing something to the health and happiness of seniors itching to perform, as well as those who just want to applaud, she said.“There are so many seniors out there that have talents that are not being utilized,” she added. “I want to get them off their couches and away from the television set and putting on our own show. Senior theater is in my blood.”last_img read more

Union Budget 201314 Summary Chidambaram Focuses on Economic Growth

first_imgFinance Minister P. Chidambaram presented Union Budget 2013-14 in Parliament on Thursday amid economic slowdown concerns with India’s economic growth rate falling to 5 percent in the current fiscal year.Here is Union Budget 2013-14 Summary Given Out by Finance Ministry:BUDGET SUMMARY The Union Budget for 2013-14 aims at ‘higher growth leading to inclusive and sustainable development.’ With this as mool mantra, the Finance Minister Shri P Chidambaram has sought to increase allocation to key areas and provide incentives for investments and savings while containing the fiscal deficit to 4.8% of GDP.Presenting the Union Budget in Parliament today, the Finance Minister expressed the hope that the India would achieve high economic growth despite slowdown in the global economic growth.The Minister said that his government has been able to contain the fiscal deficit at 5.2% in 2012-13 by following the path of fiscal consolidation.  But the current account deficit (CAD) is a greater worry, the Minister added. He, therefore, proposes to encourage foreign investment that is consistent with India’s economic objectives.The Finance Minister said that the other areas of concern addressed by his Government are inflation and government expenditure. “Our efforts in the past few months have brought down headline WPI inflation to about 7.0 percent and core inflation to about 4.2 percent. It is food inflation that is worrying, and we shall take all possible steps to augment the supply side to meet the growing demand for food items,” he said.The Minister further said that he had no choice but to rationalize government expenditure in view of huge fiscal deficit in 2012-13. “We also took some policy decisions that had been deferred for too long, corrected some prices, and undertook a review of certain tax policies.”THREE PROMISES: TO WOMEN, YOUTH AND THE POORShri Chidambaram made promises to the women, the youth and the poor –  the three faces that represent the majority of the people of India. Stating that the government pledges to do everything possible to empower the women and to keep them safe and secure, he said that a number of initiatives were underway and many more would be taken by the Government as well as non-government organizations. He announced the setting up of a fund – Nirbhaya Fund – with the Government contributing Rs. 1000 crore.The Minister also announced a Rs. 1,000 crore scheme for training youth to boost their employability and productivity. The National Skill Development Corporation will be asked to set the curriculum and standards for training different skills.  Trained youth who pass a test at the end of training will get a monetary reward of Rs.10000 on an average. This initiative is likely to motivate 10 lakh youth.For the benefit of the poor, the Minister assured that Direct Benefit Transfer (DBT) schemes will be rolled out throughout the country during the term of the UPA Government. “We are redoubling out efforts to ensure that the digitized beneficiary lists are available; that a bank account is opened for each beneficiary; and that the bank account is seeded with Aadhaar in due course,” he said.RURAL DEVELOPMENT, AGRICULTURE AND FOOD SECURITYThe allocation for Rural Development Ministry has been raised by 46 percent to Rs 80,194 crore in 2013-14.Pradham Mantri Gram Sadak Yojana (PMGSY)-II has been carved out to benefit States that have substantially fulfilled the objectives of PMGSY. This will benefit states such as Andhra Pradesh, Haryana, Karnataka, Maharashtra, Punjab and Rajasthan.Ministry of Agriculture gets a rise of 22 per cent over the revised estimates (RE) for 2012-13, at Rs 27,049 crore. Rs 500 crore is being allocated to start a programme on crop diversification. It will encourage farmers in the original green revolution states to choose alternative crops. A pilot programme on Nutri-Farms will be started for introducing new crop varieties that are rich in micro nutrients, such as iron-rich bajra. A sum of up to Rs 200 crore is to be provided to start the pilots.The Budget seeks to support Farmer Producer Organizations (FPO), including Farmer Producer Companies (FPC) which have emerged as aggregators of farm produce and link farmers directly to markets.The target of agricultural credit for 2012-13 (Rs. 5,75,000 crore) is likely to be exceeded, and a target of Rs 7,00,000 crore farm credit has been fixed for the next year.The interest subvention scheme for short-term crop loans is proposed to be continued for loans by public sector banks, RRBs and Cooperative banks, and expanded to private scheduled commercial banks. Under the scheme, a farmer who repays the loan on time is able to get credit at 4 cent per year.Rs.307 crore have been provided for setting up of the National Livestock Mission. This will attract investment and enhance livestock productivity. A sub-mission of this Mission seeks to increase the availability of feed and fodder.Expressing the hope that the National Food Security Bill will be passed by Parliament as early as possible, the Finance Minister has set apart Rs. 10,000 crore towards the incremental cost that is likely under the Act.OTHER MAJOR ALLOCATIONSEducation has been allocated Rs. 65,867 crore, an increase of 17 per cent over the RE for 2012-13.ICDS gets Rs. 17,700 crore representing an increase of 11.7 per cent. A multi-sectoral programme to tackle maternal and child malnutrition that was announced last year will be implemented in 100 districts during 2013-14. It will be further scaled up to cover 200  districts the year after.Ministry of Health and Family Welfare has been allocated Rs. 37,330 crore.  Of this, the new National Health Mission that combines the rural mission and the proposed urban mission will get Rs. 21,239 crore – an increase of 24.3 percent over the RE.The Backward Regions Grant Fund (BRGF) has been allocated Rs. 11,500 crore and will include a State component for Bihar, the Bundelkhand region, West Bengal, the KBK districts of Odisha and the 82 districts under the Integrated Action Plan.Science and Technology related Departments have been allocated funds with substantial enhancements.A National Institute of Sports Coaching is proposed to be set up at Patiala at a cost of Rs. 250 crore over a period of three years. Drinking water and sanitation will receive Rs. 15,260 crore. Rs. 1,400 crore is being provided for setting up water purification plants to cover arsenic and fluoride effected rural habitations.The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) will receive Rs. 14,873 crore as against RE of Rs. 7,383 crore in the current year. Out of this, a significant portion will be used to support the purchase of upto 10,000 buses, especially by hill States.Defence gets an allocation of Rs. 2,03,672 crore and the assurance that constraints will not come in the way of providing any additional requirement for the security of the nation.Stating that adequate funds must be provided for programmes that benefit women, children and minorities, as also the scheduled castes and scheduled tribes, the Finance Minister proposed to allocate Rs 41,561 crore to the scheduled caste sub-plan and Rs 24,598 crore to the tribal sub-plan. The programmes relating to women get Rs. 97,134 crore and child budget, Rs.77,236 crore.The Ministry of Women and Child and Development has been asked to design a scheme that will address women’s concerns, and an additional sum of Rs. 2,000 crore has been provided to the Ministry to began work in this regard. Ministry of Minority affairs has been allocated Rs. 3,511 crore and the Department of Disability Affairs, Rs. 110 crore.INVESTMENT AND INFRASTRUCTUREThe Finance Minister stated that the key to restart the growth engine was to attract more investment, and that the government will improve communication of its policies to remove any apprehension or distrust in the minds of investors. A number of steps to mobilize investment have been announced in the Budget keeping in view that as per 12th Plan the private sector will share 47 percent of Rs 55,00,000 crore investment in infrastructure. Infrastructure Debt Funds (IDF) will be encouraged. India Infrastructure Finance Corporation (IIFCL) will offer credit enhancement to infrastructure companies that wish to access the bond market to tap long term funds. Some institutions will be allowed to issue tax – free bonds up a total sum of Rs 50,000 crore (as against Rs 25,000 crore in 2012-13).Assistance of the World Bank and Asian Development Bank will be sought to build roads in the North Eastern States and connect them to Myanmar. The corpus of Rural Infrastructure Development Funds (RIDF) is proposed to be raised to Rs. 20,000 crore. A sum of Rs 5,000 crore will be made available to NABARD to finance construction of warehouses, godowns, silos and cold storage units designed to store agricultural produce.Shri Chidambaram informed that the newly set-up Cabinet Committee on Investment has held two meetings and taken decisions in respect of a number of oil and gas, power and coal projects. CCI will take up some more projects shortly, he said. The Minister also informed that a regulatory authority is being constituted for the road sector. Bottlenecks stalling road projects have been addressed and 3,000 km of road projects in Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh will be awarded in the first six months of 2013-14.The Budget introduces an investment allowance for new high value investment. A company investing Rs. 100 crore or more in plant and machinery during the period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance of 15 percent of the investment (in addition to depreciation).INDUSTRIAL SECTORPlans for seven new cities have been finalized for industrial corridors and work on two new smart industrial cities at Dholera (Gujarat) and Shendra Bidkin (Maharashtra) will start during 2013-14. A comprehensive plan is being prepared for the Chennai Bengaluru industrial corridor. Preparatory work has started for the next corridor – Bengaluru Mumbai industrial corridor.Two new ports will be established in Sagar (West Bengal) and in Andhra Pradesh. In addition, a new outer harbour will be developed in the VOC port at Thoothukkudi (Tamil Nadu) through PPP at an estimated cost of Rs 7,500 crore.A power transmission system will be constructed from Srinagar to Leh and for this Rs. 226 crore have been provided in 2013-14.The oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts. A policy to encourage exploration and production of shale gas will be announced. The natural gas pricing policy will be reviewed and uncertainties regarding pricing will be removed.To provide greater support to Micro, Small and Medium Enterprises (MSMEs), the refinancing capability of SIDBI is proposed to be enhanced from Rs. 5,000 crore to Rs. 10,000 crore per year. SIDBI will also be provided a corpus of Rs 500 crore to set up a Credit Guarantee Fund for factoring.Apparel Parks are proposed to be set up within the Integrated Textile Parks, to house apparel manufacturing units. A new scheme, Integrated Processing Developing Scheme, is being started to address to environmental concerns of the textile industry. Working capital and term loans to the handloom sector will be available at a concessional interest of 6 per cent. This will benefit 1.5 lakh weavers and 1,800 primary co-operative societies.SAVINGSThe Budget proposes three measures to promote household savings. One, the income limit for Rajiv Gandhi Equity Saving Scheme for first time investors is being raised from Rs. 10 lakh to Rs. 12 lakh. Two, persons taking loan for first home up to Rs 25 lakh will be entitled to an additional deduction of interest of up to Rs 1 lakh. Three, instruments such as Inflation Indexed Bonds will be introduced to protect savings from inflation.FINANCIAL SECTORShri Chidambaram proposed to constitute a Standing Council of Experts in the Ministry of Finance to analyse the international competitiveness of the Indian financial sector.The Finance Minister announced that Rs. 14,000 crore worth of capital infusion will be made into public sector banks. It will be ensured that these banks meet the Basel III regulations.India’s first women’s bank is proposed to be set up with Rs. 1,000 crore as initial capital.The government has finalized a number of proposals relating to the insurance sector in consultation with IRDA. These include empowering insurance companies to open branches in Tier II cities and below without prior approval of IRDA, having an office of LIC and a public general-insurance company in all towns with the population of 10,000, and  permitting banks to act as insurance broker.The Rashtriya Swasthiya Bima Yojana, which cover 34 million families below the poverty line, will now be extended to other categories such as rickshaw, auto-rickshaw and taxi-drivers, sanitation workers, rag pickers and mine workers.The Finance Minister proposes to evolve a comprehensive social security package by converging various schemes for life-cum-disability cover, health cover, maternity assistance and pension benefits.A number of proposals relating to capital market have been finalized in consultation with SEBI. These include simplification of procedure and uniforms norms for foreign portfolio investors, clarity relating to FDI investment, allowing FIIs to participate in new areas, etc.BUDGET ESTIMATESThe total expenditure in the Union Budget 2013-14 is pegged at Rs. 16,65,297 crore. Out of it Rs.5,55,322 crore (33%) is Plan expenditure.  The non-Plan expenditure is estimated at Rs 11,09,975 crore.The Plan expenditure in 2013-14 will be 29.4 per cent more than the revised estimates of the current year. All flagship programmes have been fully and adequately funded.Juxtaposing economic welfare with the economic policy, the Minister said that the link between policy and welfare can be expressed in a few words: opportunities, education, skills, jobs and incomes. The Budget has before it one overarching goal – to create opportunities for the youth to acquire education and skills that will get them decent jobs or self-employment that will bring them adequate incomes that will enable them to live with their families in a safe and secure environment. The Budget sets a target of skilling 90 lakh people in 2013-14, for which funds will be released by the National Rural Livelihood Mission and National Urban Livelihood Mission.TAXESThe General Budget reiterates that clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and independent judiciary for greater assurance is underlying theme of tax proposals. It is proposed to set up the Tax Administration Reforms Commission.As regards Direct Taxes, a relief of Rs. 2000 for the Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs have been proposed. A surcharge of 10 percent on persons (other than companies) whose taxable income exceeds Rs.1 crore have been levied. Surcharge has been increased from 5 to 10 percent on domestic companies whose taxable income exceed Rs. 10 crore. In case of foreign companies, surcharge will increase from 2 to 5 percent, if the taxable income exceeds Rs. 10 crore. Additional surcharges to be in force for only one year. Mr. Chidambaram said, education cess to continue at 3 percent.The Finance Minister announced the grant of investment allowance at the rate of 15 percent to manufacturing companies that invest more than Rs. 100 crore in plant and machinery during the period 1.4.2013 to 31.3.2015. Concessional rate of tax of 15 per cent on dividend received by the Indian companies from its foreign subsidiary proposed to continue for one more year. It is proposed that TDS at the rate of one percent on the value of the transfer of immovable property where the consideration exceeds Rs. 50 lakhs to be levied.Agricultural land to be exempted from TDS. Modified provisions of GAAR will come into effect from 1.4.2016. It is also proposed to increase the rate of tax on payments by way of royalty and fees for technical services to non-residents from 10 percent to 25 percent. The Budget also proposes to introduce Commodities Transaction Tax (CTT) in a limited way. However, agricultural commodities will be exempted. A number of administrative measures such as extension of refund banker system to refund more than Rs. 50,000, technology based processing, extension of e-payment through more banks and expansion of in the scope of annual information returns by Income-tax Department.With regards to Indirect Taxes, the Finance Minister proposed no change in the normal rates of 12 percent for excise duty and service tax. Similarly, no change has been made in the peak rate of custom duty of 10 percent for non-agricultural products. Custom duty on free gold limit increased to Rs. 50,000 in case of male passenger and Rs. 1,00,000 in case of a female passenger subject to conditions.Duty on imported luxury goods such as high end motor vehicles, motor cycles, yachts and similar vessels increased. Custom duty on Set Top Boxes increased from 5 to 10 percent while on raw silk increased from 5 to 15 percent to boost domestic production. Custom duty on specified machinery for manufacture of leather and leather goods including footwear reduced from 7.5 to 5 percent. The Budget also proposes that period of concession available for specified part of electric and hybrid vehicles extended upto 31 March 2015.Excise duty on SUVs increased from 27 to 30 percent. However, this will not apply to SUVs registered as taxies. Cigarettes will cost more as specific excise duty increased by about 18 percent. Similar increases are proposed on cigars, cheroots and cigarillos. Duty on mobile phones priced above Rs. 2000 has been raised to 6 percent from the current one percent.The Budget proposes ‘Voluntary Compliance Encouragement Scheme’ where a defaulter may avail of the scheme on condition that he files a truthful declaration of Service Tax dues since 1.10.2007. It is a one-time scheme in which interest, penalty and other consequences will be waived.The Budget proposes to mobilize Rs. 18,000 crore in which new proposals in indirect taxes will yield Rs. 4,700 crore and direct taxes of Rs. 13,300 crore.In a major step to rationalize taxation on goods and services, the Budget has earmarked Rs. 9,000 crore towards the first installment of the balance of CST compensation. The Minister said that overwhelming majority States have agreed that there is a need for Constitutional amendment to pass GST law. It will be drafted by the State Finance Ministers and the GST Council, the Minister added.last_img read more

RMZ waiting for clarity on dividend distribution tax before IPO

first_imgRMZ Corp, real estate developer and investor, would wait for signals from the government on dividend distribution tax (DDT) before finalising its initial public offering (IPO), a senior company executive said on Thursday.”We are looking for clarity on the dividend distribution tax and stamp duty in the (upcoming) Union Budget based on which we will decide on how and when to get listed,” the executive told IB Times Media on the condition of anonymity.”India is our first priority for listing and if it does not work out, we will look at Singapore,” he added.In India, dividend is tax-free at the hands of shareholders but the company that distributes dividend is liable to pay tax to the government. “This comprises DDT of 15 percent along with a surcharge of 12 percent and education cess of 3 percent (inclusive of surcharge). Provisions exist to remove the cascading effect of DDT in a holding company-subsidiary relationship,” according to a KPMG note.The Budget session of Parliament will begin from 23 February and end on 13 May, 2016. The railway budget will be presented on 25 February and the union budget on 29 February. The economic survey will presented on 26 February.Bengaluru-based RMZ hopes to close FY2016 with lease rentals of $200 million and is currently outperforming the market in terms of rentals.”Rentals are growing in the range of 5 percent to 7 percent every year overall, but we are growing at a rate of 10 percent to 12 percent,” the executive said, attributing it to “premier” locations of the company’s office properties and better asset management.The executive said further that the company would be investing about $500 million in the next 12 to 18 months to take its current 20 million sq ft office property portfolio to 80 million sq ft by 2021.Qatar Investment Authority (QIA) has an investment of about $300 million and Barings Private Equity Partners has invested about $100 million in RMZ Corp.RMZ Corp’s office properties are located in Bengaluru, Chennai, Pune, Mumbai and New Delhi.The company recently purchased Essar Group’s Equinox Business Park in Mumbai for about $360 million, according to a Business Standard.last_img read more