GST likely to cause huge revenue loss for Tamil Nadu: AIADMK

first_imgNew Delhi, Nov 27 (PTI) Amid government efforts to build consensus over GST Bill, AIADMK today stuck to its opposition to the reform measure, insisting that the law would cause huge revenue loss for Tamil Nadu. Participating in the discussion on Committment to the Constitution, AIADMK member K Gopal also raised concerned about the Centre-State relations. AIADMK has 37 members in the Lok Sabha and 12 members in the Rajya Sabha. Gopal said central governments, whether that of UPA or NDA, have been trying to derail the powers entrusted to the states, adding that the GST (Goods and Services) Bill was one such danger. The member also said Tamil Nadu Chief Minister J Jayalalithaa has voiced concern about the impact of GST on fiscal autonomy of states. GST is likely to cause huge losses to manufacturing and net exporting states like Tamil Nadu, Gopal noted. His remarks comes against the backdrop of the Centre seeking support from all parties for the passage of GST Bill. Yesterday, Finance Minister Arun Jaitley said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through. PTI RAM SPG ARClast_img read more

Cabinet Approves Funding for Labour Day Activities

first_imgCabinet has approved $4 million to fund Labour Day activities, which will be observed on Thursday, May 23, under the theme: ‘Lend a Hand…Build Our Land’.Information Minister, Senator the Hon. Sandrea Falconer, made the announcement on Wednesday, May 15, at the weekly Jamaica House press briefing.Projects will focus on children’s homes, day care centres, and basic schools. The national project is the St. Mary Infirmary, in Port Maria.Meanwhile, Cabinet approved a contract of $84.1 million to Modern Investigation and Security Company Limited to provide security services at the Bellevue Hospital in Kingston for three years.Minister Falconer noted that in approving the contract, Cabinet had raised concerns about the treatment of workers by companies that provide security services, and therefore mandated that measures be implemented to ensure that companies are compliant with the relevant regulations, before being awarded government contracts.Cabinet also approved a contract of $46.6 million to Industrial Gases Limited to supply medical gases to the Western Regional Health Authority for 12 months.The facilities which will benefit are Noel Holmes, Falmouth, Savanna-la- Mar, and Cornwall Regional Hospitals.Senator Falconer said based on Cabinet instructions to the Ministry of Health, a Task Force has been established to prepare a framework document for the supply of medical gases to the public sector.Contact: Alphea Saunderslast_img read more

ISH Moves Towards Emergence from Bankruptcy

first_imgzoom Alabama-based shipping company International Shipholding Corporation (ISH) has received the necessary approvals from the US Department of Transportation Maritime Administration, satisfying certain conditions before its reorganization plan becomes effective.The plan was confirmed by the US Bankruptcy Court for the Southern District of New York in March 2017.The company is expected to emerge from bankruptcy as a subsidiary of Seacor Holdings following the satisfaction of the remaining conditions and on a date to be specified by ISH.As disclosed, the effective date could be on or prior to July 3, 2017.“This has been a long and challenging process. We are most thankful for the support of our dedicated employees, customers, and suppliers during this transition. That support has been integral to the significant progress made towards a successful outcome of the Chapter 11 process,” Erik L. Johnsen, President and CEO of ISH, commented.“Through the leadership and capabilities of Seacor, upon emergence from bankruptcy International Shipholding will emerge as a stable, well-capitalized business with a bright future,” Johnsen added.“Today marks the achievement of an important step towards a restructuring transaction that will allow the company to move forward with a solid financial and operational foundation under the Seacor umbrella of companies,” Eric Fabrikant, Seacor Holdings’ Chief Operating Officer, said.Under the plan, new equity will be issued in the reorganized company to Seacor in exchange for a USD 10.5 million cash infusion and the conversion of USD 18.1 million in outstanding debtor-in-possession financing claims to equity.What is more, the plan includes USD 25 million in a new senior debt exit facility, a substantial majority of which will be used to satisfy creditor claims.According to the terms of the reorganization plan, ISH also agreed to sell its pure car/truck carriers (PCTCs) to NYK Group Americas.last_img read more