Top Alumina Producer, UC Rusal, Says It is Staying

first_imgRelatedTop Alumina Producer, UC Rusal, Says It is Staying Advertisements FacebookTwitterWhatsAppEmail Russian alumina conglomerate, UC Rusal, which owns 52 per cent of local alumina production, has reaffirmed its commitment to continue operating in Jamaica, Minister of State in the Ministry of Energy and Mining, Hon. Laurence Broderick, has confirmed.“They have successfully negotiated debt rescheduling arrangements with a consortium of Russian and western banks amounting to US$11.9 billion, out of a total debt of US$14.5 billion,” Mr. Broderick told the House of Representatives on Tuesday (July 21) as he made his contribution to the Sectoral Debate.“We have been assured that the company is trying its best to resolve its debt situation, in a manner that will ensure its long term future and involve little or no disposal of existing assets,” he explained.UC Rusal currently holds majority shares in West Indies Alumina Company (WINDALCO) which has plants at Ewarton, St. Catherine, and Kirkvine, Manchester, as well as ALPART (Alumina Partners), Nain, St. Elizabeth. This represents 23 percent of the company’s overall production output.Mr. Broderick said that the issue of Rusal’s viability, in the face of the current global economic crisis, was of concern to the Ministry and, by extension, the administration.He said that, through diplomatic channels and various meetings, the Ministry sought a clear indication from the company regarding its future in Jamaica.“Despite the present difficulties relating to the global downturn in the aluminium industry and their own financial difficulties, UC Rusal has unequivocally asserted that they intend to remain in Jamaica for the long haul,” Mr. Broderick said.Operations at the plants have been scaled down since April of this year, consequent on a fall in demand for alumina on the world market resulting from the global economic crisis.Mr. Broderick informed the House that while UC Rusal takes the necessary steps to revive its operations, the Ministry was reviewing options within existing agreements with the Government, to ensure that the interests of Jamaica, the administration and workers in the sector are secured.He also informed the House that a joint bauxite task force has been established, to closely monitor critical aspects of the closing down process within the local bauxite/alumina sector and the possible impact.Noting concerns arising regarding the “proper” closure of the facilities, Mr. Broderick said the process was being undertaken at the directive of Prime Minister the Hon. Bruce Golding whom, he said, had mandated that it be closely monitored.Ministries and agencies comprising the task force include: the National Environment and Planning Agency (NEPA); the National Lands Agency (NLA); Water Resources Authority (WRA); the Energy and Mining Ministry, inclusive of its Mines and Geology Division; and the Jamaica Bauxite Institute (JBI).He said that, since May, the multi-agency group has been working in close collaboration with the bauxite and alumina companies “to ensure compliance with the agreed monitoring regime.”The areas being monitored include: mothballing of the plants; environmental management; land rehabilitation; maintenance procedures; safety; land and reserve management; employee interests; industrial relations; and community outreach programmes. RelatedTop Alumina Producer, UC Rusal, Says It is Stayingcenter_img RelatedTop Alumina Producer, UC Rusal, Says It is Staying Top Alumina Producer, UC Rusal, Says It is Staying CommerceJuly 22, 2009last_img read more

Telefonica creates infrastructure company

first_img Telefonica set up a  firm called Telxius to house its global infrastructure assets, with a brief to get involved with growth opportunities “including the possibility of incorporating third party assets”.The business will be headed by Alberto Horcajo, currently CFO at Telefonica Brasil.Initial assets include around 15,000 Telefonica telecommunication towers in Spain and other countries, as well as the Telefonica Group’s international network of 31,000 km of submarine fibre optic cable.The creation of Telxius “is part of the optimisation strategy for the Telefónica Group asset portfolio,” the operator said, and will enable the management of the Telefónica Group’s infrastructure on a global scale with a more specialised and focused approach.The idea is to offer more services to other operators, as well as improve the return on capital invested. In addition, the new move will allow Telxius “to participate in the growth opportunities that exist in the industry, including the possibility of incorporating third party assets”, which seems like a reference to M&A possibilities for the new firm.In addition to is domestic towers and international undersea cable, Telefonica also has a backbone network connecting more than 40 countries in Europe and the Americas, including the US.“Over the coming months, a number of newly created companies, including the aforementioned assets, will be gradually integrated into Telxius,” said the statement.Last month it was reported that Telefonica was working on a spin-off of its domestic infrastructure unit and could either list it or look for a trade buyer for a minority stake. A source placed a valuation of between €5 billion and €6 billion on the unit.The current announcement regarding Telxius makes no mention of a potential sale or listing.Telefonica previously sold more than 1,000 masts in its home market to Spanish infrastructure firm Cellnex several years ago. Home Telefonica creates infrastructure company Español Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters – creating content, writing blogs and reports as well as conducting feature interviews…More Read more Author Saleha Riaz Previous ArticleMillicom Q4 hit by weak emerging market economiesNext ArticleNokia to fall short of squeeze-out target Telefónica refuerza la seguridad de las cadenas de bloquescenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 10 FEB 2016 Telefonica bolsters blockchain security Related Luz verde a la fusión entre Telefónica y Liberty Global en el Reino Unido Tags Telefonicalast_img read more

Indian operators, regulator price floor talks imminent

first_imgHomeAsiaNews Indian operators, regulator price floor talks imminent Author India to shun China vendors in 5G trials AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 17 JUL 2017 Airtel returns to profit Joseph Waring Tags Previous ArticleGrab to raise $2B from SoftBank and DidiNext ArticleWarner Music Group acquires concert discovery app center_img India’s telecoms regulator will hold a meeting with the country’s mobile operators on 21 July to hear their view on setting a minimum tariff for voice and data services, The Economic Times (ET) reported.The Telecom Regulatory Authority of India (TRAI) reportedly asked operators to present their detailed reasoning behind supporting a price floor as well as why they don’t also support price caps.After Reliance Jio launched 4G services in September 2016, offering a series of generous free voice and data packages, some mobile players pushed the regulator to impose a minimum price to prevent companies offering tariffs which are lower than the cost of services.Current regulations require operators only to inform TRAI of their planned tariffs seven days before launch, so setting a floor price would be a major policy shift, ET said.Operators’ balance sheets have been significantly impacted by a price war sparked by Jio’s entrance. Bharti Airtel and Idea Cellular posted heavy losses in the January to March quarter.TRAI figures showed monthly ARPU in Q1 declined nearly 21 per cent from the previous quarter to INR83 ($1.29). Asia Jio profit soars on subscriber gains Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he… Read more Related Bharti-AirtelIdea CellularIndiaReliance jioTrailast_img read more

Legal aid cuts will not affect quality, Vara insists

first_imgCriminal legal aid cuts will not affect the quality of lawyers, according to the legal aid minister Shailesh Vara.The former City solicitor, who took over the legal aid brief from Lord McNally in the recent reshuffle, told the All Party Parliamentary Group on Legal and Constitutional Affairs that those who qualify for legal aid will continue to get a ‘world class’ service, despite the planned £220m cuts.He said officials are currently analysing the ‘roughly 2,000 responses’ received to the second consultation on the proposals and the government expects to publish its response in the ‘near future’.Vara (pictured) assured the profession: ‘We have been listening and we will continue to do so.’ He said: ‘We want to ensure the long-term sustainability of the legal profession in the difficult environment that it faces,’ insisting that cuts were needed due to the financial situation.The Law Society’s deputy vice president, Jonathan Smithers, stressed the ‘extremely challenging’ impact the cuts will have on solicitors. ‘We know from the evidence we are collecting that many firms will struggle to survive even the first cut, which is likely to affect the supplier base very considerably,’ he said.Many firms, he suggested, can only continue to provide legal aid services because they cross-subsidise with other parts of work.Smithers raised concerns over the introduction of a single flat fee regardless of plea, which he said ‘cannot be justified in the interests of justice’. He said the proposed national fixed fee for police station work was ‘unsustainable’ and questioned the lack of escape fees for this work.But Vara stressed that with the cuts to very high cost case (VHCC) work, the government had tried to ensure that high earners bore the brunt of the cuts. Vara claimed that 17% of barristers received a six-figure fee income last year, solely from criminal legal aid, and that around two thirds of criminal legal aid barristers doing VHCCs receive fee incomes of over £100,000.One case, he said, cost £8.5m and would still cost £6m after the changes, and the top three cases cost the taxpayer £21m. After the cuts, he said, the cost of those three cases would still be a ‘staggering’ £14m.‘Even after the latest proposals, we will have one of the most generous legal aid systems in the world, costing £1.5bn a year,’ said Vara, adding that the system will ‘remain loyal’ to its founding principles.Liberal Democrat peer and barrister Lord Carlile QC challenged the minister over the fee cut for VHCC work, which he said could be as much as 40%, calling his figures ‘grossly misleading’. He questioned the ‘ethics of government’ that could allow a ‘unilateral breach of contract’, suggesting that any predicted savings are ‘illusory’ as the cases will have to be prepared again after barristers refuse to do the work. ‘I warn you that if you go down that road, you will have chaos in the residual VHCC work because the bar will withdraw from them wholesale,’ said Carlile.Bar chair Maura McGowan QC took issue with the claim that England and Wales has one of the most expensive legal aid systems in the world, saying she wanted to ‘nail the lie’.When you measure like for like, she pointed to National Audit Office research that said the spend in England and Wales is ‘average’.McGowan said the country continues to enjoy a justice system that is the envy of the world, but warned that in a couple of years it will be ‘no better than it is in a couple of states of America’.last_img read more

UWF Women’s Cross Country Finishes Fourth In Gulf Coast Stampede

first_imgUWF Women’s Cross Country Finishes Fourth In Gulf Coast Stampede Share Kelbe Beck led the Argos with a 12th place finish center_img PENSACOLA, Fla. – The University of West Florida women’s cross country team had a fourth place showing this morning at the Gulf Coast Stampede held at the Escambia County Equestrian Center. The Argos had the best showing out of the Division II schools that completed in the meet, which was filled with completion from Division I, II, III and NAIA schools. Kelbe Beck led the Argonauts with a 12th place finish with a time of 19:41.Division I teams Southern Mississippi, Nicholls State and Alabama State took the top three team spots. Nicholls State’s Kadi Whisnant and Lauren Jones took the top two finishes with times of 18:23 and 18:28, respectively. Southern Mississippi claimed third through fifth place. Argonaut Kelbe Beck (Tallahassee) was the first representative from a Division II school to finish, taking 12th place.“I was proud of how we performed today, considering the strong competition that we faced,” stated head coach John Bergen. “Having to race against Division I schools like Southern Mississippi and Nicholls State, challenges our team and can only make us better.”Stacy Paton (Stuart) finished just behind Beck, with a 13th place time of 19:45. A trio of Argos finished in 21st, 22nd and 23rd place. Sophomore Karyssa Tourelle-Fallon (Navarre) finished in 21st with a time of 20:15. She was followed by freshman Ruth Ashley (Altamonte Springs), who finished in 20:18. Freshman Renea Porsch (Land O’ Lakes) finished four seconds behind Tourelle-Fallon in 22nd at 20:22.“Kelbe and Stacy ran really strong today,” said Bergen. “Six of our girls run 20:30 or better, which I’m really proud of.”Sophomore Elizabeth Wiese (Mount St. Mary, N.Y.) finished in 26th with a time of 20:33. Beatriz Labrada (Sandy Springs, Ga.) finished the 5k in a time of 21:57 to place 49th. Sophomore Sabrina Seignemartin (Navarre) was three seconds behind Labrada with a time of 22:00 to finish in 50th place.The men’s and women’s teams travel to Clinton, Miss., Friday, October 8th, to complete in the MC Watson/Ford Invitational. Hosted by Mississippi College, the women’s 6k event will start at 4:30 p.m. The men’s 8k will follow at 5 p.m. Results from the meet will be available on GoArgos.com.For information on all UWF Athletics, visit www.GoArgos.com. — www.GoArgos.com –Print Friendly Versionlast_img read more