The government-backed Korea Ocean Business Corporation (KOBC) is to offer financial support to ten small and medium-sized shipping companies in an effort to help the ailing shipping industry.The organization selected the shipping companies as partners under sale and lease back (S&LB) projects. This way the companies would receive benefits such as interest rate cuts and extension of maturity through the sale and lease back support.According to a statement released by South Korea’s Ministry of Oceans and Fisheries, the ten companies would benefit from KRW 74 billion (USD 66.1 million) being used to take over 10 vessels.The investment is expected to be finalized by November 2018, the Ministry informed.Based on the 5-year plan for reconstruction of the shipping industry, South Korea reviewed the bases of 36 vessels of 18 companies that applied for a survey on shipbuilding needs in May.Just last week, the government of South Korea approved a major investment in Korea Ocean Business Corporation. On July 24, the country’s finance ministry said that KRW 1.35 trillion (USD 1.2 billion) in-kind investment would be made into the new company through stock contribution.Korean Ocean Business Corporation, which was established earlier in July, would focus on supporting the country’s five-year plan for the reconstruction of its depressed shipping industry with the construction of about 200 ships in the next three years.World Maritime News Staff
The voice of reason is a governor. It’s job is to tell you what you can’t believe, what you can’t do, what you can’t have. It reminds you that you are unreasonable when you think beyond what is “normal.”The voice of reason provides limits. It limits your imagination. It limits your vision. It limits your desires. The voice of reason reminds you that you aren’t supposed to exceed the “natural” limits that have been established by others, by custom, by nature.The voice of reason likes averages. It doesn’t like things too hot, that would mean that things are going too well, and at any minute the roof could cave in. It doesn’t like things too cool, either. That would mean things aren’t going well enough, and that means that any time the bottom might fall out. The voice of reason loves mediocrity.The voice of reason tells you to withhold your gift. It tells you to hold your tongue, not to speak, not to draw attention to yourself, not to stand out. If you are unreasonable, you will open yourself up to criticism. People will judge you, and other people’s judgments may hurt. It reminds you how many other people just like you sacrificed their gifts, choosing the reasonable path of the average.But the voice of reason lies. None of what it recommends is reasonable.It is unreasonable to live a life of quiet desperation. It is unreasonable to deny your imagination, the bigger vision you see for yourself, your hopes and your dreams.It is unreasonable to be average, to withhold your gifts to avoid the critics and the cynics. It is unreasonable not to make the difference that only you can make.It is unreasonable not to go all in on your life’s work, your life’s dream, your mission, and your purpose. Why does the voice of reason believe you are here? As a casual observer?The voice of reason lies. Nothing it recommends is reasonable. Get the Free eBook! Want to master cold calling? Download my free eBook! Many would have you believe that cold calling is dead, but the successful have no fear of the phone; they use it to outproduce their competitors. Download Now
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About the authorPaul VegasShare the loveHave your say Liverpool defender Van Dijk: Thank-you Wolves – but I’ll say no more!by Paul Vegas18 days agoSend to a friendShare the loveLiverpool defender Virgil van Dijk has paid tribute to Wolves after their shock win at Manchester City.Van Dijk was surprised that City were unable to score against Wolves on Sunday.The defending Premier League champions lost 2-0 at home to Nuno Santo’s side while Liverpool won 2-1 against Leicester City to extend the gap at the top of the table to eight points.Reds centre-back Van Dijk said he thought it would be a “difficult game” for City but not as tough as it eventually proved.“I didn’t expect that, of course,” he told Sky Sports.“Everyone expected a difficult game for City, but City at home but it doesn’t happen much that they don’t even score one goal at home.“A great performance from Wolves, you have to give credit to them but you know the situation, you can’t really say much about it.“They will try to bounce back from it and until then we’ve just got to focus on our international football of course.”
The Kingston-based Uniform Centre is reporting an increase in efficiencies and productivity as a result of interventions received through the Jamaica Productivity Centre (JPC) in the Ministry of Labour and Social Security.Managing Director, Gregory Khan, tells JIS News that output has grown by 38 per cent since the company began implementing recommendations made by the JPC.He says the company, which produces uniforms for the local market, and also exports to Cayman, St. Lucia and the Turks and Caicos Islands, is now producing between 15 and 18 pieces of garments per worker, per day, up from 13 pieces.Mr. Khan is pleased with the improvements and says he is more than willing to share his experiences with other businesses “to demonstrate what was done and what can be done”.“For us here the possibilities are endless,” he states.The road to more efficient operations for the Uniform Centre began in October 2010, when the company approached the JPC for a productivity assessment. Having identified the shortcomings, JPC was asked to develop a proposal to assist the company in delivering improvements over the short-term.Over a three-month period, JPC was involved in training the staff and implementing measures, which focused on issues such as waste reduction, energy conservation, factory layout, and production scheduling.“They helped us with our production flow, production management, looked at our inventory systems and even touched on our marketing, and demonstrated the importance of having adequate and proper documentation,” Mr. Khan outlines.Among the recommendations was putting in place a strong and active board. “We (also) developed our Human Resources (HR) policy, our HR manual and all of the basic things needed to take our company forward,” Mr. Khan tells JIS News.Other major benefits from the JPC’s intervention included the development of an energy policy, which led to the replacement of incandescent bulbs with LED lighting, thus reducing energy costs by 10 per cent. Employees were also trained and taught the principles of the 5s – Sort, Set in order, Shine, Standardize and Sustain, in order to create a more efficient working environment.As a result of the JPC’s intervention there have been improvements in the work process, which have resulted in increased output, allowing the company to be better able to reduce waste and adequately meet its customers’ demands with regard to time and quality issues.Absenteeism, which accounted for approximately five to 10 per cent of lost production weekly, has been virtually eliminated.The company realised it could not achieve growth and increased productivity without having a pleasant working environment. As a result, Mr. Khan says, the company has implemented a discussion activity called “WIFLE” (whatever I feel like expressing) on Friday afternoons, when employees are allowed to share their thoughts and make suggestions.“We hold hands and each person will say something about what it is he/she feels like discussing or mentioning. Some of those thoughts are then acted on. People can come to me at any time; they do sometimes, and we have an open door policy,” he informs.Mr. Khan says that employees, who are parents, are given time off to attend Parent-Teacher Association (PTA) meetings. “It is important, partly because of our close relationship with the schools in the area and the wider community,” he notes.He informs that more than 20 employees are residents of nearby communities.The company had been assisting several schools, donating cash and facilitating students at the company to gain work experience.Going forward, Mr. Khan says the Uniform Centre will be focusing on staff training, waste reduction, and overall improvement in productivity levels and diversifying its marketing efforts.While pleased with the improvements, Mr. Khan tells JIS News that there is “far more to go when you assess productivity in terms of the international benchmark.”He notes that the factory’s efficiency level is approximately 60 per cent as benchmarked against an international standard of 85 per cent. “So, we have some way to go. We are little but tallawah and we are just taking it step- by-step,” he tells JIS News.Labour and social Security Minister, Hon. Derrick Kellier, who toured the facility recently as part of Workers’ Week activities, said he was pleased with the successes at the Uniform Centre.“What we have found out is that there has been great improvement in the productivity levels. It is not yet where we expect it to be in respect of where other countries are but they have made a giant leap and we want to congratulate them,” he stated.The JPC is the national organisation responsible for promoting and facilitating productivity enhancement at the national, sectoral, industry, and enterprise levels.It is a tripartite organisation comprising the Ministry, the Jamaica Confederation of Trade Unions (JCTU), and the Jamaica Employers’ Federation (JEF).BY ELAINE HARTMAN RECKORD
Advertisement Facebook Advertisement Login/Register With: LEAVE A REPLY Cancel replyLog in to leave a comment “I wish to thank our creditors sincerely for their patience and support as we worked through the CCAA process to achieve this goal,” said Don McDonald President & CEO of Super Channel. “We had to make some very difficult decisions to ensure survival of the business and for the company to remain an active participant in the Canadian broadcast industry.”A copy of the Monitor’s Certificate and related Court documents can be found on the Monitor’s website at www.pwc.com/ca/allarco.About Super ChannelSuper Channel is a national premium pay television network, consisting of four HD channels, four SD channels, and Super Channel On Demand.Super Channel’s mission is to entertain and engage Canadian audiences by providing a unique and exclusive entertainment experience. With a core foundation of integrity and accountability, we dedicate ourselves to implementing innovative programming strategies and unparalleled team work that provides viewers with exceptional value and variety.Super Channel is owned by Allarco Entertainment 2008 Inc., an Edmonton-based media company.Super Channel is currently available on Bell TV, Shaw Direct, Rogers Anyplace TV, Shaw Cable, Cogeco Cable, Access Communications, Bell Aliant TV, Source Cable, SaskTel, MTS, Novus, EastLink, TELUS, Videotron, Westman Communications and other regional providers.Connect with Super Channel:www.superchannel.caSuper Channel on FacebookSuper Channel on TwitterSuper Channel on Instagram In May 2016, the company sought creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in an effort to facilitate a restructuring and refinancing of its business operations. Since that time, Allarco has continued to operate under CCAA protection, supervised by the Court appointed monitor PricewaterhouseCoopers Inc. (the Monitor). On December 13, 2017 a formal plan of arrangement or compromise (the Plan) was filed with the assistance of the Monitor. Advertisement A meeting of the affected creditors was held on January 24, 2018 where 78 creditors voted in favour for the Plan by a margin of 77-1. The Court approved and issued the sanction order to proceed with the Plan on February 16, 2018.With the issuance of the Monitor’s Certificate of Plan Completion effective April 5, 2018, the CCAA proceedings have been completed in accordance with the Orders of the Court and under the supervision of the Monitor. Twitter EDMONTON, April 16, 2018 – Allarco Entertainment 2008 and Allarco Entertainment Limited Partnership(Allarco) announced today that it has successfully emerged from creditor protection, having been issued its Certificate of Plan Completion from the Court of Queen’s Bench of Alberta (the Court) on April 5, 2018.
A surprise tariff announcement from Donald Trump may have steel and aluminum manufacturers in Canada on edge.Trump said Thursday, he planned to sign an executive order putting a 10 per cent tariff on aluminum exports, and a 25 per cent tariff on steel.If it applies to our country it could hit us hard as Canada is America’s number one supplier in that industry.Carlo Dade, Director of the Centre for Trade Investment Policy at the Canada West Foundation, told CityNews while Alberta doesn’t produce the metals, some of the things manufactured with them could be impacted.“The oil industry: pipe fittings, valves — depending on how wide they expand this,” he said.Dade believes this is just a political tactic.“Back in 2002, when President (George W.) Bush did this, it was clearly designed at certain swing states in the U.S.: Pennsylvania, Ohio, West Virginia,” he said. “It’s the same thing here. We have mid-term elections coming up in the U.S. in the fall.”He said it’s still early and nothing has been signed.“This was decided at the last minute, everyone thought that there would be no announcement and then suddenly, we find out that there was an announcement, so let’s wait and see,” Dade said.
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MONTREAL – Bausch Health Companies Inc. posted a net loss of US$873 million in the second quarter as the company formerly known as Valeant Pharmaceuticals experienced a bigger operating loss and a bigger provision for income taxes than last year.The company, which reports in U.S. currency, says it recorded a $138 million provision for income taxes that represented a $343-million increase from the same time last year, when Valeant recorded a tax benefit.Its operating loss for the quarter ended June 30 was $245 million, which compared with a year-earlier operating profit of $175 million.The operating loss was due primarily to an asset impairment linked to the company’s loss of exclusivity on a product.The net loss amounted to $2.49 per share, compared with a loss of 11 cents per share in the second quarter of 2017.Bausch Health’s adjusted net income fell to $327 million from $362 million a year ago, while revenue fell to $2.13 billion from $2.23 billion in the second quarter of 2018.The adjusted net income was above the estimate of $272 million and revenue was above the estimate of $2.06 billion, according to Thomson Reuters Eikon.The company says its estimate for 2018 full-year adjusted EBITDA earnings has been raised by $50 million to between $3.20 billion and $3.35 billion while its revenue estimate is maintained at between $8.15 billion and $8.35 billion.Bausch Health stock was at $31 per share in early trading on the Toronto Stock Exchange, up $1.41 from Friday’s close.Companies in this story: (TSX:BHC)Note to readers: This is a corrected story. Headlines on a previous version said billions instead of millions.
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OTTAWA – The Liberals have been told to consider taxing robots that displace workers, letting people pay their tax bill in kind rather than with cash, and work to prevent income inequality before it happens.The ideas are part of a massive government effort to adapt to a rapidly changing workforce and stave off some of the strain it could cause on federal finances.Documents obtained by The Canadian Press under the access to information law provide a window into the ideas the Liberals have been asked to consider as they modernize the social safety net and labour regulations.All the ideas are aimed at preparing federal programs designed six decades ago for the workforce demands in the next six decades.What the Liberals and other governments around the world are trying to respond to is increasing automation, the unbundling of work that can be done online by anyone, anywhere in the world, and more short-term jobs that are the hallmark of the “gig” economy.Sarah Doyle, director of policy and research at the Brookfield Institute for Innovation + Entrepreneurship, said the changes will be disruptive and affect some workers more than others, requiring a response to avoid an increase in inequality.“We’re seeing changes happen that very well could become faster and magnified,” she said.“The distribution of the risks and benefits associated with automation, with digitization, with these different large scale trends will not be evenly distributed across the population.”One estimate provided to G7 labour ministers this spring said up to 15 per cent of jobs could be lost to automation over the next two decades. The jobs most at risk are farm and construction workers, accountants, lab technicians and salespeople, according to information provided to a closed-door meeting of top federal officials in December 2017.The professions at lower risk of automation were paramedics, doctors, nurses, teachers, engineers, and journalists.The rise of cross-border telework has also meant tasks previously done by domestic workers are unbundled and posted for international workers whose labour costs less, which federal officials worry could depress wages in Canada.Canadian demand for this online work is larger than its share of the international labour force, signalling an area that policy-makers need to probe, said Armine Yalnizyan, an economist who researches the future of work.Workers in this new “gig” economy — marked by more part-time and short-term contract work — are also less likely to pay into the employment insurance system funded by premiums from employers and employees. A June 2017 briefing to Canada’s labour minister said online platforms were “providing new ways to avoid employer-sponsored benefits and other financial burdens.”Federal officials who were part of the discussion expressed concerns that the trend could deal a fatal fiscal blow to the federal social safety net.Avoiding this fate encompasses a range of solutions, according to the documents.The October 2017 brainstorming sessions included recommendations to pay each Canadian a guaranteed minimum income, which would replace various targeted social benefits. Another idea was to allow Canadians to pay their tax bills through non-cash payments like volunteering to do work for the federal government.Rejigging labour rules to give workers more bargaining power could be part of a push towards “pre-distribution” to boost market incomes instead of relying on government benefits to redistribute income and even out inequality.“Increasingly over the last 50 years, we have seen the bargaining position of workers erode and unless there are measures that can actually improve the way in which workers can bargain for themselves, then we are totally reliant on government to fix everything. And that cannot be,” Yalnizyan said.Lifelong learning has also been a key issue to allow workers to repeatedly drop out of the workforce to upgrade their skills and adapt to changing employment needs, particularly those workers who don’t have digital skills and could find themselves replaced by a robot. There was also a proposal to use technological advances, like 3-D printing, to reduce the costs of goods.And as for those robots? Officials suggested taxing technology that displaces a warm-bodied worker, or require that a portion of the automated work be directed toward a social good.The October 2017 brainstorming session report said the range of policy options hadn’t been fully assessed for “usefulness, impact and feasibility.” Instead, the ideas represented “the beginning of a discussion about how to respond to the changing nature of work.”Labour Minister Patty Hajdu said she believed the government was getting close to finding some of the solutions.“It’s not that we haven’t had change in the world of work before. It’s the rapid pace of change I think that is concerning to many Canadians,” she said in an interview.“But I also don’t necessarily have the same doom and gloom…as maybe some of our opposition parties have because I actually think that there are opportunities in the innovation and in the change.”
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Enbridge said Friday its Canadian Mainline system _ the major oil export route for Canadian oil _ shipped a record average of 2.68 million barrels per day in the fourth quarter, up from 2.59 million bpd in the same period of 2017.Full oil and gas pipelines throughout its Canadian and U.S. network and the addition of new services led to fourth-quarter earnings that beat analyst expectations.Adjusted net income for Canada’s largest pipeline operator was $1.17 billion or 65 cents per share in the last three months of 2018, beating analyst estimates of $1.12 billion or 62 cents per share as noted by Thomson Reuters Eikon.A year ago, Enbridge reported adjusted earnings of $1.01 billion or 61 cents per share for the fourth quarter of 2017. The project is designed to replace an aging pipeline and restore its original capacity of 760,000 barrels per day, an increase of about 370,000 bpd.“Clearly, this pipeline is critical and it has massive support. With PUC approval, we’ve reached the final permitting and construction phase of the project,” said Monaco on the call to discuss fourth-quarter financial results.“With regulators in all jurisdictions having now approved it, it’s full steam ahead on the remaining project execution phases.”As long as permits are received in time to get construction crews into the field by June, the Calgary based company will be able to put the pipeline in service before the end of the year, said Guy Jarvis, president of liquids pipelines, on the call.Previous challenges by the former governor were set aside by the state utilities commission.A lack of export pipeline space was blamed for steep discounts in western Canadian oil prices last year, leading to production curtailments by the Alberta government that began Jan. 1. Results were enhanced by operating performance, optimization of deliveries on existing pipelines, synergies from the Spectra Energy acquisition and $7 billion of projects brought into service in 2018, it said.The results reflected many of the same influences that led to midstream rival TransCanada Corp. reporting net income of $1.09 billion on Thursday, up from $861 million for the same quarter a year earlier.Enbridge has a $16-billion inventory of projects which are scheduled to come into service between 2019 and 2023. CALGARY, A.B. – Enbridge Inc. is confident that its Line 3 oil pipeline replacement project will come into service by the end of the year in spite of a renewed challenge launched this week by the newly elected governor of Minnesota.On Tuesday, Gov. Tim Walz announced that his commerce department would petition the state Public Utility Commission to reconsider its approval of Line 3 through Minnesota, prolonging a process begun by his predecessor.The $9-billion project to export crude from Alberta to Superior, Wis., where it will connect with pipelines to the U.S. Gulf Coast, is needed by shippers, supported by parties along its route and will create jobs and pay millions in taxes to local governments, said Enbridge CEO Al Monaco on a conference call on Friday.
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Greg Pardy of RBC Dominion Securities says oilsands bitumen producers such as MEG Energy Corp. and Cenovus Energy Inc. are likely to post “standout” results given a 16 per cent increase in average Western Canadian Select bitumen-blend prices from the first to the second quarter.Natural gas producers, however, are expected to see more dismal results as Alberta spot gas prices averaged 60 per cent less than in the previous quarter.The earnings parade starts July 24 with Suncor Energy Inc., followed by Cenovus and Husky Energy Inc. the next day.Companies in this article include: (TSX:SU, TSX:MEG, TSX:HSE, TSX:CVE)The Canadian Press CALGARY — Higher oil prices are expected to boost cash flow for Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets.Canadian oil prices steadied in comparison with U.S. benchmarks in the three months ended June 30 following six months of volatility blamed on the failure of pipeline capacity to match growing oilsands output and Alberta’s decision to impose production limits starting in January.Analyst Nick Lupick of AltaCorp Capital says despite current higher prices and expectations of strong prices going forward, producers remain cautious and are more likely to buy back their own shares or raise dividends than increase spending to grow output.