Tag: Archibald

Cochin Shipyard Cleared to Build USD 268 Million Drydock

first_imgzoom India’ Cabinet Committee on Economic Affairs has given its approval for construction of a new drydock within the existing premises of Cochin Shipyard Limited (CSL) at an estimated cost of INR 1,799 crore (USD 267.7 million).The objective of the project is to increase the shipbuilding and ship repair capacity of the country and tap the market potential of building specialized and technologically advanced large vessels such as liquefied natural gas (LNG) vessels, indigenous aircraft carriers of higher capacity, jack up rigs, drill ships, large dredgers, and repairing of offshore platforms and larger vessels.There would be no financial outgo from the government on account of the construction of new dry dock as the expenditure will be funded through Internal and Extra Budgetary resources (IEBR) of CSL and the funding requirements are fully tied up.The government expects that apart from direct employment of 300 personnel, about 2,000 personnel would be indirectly employed when the project becomes fully operational.last_img read more

Mortgage stress test accounts for up to 15B drop in new mortgages

Companies in this story: (TSX:CM)The Canadian Press A new report by CIBC estimates Ottawa’s new mortgage stress tests last year accounted for at least half of the decline in new mortgage originations.Benjamin Tal, deputy chief economist at CIBC World Markets Inc., says the total value of new mortgages fell by eight per cent or $25 billion in 2018.He estimates the impact of the new stress test made up $13 billion to $15 billion of that drop.The test came into effect last year and requires home buyers to prove that they can service an uninsured mortgage at a higher rate than they qualify for in order to receive a loan from a federally regulated lender.Tal says while the stress test was probably necessary, regulators should revisit it.He says it doesn’t take into account that borrowers’ incomes are likely to rise throughout their mortgage term, among other things. read more