Associated Bus Company Plc ( Q12015 Interim Report

first_imgAssociated Bus Company Plc ( listed on the Nigerian Stock Exchange under the Transport sector has released it’s 2015 interim results for the first quarter.For more information about Associated Bus Company Plc ( reports, abridged reports, interim earnings results and earnings presentations, visit the Associated Bus Company Plc ( company page on AfricanFinancials.Document: Associated Bus Company Plc (  2015 interim results for the first quarter.Company ProfileAssociated Bus Company (ABC) Plc is a leading road passenger transportation company in Nigeria offering a luxury bus service for the discerning traveller. Known as ABC Transport, the company operates a luxury bus service and covers the most important routes between the major towns and cities of Nigeria as well as international travel options in West Africa. Associated Bus Company also owns and operates a budget hotel.  Operations within and outside Nigeria are managed through ultra-modern terminals with comfortable lounges in major cities such as Lagos (Jibowu & Amuwo-Odofin), Aba, Owerri, Port-Harcourt, Abuja, Enugu, Onitsha, Umuahia, Jos, Mbaise, Bolade, and Accra (Ghana). Luxury buses owned and operated by the ABC Bus Company bear the distinguished Reindeer logo which has been adopted to symbolise strength, speed and efficiency. ABC Bus Company was awarded the prestigious title of Best Transporter in Nigeria by the Chartered Institute of Transport. The company consistently wins the National Bus Operator of the Year Award along with other accolades by renowned bodies. Capital Alliance Private Equity (CAPE) has a 30% stake in ABC Transport. The company’s head office is in Lagos, Nigeria. Associated Bus Company (ABC) Plc is listed on the Nigerian Stock Exchangelast_img read more

South Sudan bishop killed in plane crash

first_img This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Youth Minister Lorton, VA Rector and Chaplain Eugene, OR Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Curate Diocese of Nebraska Rector/Priest in Charge (PT) Lisbon, ME Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Sudan & South Sudan Submit a Job Listing Assistant/Associate Priest Scottsdale, AZ Associate Rector for Family Ministries Anchorage, AK Rector Belleville, IL Rector Washington, DC Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Rector Shreveport, LA In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Priest-in-Charge Lebanon, OH Rector Albany, NY Assistant/Associate Rector Washington, DC The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group New Berrigan Book With Episcopal Roots Cascade Books Associate Rector Columbus, GA Africa, Director of Music Morristown, NJ Cathedral Dean Boise, ID South Sudan bishop killed in plane crash Featured Jobs & Calls Press Release Service Rector Collierville, TN Director of Administration & Finance Atlanta, GA Missioner for Disaster Resilience Sacramento, CA Posted Sep 10, 2018 Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Rector Martinsville, VA An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET [Anglican Communion News Service] Yirol Bishop Simon Adut Yuang in South Sudan was one of 20 people killed when a plane carrying them from the South Sudanese capital Juba crashed into a lake as it attempted to land at Yirol Airport. Reports say that thick fog around Yirol, in the center of the country, may have played a part in the accident. Only three of the plane’s passengers survived.Read the full article here. Family Ministry Coordinator Baton Rouge, LA Rector Pittsburgh, PA TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Canon for Family Ministry Jackson, MS Rector (FT or PT) Indian River, MI Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Rector Hopkinsville, KY Featured Events Submit an Event Listing Tags Bishop Diocesan Springfield, IL Priest Associate or Director of Adult Ministries Greenville, SC Associate Priest for Pastoral Care New York, NY Submit a Press Release Curate (Associate & Priest-in-Charge) Traverse City, MI Rector Knoxville, TN Rector Bath, NC The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Anglican Communion, AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Course Director Jerusalem, Israel Rector Tampa, FL Rector Smithfield, NC Assistant/Associate Rector Morristown, NJ last_img read more

Latest “dying child” e-mail hoax

first_img Howard Lake | 29 May 2001 | News  12 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of Researching massive growth in giving.center_img Latest “dying child” e-mail hoax Rachel Arlington is the latest fictitious child subject of a fundaising e-mail chain letter hoax.Rachel Arlington is the latest fictitious child subject of a fundaising e-mail chain letter hoax. The message suggests that simply passing on the e-mail to three other people will generate a 32 cent donation from AOL and ZDNET.It’s another hoax. Read UK Fundraising’s coverage of this and other e-mail hoaxes on behalf of charities. Advertisementlast_img read more

WWF launch viral campaign online against over-fishing

About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of Researching massive growth in giving. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis The Worldwide Fund for Nature (WWF) is to launch a viral e-mail element to its over-fishing campaign.Working with new media agency Moonfish, WWF’s over-fishing campaign online will include banner and button ads, and a Flash movie that will be e-mailed to around 40,000 supporters on the Panda Passport database. Recipients will be encouraged to return to the Web site regularly to keep the sea creatures alive, like an online Tamagotchi.Revolution magazine reports that the online campaign will cost £30,000. Advertisement Howard Lake | 6 March 2002 | News WWF launch viral campaign online against over-fishing  16 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis read more

Coast to coast, marchers declare: ‘Black trans lives matter!’

first_img“Say his name! Tony McDade!”These words rang out on June 20 as hundreds of Clevelanders, members of the LGBTQ2S+ community and allies, marched to the theme, “All Black Lives Matter.” They took to the streets to raise the name of Tony McDade, a Black trans man killed by police in Tallahassee, Fla., and to link the mass Black Lives Matter movement to Pride month. Cleveland, June 20.Riah Melton, a Black trans woman murdered in Liberty Township, Ohio, June 9 was also honored. After being found slain, Melton was deadnamed and misgendered, her lifeless body referred to as “it” by the police and media. Marchers carried dozens of homemade signs, many reading “Black Lives Matter” and others with messages specific to oppressions faced by trans people of color, including many murders, at least 14 in the first half of this year. Demonstrators marched for several miles through Cleveland’s Near West Side, ending at Edgewater Park on Lake Erie. This was one of many “All Black Lives Matter” marches that have brought out tens of thousands across the country this month. On June 14, 25,000 marched in Los Angeles, followed by 15,000 in Brooklyn, N.Y., the next day. More marches have taken place in Chicago, Boston, Columbia, S.C., and other cities. In Ohio’s capital, on the same day as the Cleveland march, Black Queer Intersectional Columbus demonstrated outside the mayor’s home. They raised 12 demands: Resignations of Mayor Ginther and Police Chief Quinlan, freedom of assembly and of the press, free all incarcerated people, take cops out of public institutions and social services, defund Columbus Police Department, end qualified immunity for police, end Ohio’s “felony murder” rule that protects cops, change the city’s name of “Columbus,” and remove racist statues, abolish Immigration and Customs Enforcement and immediately distribute reparations. The Columbus demonstration was a welcome departure from official celebrations of LGBTQ2S+ Pride in recent years, which have largely become corporatized “parades.” Political demands, if there are any, have been limited to addressing homophobia and transphobia.Many more events are planned, both live and virtual, to make Pride Month a month of solidarity with the Black Lives Matter upsurge throughout the U.S.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Bloggers celebrated in Paris, arrested and beaten in Vietnam

first_img VietnamAsia – Pacific RSF_en April 22, 2021 Find out more News The political police have been arresting and mistreating bloggers in Vietnam in recent days, both before and after an 8 December ceremony in Paris at which the Vietnam Human Rights Network and the France-Vietnam Solidarity Association paid tribute to Vietnamese bloggers.Three activists in the fight for freedom, human rights and democracy – Le Quoc Quan, a human rights lawyer, Tran Huynh Duy Thuc, a blogger who heads Research for Democracy, and Nguyen Hoang Quoc Hung, a blogger who defends workers rights – were awarded the 2013 Vietnam Human Rights Prize at the Paris ceremony, which Reporters Without Borders and other NGOs such as Lawyers Without Borders attended. Read here the portraits of laureates. While tributes were paid abroad to Vietnam’s bloggers, they were harassed by the police in Vietnam as they gathered in Ho Chi Minh City and Hanoi on 8 December to celebrate Human Rights Day and the official launch of the Network of Vietnamese Bloggers (NVB) on 10 December.The assembled activists and bloggers carried green balloons with the message “Our human rights must be respected.” Uniformed and plainclothes police dispersed the crowds, bursting the balloons and tearing up the copies of the Universal Declaration of Human Rights that they had been brandishing.Plainclothes police beat the bloggers Chau Van Thi and Hoang Dung in Ho Chi Minh City, while in Hanoi, Dao Trang Loan, Le Hien Duc and Pham Minh Vu were roughed up.A group of bloggers was attacked at round 5 p.m. on 8 December in Ho Chi Minh City while heading to the demonstration. A woman blogger, Nguyen Hoang Vi, was dragged and beaten. Me Nam, another woman blogger, was pushed to the ground while carrying her five-year-old son. Seven other bloggers – Hoang Dung, Nguyen Tien Tuyen, Tran Hoang Han, Trung Hieu Hieu, Vo Cong Dong, Hoang Bui and Tin Ba – who were nearby were beaten when they rushed to help them. Vi and Nam were forced to return home, where a policeman prevented them from leaving for several hours. As well as breaking up attempts by bloggers and activists to organize events, the authorities also constantly hound high-profile bloggers. The recently released Nguyen Phuong Uyen, for example, was expelled from her university on 29 November for “violating the law of the Socialist Republic of Vietnam.”Her mother, Nguyen Thi Nhung, said Uyen had been under constant surveillance and forcibly isolated ever since her release in August. The police told relatives, friends and neighbours to have nothing to do with her because she was a “reactionary.” When she and her mother were dining with friends in September, the police stormed in, roughed them up and forced them to return to Ho Chi Minh City.Click to watch the videoThe plight of the jailed teacher and blogger Dinh Dang Dinh, who underwent an operation for liver cancer last month, is also worrying. Dinh is serving a six-year sentence (upheld on appeal on 26 November 2012) under article 88 of the penal code for posting articles about corruption and other sensitive issues such as Vietnam’s bauxite mining.Dinh’s health has declined dramatically while in detention, partly as a result of being mistreated by prison guards, and Reporters Without Borders is today posting a letter in which his family requests his release.Read the letter in Vietnamese and english here. Reporters Without Borders has undertaken several initiatives to help independent news providers in Vietnam, which is ranked 172nd out of 179 countries in its press freedom index and which features in the 2013 Reporters Without Borders “Enemies of the Internet” special report on surveillance.Last July, Reporters Without Borders launched a petition for the release of the 35 bloggers currently held in Vietnam. After trying unsuccessfully to hand the petition to Prime Minister Nguyen Tan Dung during his visit to Paris in September, RWB is planning other attempts to give it to senior officials. So far, 32,000 people have signed it. You can sign it here. In September, Reporters Without Borders released an investigative report that sheds light on the methods the government uses to censor the traditional media and its persecution of the community of bloggers, cyber-dissidents and human rights defenders.Read the Vietnam report, “Programmed death of freedom of information,” here.Reporters Without Borders also collects funds to provide financial and material support to independent news providers who are censored and persecuted. Support this Reporters Without Borders initiative by making donation here. Reporters Without Borders and many other human rights organization have addressed a joint letter to the judge in charge of hearing Le Quoc Quan’s appeal, in which they call for his release. The letter, which was also sent to foreign embassies in Hanoi, points out the legal weaknesses of the tax fraud charges against Quan and the violations of international law that marked his trial on 2 October 2013. Read the letter to the judge, in english and vietnamese Translation in English VietnamAsia – Pacific Recorded statements by the blogger Huyn Thuc Vy, who won the 2012 prize and who has been the victim of police violence in the past, Le Quoc Quan’s wife and Tran Huynh Duy Thuc’s father were played during the ceremony. Receive email alerts Help by sharing this information Reporters Without Borders was represented at the award ceremony by Benjamin Ismaïl, the head of its Asia-Pacific Desk, who spoke about the courage of Le Quoc Quan and Tran Huynh Duy Thuc, who are in prison because of the information they provided online. to go furthercenter_img Audio recording of THDT’s father : Translation in English In her video recording, Huyn Thuc Vy thanked everyone present for supporting the laureates and stressed the importance for future generations of the struggle being waged by Vietnamese both inside Vietnam and abroad:“A year ago, I had the honour of receiving this prize along with two other, very courageous young women, who have seen the inside of communist prisons. I thank you for allowing me to say a few words at this important event (…) At this festive time, we think of our three friends, Le Quoc Quan, Tran Huynh Duy Thuc and Nguyen Hoeng Quoc Hung. Although life is short, they will have to endure ten years in prison or even more. “We, the Vietnamese inside and, especially, outside Vietnam must speak out in defence of our three friends. I therefore particularly thank our compatriots abroad who have not forgotten our country. Young people like me living in Vietnam can have confidence in our fight for freedom, human rights and democracy in our country.“We have felt your unfailing support and even if our friends, Le Quoc Quan, Tran Huynh Duy Thuc and Nguyen Hoeng Quoc Hung, cannot be present here today to be honoured for their courage, commitment and patriotism, they and their families really appreciate this exceptional encouragement.”Le Quoc Quan’s wife thanked the organizers for the award, their support and the encouragement that the prize represents for her husband, all the other laureates and all other people in a similar situation. She said everyone’s support, in whatever form, was a great help for Quan, who is in prison awaiting the outcome of his appeal. She ended by voicing the hope that all these efforts would one day allow Quan and all the other prisoners of conscience to receive, in person, the prizes they have been awarded for their struggle. December 16, 2013 – Updated on January 20, 2016 Bloggers celebrated in Paris, arrested and beaten in Vietnam News “We condemn the police violence against cyber-dissidents and netizens,” Reporters Without Borders said. “The only thing these disgraceful methods achieve is to demonstrate the weakness of the authorities, who are using all possible means to gag those speaking out against the regime.“We congratulate the Vietnam Human Rights Prize laureates and we hope that this recognition will finally make the authorities understand the importance of freedom of expression and information. We reaffirm our unconditional support for Vietnam’s bloggers and we remind the authorities that their repressive methods are neither just nor effective.“The Vietnam Human Rights Prize awards and the creation of a new network of young bloggers should make it clear to the Communist Party’s officials that the more they try to gag the media and independent news providers, the more the latter will respond with peaceful resistance and the more we will work with them to help news and information to flow freely in Vietnam.” News Vietnam sentences journalist Tran Thi Tuyet Dieu to eight years in prison Organisation April 27, 2021 Find out more News Related documents Dinh Dang Dinh’s family letter (Viet / Eng)MSWORD – 95.5 KBIntervention orale de la femme de Le Quoc QuanMPEG – 473.48 KBIntervention du père de Tran Van HuynhMPEG – 1.36 MBpere_thdt_gb.pdfPDF – 25.54 KBvietnam_portraits_gb.pdfPDF – 37.8 KBdinh_dang_dinh_call-for-exemption_1_.pdfPDF – 267.6 KBle_quoc_quan-letter_to_appeal_judge_english_version-2.pdfPDF – 713.4 KBvietnam_discours_gb.pdfPDF – 20.38 KB Three more independent reporters arrested in Vietnam Follow the news on Vietnam RSF laureates support jailed Vietnamese journalist Pham Doan Trang April 7, 2021 Find out morelast_img read more

Photojournalist killed in Barbados while on assignment

first_img to go further June 24, 2020 Photojournalist killed in Barbados while on assignment August 12, 2016 Find out more RSF_en Follow the news on OECS Nation News, Krystal Hoyte News Organisation OECS – General Manager of Grenada Broadcasting Network censors coverage of staff protest OECSAmericas Protecting journalists Violence Reports RSF calls on Governor of British Virgin Islands to reconsider provisions of cybercrime legislation that could chill journalismcenter_img OECSAmericas Protecting journalists Violence Reporters Without Borders (RSF) condemns the murder of a young newspaper photojournalist who was killed on assignment in Barbados on June 22. RSF calls for a credible investigation into his death. Nation News photojournalist Christoff Griffith was killed on June 22 in Bishop’s Court Hill, Saint Michael, after being assigned to report on a murder that took place at the abandoned residence of Barbados’ Anglican bishop. Workers had been excavating the property when a man who was allegedly living on the property killed one of the workers. Griffith arrived at the scene before police and was attacked and killed upon entering the property, allegedly by the same man. The journalist was only 25 years old. Police now have a man in custody who is cooperating in their investigation into his murder.“RSF is chilled to learn of Christoff Griffith’s murder, which reminds us of the dangers journalists face in the course of their work,” said Dokhi Fassihian, Executive Director of RSF’s North America bureau. “His killing must be thoroughly investigated.”The OECS ranks 44th out of 180 countries in RSF’s 2020 World Press Freedom Index. Local and international media defense organizations express alarm over cybercrime law adopted today in Saint Vincent and the Grenadines Help by sharing this information September 27, 2018 Find out more Receive email alerts News December 16, 2019 Find out more Newslast_img read more

Great gas for globetrotting Limerick councillors

first_imgPedestrian crossing falls ‘out of the sky’ in Pallaskenry Twitter Email TAGSAdare-Rathkeale municipal districtBallyhahillCadenceEnvironPowerCllr Ciara McMahonCllr Kevin SheahanCllr Richard O’DonoghueCllr Stephen KearyfeaturedFianna FáilFine GaelGortadroma landfilllimerickLimerick City and County CouncilSinn Fein Ballyneety Community Development Association (BCDA) ‘Sod turning’ held on June 12 Calls to clean the River Deel in Rathkeale Print RELATED ARTICLESMORE FROM AUTHOR Previous article#Win Tickets for The Rubberbandits at Lime Tree TheatreNext articleLimerick to Cork motorway plan runs into a dead end Alan Jacques NewsLocal NewsGreat gas for globetrotting Limerick councillorsBy Alan Jacques – May 14, 2015 940 center_img Proposal for Adare affordable housing pilot project by Alan [email protected] up for the weekly Limerick Post newsletter Sign Up AFTER a visit to a gasification facility in the South of France ended in farce because of a breakdown at the plant, a group of Limerick councillors are now proposing another familiarisation trip – only this time the venue is in the United States.Last March, a council delegation travelled to the Morcenx plant after agreeing to lease  the former Gortadroma landfill in West Limerick to US firm CadenceEnvironPower to develop a gasification plant and create an estimated 150 new jobs. However it subsequently transpired that the plant was not fully operational at the time of the visit because of a breakdown.But before discussing details of their latest trip to the United States, councillors in Adare-Rathkeale municipal district took aim at the Limerick Post for its “negative” coverage of their recent visit to a plant in France.Fine Gael councillor Stephen Keary told this month’s local area meeting that the visit to the Morcenx gasification plant in south west France, which he attended on March 11, was made “in good faith”.He expressed disappointment at reports in the Limerick Post about the cost of the €10,128 overnight trip and about the plant not being fully operational at the time of the council visit.“All I’ve seen is negativity. We were not enjoying luxury but running around while we were there. I am totally disappointed. They should be ashamed of themselves for their gutter statement,” said Cllr Keary.Cllr Kevin Sheahan (FF), who was not on the French trip, proposed that the local authority send a mini delegation to a “fully functional” gasification plant in America where the plants would be the same scale as what it proposed for the Gortadroma landfill site.“This is a minor hiccup. We need to go back and look at it then clear the air. It must be handled in a way that doesn’t cause concerns to the public,” said Cllr Sheahan.Cllr Richard O’Donoghue, who visited the gasification plant in France, said he was not against his party colleague’s proposal. He suggested that a delegation should visit a plant in the United States that is the same size as what’s proposed for Gortadroma and report back.He also took umbrage with the Limerick Post’s reports about the council’s visit to the Morcenx plant.“What we looked at is nothing like what is proposed for Gortadroma. We went out there and focused our experience on the plant. I am self-employed and took off two days to help the people of the area. I have 25 years experience in construction and every individual on the trip brought their own individual experience,” he said.Sinn Fein councillor Ciara McMahon, who also visited Morcenx, pointed out that councillors were “personally to blame” for allowing the “rumour mill” to gather momentum in Ballyhahill.“We need to set up something for the parish, sooner rather than later to show them that we understand,” she said.Council engineer Gerry Doherty explained that the trip to France was organised as it was the only plant using the same type of technology in Europe and complied with European Commission standards.“It was the most appropriate to visit,” said Mr Doherty.He reassured council members that a public meeting would be set up after the lease is signed for Gortadroma landfill in the next two weeks. Advertisement Linkedin WhatsApp Council row over funding for Ballingarry and Askeaton Facebook Proposal for Adare affordable housing pilot projectlast_img read more

Regulatory Changes, Reputational Risk, Economics Are Factors in Shift to Non-Bank Servicing

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago May 7, 2015 1,188 Views The rules for originating a mortgage have changed in the seven years since the housing crisis, which in turn have changed loan servicing and even caused a transition of servicing from banks to non-depository institutions.The material shift of concentration of top-ten residential mortgage loan servicers from banks to non-banks can be attributed to three factors: Regulatory changes, reputational risk, and basic economics, according to CoreLogic SVP of Government Affairs Faith Schwartz in CoreLogic’s April 2015 MarketPulse.Where regulatory changes are concerned, the BASEL III implementation and the Consumer Financial Protection Bureau guidelines have had the most impact on the shift of mortgage servicing from banks to non-banks. BASEL III placed capital constraints on many of the larger financial institutions in the U.S. with sizable MSR portfolios, and the changes in capital standards have led these institutions to rethink their approach to their MSR holdings, according to Schwartz. Also, the CFPB has imposed more stringent guidelines for servicing, borrower engagement, and document management, which has resulted in institutions paying out more than $100 billion in settlements since the crisis.Reputational risk “remains high with regard to any and all foreclosures,” Schwartz said. The crisis gave regulators the ammunition they needed to create loan servicing-specific legislation and policies, which resulted in the straining of the execution of collection and default services for many servicers, whereas those practices had worked well for them prior to the crisis. There were also a number of challenges magnifying problems that magnified industry problems, such as light contact with the borrower, collection of information from the borrower, and the challenge of creating uniform processes, according to Schwartz.On economics, Schwartz said in post-crisis, the Dodd-Frank Act and subsequent creation of the CFPB led to many consumer protection laws that were enacted to slow down the foreclosure process as the servicing world shifted from that of traditional loss mitigation role to that of a borrower solution provider. Also, the average cost of loan servicing has skyrocketed; the Mortgage Bankers Association and Urban Institute estimate that the cost of servicing performing loans jumped from $59 in 2008 to $159 in 2013, while the average cost of servicing non-performing loans spiked from $482 to $2,357 during that same period.While the shift in servicing from banks to non-depository institutions makes little, if any, difference to consumers, it has the potential to effect investors, according to Schwartz.”For investors, the shift in counter-parties to non-depositories can add additional risk as they are institutions with less capital than banks,” Schwartz said. “But that can and is being managed, as agencies such as the Federal Housing Finance Agency and Ginnie Mae continue to issue guidance and rules around minimum capital requirements and adapt to these changing players in loan servicing.”While there are many metrics in place to monitor the performance of mortgage loan servicers, according to Schwartz, including: rating agencies, the CFPB complaint database, Treasury HAMP ratings, and Fannie Mae’s STAR rating system, to name a few, Schwartz warned that “an area of caution regarding the role of servicing is that the cost of default servicing, as evidenced by recent studies, will materially impact the cost of access to mortgage credit.” The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, Newscenter_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Regulatory Changes, Reputational Risk, Economics Are Factors in Shift to Non-Bank Servicing Tagged with: CoreLogic Mortgage Servicers Non-Bank Servicers Non-Depository Institutions Previous: Monitor: Ocwen Failed Part of Compliance Test; Internal Review Group Has Improved Next: Former FDIC Chair Chosen as President of Private Maryland College CoreLogic Mortgage Servicers Non-Bank Servicers Non-Depository Institutions 2015-05-07 Brian Honea  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Regulatory Changes, Reputational Risk, Economics Are Factors in Shift to Non-Bank Servicinglast_img read more

The Kerala Salary Ordinance- A Cut Above The Rest

first_imgColumnsThe Kerala Salary Ordinance- A Cut Above The Rest Raghavendra S.Srivatsa17 May 2020 11:06 PMShare This – x’Extraordinary situations demand extraordinary measures’. [Prithipal Singh vs State of Punjab, (2012) 1 SCC 10]. If such power is ceded to the judiciary, there is no reason why exercise of plenary legislative power under our socialist constitution should be faulted, when faced with an extraordinary crisis. God’s own country has done it again- this time as the trendsetter…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?Login’Extraordinary situations demand extraordinary measures’. [Prithipal Singh vs State of Punjab, (2012) 1 SCC 10]. If such power is ceded to the judiciary, there is no reason why exercise of plenary legislative power under our socialist constitution should be faulted, when faced with an extraordinary crisis. God’s own country has done it again- this time as the trendsetter in legislative efforts to augment public resources to battle the unprecedented, unforeseen Covid-19 crisis. The Kerala Disaster and Public Health Emergency (Special Provisions) Ordinance, 2020 was promulgated on April 30, 2020 and consequential notifications have also been issued. Two significant orders were passed by our courts on Tuesday, May 5,2020. The first was by the Kerala High Court which refused to stay the operation of the Ordinance and the notifications issued thereunder. The second was by the Supreme Court which refused to entertain a PIL seeking a direction that there should be no cuts in the salaries of the police personnel (the Covid warriors). Both, happily, are a shot in the arm for governments in moulding their policies as demanded by the challenges of the day. The efforts by Kerala in seeking to tide over the crisis of these trying times by seeking to defer payment of a portion of the Government Servants’ and other like employees’ salaries (only of those getting a salary of more than 20,000) have been widely misreported as ‘cut in salaries of Government Servants’. All that the State did was issue a Government Order on April 23, providing that for the months of April-August 2020, payment of 6 days’ salary would be deferred, and to be paid later. The Government Order was challenged by way of a writ petition, and a learned single judge of the Kerala High Court, on April 28, stayed the operation of the GO for two months. This is what the Court held: “…Prima facie, I feel that law is found wanting to justify the issuance of Ext.P1. 19. I also find from Ext.P1 that there is ambiguity in the manner in which the amounts obtained from the proposed deferment of salary is planned to be utilized. It only refers to the financial difficulty that is faced by the Government. The said financial difficulty is not a ground for the State Government to defer the payment of salary by an executive order. Prima facie, I find that deferment of salary for whatever purposes it may be, amounts to denial of property. In such a view of the matter, I stay the operation of Ext.P1 for a period of two months.” Faced with such a situation, the Government had the Ordinance promulgated on April 30. Disaster and Public Health Emergency have been cited as the necessity for making special provisions. Legislative competence to make the law and prescribe the special provisions is beyond any pale of doubt. The only misgiving could have been that the Ordinance was promulgated to defeat the judicial order of stay. That is surely not so: the GO was stayed by the High Court only on the basis that deferment of salaries could not have been effected only by way of an executive order; there was no law backing the action. By promulgating the ordinance, the “void” of a law is any event, it is always open to remove the basis of a judgement by introducing an ordinance/law. [Municipal Corpn of the City of Ahmedabad vs New Shrock Spg and Wvg. Co. Ltd., (1970) 2 SCC 280] The Ordinance: The purpose and object of the Ordinance is plain: ” An Ordinance to make special provision for the deferment of any payment in part, due and payable to any person, institution and any pay, in part, to any employee in the event of disaster and public health emergency in the State and for the matters connected therewith or incidental thereto” “Disaster”, in Sec.2(a), means a catastrophe, etc., natural or manmade and includes disasters notified under the Disaster Management Act, 2005. Sec.2(f) defines “public health emergency” as meaning any health situation or emergency and includes any contagious or epidemic disease. Sec.3, overriding any other law, rule, code, etc., empowers the Government to defer any payment due and payable to any person or institution, in part. Sec.4 provides for deferral of part of pay in the case of a government employee. Sec.5, likewise, provides for deferral of part of pay payable to employees of certain institutions, including local self government institutions, statutory bodies, etc. The empowerment of the Government under Sec.3 overrides any law, rule, code, etc., and the empowerment under Sec.4 and 5 overrides any judgement or order of any court or tribunal. The deferral, in all these provisions, is conditioned upon: the deferral shall be only in the event of a disaster or a public health emergency;the deferred payment shall not exceed twenty five per cent of the payment due; andthe deferral shall be for such period for the management if the situation arising out of the disaster or public health emergency or otherwise. The deferred payment shall be given back to the person, institution or employee concerned and the Government shall do so by issuing a notification within six months of the issue of the first notification under Se.3,4 and 5. Deferral, not denial or deprivation: The Ordinance engrafts sufficient safeguards to ensure that the person’s or an employee’s dues from the Government are not denied- only a part of it is sought to be paid belatedly. There is a solemn duty cast on the Government to give back the deferred part pay and an outer time limit is also stipulated. The deferral is hedged with stringent conditions. There can be no arbitrariness or infirmity in such reasonable action. The deferral is to tide over the crisis of a disaster or public health emergency. As part of the Directive Principles of State Policy, Art.47 casts a duty on the State to raise the level of nutrition and the standard of living and to improve public health. Economic and social planning is also a legislative head available to the State in Entry 20, List III. Competence of the State to legislate on the subject is clear and evident from the various entries, not only in the State List but also in the Concurrent List. Since there is no denial of pay, the deferral of an identified part of pay can be said to be part of the modalities to be worked out by the employer State in disbursement of such pay. It is purely a matter of policy-economic and social. Our courts have recognised the Government has some “play in the joints” in the sphere of public employment. [K.Nagaraj vs State of A.P., (1985) 1 SCC 523]. Further, a law like the instant one, is an economic legislation. The Supreme Court, in R.K.Garg vs Union of India, (1981) 4 SCC 675, quoting from American decisions, held: Another rule of equal importance is that laws relating to economic activities should be viewed with greater latitude than laws touching civil rights such as freedom of speech, religion etc. It has been said by no less a person than Holmes, J., that the legislature should be allowed some play in the joints, because it has to deal with complex problems which do not admit of solution through any doctrinaire or strait-jacket formula and this is particularly true in case of legislation dealing with economic matters, where, having regard to the nature of the problems required to be dealt with, greater play in the joints has to be allowed to the legislature. Dealing with a matter of economic policy, the Government is entitled to make pragmatic adjustments which may be called for by particular circumstances (Permian Basin Area Rate cases [20 L Ed 2d 312 : 390 US 747 (1968)]). Consent of the employee, it is said, is wanting and therefore the Ordinance is assailed as being unreasonable. The mode and manner of disbursement of salary of a Government Servant can at best be pitched as a condition of service. The conditions of some employees of the Government may be changed unilaterally, as the relationship is not governed by contract but by the statute and rules. Consent is not a pre-condition for such change. [State of J&K vs Triloki Nath Khosa, [(1974) 1 SCC 19]. The Ordinance is criticised as having deprived the right to property, for it prescribes postponement of a part of the salary, which is property. Salaries to government employees are to be paid out of public funds. We in India have a socialist Constitution.[ K.Guruprasad Rao vs State of Karnataka, (2013) 8 SCC 418)]. It bears repetition that a pragmatic adjustment, whilst consciously not denying salary, is part of the socio-economic policy. Ultimately, “from each according to his capacity and to each according to his needs” is ingrained in our socialist constitution that empowers the State to place all resources to tide over the crisis occasioned by a public health emergency.Views Are Personal Only(Author is an Advocate-on-Record at Supreme Court of India) Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more