President to swear in members after finalisation of terms, conditions

first_imgPublic Procurement CommissionPresident David Granger is awaiting the parliamentary Public Accounts Committee (PAC) to finalise the remuneration packages, Terms of Reference and other administrative arrangements before swearing in the members of the much-anticipaIfraan Alited Public Procurement Commission (PPC).Minister of State,Joseph HarmonPresident David GrangerThis is according to Minister of State, Joseph Harmon, who explained during the post-Cabinet briefing on Thursday that the work of the PAC was preliminary to the appointment of the members. He noted that before the members of the PPC are sworn in, the PAC needed to finalise certain terms and conditions.“As soon as the Public Accounts Committee sits, there are some proposals which will go before it in so far as salaries and things like that. The law requires the Chairman of the (Public Procurement) Commission is a full-time employee of that commission, which means that those persons who are named – one of them will be a chairman and another will be a vice chairman, and if they are working somewhere else, one of those persons will have to leave their job,” the Minister of State outlined.Harmon continued, “So, if you are working somewhere and going for another job, at least you must know what the salary you will be getting before you leave your job, and so it is some of these terms and conditions that have to be settled by the Public Accounts Committee.”At the end of July 2016, the PAC agreed on the nominees for the PPC, and that list was subsequently approved by a two-thirds majority of the National Assembly on August 8.The approved members include Attorney Emily Dodson, Carol Corbin, University of Guyana lecturer Sukrishnalall Pasha, educator Ivor English and former Labour Minister Nanda Gopaul.This list was subsequently sent to the Head of State for the members to be sworn in, but this is yet to be done, as Government is awaiting the finalisation of the terms and conditions for the Commission.However, PAC Chairman, Opposition parliamentarian Irfaan Ali recently pointed out that the President could go ahead with swearing in the members of the Procurement Commission, as he did not have to necessarily wait for the Committee to finish its work on the PPC.Nevertheless, Ali assured that the PAC, “after the Parliament comes out of recess, would be moving to have this issue as a priority on its agenda in setting out the administrative mechanism to support the work of the Public Procurement Commission, so there is nothing that is stopping the President from swearing in the members of the Public Procurement Commission”.Meanwhile, Harmon said on Thursday that Government was also supportive of fast-tracking the process at the level of the Parliamentary Committee.“We will like that to be a top priority as well, and we will give that our full support to ensure that it is fast tracked,” he stated.On the other hand, the Minister of State outlined that once the PPC was set up, it would pave the way for the establishment of the Public Procurement Tribunal – a process which the Commission would need to have a say in. “The Public Procurement Commission has a role in the selecting of that tribunal – one has to be set up before the other so that the one that is set up before can have a say in the setting up of the other. So, we got to get the Public Procurement Commission up and running and then the Tribunal will be set up,” he explained.  The issue of establishing the PPC predated the holding of the General and Regional Elections in May 2015, as the then Opposition had insisted that Cabinet should cease the practice of giving its ‘no objection’ to contracts for State projects and services, in favour of the PPC.last_img read more

Opinion: ‘It’s our turn to move South Africa forward’

first_imgThe freedom we now enjoy and celebrate was achieved through the selfless sacrifice of patriots who were prepared to pay the ultimate price, says the GCIS’ acting director-general Donald Liphoko. (Image: Shamin Chibba)By Donald Liphoko, acting director-general of GCISOn Freedom Day millions of South Africans will celebrate the day that marks the occasion of our first democratic elections in 1994 and gave birth to our freedom and constitutional democracy.Some will choose to spend the day at home surrounded by family and friends, others may gather at the national Freedom Day celebrations in Manguzi, Umhlabuyalingana Municipality, KwaZulu-Natal, which will be led by President Jacob Zuma. There are also those who may choose to use the national Freedom Day celebrations as a platform to raise their concerns.Whatever South Africans choose they will be free to do so. Our Constitution, our democracy, and our freedom have ensured that all people across our land are free to celebrate in the manner of their choosing.At face value, this seems utterly obvious, but we must never forget that before 1994, what now seems so utterly normal was denied to the majority of our fellow countrymen and women.The freedom we now enjoy and celebrate was achieved through the selfless sacrifice of patriots who were prepared to pay the ultimate price. They lived and died for the dream of a free and democratic South Africa that would be truly united, non-racial, non-sexist and prosperous. A country where everyone no matter their present circumstances would be free to strive for a better and more prosperous tomorrow.Since 1994 our country, and successive democratic administrations have worked to make this vision a reality. South Africa is undeniably a better place today than it was at the birth of our freedom, but much work still remains to undo the apartheid legacy of poverty, inequality and unemployment.The administration of President Jacob Zuma has continued this work since 2009. As a caring government, we continue to push for a society that is more equal, both socially and economically. Sadly, some have sought to push back against this vision by advocating that the status quo should remain in place.Such a call is both untenable and deeply worrying. We cannot and will not allow the continued existence of two parallel countries, and economies. It cannot be that our freedom dividend should only benefit some in our society, while the majority remain trapped in an existence of poverty, inequality and unemployment.Therefore government will continue its push for meaningful and inclusive economic transformation, that not only benefits some but all in our country. Our priority is to ensure greater participation in the economy by historically disadvantaged communities.We have already begun to implement this through our Medium-Term Strategic Framework 2014 to 2019. It sets out 14 outcomes around which we will mobilise all sectors of our society and it aims to ensure more equitable growth of the economy.These interventions should be seen as part of government’s long-term economic plan as guided by the National Development Plan, and immediate interventions such as the Nine-Point Plan, and Operation Phakisa.We are aware that many would argue that our immediate challenges cannot be resolved by the NDP, which is a long-term plan. However, the NDP is more than just a plan; it is the overarching vision for South Africa. Therefore it includes all key policy instruments aimed at growing the economy and creating jobs.These include the New Growth Path, which sets the trajectory of economic development; the National Infrastructure Plan, which guides the roll-out of infrastructure to improve people’s lives and enable economic growth; and the Industrial Policy Action Plan, which focuses on promoting investment and competitiveness in leading sectors and industries.Together these interventions are a potent driver for inclusive and far-reaching economic growth. However, our nation faces strong headwinds in the form of a slowing economy and global economic weakness. Therefore we need all South African onboard to tackle both our economic and social challenges.Let us, therefore, move away from the rhetoric and grandstanding. It is a luxury our country cannot afford. We must ensure that our dialogues are fair, less acrimonious and more constructive.As a caring government we will continue to lead the way by providing hope to all South Africans. Our social assistance programmes have lifted millions of people out of despair, and have planted the seeds of hope.The structural changes we are implementing will spur economic growth and ultimately lead to an economy and society that is more equitable. However, we cannot do it alone and need every sector of society to partner with us in this endeavour.Many South African companies have reaped the fruits of our freedom and have over the years have grown into strong multi-national corporations.As pillars in industry, we encourage them to use their success to move the country forward as we create the nation we all envisioned at the start of democracy. When South Africa benefits we all stand to benefit. Equally, we call on society to put aside narrow self-interest. Together we can build the country of our dreams; a nation which is prosperous, equitable and provides space for everyone to shine.The patriots who lived and died for our freedom have paved the way for this future, now it’s our turn to move South Africa forward.last_img read more

Barcelona wins at Bernabeu again to end Real Madrid title hopes

first_imgSports Related Videospowered by AdSparcRead Next Three days after winning 3-0 at Santiago Bernabeu Stadium in the semifinals of the Copa del Rey, Barcelona followed up by defeating Madrid 1-0 to virtually end its hopes of winning the Spanish league title.Ivan Rakitic scored in the first half and Barcelona held on for its third straight victory at the Bernabeu.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesBarcelona, which has also now become the first team to win four in a row at the Bernabeu in the league, is 12 points ahead of Madrid with 12 matches left. The defending champions are 10 points in front of second-place Atletico Madrid, which visits Real Sociedad on Sunday.Winning coach Ernesto Valverde remained cautious, though. Hong Kong tunnel reopens, campus siege nears end Don’t miss out on the latest news and information. Barcelona players celebrate after winning the Spanish La Liga soccer match between Real Madrid and FC Barcelona at the Bernabeu stadium in Madrid, Saturday, March 2, 2019. (AP Photo/Andrea Comas)MADRID — With Real Madrid on the ropes in front of its own fans, Barcelona showed no mercy.The Catalan club threw the knockout punch on Saturday, leaving Madrid reeling from a second consecutive demoralizing home loss by its biggest rival in less than a week.ADVERTISEMENT Lacson backs proposal to elect president and vice president in tandem View comments LATEST STORIES Barcelona won 3-0 the last time the teams met in the league at the Bernabeu, and routed Madrid 5-1 at Camp Nou Stadium in their first league game this season.After dominating in the first half on Wednesday only to collapse in the second, Madrid never looked in control on Saturday.Barcelona created most of the chances and struck in the 26th minute. Sergi Roberto sent a pass behind the Madrid defenders for Rakitic and the midfielder chipped the ball over goalkeeper Thibaut Courtois from inside the area.Madrid pressed forward after conceding and came close to scoring a few times, but Barcelona kept threatening on the counter.Lionel Messi was quiet for Barca. His most notable moment came when he and Sergio Ramos squared up before halftime, with the Argentina forward upset at the Madrid captain for leaving his arm high and hitting his face in a challenge.It was the third meeting between the teams in less than a month. They also drew 1-1 in the first leg of the Copa semifinals at Camp Nou. They can only meet again this season in the Champions League. Barca drew with Lyon 1-1 in its first-leg match in the round of 16.OTHER RESULTSJapanese midfielder Takashi Inui scored a second-half winner as Alaves defeated relegation-threatened Villarreal 2-1 to move into fourth spot, the final Champions League position.Sevilla wasted a chance to go fourth by losing 2-1 at bottom club Huesca after conceding eight minutes into second-half stoppage time. Defeat extended Sevilla’s winless streak to five league games, dropping it to sixth place.Wu Lei became the first Chinese player to score in the Spanish league when he struck in Espanyol’s 3-1 win against Valladolid. PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss MOST READ Trump campaign, GOP groups attack Google’s new ad policy P2.5 B shabu seized in Makati sting, Chinese national nabbed Private companies step in to help SEA Games hosting SEA Games hosting troubles anger Duterte “We are not yet considering Madrid out of the title race,” he said. “Atletico is not our only rival, absolutely not. We all know Madrid is capable of winning several matches in a row and getting back in contention.”Madrid is in crisis, with the Champions League the only trophy it can win this season. Coach Santiago Solari will be under pressure when his side hosts Ajax on Tuesday to defend a 2-1 first-leg lead in the round of 16.“We have to see how we can improve,” Solari said. “There is no doubt it’s a significant distance to the lead in the league, but we are not going to give up. We will keep fighting until the end, in the Spanish league and Champions League.”Barcelona is gunning for three titles — the league, the Copa del Rey and the Champions League — and its players celebrated in front of the away fans after the match, while some Madrid supporters jeered their side at the end.Madrid is winless against Barcelona in six matches in all competitions, and has lost 11 of 18 matches played against its rival in the Spanish capital.ADVERTISEMENT P2.5 B shabu seized in Makati sting, Chinese national nabbed Big crowds cheer kick off of Alaska’s famed Iditarod race 1 dead, 3 injured in Quezon road crashlast_img read more

Cameron Bailey Appointed CoHead of TIFF

first_imgImage courtesy of TIFF, Photo by Matt Barnes Advertisement Facebook “Piers has done a remarkable job during his tenure as Director & CEO and Artistic Director before that,” continued Tory.  “We are indebted to him for the vision and strategy – and the elegance he brought to the role.”“I have tremendous respect for Cameron and his longstanding contribution to TIFF’s success,” said Piers Handling. “His passion and vision for the future of the organization underlines his deep leadership skills. It gives me great comfort to know TIFF is in such good hands.”“I’ve been fortunate to work alongside Piers for so many years. We programmed Canadian films together, we made our first programming trip to Burkina Faso together and we’ve spent countless hours working out how best to engage audiences with the power of film,” said Cameron Bailey. “I am honoured to be entrusted with guiding the future of TIFF.”A search committee of the Board of Directors has been working with Caldwell Partners to identify candidates for the Managing Director & Co-Head role.  The search is international in scope and is expected to result in an announcement prior to this September’s Festival.Social Media:Twitter:  @TIFF_NETFacebook: Advertisement Twittercenter_img TORONTO — The Board of Directors of TIFF announced today the appointment of Cameron Bailey to the newly created position of Artistic Director & Co-Head of TIFF.  The role is a promotion and expansion of Bailey’s current position of Artistic Director, which he has held since 2012. Prior to that, Bailey held the role of Festival Co-Director from 2008-2012. Bailey will report directly to the Board of Directors effective October 1, 2018.Since CEO Piers Handling’s announcement last July that the 2018 Toronto International Film Festival would be his last, the TIFF Board engaged in a process for CEO transition, including a review of the organization’s current structure. After their assessment, the Board decided on a two-headed structure for TIFF, with one position (Bailey’s) focused on the artistic direction of the organization, and the other, Managing Director & Co-Head, focused on the business and revenue optimization. These two positions will work closely together to set the tone and lead the organization, bringing the new strategic plan to life.  They will both report directly to the Board of Directors.“With a five year strategic plan for TIFF launched this year, and more changes on the horizon for our industry, we believe a two-headed structure is right for the future success of TIFF,” explained Jennifer Tory.  “Cameron is a film industry veteran who has earned a reputation for discerning, expansive curation since joining TIFF as a programmer in 1990. Combined with his accomplishments as TIFF’s Artistic Director,  we have full confidence in his vision for the direction of the organization.” Login/Register With: Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment last_img read more

Attawapiskat also facing health crisis residents

first_imgAPTN National NewsHousing conditions on Attawapiskat are capturing the headlines.But the sad truth is there are many challenges that the community faces.As APTN National News reporter Ossie Michelin found out in Attawapiskat, many are struggling daily just to stay alive.last_img

Bears Grant Matt Forte 4Year Extension

Bears Grant Matt Forte 4Year Extension

Matt Forte has been a rock-solid running back for the Chicago Bears for years, and the team has just not gotten around to showing its appreciation of the Pro Bowl running back.The sound and reliable Forte agreed to terms on a four-year contract worth roughly $32 million,The Bears had placed their franchise tag on Forte in March and the sides had until 4 p.m. today to reach an agreement. Without a long-term deal, Forte would have had to play the 2012 season under the $7.749 million tender or sit out the season.The deal is a sign of respect for Forte. He has been under-appreciated most of his career and when he sprained the medial collateral ligament in his right knee early in a Dec. 4 loss to Kansas City — shelving him for the season — it would not have been a surprise if the Bears held back on a new deal.Forte went into last season looking for an extension, but was disappointed when the sides could not did not reach an agreement with the Bears. There was a point where he believed he would be playing his last year in a Bears’ uniform because they could not come to terms.But look at him now. Forte got rewarded with a multi-year deal even though the team had not seen how he fared after the injury.Without Forte and quarterback Jay Cutler, the Bears struggled down the stretch and finished third in the NFC North, missing the playoffs with an 8-8 record.Still, Forte was so strong before his injury that he still got his first Pro Bowl selection. He finishing with 1,487 yards from scrimmage and 997 rushing in his fourth season. He averaged 4.9 yards per carry. Forte was the first Chicago running back to make it to the Pro Bowl since Neal Anderson following the 1991 season. read more

Bahamas ranked 12th highest homicide rate in the world

Bahamas ranked 12th highest homicide rate in the world

first_img Related Items: Facebook Twitter Google+LinkedInPinterestWhatsAppBahamas, June 19th 2017 – Nassau – According to the International Homicide Rate Statistics, Bahamas is ranked as the 12th country with the highest murder rate in the entire world.  Trinidad and Tobago follows as number 13, whereas Jamaica is ranked as #6 and St. Kitts & Nevis as #9.Minister of Health, Dr. Duane Sands, during his 2017/18 Budget address said, “We are one of the most violent countries in the world; we beat, stab, shoot and rape each other at an unacceptable rate. Our homicide rate is triple the rate considered by the World Health Organization (WHO) as an epidemic. It is largely due to the professionalism of our health care team that our murder rate is not dramatically higher. In the last few years the number one cause of death of a Bahamian male is a bullet, not a stroke, not diabetes, but a bullet.”Adding to this, crime studies showed that 78% of murder victims died as a result of gunshot wounds. Magnetic Media also understands that in 2016, The Princess Margaret Hospital saw 216 gunshot wounds, and a total of 1,078 gunshot wounds dating back to 2012.Also speaking to the house of assembly during his budget address, Minister of National Security, Marvin Dames stated, “The murder count has exceeded 100 for each of the last five years.”  Adding, “while the former administration touted a 26% reduction in crime in 2016, right-minded Bahamians have long concluded that current crime levels are far too high in the first place.”However, Dames is now reassuring that the country’s National Security will get a much needed re-evaluation, remarking that it will no longer “operate in silos”. As Minister, Dames is also expected to keep the promises made by the FNM while on the campaign trail. As stated in their manifesto and the speech from the throne, these promises include, a zero-tolerance approach to crime; increased police visibility; targeting of hotspots; focusing on prolific offenders; strengthening of police-community partnerships; establishment of a Gun and Gang Unit; the establishment of an Anti-Corruption Unit; the establishment of a National Intelligence Agency; enforcement of Marco’s Law; and the establishment of a sex offenders register. Facebook Twitter Google+LinkedInPinterestWhatsAppcenter_img  Story By: Kay-Marie Fletcher#MagneticMediaNewslast_img read more

Rosalía Other Latin Music Artists Seeing Boom In Europe Shows

Rosalía Other Latin Music Artists Seeing Boom In Europe Shows

first_img Twitter News Rosalía, Other Latin Music Artists Seeing Boom In Europe Shows Facebook Latin Artists Seeing Boom In Europe Shows rosal%C3%ADa-other-latin-music-artists-seeing-boom-europe-shows Email The last few years have seen a huge rise in Latin Music artists thanks to YouTube and streaming platforms. Now artists seeing a boost in touring in parts of Europe thanks to the waveJennifer VelezGRAMMYs Nov 13, 2018 – 4:00 pm In the last few years YouTube and streaming platforms have helped launch Latin artists into a growing number of wider markets worldwide. Songs like “Despacito” by Luis Fonsi and Daddy Yankee have been grabbing eyes and ears thanks to the power of the internet. According to Billboard, Latin artists’ tours are now seeing major success in European countries that aren’t Spanish speaking. Enrique Iglesias reportedly sang to more than 80,000 fans in Kiev, Ukraine’s Olympic Stadium, and J Balvin’s “Mi Gente” helped him quadrupole his live revenue.Spotify recently announced that Latin music was one of the genres they would be focusing on in their efforts to make international music more relevant on the platform. YouTube labeled 2017 the year of Latin music, as artists like Ozuna saw views in the billions.Universal Music Latin Entertainment President, Victor Gonzalez, told Pandora that “Despacito” was one of the “the best example[s] of how the Latin genre can be embraced by the mainstream in the U.S., Europe and Asia.” He continued:”Looking forward, I feel artists including J Balvin are carving a new path for the entire Latin Industry will continue to thrive across the globe including those territories that don’t have a large Spanish speaking populations.”READ: Spotify Is Making International Music A Bigger PriorityThanks to this boom, promoters are taking more risks WME partner Rob Markus told Billboard.”Promoters are actually seeing hard numbers showing demand and listenership through streaming numbers, so promoters are taking a bigger risk,” Markus said. He works with artists like J Balvin, Juanes and Luis Miguel.As Pandora points out, Latin artists have penetrated into mainstream market throughout the 20th century and new millennium (artists like Richie Valens, Santana, Selena and Ricky Martin,) but have been “fleeting” moments and “have not been enough to uplift the genre beyond their inherent barriers to gain larger general market acceptance.” So, this is an important moment for Latin artists.Rosalía is one of the few women and the latest on the rise artists that is also being impacted by the wave. According to her manager, Rebeca León, the Spanish breakout artist, who is nominated for five Latin GRAMMYs,  had a 6,500- person wait list at a showcase in London.”Nobody knows what Rosalía is saying in the U.K.,” León told Billboard. “But they know what she is saying. Her attitude tells you everything.”How Rosalía Is Reinventing What It Means To Be A Global PopstarRead morelast_img read more

GFG Styles allelectric Kangaroo hyperSUV debuts in Geneva

first_img 82 Photos The GFG Style Kangaroo is part-supercar, part SUV See All 2020 Audi R8 first drive: Improving an already fantastic supercar 2020 Mercedes-AMG GT first drive: A refresh that polishes an already good car Tags Mar 8 • VW is still ‘100 percent’ investigating a pickup truck for the US Mar 7 • New Peugeot 208 debuts i-Cockpit with 3D HUD Combo dashboard Geneva Motor Show 2019 1 Geneva Motor Show 2019 Mar 7 • The Ferrari F8 Tributo is the last of the nonhybrid V8s Comment Apr 17 • The 2020 Jaguar XE gets its first major visual refresh • reading • GFG Style’s all-electric Kangaroo ‘hyper-SUV’ debuts in Geneva Share your voice One of the many unusual concept cars on display at the 2019 Geneva Motor Show is called the Kangaroo, which Italy’s GFG Style describes as a “hyper-SUV.” Founded in 2015, the Turin-based design company is relatively unknown, but it does have two famous names behind it: Automotive Hall-of-Famer Giorgetto Giugiaro and his son, Fabrizio.At first glance, the GFG Style Kangaroo follows in the footsteps of most other supercar concept designs: It’s wide and low-slung, with 22-inch wheels and just two seats beneath the glass canopy. But special adjustable hydraulic suspension is said to give the car the ability to transition between sports car and off-roader stances, with ride heights able to vary from 5.5 inches in “Racing” mode to 10.2 inches in “Off-Road” mode. The car’s front splitter can retract in the latter setting to improve approach angles on rough terrain. As a result, GFG Style says the Kangaroo can be used on any surface, from pavement to sand to mud.Enlarge ImageSure, it looks like a low-slung supercar, but adjustable suspension can apparently turn this into a “hyper-SUV.” Andrew Hoyle/Roadshow Like many similar supercar concepts, the Kangaroo is designed around an aluminum space frame with carbon-fiber bodywork. Its doors open upwards, in tandem with hatch-like openings in the roof, and unique styling touches include turn-signal lights embedded in the giant mesh grilles at the back of the car.Motivation comes from two electric motors, each of which is rated at 180 kilowatts or 241 horsepower, with combined output listed at 482 hp and 501 pound-feet of torque. Rear-wheel steering helps make for a tighter turning radius, too. The powertrain and chassis were developed in partnership with CH Auto, a “professional automotive R&D service company” from Beijing. A 90-kilowatt-hour battery pack is said to give a driving range of more than 280 miles on a charge.GFG Style KangarooEnlarge ImageMultiple screens dominate the car’s interior design. Andrew Hoyle/Roadshow The inside of the GFG Style Kangaroo features cupholders that can apparently accommodate cans of Fanta (good to know), and three screens. The first is an ultrawidescreen setup atop the dash that serves as the rear-view mirror, showing output from a rear-facing camera. The second serves as the car’s instrument cluster, and the third is mounted on the center stack to control infotainment and navigation functions. The dash features aluminum accents breaking up its orange leather.We look forward to seeing what becomes of the GFG Style Kangaroo, especially as the company says it plans to show off a version wearing tracks so that it is “usable for fun on impervious snow-covered terrains.” As for seeing the Kangaroo enter production? Well, we’re not exactly holding our breath. More From Roadshow 2020 Porsche 718 Cayman GT4 first drive: A standout track star Exotic Cars Electric Cars Performance Carslast_img read more

Sensex Nifty trading with minor losses J Kumar Infra MRPL IDBI Bank

first_imgBenchmark equity indices were trading in the red at around 11 am on Friday, extending their Thursday losses, despite positive global cues from Asian stock markets. The BSE Sensex was down 37 points at 28,069 while the NSE Nifty was trading 19 points lower at 8,691. Jaiprakash Power Ventures was trading with gains for the second successive day on stake sale in one of its cement plants for Rs. 500 crore. Top Sensex gainers were Tata Motors (up 1.59 percent at Rs. 560), Tata Steel (up 1.14 percent at Rs. 393.75) and Mahindra (up 1.03 percent at Rs. 1,386.50). Select stocks that were trading with phenomenal gains included J Kumar Infrastructure (up 7.79 percent at Rs. 224.20) and MRPL (up 7.38 percent at Rs. 95.25).The RBI’s decision to cut repo rate to a six-year-low on Tuesday has not triggered a rally on the stock markets because investors are looking for cues from September quarter results.”Despite RBI’s liberal action of rate cut by 25 bps, banking stocks have failed to attract buyer’s interest. As we have highlighted earlier that now the focus will be more on quarterly results,” brokerage Angel Brokerage said in its note on Friday.”While auto companies have reported strong sales numbers for 2QFY17, which would translate into encouraging numbers, other heavy weight sectors like banks could report a mixed bag of results,” it added.Most of the bank stocks were trading in a narrow range on the NSE and the BSE.Spectrum auction endsThe latest round of telecom spectrum auction that ended on Thursday saw telcom operators putting bids for 965 MHz spectrum for Rs. 65,789 crore. The five-day auction saw no takers for the premium 700 MHz band due to the high reserve price of Rs. 11,485 crore per MHz.The cost of delivering mobile services in this band is estimated to be around 70 per cent lower than 2100 Mhz band, used for providing 3G services.Jaiprakash Associates sells cement business In other news, Jaiprakash Power Ventures Ltd., a subsidiary of Jaiprakash Associates, approved the sale of Nigrie Cement Grinding Unit to Orient Cement Limited based on an enterprise value of Rs. 500 crore at its board meeting on Thursday.Besides, Orient Cement also agreed to acquire 74 percent stake in Bhillai Jaypee Cement Ltd (BJCL), a joint venture between Jaiprakash Associates Ltd and SAIL. The acquisition has been done at an enterprise value of Rs. 1,450 crore, Jaiprakash Associates Ltd. said in a regulatory filing on Thursday.BJCL has a cement manufacturing capacity of 2.2 mtpa, consisting of a clinkerisation unit in Satna in Madhya Pradesh and a grinding unit in Bhillai, Chattisgarh. “With the acquisitions the cement capacity of Orient will go upto 10.2 mn tons p.a from current 8 mn tons p.a. Currently Orient Cement has two integrated plants 3 mn tons p.a at Devapur in Telangana and another 3 mn tons p.a unit at Chittapur in Karnataka. It also has 2 mn ton p.a grinding unit at Jalgaon in Maharastra,” Angel Broking said.last_img read more