Share this article and your comments with peers on social media Related news Keywords No-contest settlementsCompanies Ontario Securities Commission The Ontario Securities Commission (OSC) announced on Friday it will hold a hearing on Nov. 10 to consider whether to approve a no-contest settlement agreement with Quadrus Investment Services Ltd., after the firm discovered the certain clients were overcharged in its funds. The OSC recently began to use these sorts of deals to expedite enforcement action in order to settle cases more quickly by not requiring firms to admit to wrongdoing. The actual terms of the settlement will only be revealed if the commission approves the deal. OSC to consider no-contest settlement with IPC dealers ASC gives green light to no-contest settlements According to the statement of allegations published by the OSC, Quadrus self-reported in February that its funds indirectly overcharged certain clients. Specifically, certain clients were not told that they qualified for its “L series” funds, which have higher minimum investment levels, and charge lower MERs. As a result, the clients “indirectly paid excess fees when they invested in the higher MER retail series of securities of the same Quadrus fund,” the statement of allegations says. The OSC alleges that there were inadequacies in Quadrus’ compliance controls and supervision that resulted in the clients paying excess fees; and, that these deficiencies amount to breach of its registration requirements, and are “contrary to the public interest.” The allegations also note that the firm planned to pay compensation to clients that were affected by the issue, and to implement additional controls to prevent similar issues in the future. Any regulatory penalties stemming from the issue will be set out in the settlement. Facebook LinkedIn Twitter James Langton OSC approves no-contest settlement with IPC dealers
30 May 2013 It is imperative that the government, business and labour work together to strengthen South Africa’s economic performance and increase the rate of investment if the country is to succeed in reducing poverty, unemployment and inequality, President Jacob Zuma said on Thursday. Addressing a special media briefing in Pretoria, Zuma noted that South Africa’s economy was among few to recover quickly from the 2008-09 global financial crisis, after gross domestic product (GDP) growth contracted by 1.9 percent in 2009. However, the domestic recovery had not been as strong as the country needed to address its social challenges. Statistics South Africa’s latest GDP figures, released on Monday, show that the economy grew at a rate of only 0.9 percent in the first quarter of 2013. “Growth in the remaining three quarters of the year will have to be much higher for us to achieve the projected annual growth of 2.7 percent,” Zuma said. “Without faster growth, we cannot succeed in reducing unemployment, poverty and inequality.” The government’s long-term development blueprint, the National Development Plan (NDP), calls for annual growth rates of above 3.5 percent to put the economy on the right footing.‘All South Africans must play their part’ The government would therefore redouble its efforts to support the economy, Zuma said. “We are implementing our plans and are working harder to boost performance in the six job drivers namely, mining, agriculture, tourism, infrastructure development, the green economy and manufacturing.” But the business, labour and community sectors would also have to play their part. “More importantly, we need all South Africans to play their part. We must all promote our country, and promote activities that enhance economic growth, in every possible way.” It was particularly important that South Africa had a stable and growing mining industry Zuma said, noting that the industry remained the cornerstone of the country’s economy.Supporting the mining industry Against a background of global and domestic economic and social pressures, the government had embarked on various initiatives to stabilise and strengthen the embattled mining industry, and to improve living conditions in the country’s mining towns, the President said. As part of this, various Cabinet ministers had been engaging with business and labour to restore workplace stability following heightened tensions at a number of the country’s mines, while Finance Minister Pravin Gordhan had been using every opportunity to reassure investors of the government’s commitment to the sector. Zuma stressed the fact that South Africa was blessed “with an excellent legal framework governing industrial relations. “Given the beginning of the collective bargaining season in both mining and other industries, we call on parties to recognise the impact of the industrial relations environment on jobs and development. “We call for fair and expeditious settlements of wage negotiations that can contribute to the attainment of the country’s job creation and job retention goals.”‘Help us to promote the country’ At the same time, the President urged South Africans to support the government, business and labour and to “complement our work by promoting the country in every possible way. This will help to boost confidence in our successful young democracy.” Although the recent mining unrest had attracted the attention of the international media, Zuma said he was encouraged by the positive sentiment shown towards South Africa in recent investor surveys. Earlier this month, Ernst & Young rated the country the most attractive on the continent for investors in its third Africa Attractiveness Survey, while the European Outsourcing Association chose South Africa as the Offshoring Destination of the Year for 2013. There had also been an increase in tourist arrivals, the President added. The country’s tourist figures grew by 10.2% for 2012, beating the global average by 6.2 percentage points. “I think people appreciate that there is a change in South Africa and that it is a place to go. I think we have a good story to tell.” SAinfo reporter
People everywhere seem to be talking about the challenges women face in the professional arena. Results from LPM’s very own far-reaching Women of LP survey, sponsored by Tyco Retail Solutions and Protos Security, appeared for the first time as a feature article in the May-June 2018 issue of LP Magazine.Around the same time, a more comprehensive Women of LP report with all of the survey questions and comments became available for free download as well.Judging by the reaction of LPM’s readership, it’s safe to say the survey made a big splash.- Sponsor – [text_ad use_post=’2382′]As a follow-up to the survey results article, the July-August 2018 issue features a reaction-and-response piece that canvasses loss prevention leadership to hear their thoughts on what the survey had to say. From the latest article:In general terms, industry leadership believes that the inclusion of women in loss prevention-and more specifically leadership roles-is a critical aspect in the future of the profession. Several believe their companies are doing a good job of recruiting and developing women but feel this isn’t a consistent practice across the industry and others may not emphasize this effort as much as they should. Others believe there is also disparity between policy and practice in many cases.Here are some of the comments offered by industry leaders:“The inclusion of women is critical, but it has to start with the LP leadership. As we take on the challenges in retail today and in the future, we need diversity of thought and a mindset to look for solutions that are not founded in the status quo.”“Generally, I think retailers are doing a good job in this area, but there are still some pockets where there is very little female representation. I don’t think retailers are doing a great job with developing females beyond middle-management positions. There are still far too few women in senior levels of leadership in retail loss prevention.”“The best leaders learn to identify talent, ask the right questions to confirm that talent is genuine, and then take the right steps to secure and develop talented individuals. That’s true regardless of gender or any other distinction. I believe this is a skill that many believe they have, but most lack, and that greatly contributes to the problem.”Check out the full article, “Women of Loss Prevention,” to read insights from major players like Lisa LaBruno, Esq., senior vice president of retail operations for the Retail Industry Leaders Association (RILA); Catherine Walsh, senior vice president and general manager of Tyco Retail Solutions; and Bob Moraca, MBA, CPP, CFE, vice president of loss prevention with the National Retail Federation, among others.For more great LP content, visit the Table of Contents for the July–August 2018 issue or register for a FREE print or digital subscription to the magazine. [Note: if you’re already a logged-in subscriber, the previous link will take you to the current issue instead.] Stay UpdatedGet critical information for loss prevention professionals, security and retail management delivered right to your inbox. Sign up now
The Indian cricket board on Monday terminated a Rs 2,000 crore media rights contract of Nimbus and decided to encash the bank guarantee of the same amount, giving rise to apprehensions of another round of court cases.The decision was taken at a working committee meeting, presided over by N Srinivasan, president of the Board of Control for Cricket in India (BCCI), while the top Nimbus officials and BCCI lawyers were also present at the same hotel.The BCCI did not issue a statement after the short meeting, but officials who were present there confirmed that a decision to this effect has been taken. Nimbus paid Rs 24 crore just before the meeting in an apparent effort to delay the inevitable, but it didn’t cut ice with the BCCI officials.”Every member’s opinion was sought at the meeting, especially Arun Jaitley’s as he is a lawyer too. Everyone was of the opinion that Nimbus has been often defaulting payments and the bank guarantee should be encashed,” a top official told Mail Today. “A considered decision will be taken tomorrow and announced.”The BCCI official said that Nimbus has even delayed the payment for the five-match One-day International series against England in October and the just concluded series against the West Indies comprising Tests and ODIs.According to the four-year contract – from April 1, 2010, to March 31, 2014 – Nimbus was to pay Rs 31.50 crore each per Test, ODI and Twenty20 International played in India.When contacted, Nimbus chairman Harish Thawani said that he hasn’t heard anything from the BCCI. “We have no official word from the BCCI regarding the rumour in a section of the media, hence will not be issuing any statement today,” Thawani told Mail Today via SMS.advertisementJust before the BCCI meeting began at a five-star hotel at around 4 pm, Nimbus made the part payment. “Nimbus paid Rs 24 crore before the meeting, but this amount was not sufficient. According to the terms and conditions of the contract, Nimbus was supposed to pay 50 per cent of the amount 30 days before a series and the rest within 30 days from the end of the series,” said a BCCI official. “Even for the England ODIs, they paid the advance amount only halfway through the series.”The official explained: “The total bank guarantee of Rs 2,000 would be encashed from which the amount due to the BCCI would be deducted and the rest would be returned to Nimbus. But Nimbus will now have to sign a new contract and give a new bank guarantee, as per the contract clauses.”The BCCI official said that Thawani met Jaitley, a BCCI vicepresident and a leading lawyer, over the issue in Chennai a couple of days ago, but the stalemate couldn’t be broken.He said Nimbus had also been delaying payment and there have been issues relating to its previous contract with the BCCI – worth $ 612 million for the period March 1, 2006 and March 31, 2010.This is evident from the documents that the BCCI circulated during its working committee meeting in August. One issue was the clash of the international and domestic matches played in India, resulting in the BCCI and Nimbus disagreeing over the number of days/ matches of domestic cricket (72 days or 31 matches).A third outstanding issue related to the service tax and tax deducted at source after the union government promulgated that media rights were considered as “commercial” events and that they would come under the service tax net.The radio rights were included in the media rights of Nimbus. It was another contentious issue as there has been a dispute over the sharing of advertisement income between Nimbus and the All India Radio.In spite of the termination of its contract, Nimbus, which telecasts BCCI-organised domestic cricket tournaments through its production arm Neo, will continue to beam the next round of Ranji Trophy matches starting on Tuesday.”The Nimbus contract is separate from its production contract with the BCCI. We will continue to telecast the Ranji matches,” a top Neo official told Mail Today.
Marcel Brands joins Everton boardby Paul Vegas10 months agoSend to a friendShare the loveEverton football director Marcel Brands has joined the club’s board.Brands has already helped implement a number of important changes at Goodison Park and worked closely with manager Marco Silva, chairman Bill Kenwright and chief executive, Professor Denise Barrett-Baxendale, to secure the recruitment of seven players during last summer’s transfer window.He has started work on delivering the Club’s long-term, permanent football strategy.Brands said: “It gives me a lot of confidence that I’m a Board member now and I hope to do the best for our Club.“Being at Everton has been even better than I thought it would be. I was working at a great club in Holland and was happy there but it was a great chance for me to come to the Premier League and join Everton.“At the start I had a great feeling but it’s been a better feeling working here. I work with a lot of great people with blue blood and I’m confident we can achieve many good things in the future.”Kenwright added: “I think we’ve got a great Director of Football who has taken over and changed an awful lot. He has totally reorganised our scouting, he wants our kids to play the same as Marco’s first team and we are really happy with the team we have got. Marcel is terrific to work with. We really feel secure with Marco and Marcel. They won’t sign anyone who they don’t think will improve us.” TagsTransfersAbout the authorPaul VegasShare the loveHave your say
About the authorPaul VegasShare the loveHave your say Hasenhüttl hails Southampton spirit for victory at Leicesterby Paul Vegas9 months agoSend to a friendShare the loveSouthampton are out of the dropzone after victory over Leicester City.James Ward-Prowse’s penalty and Shane Long’s first goal for nine months earned victory at the King Power Stadium.Long’s strike, in first-half injury time, came just 120 seconds after Yan Valery had been sent off for a second bookable offence.Wilfred Ndidi pulled a goal back in the second half for the Foxes but Claude Puel suffered defeat against his former club. “After the red card for Yan Valery, nobody will have thought we can win this game with 55 minutes to go. It’s a long time to defend against such a good team. Then we scored the second goal which is unbelievable,” Saints boss Ralph Hasenhüttl said.“Longy did a fantastic job today I think. He was hard-working, going after every ball. In the second-half we said that we will try to keep the clean sheet as long as possible and if a goal happens we stay focused and keep believing that we can take this win.“It’s a fantastic win. It can be a very important one because we showed that we act as a team with fantastic commitment. That’s what I want to see.“We showed today more of our potential that we have to bring to excellence, which is the step we want to go to. It’s only possible with hard work and we had a very good week ahead of this game.”Now I think we have made a very important step but only one, the others have to follow.”
Titled, ‘JA KIDS: The Jamaican Birth Cohort Study 2011’, the study included all the children born in the 14 parishes across Jamaica from July 1 to September 30, 2011. A seven-year birth cohort study conducted by a team of University of the West Indies (UWI) researchers has been presented at a two-day conference, beginning today (May 31), at the Sir Kenneth Standard Lecture Theatre.It aims to improve the health and well-being of Jamaica’s children by providing valuable data on the relationships among a wide range of family, school, community, environmental and individual variables.It will also contribute to greater understanding of the various factors that influence health and disease, as well as social and emotional development in young children.Titled, ‘JA KIDS: The Jamaican Birth Cohort Study 2011’, the study included all the children born in the 14 parishes across Jamaica from July 1 to September 30, 2011.Approximately 11,124 children were born in Jamaica during this period. Participants were recruited while pregnant during March to September 2011. Subsequently, contact was made with families when their children were 9-12 months, 18-22 months and 48 – to 54 months.At each contact, participants were asked questions about their health and well-being, their child’s growth and development, the child’s environment, nutrition and parental practices.In her address at the opening ceremony for the conference on Wednesday (May 30), at the venue, Patron of the JA KIDS conference and wife of the Prime Minister, the Most Hon. Juliet Holness, said the initiative will assist in laying the foundation for a prosperous Jamaica.“The foundations are our children. They represent the hopes and dreams of our nation. It is investing in them as well as investigating their needs, their strengths and their vulnerabilities that we will enable and be better prepared to appropriately cater to their social needs, physical needs and their economic infrastructure, which will undoubtedly ensure that Jamaica will be established as a place where we can comfortably live, work raise our families, do business and retire in prosperous peace,” she said.Noting that fatherhood remains an issue in Jamaica, Mrs. Holness called on men to assume their rightful place in the lives of their children.She emphasised that this would lead to a balanced adulthood for these children, as “an environment of sharing and equality is crucial to a well prepared and conditioned adult.”In his address, Minister of Education, Youth and Information, Senator the Hon. Ruel Reid, commended the research team for the important work they have been doing to assist in improving the development outcomes of the nation’s children.“The Ministry recognises that in establishing our policies and programmes, we will be focusing on early interventions, child development and academic achievement, and our efforts must be underpinned by indepth research,” the Minister said.“Evidence is crucial in supporting these initiatives. Armed with information, we are better able to allocate both financial and human resources for each sector that supports the development of our children,” he added.Principal Investigator, JA KIDS, and Professor of Child Health, Development and Behaviour, Maureen Samms-Vaughan is quoted in a UWI Mona press release as saying: “We expect the findings from the JA KIDS study to benefit Jamaica by providing the health, education, social and academic sectors with information from which to develop national policies and programmes to ensure the best possible outcomes for our children and families.”Representative from international funding agency, the Inter-American Development Bank (IDB), Chief of Operations, Adriana Lavalley, said the Bank was pleased to assist in improving the lives of Jamaica’s children.“As a knowledge-focused institution, the Bank welcomes the ways in which JA KIDS will deepen our understanding of the various factors that influence health, growth and development in young children and importantly, how it will enable the design and implementation of public policies, interventions and programmes that are evidence- based,” she noted. Story Highlights A seven-year birth cohort study conducted by a team of University of the West Indies (UWI) researchers have been presented at a two-day conference, beginning today (May 31), at the Sir Kenneth Standard Lecture Theatre. It aims to improve the health and well-being of Jamaica’s children by providing valuable data on the relationships among a wide range of family, school, community, environmental and individual variables.
Shares of Hydropothecary Corp. rose more than 18 per cent after the licensed medical cannabis producer announced ambitious plans that will see it further grow its operations in Quebec at a rapid pace.The company (TSXV:THCX) said Tuesday it has acquired property adjacent to its existing facility in Gatineau, Que., to construct a new 93,000-square-metre greenhouse that would increase its production capacity to 108,000 kilograms of dried cannabis per year.The expansion will bring the company’s total production capacity to about 121,000 sq. m of cultivation and manufacturing labs, with the expansion expected to be completed in one year.“Hydropothecary is boldly stepping forward to take the lead in the Canadian cannabis industry… Once legalization and the adult-use recreational market become a reality, Hydropothecary will be ready,” said Sebastien St. Louis, CEO and co-founder, in a statement.Vahan Ajamian, a research analyst with Beacon Securities Ltd., said the expansion would put Hydropothecary among the top three producers in Canada.By comparison, Ontario-headquartered Canopy Growth Corp. (TSX:WEED) announced in October that it will develop up to about 280,000 sq. metres of greenhouse growing capacity in British Columbia, more than doubling the production footprint of Canada’s biggest licensed marijuana producer.Hydropothecary currently has a production capacity of about 4,600 sq. m and produces about 3,600 kg of dried cannabis per year. An expansion announced in October will see the company increase its production capacity by about 23,000 sq. m by next July, after which it said it’s expected to produce about 26,000 kg annually.St. Louis said costs for the newest expansion to be completed next December, which are expected to be $80 million, will be funded through the company’s current financial resources.The addition is expected to create up to 100 jobs during construction, with another 100 positions forecast for the operation of the new facility.This is on top of 100 jobs which will be created when the company’s 23,000 sq. m greenhouse expansion, which is expected to cost $25 million, becomes operational in July.Shares of Hydropothecary closed at $4.11, up 63 cents or 18.10 per cent, on the TSX Venture Exchange.Follow @DaveHTO on Twitter.
LONDON – He once was Russia’s richest man, and then for 10 years its most famous prisoner. Now Mikhail Khodorkovsky wants to try a new mantle: godfather of Russian democracy.Khodorkovsky is playing a long game, looking well past the Russian presidential election on March 18 that is guaranteed to give President Vladimir Putin yet another six-year term.In a wide-ranging interview with The Associated Press ahead of the vote, Khodorkovsky warned that U.S. and European Union sanctions against Russia are fueling Putin’s domestic agenda instead of hurting him, and predicted more ugly Russian-U.S. relations in Putin’s next term.“For him and for those he represents, America is only good as an enemy,” Khodorkovsky said.Exiled and forced into managing his political movement remotely from London, Khodorkovsky’s own presidential ambitions appear to be fading, as the 54-year-old looks for younger proteges more likely to outlast the 65-year-old Putin.“I can do what I want and still die under Putin. Those who are today 20 or 30 are today planning how they will live afterward,” said the oligarch-turned-dissident, who spent a decade in prison seen as punishment for his political ambitions.Khodorkovsky was stripped of the bulk of his assets but is using his remaining fortune — around half a billion dollars — on a plan to re-imagine the Russian political system. He wants to put more power in the hands of parliament and regional legislatures.He’s not alone in thinking ahead. The outcome of the March 18 vote is so pre-ordained that many of Putin’s opponents are focusing instead on what happens when his term ends in 2024 — or beyond.Still, Khodorkovsky is urging people to “get off the couch” and vote next month, arguing against a boycott like that suggested by Russian opposition leader Alexei Navalny. Khodorkovsky himself is barred from running because of his recent criminal record.His own presidential vote may go to Ksenia Sobchak, a 36-year-old Russian TV host. But Khodorkovsky has challenged her to clarify her positions first, to prove she’s not just a superficial effort to inject controversy and glamour into the largely tension-free race.“I don’t know if I will vote for her — or cross everyone out and write ‘I’m sick of Putin,’” Khodorkovsky said.Khodorkovsky says Navalny is too focused on seizing power to be a viable solution. Navalny is also barred from challenging Putin in the March election due to a conviction that supporters call politically motivated.“We don’t need a czar, good or bad. We need people who are ready to seek consensus,” Khodorkovsky said.Asked if he wants to run for president in 2024, Khodorkovsky said, “I am against anyone running to replace Putin. I think it’s a doomed position.”Contrary to whispers that the former oil tycoon would launch a political career upon his release from prison in 2013, Khodorkovsky has a longer-term strategy: a 10-year plan to lay stronger civil and political foundations in Russia for when the Putin regime is “swept away.”Khodorkovsky is ready to finance alternative leaders, particularly young ones. But he doesn’t want a revolution — he wants an evolution that focuses on policies not personalities.“If there’s a parliamentary system and a president is needed … that person should have minimal ambitions,” he said.And that person probably won’t be Khodorkovsky himself.He knows he’s widely disliked for making billions in the country’s turbulent 1990s while most Russians suffered bitterly. Known for his steely determination in business, Khodorkovsky bought up floundering state companies for a pittance, turned them around and used his resulting power to squeeze out rivals and minority shareholders.Asked how he responds to Russians who see him as a thief, Khodorkovsky sighs deeply and stares at the table. After a pause, he calls his fortune a “justified bonus” for his work.But unlike other Russian oligarchs, Khodorkovsky now enjoys an exceptional moral authority for surviving years in Russia’s dismal penal system and waging legal battles in a corrupt and troubled justice system.And his money speaks: funding his Open Russia political movement that supports opposition politicians, provides legal support for victims of rights abuse and runs media projects.He was pardoned in 2013 but the Kremlin still sees him as a threat — the Open Russia website and all affiliated domain names have been blocked in Russia since Christmas.Khodorkovsky “is relevant as long as he has his political movement … he wants to keep his possibilities open,” said Alexei Makarkin of the Center for Political Technologies in Moscow.“He has support in society – rather small, but it exists,” Makarkin said — and that could prove useful “if the machine of the state turns out to be not as durable as expected and suddenly collapses.”In the meantime, Khodorkovsky travels around Europe and the United States to meet like-minded Russians, invests in real estate and gives lectures at universities.He is bemused by the Russian security services’ haphazard attempts to keep tabs on him, but no longer fears for his life, rejecting the question with a nonchalant shrug.His voice rises, however, when railing against enemies — including today’s Russian oligarchs, who he says are too invested in the current system to stand up to Putin. He said a recent name-and-shame U.S. list of rich and powerful Russians means the oligarchs now face a life-changing choice.“Stay and work in Putin’s Russia, but then understand that from that moment on, you no longer have opportunities outside Russia’s borders. Or say, that’s it, we earned something, and now we need to get out of this game before it’s too late,” he said.He’s also frustrated that U.S. and EU sanctions — prompted by Russia’s 2014 annexation of Crimea and its support for separatists in eastern Ukraine — feed Putin’s argument that Russians’ problems are caused by the West.U.S. officials “say ‘we are helping the Russian opposition with sanctions.’ No, you are not helping,” he said.However he doesn’t think that Putin organized interference to ensure Donald Trump’s election in 2016.“America is a powerful democratic system and no czar, even with loyal hacker armies, is capable of deforming such a system,” he declared.
DAWSON CREEK, B.C. – B.C. Hydro is reporting a large outage west of Dawson Creek. The power went out at approximately 9:40 p.m. and there is no estimate as to when power will be restored.The outage is affecting approximately 1,200 customers south of the Braden Road between Dawson Creek and Chetwynd.As of 9:55 p.m., a crew from B.C. Hydro has not been assigned to repair the outage. For more updates on this outage and other small outages in the B.C. Peace, visit www.bchydro.com/outages.