Black Economic Empowerment Codes of Good Practice

first_imgThe Broad-Based Black Economic Empowerment Codes of Good Practice aim to level the playing field for all operating in the South African economy by providing clear and comprehensive criteria for the measurement of broad-based BEE.The BEE Codes of Good Practice aim to ensure that black economic empowerment benefits not only the black elite but also women, workers, the youth, people with disabilities and the rural poor. (Image: Brand South Africa)The codes  provide a standard framework for the measurement of broad-based BEE across all sectors of the economy. This means that no industry will be disadvantaged over another when presenting their BEE credentials.Visit the Department of Trade and Industry page on the Codes of Good Practice to download relevant legislation and other documents.Download a summary of the codesDownload the BEE Strategy document of 2003New Codes of Good Practice became effective in 2015. This is a timeline of the codes:Broad-Based Black Economic Act of 2003BBBEE Codes of Good Practice 2007Revised Codes gazetted 2013Revised Codes effective 2015Statement 003 of the BEE Act provides guidelines for the alignment of transformation charters to be gazetted as Codes of Good Practice. This will ensure that even when different gazetted charters are applied to different entities presenting their BEE credentials, neither of the entities will be unfairly disadvantaged over the other because of the application of a more stringent industry charter.The intention of the Codes of Good Practice is therefore to level the playing field for all entities operating within the South African economy by providing clear and comprehensive criteria for the measurement of broad-based BEE.The table below is a guide to the organisation and content of the codes:Overview of the codesThe Black Economic Empowerment Codes of Good Practice ensure that the days of high-profile black businesspeople representing faceless members of “broad-based” groups in empowerment deals are over.They aim to ensure that empowerment benefits not only the black elite but also women, workers, the youth, people with disabilities and the rural poor. They also strongly discourage fronting – schemes that claim to be broad-based but which are found to be wanting when their composition is unpacked.Aim of the codesThe codes are issued in terms of Section 9 the Broad Based Black Economic Empowerment Act of 2003. They function to promote the objectives of the Act, which are to:Transform South Africa’s economy to allow meaningful participation by black people.Substantially change the racial profile of companies’ owners, managers and skilled professionals.Increase the ownership and management of companies by black women, communities, workers, cooperatives and others, and help them access more economic opportunities.Promote investment that leads to broad-based and meaningful participation in the economy by black people.Help rural and local communities access economic opportunities.Promote access to finance for black economic empowerment.In terms of the Act, “black people” means African, coloured or Indian South African citizens, and those entitled to become citizens.The Codes of Good Practice are binding on all organs of state and public entities. In terms of the BEE Act, the government must apply the codes when entering into decisions on:procurementlicensing and concessionspublic-private partnershipsthe sale of state-owned assets or businessesPrivate companies must apply the codes if they want to do business with any government enterprise or organ of state – that is, in order to tender for business, apply for licences or concessions, enter into public-private partnerships, or buy state-owned assets.Companies are also encouraged to apply the codes in their interactions with one another, as preferential procurement effectively impinges on most private sector enterprises throughout the chain of supply, from first-tier suppliers to government downwards.Content of the codesThe 10 codes deal with the different elements of BEE, how they are to be weighted, and how BEE compliance is to be regulated. They are as follows:Code 000 – A framework for the measurement of BEE. This includes the generic BEE scorecard, which gives a general weighting to companies’ BEE status in terms of management, ownership, skills development and so on; guidelines for the development and gazetting of industry charters; and the approval, accreditation and regulation of BEE verification agencies.Code 100 – Measuring the ownership element of the BEE scorecard, including the general BEE ownership scorecard.Code 200 – Measuring the management and control element of the scorecard.Code 300 – Measuring employment equity.Code 400 – Measuring skills development.Code 500 – Measuring preferential procurement.Code 600 – Measuring enterprise development.Code 700 – Measuring the residual element.Code 800 – Industry sector charters.Code 1000 – Measuring BEE in small enterprises. Brand South Africa reporterReviewed: August 2017Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

Your Next Big Security Headache: Your Wireless Router

first_imgYou’ve installed antivirus software on your computers, configured your operating system to update its security automatically and password-protected your Wi-Fi. So your home network is safe against hackers, right?Guess again. And then take a long look at your wireless router.What Can Happen (Hint: It’s Bad)For years, manufacturers of home routers have all but ignored security issues, at least when it comes to making sure that consumers update their firmware to close exploitable vulnerabilities. Let’s put it this way: Have you ever updated the firmware on your router? If not, odds are good that it’s got one or more security holes through which a properly motivated hacker could slip.Attacks on routers aren’t common, partly for logistical reasons that make them uneconomical for hackers. But that could change as technology evolves, criminal incentives shift and security tightens up in other areas. One big potential trouble spot: the embedded Web servers that many routers use for managing their settings — including, of course, security.Router manufacturers have done a lousy job informing users about firmware updates that would patch security flaws, and are even worse making it easy for users to obtain and install those updates. Such patches are seldom available through automatic services, forcing users to look up the fixes on manufacturer websites.“These are low-priced, low-power devices,” Tod Beardsley, a researcher with application security vendor Rapid7, said. Manufacturers “may not have the margins on these devices to provide ongoing software support.”To see what can happen when a flaw remains unpatched, look no further than a major intrusion in Brazil in 2011, when hackers broke into 4.5 million home DSL modems over the Internet. The modems were reconfigured to send users to malware-carrying imposter websites, primarily so thieves could steal their online banking credentials.From Brazil With LoveThat exploit in Brazil was similar to one that application security tester Phil Purviance recently employed against a wireless Linksys EA2700, which was released about a year ago. Called a cross-site request forgery, the technique allowed Purviance to break into the router’s embedded management Web site. Once in, Purviance found he could change the login information and remotely manage the hardware.“What I found was so terrible, awful, and completely inexcusable!” Purviance wrote in his blog. “It only took 30 minutes to come to the conclusion that any network with an EA2700 router on it is an insecure network!”Purviance found a total of five vulnerabilities in two Linksys routers, the EA2700 and WRT54GL. Separately, flaws recently found in Linux-based routers from D-Link and Netgear could enable a hacker on the network to gain access to the command prompt on the operating system, Rapid7 reported.D-Link and Netgear didn’t respond to requests for comment. Belkin, which bought Linksys from Cisco last month, said in an email sent to ReadWrite that the EA2700 was fixed in a firmware update released last June. Called Smart Wi-Fi, the firmware is available through an opt-in update service. What Hackers WantManufacturers have gotten away with sloppy security practices because breaking into wireless routers usually requires physical proximity. That made it far harder for hackers to bust into multiple computers, because they’d have to move from network to network in order to target them. Thus hackers have tended to favor blasting out malware-carrying spam from a single location over attacking individual wireless routers.But that could change. Industrial control systems that run manufacturing operations, power grids and other critical infrastructure are increasingly under pressure from cyberespionage campaigns. Vulnerabilities in these systems are as bad as in home routers. You can see just how bad is is via the search engine Shodan,  which collects information on 500 million connected devices, such as routers, printers, webcams and servers, each month.In time, hackers will develop better tools and malware for breaking into hardware, and this technology will eventually find its way into the criminal underground.How To Safeguard Your RouterIn other words, it makes sense to safeguard your router now. Here are a few steps you can take to make your home network a less inviting target:In your router security settings, make sure you’ve changed any default usernames and passwords. These will be the first things any hacker tries, much the way a burglar jiggles a doorknob to see if it’s unlocked.Disable wireless access to your router’s management console, which allows you to manage its settings by pointing a Web browser to an address such as 192.168.1.1. Disabling wireless access means you’ll have to be physically plugged into the router in order to manage it, making it far more difficult to hack.If you’re sufficiently technically minded, consider replacing your router’s doubtless buggy internal software with an open-source alternative such as DD-WRT, Tomato or OpenWRT. While these options aren’t particularly consumer friendly, their firmware is less likely to contain obvious vulnerabilities — and will probably offer you some cool new features, too.Image courtesy of ShutterstockUpdated at 12:35pm PT to make clear that embedded Web servers, not embedded browsers, pose a security threat in many routers. Related Posts 7 Types of Video that will Make a Massive Impac… How to Write a Welcome Email to New Employees? antone gonsalvescenter_img Why You Love Online Quizzes Tags:#belkin#Cisco#cybercrime#d-link#hackers#hardware#linksys#netgear#pentesters#security#wireless routers Growing Phone Scams: 5 Tips To Avoidlast_img read more

Why Productivity Hacks Don’t Work

first_imgImagine that you have a task to complete. You need to roll a 100-pound boulder up a steep hill. It’s really difficult, but somehow you manage to do it.Now, you have to roll the boulder up the same hill again. You’re going to be smarter this time. You look around and find a path that is less steep. Progress! You roll the boulder up the hill again, and you get to the top faster. Because you were smart, you were more productive, right?New day, same boulder, same hill. You’re going to be really smart this time. You strap the boulder onto some apparatus and you use a motor to pull the boulder to the top of the hill. All of this takes you half as much time as pushing the boulder, and you aren’t nearly as tired. In fact, you could move the boulder up the hill ten times if you had to. Now you have hacked your way to being super productive, right? You’ve leveraged technology to do your work for you.But this isn’t productivity. This is doing something efficiently. This is why your productivity hacks don’t work. How fast and effective you can do something doesn’t mean it’s the right thing to do. That’s missing the starting point.If you want to be productive, the first question you need to ask yourself is “What is my work?” Unless you find deep meaning in rolling a rock up a hill for no reason, then you shouldn’t be rolling a rock up a hill. Some of the tasks you are doing are just that: tasks.The second question you need to ask yourself is “What tasks will produce the results I want and need?” There is a lot of work that shows up in your world that looks very much like rolling a rock up a hill. It takes time and energy, but it doesn’t produce any real, measurable results. It doesn’t move you any closer to your goals.The real “productivity hack” is sitting down alone to decide what your real work is, what work you can invest yourself in, and how you plan to make a contribution. The best productivity hack is blocking the time to do the work that produces the results you want from your life, a big part of that life being your work, and work being one of the ways you make a contribution. Essential Reading! Get my 3rd book: Eat Their Lunch “The first ever playbook for B2B salespeople on how to win clients and customers who are already being serviced by your competition.” Buy Nowlast_img read more

Shifts in the Pyramid: Rank 36 to 50

first_imgSubhash ChandraSubhash Chandra53, Industrialist (22)Foreign ForayBecause he has expanded his footprint in the US by launching Veria, a 24-hour holistic health channel, and his company has become the biggest distributor of Indian content in the overseas market, with a viewership of 500 million in 160 countries.Because he got down to,Subhash ChandraSubhash Chandra53, Industrialist (22)Foreign ForayBecause he has expanded his footprint in the US by launching Veria, a 24-hour holistic health channel, and his company has become the biggest distributor of Indian content in the overseas market, with a viewership of 500 million in 160 countries.Because he got down to work at the seven-year-old Mumbai daily DNA, stemming losses by slashing costs and achieving record sales of over 5 lakh copies during this year’s Budget edition.Because he is the largest distributor of cable television in India reaching nearly 100 million homes.Because even through the global downturn, he managed to post a 20 per cent increase in group turnover to reach $3 billion.Power move He has handed over the reins of the day-to-day management of his business to son Puneet Goenka to concentrate on education, having listed Zee Learn last year.Favourite food Homecooked Marwari dishesPower drive Audi A8 N SrinivasanN. SRINIVASAN66, Industrialist (New)Match WinnerBecause he controls the purse strings of the world’s richest cricket board as secretary, BCCI.Because his company, India Cements, bankrolls IPL’s most valuable team and winner of Season 3, Chennai Super Kings, that is worth Rs 224 crore.Because he ensured the exit of Lalit Modi, the controversial creator of the IPL franchise.Because he is so obsessed with cricket that he is often criticised for not paying attention to his other portfolio: he is president of the Indian chess federation.Because he is the czar of India Cements, southern India’s largest cement maker, with a turnover of Rs 3,500 crore.advertisementPower passion All his cars from, the BMW to the Rolls Royce Phantom, have the number ‘9001’Power icon Sardar Vallabhbhai Patel Malvinder and Shivender Mohan SinghMALVINDER AND SHIVENDER MOHAN SINGH38 & 35, Businessmen (36)Awesome TwosomeBecause they aim to completely dominate India’s twin obsessions, health and wealth, with Religare and Fortis healthcare companies.Because Religare, one of India’s fastest growing integrated financial services institutions, has acquired two funds in the US, taking the total assets under its management to $18 billion in just two years.Because having made a Rs 10,000 crore profit from the sale of Ranbaxy, they also made a profit of $100 million on the sale of the Singapore-based healthcare company Parkway, with a return of 37 per cent in four months.Austerity drive Despite having a fleet of jets in various air transport firms, they fly commercial.Power passion Movies. Their movie fund Religare Vistaar is financing the Shahid Kapur starrer, Mausam.Winning smile Own the largest dental clinic chain in Australia and New ZealandDid you know That they own the largest private healthcare network in Hongkong? Pawan MunjalPAWAN MUNJAL57, Industrialist (23)Lone RiderBecause he thought nothing of splitting from Honda, his partner of nearly three decades, and decided to ride it alone in the highly competitive nine million vehicles a year two-wheeler market.Because Hero Honda has been the largest seller of two-wheelers in the world for 10 years now and accounts for 50 per cent of the Indian motorcycle market.Because In the month of December, when automobile sales tend to drop significantly, the company sold five lakh bikes, more than double of its biggest competitor.Because whether it is cricket, hockey, golf or the CWG, he understands the sporting pulse of the nation.Style statement Wears the tricolour on his lapel, wrist and even on the number plate of his cars. “I’m a proud Indian,” he says.Power toys The iPad and iPhone 4Power wheels Acquired a Jaguar a month ago Harish SalveHARISH SALVE55, Lawyer (27)A Perfect ArgumentBecause he is the first person on the speed dial of corporate titans, politicians, and even state Governments in trouble.Because when Ratan Tata wanted to take on the government, he chose Salve, as did Mukesh Ambani when he went to war with his industrialist brother Anil Ambani on the right price for getting oil from the Krishna-Godavari basin.Because his powerful clients will go to any lengths to oblige him, whether it is flying him down on a private jet or buying him pyjamas for a last-minute overnight stay.Legal style Quotes from the film The Godfather. Once told the Supreme Court the opposition reminded him of a scene where the mafia don places a gun on his enemy’s head and says “be reasonable, do it my way”.The boy toy Bentley Flying SpurHis style statement “My wife Meenakshi,” he grins Chanda KochharCHANDA KOCHHAR49, Banker (45)Trusted AssetBecause she heads India’s second-largest bank with total assets of Rs 3,63,400 crore and in the two years since she has taken over, the company has grown by over 3 per cent.advertisementBecause she changed the rules of the game, making ICICI branches operate 12 hours a day, unlike its competitors, which function only for four to seven hours.Because customer satisfaction is her top-most priority and she makes it a point to read every e-mail that comes in.Because she was ranked 92 in the Forbes 2010 list of most powerful women in the world.Because she was one of the first bankers in India to promote electronic banking, installing 2,000 atm machines across the country.Power moment Getting the Padma Bhushan. Not bad for a working woman from a middle-class family.Her kind of music The Gayatrimantra is her ringtonePower dressing Wears saris to work. It’s Western wear for weekends. Parmeshwar GodrejPARMESHWAR GODREJ65, Social Arbiter (43)Cause and AweBecause she has roped in everyone, from Bill and Melinda Gates to Carla Bruni to Bono, from NACO to UNAIDS to participate in her advocacy work on AIDS through her Heroes Project.Because the work of the Heroes Project has been incorporated into the State aids Control 2011-2012 annual action plan.Because she has managed to get Prime Minister Manmohan Singh to host a media summit on HIV/AIDS, just like the one at his home in 2005.Favourite things The song I did it my way and a poem by Rudyard Kipling, If.Treasured gifts Birthday cards made by grandsons Aryaan and Azaar.Recently discovered “That I’m happy being by myself.”Favourite designers Herve Leger, Shahab Durazi, Giorgio ArmaniHoliday spot The Amalfi Coast, Italy RAHUL BHATIA48, Businessman (New)Rapid AscentBecause his five-year-old Indigo’s 19.2 per cent market share has zoomed past the 80-year-old national carrier Air India into the number three spot.Because in January, his company placed the largest-ever order for aircraft in Indian civil aviation history for 180 Airbus A320 planes worth Rs 72,000 crore to be delivered between 2016 and 2025.Because by 2025, with a fleet size of 280 aircraft, Indigo will be India’s largest airline.Power moment When Indigo recorded a profit of Rs 550 crore in 2009-10 even as Jet and Kingfisher airlines registered a combined loss of more than Rs 2,000 crore.Smart move He lets Aditya Ghosh, CEO of Indigo, handle the media.Big switch He is a trained engineer and has worked with IBMValue for money Plans to set up 200 mid-budget Ibis hotels by 2015 Ram JethmalaniRAM JETHMALANI87, MP and Lawyer (39)The Duel Master Because his apparent shot in the dark, the April 2009 petition with the Supreme Court to get back India’s money stashed in foreign banks accounts, has become the most effective anti-corruption campaign administered by the Supreme Court.Because his petition, seeking to make public names of all holders of foreign banks accounts, has given sleepless nights to many powerful people.Because his intervention has uncovered Hassan Ali, India’s biggest tax defaulter and alleged hawala operator.Because he has leapt over the generation gap-he was India’s leading criminal lawyer in the 1960s and remains the first resort for the last resort even today.advertisementLucky mascot The indoor badminton court at his home on Delhi’s Akbar Road is lucky for Congressmen who aspire to be chief ministers: Bhupinder Singh Hooda and Prithviraj Chavan were regulars there before they became cms of Haryana and Maharashtra.Travel bug Has cruised Scandinavia, Alaska and the CaribbeanDid you know He became a lawyer at 18? Uday KotakUDAY KOTAK52, Banker (38)Money SpinnerBecause his 25-year-old company, Kotak Bank, is now worth $7.1 billion, from $70 million a decade ago, becoming the biggest private bank created by an entrepreneur in the country.Because Japanese firm Sumitomo Mitsui Banking Corp. will invest in a $300 million fund of Kotak Mahindra that will buy stakes in infrastructure projects such as power units, roads and airports.Because with his long experience in the stock market, investment banking and now commercial and retail banking, he is evolving as a thought leader in the financial services sector.Because he has a finger in the academic and media pie as a member of the Board of Governors of the Indian Council for Research on International Economic Relations and owns the Business Standard newspaper.Calm quotient Practising on the sitar takes his mind off business.Power statement Still writes notes with a pencilPower wheels Drives a Toyota Camry Jaggi VasudevJAGGI VASUDEV54, Yogi (43)Mod MantrasBecause he mentors many of India’s high and mighty, from Vasundhara Raje to Shekhar Kapur.Because he is the coolest of the cool: an agnostic who became a yogi, an adventure geek who turned guru, a sceptic who found a new route to bliss, Isha Yoga.Because he spices up spirituality with science, mysticism with materialism, wisdom with wit.Because he built a 270-acre ashram in the foothills of the Velliangiri range in Coimbatore from scratch.Sultan of style He rides dirt bikes and SUVs at breakneck speed, tees up golf balls with effortless elan, plays frisbee in jeans and tees.In his own words “If you don’t want your children to go the Coca-Cola way, you must dig into your culture and pull out something really valuable.”Invisible army One lakh volunteers work at his 150 centresPower of pride The two-ft tall mercury lingam at Theerthakund in Coimbatore K. Srinath ReddyK. SRINATH REDDY59, Doctor (New)The Good DoctorBecause the former head of the cardiology department at AIIMS, New Delhi, monitors the heartbeat of the nation in his role as personal physician to Prime Minister Manmohan Singh.Because as president of the Public Health Foundation of India, which has a corpus of Rs 230 crore, he is engaged in building critical research and institutional infrastructure in the much neglected field of public health.Did you know That he is a man of literary talent and won the Economists Allied for Arms Reduction Global Peace Essay contest, adjudged by 11 Nobel laureate, in 1992?Mr brainy He is an ace quizzerInternational connection He is the Bernard Lown Professor at the Harvard School of Public Health Saina NehwalSAINA NEHWAL21, Sportsperson (New)Smash HitBecause her phenomenal dedication made her rise to the No.2 slot in world badminton, the highest position attained by a sportswoman in the country.Because she became the unofficial spokesperson of ambitious Jat women when she spoke up against Haryana’s skewed sex ratio.Because she is poised to become one of the richest young women in the country, with annual sponsorships, endorsements and incentives from employer Bharat Petroleum crossing the Rs 10 crore mark this year.Big acquisition Buying a diamond ring for Rs 1.60 lakh at Heathrow airport.Power move The Apple iPad to review her own and other players’ games while travelling.Diet secret Rotis of specially milled wheat, dry fruits, eggsHer hairstylist Vicki Gillani of Paris de Salon, Hyderabad Jean DrezeJEAN DREZE, 51, Economist (New)The Social NetworkBecause he has the courage the challenge the government that wants to coopt him through the nac and convened a press conference in September 2010 to openly criticise the working of the government’s flagship programme, nrega.Because the honorary professor at the Delhi School of Economics, and senior professor at the G.B. Pant Institute of Social Sciences in Allahabad has the academic credentials to back his social activism.Did you know That when he first came to Delhi in 1979, Dreze lived in a slum in Safdarjung rather than in a students’ hostel?Family connection Father Jacques Dreze is an eminent Belgian economist. Brother Xavier Dreze is professor at ucla.Power ride A bicycle Katrina KaifKATRINA KAIF26, Actor (New)Bollywood BabeBecause though she has a British passport, her midriff, post Sheila ki jawani, has become a national asset.Because she is the most sucessful Indian actress today with an earning of over Rs 40 crore in 2010, enough to send Income Tax officials knocking at her door.Because with 11 brand endorsements, a Barbie doll in her image, the season’s most downloaded item song, and as the most googled Indian celebrity, she has emerged as the woman India loves to love.Because despite being gossip staple, she has consistently refused to comment on her private life.Because she’s set off a frenzy among Western women wanting to make it big in Hollywood whose first stop is invariably the Kingfisher calendar.What she wants The rights to a three-year-old Hollywood romantic comedy that she hopes to produce.Power tool An iPad, on which she listens to music and watches moviesLikes to Wear her sisters’ clothes when she is at home in Londonlast_img read more

Self-Financing Public Bodies Show $71.9 Billion for Capital Budget in 2019/20

first_imgStory Highlights This is according to the Government’s 2019/20 Fiscal Policy Paper, and Public Bodies Estimates of Revenue and Expenditure, which were tabled in the House of Representatives by Finance and Public Service Minister, Dr. the Hon. Nigel Clarke, on February 14. The sum is $13.5 billion more than the figure for 2018/19, which totalled approximately $58.4 billion, and is expected to result in the entities attaining an overall balance deficit of $3.2 billion over the period. The 2019/20 capital expenditure budget for the 56 Self-Financing Public Bodies (SFPB) is projected at $71.9 billion. The 2019/20 capital expenditure budget for the 56 Self-Financing Public Bodies (SFPB) is projected at $71.9 billion.The sum is $13.5 billion more than the figure for 2018/19, which totalled approximately $58.4 billion, and is expected to result in the entities attaining an overall balance deficit of $3.2 billion over the period.This is according to the Government’s 2019/20 Fiscal Policy Paper, and Public Bodies Estimates of Revenue and Expenditure, which were tabled in the House of Representatives by Finance and Public Service Minister, Dr. the Hon. Nigel Clarke, on February 14.The documents indicate that the National Housing Trust (NHT), National Water Commission (NWC), Port Authority of Jamaica (PAJ), and Petrojam Limited are projected to account for approximately 80 per cent of the expenditure.The NHT’s programmed spend, totalling some $41.3 billion, is the largest of the entities.Approximately $39.4 billion, or 95.4 per cent, is earmarked to finance the commencement of 8,640 housing solutions, comprising houses and residential lots, and complete 4,714, during 2019/20.This sum is just over $2 billion more than the amount spent in 2018/19, which totalled $37.3 billion.The 2019/20 expenditure and activities are part of the NHT’s thrust to complete 23,000 housing solutions by the end of the 2022/23 fiscal year.The entity also plans to disburse approximately $28.2 billion over the new fiscal year under its build-on-own land, open market, and joint mortgage financed programmes, as well as for house lot loans.The NWC’s budget of $7.15 billion, which is the second highest programmed expenditure, will focus on infrastructure rehabilitation.This is expected to reduce the level of non-revenue water as well as operating costs, resulting in lower operational losses, eventual surpluses and improved efficiency and reliable service delivery over the medium term.Key focus areas of expenditure include: $2.64 billion for meter replacement; and $1.2 billion for rehabilitation works under the K-Factor Programme.Development projects are expected to account for approximately 76.4 per cent of the PAJ’s budget, with focus on engagements aimed at facilitating economic growth and development, as well as enhanced security at the island’s ports.These include: phase one of the Port Royal Development, a logistics park in Kingston; completion of the Business Process Outsourcing facility in Portmore, St. Catherine; and acquisition of a Port Community System.Petrojam Limited has made provisions for the phase one commencement of the State oil refinery’s upgrade during 2019/20.The entity plans to spend US$20 million to commence construction of a Vacuum Distillation Unit (VDU).Petrojam also projects to spend US$10.4 million for major maintenance works and rehabilitation of its storage tanks.Meanwhile, the Fiscal Policy Paper indicates that the 56 SFPBs are projected to generate revenue of approximately $406 billion in 2019/20.Over the period, the group is expected to transfer some $16.7 billion in financial distributions and programme support, and remit $45.7 billion in Special Consumption, Ad Valorem and Corporate Taxes to the Government, while approximately $17.2 billion will be transferred to certain entities.Among the transfer beneficiaries are: the Student Loans’ Bureau, through support from the Education Tax; and the Jamaica Urban Transit Company, via fare subsidy/operational support.last_img read more

Fortnite look out Apex Legends tallies 25 million players a week after

first_img Share your voice Tags “Since we launched Apex Legends last week on Monday we’ve seen the creation of an Apex Legends community that is excited, thriving, and full of great feedback and ideas,” Vince Zampella wrote in a blog post. (Zampella is head of Respawn Entertainment, which made Apex Legends and its predecessor, Titanfall.) “Our goal is to build this game with you, our community, so keep giving us your feedback because we really are listening.”EA’s success with Apex Legends marks a potential for it to take on Fortnite, which counted 200 million players in December. (Epic didn’t immediately respond to a request for updated figures.) Those millions of players have turned Fortnite into a cultural phenomenon, played by celebrities, musicians and sports stars. Player counts aren’t the only signs of Apex Legends’ success. Shortly after the announcement Monday, gamers were playing Apex Legends on the popular streaming game service Twitch at nearly three times the number they were Fortnite, and even more than other popular streaming games like League of Legends. The number of people streaming Apex Legends is nearly three times more than Fortnite on Twitch.tv. Screenshot by Ian Sherr/CNET “The game is off to a phenomenal start,” Wedbush Securities analyst Michael Pachter wrote in a note to investors last week. Though EA’s financial results over the last holiday season were disappointing (in part because of Fortnite’s popularity), Pachter expects Apex Legends to contribute $100 million to EA’s revenues in its next fiscal year. Post a comment Apex Legends continues to grow.The new video game from industry giant Electronic Arts has been grabbing attention online as it takes on one of the world’s most popular games, Epic’s Fortnite: Battle Royale. Like Fortnite, Apex Legends is free to download and is designed as a last-man-standing “battle royale” title. And Apex Legends appears to be growing fast. Last week, the company said the game counted 10 million players in the first 72 hours since the game’s launch. Now it’s at 25 million players. How is Apex Legends different from Fortnite and PUBG? 0 Electronic Arts (EA) Fortnite Now playing: Watch this: Culture Tech Industry Gaming 2:42last_img read more

Infosys Employees to get 511 annual salary hike lower than last year

first_imgReuters fileInfosys will be giving a salary hike to its approximately 2 lakh employees, but there is not much to cheer about for the workforce for two reasons: the Bengaluru-based company won’t be paying arrears for the April-June period since the hike will be effective from July 1 and the rate of increase at 5-11 percent on an average is lower than last year.The company had 2,00,364 employees as of March 31, 2017, according to regulatory filings.Also read: Salary hike for Infosys, TCS, Wipro, Tech Mahindra employees will be interesting The hike will be a tad higher for top performers, in the range of 9-11 percent, Moneycontrol.com reported, citing news agency Cogencis.Last year, Infosys had announced a hike in the range of 6-12 percent, with onsite staff getting 1 percent pay increase on an average, lower than 2 percent in 2015.The share price of the company was trading almost flat at Rs 954 on the BSE at around 9.45 am. The Sensex was down 10 points at 31,199. TCS is yet to make an announcement on raising salaries of its employees while Wipro is reported to have given an average hike of 5 percent this year, according to a Times of India report.Shareholders of the two companies were kept in good humour, with Wipro declaring 1:1 bonus issue and TCS buying back shares. Hiring and headcount details based on company filings.Quarterly results and statements.last_img read more

Real estate developer arrested for duping elderly

first_imgKolkata: Police arrested a real estate developer following an interrogation at Bidhannagar North police station in connection with a case where an allegation of cheating an elderly person has cropped up.Police said one Suchitra Bakshi had lodged a complaint against real estate developer Biswadeep Chakraborty. She lodged the complaint alleging that she was cheated by Chakraborty, who had engaged into an agreement with her to develop a multi-storeyed residential building on her plot in Salt Lake. She claimed that she was supposed to get Rs 70 lakh from the developer and also a floor of the building along with a parking space as per the agreement. Also Read – Heavy rain hits traffic, flightsShe claimed that the real estate developer had given them a total of Rs 14 lakh in phases and they had even shifted to a rented house. Rent of three months were also given by the developer in advance. But the situation turned worse when the rent was no more paid and the landlord didn’t allow the complainant to stay anymore at the rented house. The complainant had repeatedly attempted to seek attention of the real estate developer. But it was of no help, she alleged. Finally, she shifted to another rented house at Lake Town and lodged a complaint with the police. Police initiated a probe in this connection and initially detained him for interrogation. He failed to give any clarification to many questions of the investigating officers for which he was arrested.last_img read more