Tag: plans

Law Society Condemns Plans For Economic Crime Levy

Law360, London (October 14, 2020, 1:51 PM BST) — The government’s plans for a financial crime levy on law firms and other regulated businesses is “a special tax on the legal profession” that could make companies less willing to invest in Britain, an industry body warned on Wednesday. 

The Law Society, the professional body that represents more than 140,000 practicing solicitors in England and Wales, said the industry already devotes significant resources as it complies with its obligations to counter money laundering and financial crime.

Simon Davis, the society’s departing president, said that pushing up the cost of doing business would hit the competitiveness of the legal sector in the international market…

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U.K. Plans New Law to Undo Foreign Deals on Security Grounds

(Bloomberg) — Boris Johnson’s government is drawing up plans for a radical new law that would give ministers power to unravel foreign investments in U.K. companies — potentially casting major doubt on deals that have already been concluded — to stop hostile states gaining control over key assets.



a close up of a light pole: Pedestrians walk as the Tower Bridge stands beyond in London.


© Photographer: Simon Dawson/Bloomberg
Pedestrians walk as the Tower Bridge stands beyond in London.

The National Security and Investment Bill is in the final stages of drafting and could be published later this month, according to people familiar with the matter who spoke on condition of anonymity because the subject is sensitive.

It aims to cover deals in sectors such as defense and critical infrastructure, and will make provisions to protect sensitive intellectual property.

Among the most potentially controversial parts of the draft law is a proposal to allow the government to intervene retrospectively in circumstances where national security is an issue. That would mean allowing government officials to look back at past takeovers and mergers where concerns have been raised.

While the draft legislation as it stands does not explicitly target any particular country, it comes against a backdrop of heightened political concerns in the U.K. over China’s involvement in critically important infrastructure programs.

Members of Parliament in Johnson’s ruling Conservative Party pressed him to ban Huawei Technologies Co. from the U.K.’s next-generation wireless networks, reversing an earlier decision to allow the company a role.

China Concerns

Longstanding concerns have also been raised over China’s involvement in Britain’s nuclear power program. In 2016, then Prime Minister Theresa May paused the Hinkley Point C nuclear project, which is backed by Chinese investment, before eventually allowing it to proceed.

“The bill will be brought forward when parliamentary time allows and remains a priority for the government’s agenda,” a spokesman for the Department for Business, Energy and Industrial Strategy said.

The draft law is likely to be presented to Parliament later this month, the people said, though the timetable could slip. The bill is a blueprint to allow Johnson’s government to strengthen its powers of scrutiny and to intervene in takeovers and mergers to protect national security.

Outlining its proposals last December, the government said its aim was to safeguard key assets while providing a transparent system for business.

Unusual Step

At the time, the government said its plan would include powers to mitigate the risks to national security by “adding conditions to a transaction or blocking the transaction as a last resort.” A regime of sanctions for companies that fail to comply with the new regime was also proposed.

But introducing a law that could apply retroactively would be highly unusual in the U.K. and risks undermining investor confidence at a time when the government wants to boost trade and attract foreign partners after Brexit.

The proposed law is close to being finalized, but some parts are still subject to internal debate, the people said.

Under the plans, the bill would include certain elements that are retroactive, enabling ministers to look back

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Conservation Society plans a scaled-down fundraiser next month at La Villita

In a year when Fiesta and every gala in the city were stamped as canceled by the coronavirus pandemic, the Conservation Society of San Antonio is trying to salvage some fun and fundraising in a socially distanced sort of way.

The three-hour evening Fall Heritage Festival — a scaled-down substitute for NIOSA, A Night In Old San Antonio — will have the feel of the hugely popular bash held during Fiesta each year to raise money for historic preservation and other programs.

The society, which has booked La Villita for the Nov. 6 event, increased the entry fee to $125 and restricted admission to 1,000 adults, who will have unlimited access to food and drinks served at booths, with two local bands providing entertainment.

To protect the safety of guests and volunteers from the virus, everyone will be required to maintain social distancing and wear a face covering, except when seated while eating and drinking, said Patti Zaiontz, society president.

In a normal year, the four-night NIOSA, billed as a “celebration for preservation,” packs more than 20,000 people nightly into the 4-acre La Villita area during Fiesta and is the society’s signature fundraiser.

Ubaldo Torres wears a tall, festive hat that he created as a Night in Old San Antonio, NIOSA, kicks off its first night in April 2018. The Conservation Society of San Antonio, the organizer of NIOSA, which was canceled this year along with the rest of Fiesta, is planning a smaller, one-night event on Nov. 6 to raise money.

To stage the festival, the organization received the permission of the city, which in recent weeks has eased restrictions on public facilities and outdoor gatherings as the spread of the virus has diminished, at least for now.

“This is not a NIOSA celebration, but San Antonians will notice many welcome comparisons to NIOSA in food and drink,” Zaiontz said. “The spread-out nature of this festival will harken back to the roots of our first festivals on the grounds of Mission San José.”

On ExpressNews.com: No Fiesta in 2020 due to coronavirus

The society’s switch to a fall festival is a first in nearly 75 years.

Marci Aguirre, left, and Paula Gallegos-Denton enjoy champagne during NIOSA on April 23, 2019. The Conservation Society of San Antonio, the organizer of NIOSA, which was canceled this year along with the rest of Fiesta, is planning a smaller, one-night event on Nov. 6 to raise money.

NIOSA’s roots date to 1936, when the society, then only 12 years old, held a one-night “Indian Harvest Festival” on the South Side mission grounds. The event moved to the River Walk in 1940 and was renamed the River Festival before it relocated to La Villita in 1947.

As a major event on the Fiesta schedule, NIOSA generates $1.5 million annually for the Conservation Society, which funds preservation grants, educational tours, advocacy programs, seminars, a resource library and two house museums.

In reaction to the pandemic, the Fiesta San Antonio Commission initially postponed Fiesta from April to Nov. 5-15. But in July, the commission canceled it for 2020, marking the first time since World War II that the annual citywide extravaganza, now spanning 11 days, was not held.

On ExpressNews.com: Paula Allen: It took time to find right formula for NIOSA

The fall festival will be from 6 to 9 p.m. Nonrefundable e-tickets go on sale at 10 a.m. Friday at saconservation.org or niosa.org. Guests must be at least 21 and must be prepared to show identification at the event.

Everyone is encouraged to bring nonperishable food items to donate to the San Antonio Food Bank at three entrance gates.

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Manitowoc Historical Society plans fall stroll for mid-October, plus more local news

Waldo Boulevard opens to traffic after ceremony

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Manitowoc County Historical Society to host Fall Stroll in mid-October



a tree in front of a house: Manitowoc County's Pinecrest Historical Village, shown here in fall.


© Courtesy of Manitowoc County Historical Society
Manitowoc County’s Pinecrest Historical Village, shown here in fall.

Manitowoc County Historical Society, 924 Pinecrest Road in Manitowoc, is offering a fall site stroll for guests to enjoy the natural beauty of the historic Pinecrest Village from 10 a.m. to 1 p.m. Oct. 16-17.

The village is open for strolling amid the coronavirus pandemic, but all historic buildings are closed to the public. The McAllister House Welcome Center will be open for restrooms and the Museum Store. When people are indoors, masks are required. Restrooms are also available on the back of the General Store/Meat Market.

Pick-up will also be held during these times for those who have reserved an All Hallow’s Eve STEAM Pack. Packs will be available for pick-up on the McAllister House Welcome Center front porch.

Also available for pick-up on the porch will be an outdoor history scavenger hunt. Identify items throughout the historical village and in the windows of the historic structures.

There is no admission charge for the fall site stroll. As a non-profit organization, the museum said it “would greatly appreciate your donation to assist in supporting our Manitowoc County Historical Society during this time. A donation box will be available on the porch of the McAllister House Welcome Center.”

Besides the two-day fall site stroll, the Historical Society grounds and buildings are closed for the year. Local history information is always available on the museum’s website at ManitowocCountyHistory.org and its social media channels. 

‘InfoFun Day’ set for Oct. 17 at Lighthouse Inn

The Manitowoc County “That’s Enough Already” (TEA) movement said in a news release that it will host an “InfoFun Day” on Oct. 17 at the Lighthouse Inn, 1515 Memorial Drive, Two Rivers. It said doors will open at 1 p.m. with activities starting at 2 p.m.

Activities include a “Best Dressed Patriot” contest and a trivia contest. For the trivia contest, teams will consist of four people with registration ending at 1:45 p.m. on the day of the event. To pre-register, call 920-732-3200 or email with subject line “TEA — Contest Entry” to [email protected] with team name and list of members.

The group said “several speakers have been secured and we are looking for appropriate vendors. Other activities available are Jenga or play a hand of sheepshead.”

For more information, call 920-732-3200 or email [email protected]

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Top India Court Asks Government to Outline Interest Waiver Plans

(Bloomberg) — India’s top court asked the government and banks how they plan to waive deferred interest on loans for small borrowers and whether similar relief measures could be provided to other sectors.



a large clock tower towering over a city at night: A metro train travels along an elevated track as residential buildings stand in the background at night in the outskirts of New Delhi, India, on Sunday, July 7, 2019. India's new Finance Minister Nirmala Sitharaman resisted calls for a fiscal boost to spur a weakening economy, sticking instead to a plan to narrow the budget deficit over time by keeping spending in check.


© Bloomberg
A metro train travels along an elevated track as residential buildings stand in the background at night in the outskirts of New Delhi, India, on Sunday, July 7, 2019. India’s new Finance Minister Nirmala Sitharaman resisted calls for a fiscal boost to spur a weakening economy, sticking instead to a plan to narrow the budget deficit over time by keeping spending in check.

The Supreme Court on Monday asked lawyers from the government and Reserve Bank of India to submit information on the measures they plan to take on waiving some of the interest and recasting loans for stressed borrowers. The court will listen to this feedback on Oct. 13.

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Prime Minister Narendra Modi’s government will pay the “interest on interest” on loans of as much as 20 million rupees ($273,000) for the duration of the Reserve Bank of India-authorized repayment holiday that ended on Aug. 31, according to an affidavit filed by the Ministry of Finance in the Supreme Court on Friday.

Groups of borrowers, including industry bodies for real estate and power producers, have approached the top court seeking a waiver on compounded interest and an extension of the repayment holiday.

Banks and home finance companies have been imposing charges on both the principal and the interest, which translated into repayment periods being extended by more than six months.

Relief Measures

The waiver comes after the Supreme Court asked the Modi administration to assess the impact of the coronavirus pandemic on the economy and come up with proposals for relief measures.

The Reserve Bank of India has taken a number of unprecedented steps to help borrowers facing a cash crunch after the world’s strictest lockdown shuttered businesses and left millions jobless. The moratorium, however, allowed lenders to impose additional interest over the repayment holiday. Subsequently, the RBI allowed banks to restructure loans without having to classify them as non-performing for the next two years.

Read about debt relief panel adding to uncertainty bad loans

India’s main banking gauge was trading up 1.5% at 12:55 p.m. in Mumbai on Monday.

‘Hanging Sword’

The government’s decision to pay the compounded interest “comes as a relief,” said Abhimanyu Sofat, head of research at Mumbai-based IIFL Securities Ltd. The uncertainty on the issue was like a “hanging sword for lenders.”

Read: End of Loan Holiday Threatens Pain, Defaults for Indian Business

Banks will have to forgo 6 trillion rupees if interest on all loans are waived off, according to the government’s affidavit. That will wipe out a substantial part of lenders’ net worth and could raise questions on their survival, it said.

India’s banks — already weakened by a two-year-old shadow lending crisis — are seeking more guidance from the regulator on how to battle one of the world’s worst bad loan ratios.

Read: India’s

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Elmer historical society plans open house

The Greater Elmer Area Historical Society’s monthly open house from 10 a.m. to 2 p.m. on Saturday, Oct. 10, will feature a book signing by Ralph H. Thomas, local author of “WWII: 50 Objects That Helped Win the War.” Copies will be available for purchase.

The historical society also will be giving away copies of its most recent historical booklet, which spotlights military history and veterans from Elmer, Pittsgrove and Upper Pittsgrove. In the museum, an exhibit of artifacts relating to local military history will be on display.

The event will be held indoors and outdoors, with masks and social distancing required. No more than 12 people may be in the museum at a time, but a tent will set up outside. Anyone who feels ill or is particularly vulnerable is advised to stay home or call to arrange for curbside pickup.

Located at 117 Broad St. in Elmer, the museum is free and open to the public. In addition to exhibits, the museum includes a research library with historic photographs, books and other items relating to the history of Elmer, Upper Pittsgrove and Pittsgrove .For more information about this program and other upcoming events, please visit the society’s Facebook page, call 609-670-0407 or email [email protected]

Send community news to [email protected].

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