Granting of GSP plus to Sri Lanka printed in EU official journal

The Commission has been empowered to adopt delegated acts to amend Annex III to Regulation (EU) No 978/2012 in order to grant GSP+ to a requesting country by adding it to the list of GSP+ beneficiary countries. (Colombo Gazette) The Commission said it has examined the GSP+ request from Sri Lanka in accordance with the provisions of Article 10(1) of Regulation (EU) No 978/2012, and the Commission has established that Sri Lanka meets the conditions. In January this year the European Commission had noted that on 12 July 2016, the Commission received a GSP+ request from Sri Lanka. The decision by the European Commission to grant GSP plus to Sri Lanka has been printed in the official journal of the European Union (EU) and Sri Lanka has access to the EU market under the special scheme from today.The official journal of the EU issued yesterday (Thursday) amends an earlier decision to withdraw the GSP plus scheme granted to Sri Lanka. For that purpose, Article 9(1) of Regulation (EU) No 978/2012 establishes specific eligibility criteria for the granting of the tariff preferences provided under the GSP+.The country should be considered vulnerable due to a lack of sufficient diversification and insufficient integration with the international trading system.It should have ratified all the conventions listed in Annex VIII to Regulation (EU) No 978/2012 and the most recent available conclusions of the relevant monitoring bodies should not identify a serious failure to effectively implement any of those conventions. In relation to any of the relevant conventions, the country should not have formulated a reservation which is prohibited by the convention or which, for the exclusive purposes of Article 9 of Regulation (EU) No 978/2012, is considered to be incompatible with the object and purpose of that convention. It should accept without reservation the reporting requirements imposed by each convention and give the binding undertakings referred to in points (d), (e) and (f) of Article 9(1) of Regulation (EU) No 978/2012. A GSP beneficiary country wishing to benefit from GSP+ has to submit a request accompanied by comprehensive information concerning ratification of the relevant conventions, its reservations and the objections to those reservations made by other parties to the convention, and its binding undertakings. “Sri Lanka should therefore be granted GSP+ from the date of entry into force of this Regulation. Annex III to Regulation (EU) No 978/2012 should be amended accordingly. Pursuant to Article 13 of Regulation (EU) No 978/2012, the Commission should keep under review the status of ratification of the relevant conventions, the effective implementation of those conventions, as well as the cooperation with the relevant monitoring bodies by the government of Sri Lanka,” the Commission said.A beneficiary country under the Generalised Scheme of Tariff Preferences (‘GSP’) may request to benefit from additional tariff preferences under the special incentive arrangement for sustainable development and good governance (GSP+). read more

New CEO of mortgage lender Home Capital says corporate culture is critical

by The Canadian Press Posted Aug 3, 2017 9:26 am MDT Last Updated Aug 3, 2017 at 10:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email New CEO of mortgage lender Home Capital says corporate culture is critical TORONTO – The new CEO of Home Capital Group (TSX:HCG) says ensuring the company, which nearly collapsed earlier this year, has the right corporate culture is critical to its future.In his first day on the job Thursday, Yousry Bissada said while the lender’s core executive team is strong, there is still much to be done to rebuild its business.“We still have a lot of hard work ahead of us, but it is going to be a different kind of challenge,” Bissada told a conference call to discuss the company’s second-quarter results.“We’re in a position where we can look forward and make fresh decisions about the kind of company we want to be.”Home Capital flirted with disaster earlier this year after Ontario’s securities regulator alleged the company failed to satisfy its disclosure obligations in a scandal about falsified loan applications that began in 2014.The news sank Home Capital’s stock and the plunge only worsened as customers pulled their deposits, a key source of funding for the alternative mortgage lender, sparking a liquidity crisis.Home Capital was saved after it secured an emergency loan from the Healthcare of Ontario Pension Plan and then an investment and new line of credit from Warren Buffett’s Berkshire Hathaway. The company also settled its case with the Ontario Securities Commission and hired Bissada, a veteran mortgage company executive.Bissada said he plans to talk with employees, customers, brokers, regulators, investors and other stakeholders about his plans and strategic direction for the company.“There are excellent people here — people who know this market and know how best to serve it,” he said.Shares in Home Capital fell in morning trading Thursday after the company reported late Wednesday a loss of $111.1 million or $1.73 per share in its latest quarter compared with a profit of $66.3 million or 99 cents per share a year ago.The results for the quarter ended June 30 included $233.7 million in costs related to the crisis and other one-time items.In its outlook, Home Capital said it is focused on strengthening its financial position and returning its lending and deposit taking to a more normal level.It said it plans to focus on guaranteed investment certificates and term deposits, while demand deposits are likely to remain weak.Home Capital also raised concerns about proposed changes to mortgage lending rules that it says could hurt its business.It said if they are implemented as proposed, the measures could reduce, possibly materially, the size of the uninsured mortgage market available to the company and others like it.The Office of the Superintendent of Financial Institutions has recommended a new stress test for all uninsured mortgages as well as expressly prohibiting co-lending arrangements that are designed or appear to be designed to circumvent regulatory requirements. read more