Latest news with #Agreement
Time of India
a day ago
- Business
- Time of India
US to WTO: Auto duty levied on national security grounds
The US has rejected India's claim that American tariffs on auto and auto parts qualify as safeguard measures under the WTO (World Trade Organisation) rules, and asserted that the duties are imposed on national security grounds. It has added that, on these grounds, India has no basis to propose retaliatory tariffs against these duties. India has said it is reserving the right to impose retaliatory duties on US tariffs (25 per cent) on automobiles and auto parts, stating that the levies are safeguard measures that are harming its domestic industry. In a reply to this, the US has informed the WTO that US President Donald Trump imposed these tariffs to adjust imports of these articles as they threaten to impair the national security of America. "These actions are... not safeguard measures. Accordingly, there is no basis for India's proposal to suspend concessions or other obligations under... the Agreement on Safeguards with respect to these measures," a WTO communication, dated July 17, said. It was circulated at the request of the delegation of the US. The US also said that India has not complied with the obligations under the WTO's Agreement on Safeguards. "The United States will not discuss the Section 232 tariffs under the Agreement as we do not view the tariffs as a safeguard measure," it added. A similar communication was also circulated to reject India's claim that American tariffs on steel and aluminium are safeguard measures under the WTO rules . The proposed suspension of concessions, which India has notified, could take the form of increased tariffs on selected US products. While India has not disclosed those items yet, in a similar move in 2019, it had imposed retaliatory tariffs on 28 US products, ranging from almonds and apples to chemicals. Earlier this month, India proposed imposing retaliatory duties against the US over American tariffs on imports of the country's auto parts in the name of safeguard measures. The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the US. On July 10, India revised its proposal to impose retaliatory duties against the US over American tariffs on steel and aluminium in view of the further hike in duty by the Trump administration. agencies.
7NEWS
2 days ago
- Business
- 7NEWS
Union takes action against Commonwealth Bank for alleged ‘sham' redundancies
Action has been launched against the country's biggest bank over claims it carried out 'sham' redundancies in Australia to take advantage of cheap overseas labour. The Commonwealth Bank announced in June it was making 304 roles across its technology and retail departments redundant. But the Finance Sector Union argues the CBA breached the Enterprise Agreement when it was 'caught' advertising the same jobs at its Indian subsidiary in Bangalore, India. The union said 110 of the roles advertised to be based at CBA India had the same job title as those involved in the redundancies. 'By hiring for the same job, at their own Indian subsidiary, they're showing themselves to have breached the Enterprise Agreement and essentially lied to their workers,' FSU national secretary Julia Angrisano said. 'This is the very definition of bad faith.' According to Clause 36 of the EBA, redundancies can occur if work is no longer required, needs to be done at a different location which is not within a reasonable commuting distance, or if the role is restructured so that some or all of the duties of the position are split up between one or more other positions. 'Sham redundancy action' The union said its members had been left 'outraged' and is taking its claims to the Fair Work Commission. 'We do not believe that the redundancies outlined in these change processes are in fact genuine redundancies and that in doing so, CBA has breached the terms of the Agreement,' Angrisano said. 'These jobs are not required to be done in India, they're just moving the work there to take advantage of cheaper labour and further line their own pockets.' Angrisano said Australian taxpayers are 'paying for the sham redundancy action'. 'Bona fide redundancies are taxed concessionally in the hands of the workers. It is especially disgusting that the nation's richest company is also reducing the tax take as it makes the final payment to hundreds of Australians that we know are being sacked solely to have their work performed offshore,' Angrisano said The Commonwealth Bank said the FSU 'did not raise any concerns' about like-for-like job changes during formal consultation, and said there 'is no basis to their allegations'. 'Like many organisations, we regularly review how we are organised to deliver the best experiences and outcomes for our customers,' a bank spokesperson said. 'We have been transparent in communicating workforce shifts with our technology team over the last three years. 'This includes being explicit about roles which are declining and offering reskilling and upskilling opportunities to people in those roles.' The union savaged the CBA in March for slashing more than 150 jobs shortly after revealing a $2.6 billion quarterly profit.
Indian Express
2 days ago
- Business
- Indian Express
CAG slams toll waiver on Mumbai-Pune expressway during Covid-19 lockdown
The report of the Comptroller and Auditor General (CAG) of India on Compliance Audit released on Friday slammed the Maharashtra government for the irregular revenue waiver of Rs 71.07 crore to the toll operator on the Mumbai-Pune Expressway during the Covid-19 lockdown that was enforced on March 23, 2020. It stated that the waiver granted to IRB MP Expressway Private Limited, entrusted with collecting toll on the Mumbai-Pune highway, during the lockdown period in 2020, violated the agreement with Mumbai Pune Expressway Limited (MPEL), which is owned and controlled by the Maharashtra State Road Development Corporation (MSRDC). As per the sub-concession agreement on February 28, 2020, the IRB was allowed to collect toll for 10 years from March 1, 2020, to April 30, 2030, for a fee of Rs 8,262 crore. The MSRDC granted a waiver to IRB MP Expressway after it pointed out that the toll collection was disrupted during the lockdown, which constituted a 'force majeure' (unforeseen) event. 'The upfront amount payable by IRB to the MPEL was Rs 6,500 crore (due on 01 March 2020 with interest 9.5 per cent per annum, if delayed) while the balance Rs 1,762 crore was payable in the next three years,' it said. The audit report pointed out that Article 25.1 of the agreement prescribed that IRB shall effect and maintain suitable insurance cover at its own cost to cover third party claims and 'force majeure' events that include acts of God, epidemic, earthquake, flood, landslide, cyclone, strikes or boycotts, any court orders, geological conditions, and similar circumstances of nature. 'Force majeure' refers to the clause that frees both parties of liabilities in case of such catastrophic events. The agreement provides that the parties shall bear their respective force majeure costs in case of any loss arising due to the occurrence of such non-political events, and neither party shall be required to pay to the other party any cost thereof. The report stated that the IRB, however, did not insure its business for force majeure events. 'IRB requested (24 March 2020) MPEL to bear the losses of toll revenue and grant a waiver in the sub-concession fee. MPEL rejected (09 April 2020) the claims, citing the relevant clauses pertaining to non-political force majeure events. Thereafter, upon continued requests from IRB to consider their case for suitable compensation, the Board of Directors of MPEL, in its meeting on April 20, 2020, agreed to provide compensation based on the computation of revenue loss for 25 days in toll collection. The amount of compensation was worked out to Rs 71.07 crore, as prescribed by the Board,' the report said. 'Thus, payment of force majeure cost of Rs 71.07 crore by MPEL to IRB was in contravention to the provisions of the Agreement and undue favour to IRB to the said extent,' it said. Following the dispute, a mediation report dated October 13, 2023, advised IRB to remit the amount of Rs 71.06 crore to MPEL. The government stated in December 2023 that the recovery of Rs 71.07 crore has been initiated and that MSRDC has been directed to recover Rs 71.06 crore from the contractor within three months, the audit stated.
Cision Canada
3 days ago
- Business
- Cision Canada
CUPANI doubles land within Extensions Zone
TORONTO, July 17, 2025 /CNW/ - CUPANI Metals Corporation (" CUPANI" or the " Company") (CSE: CUPA) (OTCQB: CUPIF) is pleased to announce the execution of an option agreement (the " Option Agreement") with Prospector Metals Corp. (" Prospector"), a corporation incorporated under the laws of the province of British Columbia, and whereby Prospector granted CUPANI a right and option (the " Option") to purchase a 100% undivided interest in the Nemo Project (Figure 1) located in the southern Labrador Trough, Québec, located 80 km northeast of Schefferville (the " Property"). All dollar amounts disclosed herein are in Canadian dollars, unless stated otherwise. The Nemo Project comprises 321 exploration claims (the " Claims") that interlock with CUPANI's existing claims in the Extensions Zone. Similar to the broader Extensions Zone, these Claims cover poorly explored mafic-ultramafic rocks. To date, no drilling has been conducted on these Claims. The Claims contain the same peridotite sills that elsewhere hold the historic Blue Lake deposits of 2.3% copper equivalence. Figure 1 illustrates the newly controlled claims in dark blue, while the Company's pre-existing claims are shown in light blue. Brian Bosse, Chief Executive Officer of the Company, said: " This will be the final piece of land acquisition. I am happy to say Cupani is the only entity controlling exploration claims throughout the region. We locked up exploration rights of the peridotite sill since that hosts the historical 2.3% copper equivalent mineralization. That sill twists and turns across the surface for over 100 miles. Going forward we can apply learnings from exploration at one location to every other location without delay, getting smarter as we go. Cupani now controls 100% of all the exploration lands." Subject to the terms and conditions of the Option Agreement, Cupani agreed to pay the following consideration to Prospector for the acquisition of the 100% undivided interest in the Nemo Project: a) on or before August 23, 2025, pay requisite renewal fees for the Claims forming part of the Property having a renewal deadline of August 23, 2025 (the " Block 1 Claims") in the amount of $14,850 and complete a minimum of $12,150, in exploration work on the Block 1 Claims necessary to keep the Block 1 Claims in good standing; b) on or before September 18, 2025, pay requisite renewal fees for the Claims forming part of the Property having a renewal deadline of September 18, 2025 (the " Block 2 Claims") in the amount of $38,115 and complete a minimum of $31,185, in exploration work on the Block 2 Claims necessary to keep the Block 2 Claims in good standing; c) upon the exercise of the Option by the Company, grant to Prospector a perpetual royalty in respect of the products derived from the Property equal to one-half of one percent (0.5%) of net smelter returns on all minerals produced from the Property, and which can be repurchased entirely for a one-time cash payment of $500,000; and d) issue 625,000 common share purchase warrants each entitling the holder to acquire one common share of Cupani at an exercise price of $0.16 per share, vesting on February 1, 2026 (the " Vesting Date"), and expiring three years from issuance, exercisable only after the Vesting Date. The Option Agreement remains subject to the approval of the Canadian Securities Exchange. About CUPANI CUPANI Metals Corp. provides shareholders with long-term capital growth exposure by investing in mineral exploration properties and other assets. The Company is listed on the CSE under the symbol "CUPA". To learn more about the Company please visit Forward-Looking Information Forward-Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks, many of which are beyond the Company's ability to control or predict. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, conditions in the equity financing markets, stock market volatility, unquantifiable risks related to government actions and interventions, the termination of any agreement, changes in laws or permitting requirements, failure to obtain necessary regulatory approvals as well as those risks identified in the Company's annual Management Discussion & Analysis. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
Scoop
4 days ago
- Business
- Scoop
Tauranga City Council Postpones Decision On Water Services Delivery
Tauranga City Council has postponed its decision to confirm a preferred delivery model for future water services. While Council was expected to make a decision on Monday, it opted instead to leave the report on the table to allow time for further discussions with the community prior to making a decision. The decision comes after Thames Coromandel District Council signalled it wished to progress alongside Tauranga City Council and Western Bay of Plenty District Council in a multi-council CCO at the end of April when Tauranga City Council's public consultation had already concluded. Tauranga City Council Mayor, Mahé Drysdale says Council has been very open to working with any Council that provides mutually beneficial outcomes. 'Western Bay of Plenty District Council has always been our preferred partner, but we have had conversations with a number of councils and worked through different scenarios. 'Off the back of that scenario modelling, we now have two councils that we could progress with, Western Bay of Plenty District Council, whom we consulted alongside in April, and more recently Thames Coromandel District Council.' 'The involvement of Thames Coromandel District Council is a relatively recent development and before making a decision, and moving to due diligence, we need to update our community about our potential new partner and ensure the community is fully informed,' Mahé says. 'Although a delay could compress the time required for submitting a Water Services Delivery Plan by 3 September, it is important that we get this right." 'We look forward to continuing to engage with all of our people and appreciate any feedback on how we can make Tauranga better.' A decision on Council's preferred delivery model is now expected on 5 August 2025. If a multi-council CCO was preferred, Council would also need to approve a Commitment Agreement, which would allow councils to work together and undertake a due diligence process that assesses a joint operating model. The establishment of any multi-council CCO would be subject to all parties being satisfied with the outcomes of the due diligence process, and any council could choose to withdraw if it was dissatisfied with its findings. Te Awanui Ward Councillor Hēmi Rolleston says it was appropriate to postpone the decision. 'This is one of the most important decisions this Council will make. Therefore, to leave this decision for a further three weeks is a practical decision, based on feedback from Iwi that they require more time, particularly with the relatively late inclusion of Thames Coromandel District Council.' Community event The Mayor and Councillors will be holding an information and Q&A session with the community about Local Water Done Well on Thursday, 24 July from 5-6pm at the University of Waikato in the Te Manawaroa Room. Free parking will be available from 4.30pm on the day at the council parking building on Spring Street. Notes: Local Water Done Well is the New Zealand government's plan to reform how water services are managed and to tackle the country's significant water infrastructure challenges. During public consultation in April 2025 a total of 726 people provided submissions addressing 'Why wai matters: Local Water Done Well', via council's online submissions form.
