Latest news with #OFT
Business Wire
6 days ago
- Business
- Business Wire
KBRA Downgrades Pennsylvania Turnpike Commission Oil Franchise Tax Senior Revenue Bonds to AA- and Subordinated Revenue Bonds to A+; Assigns Ratings to Series 2025 Bonds; Revises Outlook to Stable
NEW YORK--(BUSINESS WIRE)--KBRA downgrades the long-term rating to AA-, from AA, for the Pennsylvania Turnpike Commission's outstanding Oil Franchise Tax Senior Revenue Bonds and assigns a long-term rating of AA- to the Commission's Oil Franchise Tax Senior Revenue Bonds, Series A of 2025. KBRA additionally downgrades the long-term rating to A+, from AA-, for the Commission's outstanding Oil Franchise Tax Subordinated Revenue Bonds and assigns a long-term rating of A+ to the Commission's Oil Franchise Tax Subordinated Revenue Bonds. The rating Outlook is revised to Stable, from Negative. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Established track record for effective collection and adjustment of the OFT as well as timely distribution of the Commission Allocation. Statutory price floor of $2.99 per gallon used in calculation of the OFT tax rate insulates collections from motor fuel price volatility. Legal and statutory framework provides strong levels of bondholder protection at the senior obligation level. Credit Challenges Formula driven Commission Allocation is subject to fuel consumption volatility and to periodic adjustments of the effective fuel tax rate by the legislature. Absent Legislative action to adjust pledged revenues, the downward trend in motor fuel consumption experienced over the last decade is likely to continue, pressuring pledged receipts and debt service coverage over time. Rating Sensitivities For Upgrade Sustained increase in motor fuel consumption leading to increased Commission Allocation revenues. For Downgrade Decline in MADS coverage to a level no longer consistent with the rating level due to factors including a continuing, secular decline in motor fuel consumption and/or additional borrowing. Failure of the Commonwealth to maintain the statutory average annual price of fuel, a key component in determination of the OFT levy each year. To access ratings and relevant documents, click here. Methodologies Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Only those ratings on securities issued by this Issuer that also are denoted on the Security Ratings tab for this Issuer on as 'endorsed' by Kroll Bond Rating Agency Europe Limited into the European Union and/or by Kroll Bond Rating Agency UK Limited into the UK are covered by the disclosures set forth in this press release and the corresponding Information Disclosure Form. No other ratings on issuances by this Issuer have been endorsed into the European Union or the UK, and the disclosures set forth herein and in the corresponding Information Disclosure Form are inapplicable to those ratings and may not be used for regulatory purposes by European Union or UK investors in these securities. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010827
Time of India
7 days ago
- Politics
- Time of India
Tiranga rally held at OFT
Trichy: As part of the Har Ghar Tiranga 2025 campaign and in line with the ministry of defence's directives, the Ordnance Factory Tiruchirappalli (OFT), a unit of Advanced Weapons and Equipment India Limited (AWEIL), organised a "Tricolour Rally" on Tuesday morning. The rally began at 6.30 am from the OFT Roundabout, passed through the OFT Estate, and returned to the starting point. Led by OFT chief general manager Sanjay Shrivastava, it saw enthusiastic participation from officers, workmen's representatives, employees, and children. Carrying the national flag, participants expressed their patriotism in the run-up to Independence Day celebrations . Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Business Recorder
08-07-2025
- Business
- Business Recorder
CCP conducts 24 inquiries in 2024-25
ISLAMABAD: To ensure fair business practices in markets, the Competition Commission of Pakistan (CCP) conducted 24 new inquiries in corporate sector including 11 related to cartelization and 13 concerning deceptive marketing practices in 2024-25. The CCP undertook robust enforcement measures in fiscal year (2024–25), targeting cartelization, abuse of dominant position, and deceptive marketing practices. The Commission successfully concluded 14 investigations, which were forwarded for the adjudication process. The sectors under scrutiny included e-commerce, telecommunications, aviation, steel, transport, edible ghee and cooking oil, pharmaceuticals, construction, commodities, and education. The Cartel and Trade Abuse Department of the CCP, in its efforts to curb cartelization and market manipulation, initiated 11 new inquiries across various sectors, including e-commerce, telecommunications, aviation, steel, transport, edible ghee, cooking oil, and gas. In addition, 10 ongoing inquiries from previous periods were also under investigation. The department successfully concluded 9 inquiries, which were subsequently forwarded for adjudication. A key case involved ten steel structure suppliers allegedly engaged in bid rigging in tenders issued by power distribution companies (DISCOs). Another major case focused on two leading flat steel manufacturers accused of price fixing. In the transport sector, proceedings were initiated against the Transporters Goods Association (TGA) and the Local Goods Transport Association (LGTA) for allegedly fixing freight rates for cargo transport from Port Qasim. In the cables industry, leading companies were investigated for restricting their dealers from offering discounts below the notified prices—an act considered a prohibited agreement under Resale Price Maintenance (RPM). The CCP's Office of Fair Trade (OFT) initiated 13 new investigations against businesses involved in deceptive marketing practices. Additionally, 8 inquiries from the previous year remained ongoing. OFT successfully concluded five investigations—two in the pharmaceutical sector and one each in the construction, commodities, and education sectors. Notable cases of deceptive marketing included AR Amreli Builders for unauthorized use of Amreli Steels' trademark, Panther Tyres for allegedly misleading claims of being 'Pakistan's No 1 Tyre,' and FS Cosmetics for copying Dabur Amla Hair Oil's packaging — for making misleading claims. Chairman CCP, Dr Kabir Sidhu, stated that cartelisation, market manipulation through abuse of dominance, and deceptive marketing severely harm consumer rights and distort healthy competition. He emphasized that the CCP maintains zero tolerance for such practices and is committed to taking strict action against them. Copyright Business Recorder, 2025
Business Recorder
07-07-2025
- Business
- Business Recorder
FY2024-25: CCP ramps up enforcement against cartels, deceptive marketing
The Competition Commission of Pakistan (CCP) undertook robust enforcement measures in FY 2024–25, targeting cartelisation, abuse of dominant position, and deceptive marketing practices to ensure fair business practices in markets, a CCP statement read on Monday. As per the details, the commission initiated 24 new inquiries—11 related to cartelisation and 13 concerning deceptive marketing practices. 'It successfully concluded 14 investigations, which were forwarded for the adjudication process. The sectors under scrutiny included e-commerce, telecommunications, aviation, steel, transport, edible ghee and cooking oil, pharmaceuticals, construction, commodities, and education. Two firms found guilty of Rs1.13bn anti-competitive pact in pharmaceutical sector 'The Cartel and Trade Abuse Department of the CCP, in its efforts to curb cartelisation and market manipulation, initiated 11 new inquiries across various sectors, including e-commerce, telecommunications, aviation, steel, transport, edible ghee, cooking oil, and gas,' the statement read. In addition, the CCP said, ongoing inquiries from previous periods were also under investigation. 'The department successfully concluded 9 inquiries, which were subsequently forwarded for adjudication.' A key case involved ten steel structure suppliers allegedly engaged in bid rigging in tenders issued by power distribution companies (DISCOs). Another major case focused on two leading flat steel manufacturers accused of price fixing, according to the statement. In the transport sector, proceedings were initiated against the Transporters Goods Association (TGA) and the Local Goods Transport Association (LGTA) for allegedly fixing freight rates for cargo transport from Port Qasim. In the cables industry, companies were investigated for restricting their dealers from offering discounts below the notified prices—an act considered a prohibited agreement under Resale Price Maintenance (RPM). 'The CCP's Office of Fair Trade (OFT) initiated 13 new investigations against businesses involved in deceptive marketing practices. Additionally, 8 inquiries from the previous year remained ongoing. 'OFT successfully concluded five investigations—two in the pharmaceutical sector and one each in the construction, commodities, and education sectors,' the CCP said. CCP says recovered Rs10mn penalty from PIA for 'abusing dominant position' The commission further said notable cases of deceptive marketing had included AR Amreli Builders for unauthorised use of Amreli Steels' trademark, Panther Tyres for allegedly misleading claims of being 'Pakistan's No. 1 Tyre,' and FS Cosmetics for copying Dabur Amla Hair Oil's packaging— for making what it called misleading claims. Chairman CCP, Dr Kabir Sidhu, was quoted as saying in the statement that cartelisation, market manipulation through abuse of dominance, and deceptive marketing severely harm consumer rights and distort healthy competition. He emphasised that the CCP maintains zero tolerance for such practices and is committed to taking strict action against them.
Business Upturn
18-05-2025
- Business
- Business Upturn
ONFA Fintech USA Partners with Metti Capital Funding to Accelerate Blockchain Banking and DeFi Expansion
SAN FRANCISCO, May 18, 2025 (GLOBE NEWSWIRE) — ONFA FINTECH USA , a subsidiary of METTITECH GROUP HOLDINGS , has signed a strategic agreement backed by Metti Capital Funding to expand its blockchain-based digital banking platform. This strategic move aims to strengthen ONFA's technological capabilities and accelerate its growth in the global decentralized finance (DeFi) market. ONFA FINTECH USA: Next-Generation Banking Meets Blockchain and AI ONFA FINTECH USA operates at the intersection of blockchain innovation and artificial intelligence, offering a next-generation digital banking ecosystem that prioritizes security, efficiency and decentralization. Designed with multi-layered encryption and two-factor authentication, ONFA ensures that users' digital assets are protected at the highest level against loss or unauthorized access. At the core of ONFA's ecosystem is the ONFA Wallet – a secure, AI-powered, multi-currency wallet that facilitates seamless crypto transactions and intelligent asset management. Building on this foundation, ONFA has launched a full-featured ecosystem that connects blockchain assets to real-world utility: – Stable Staking: Allows users to stake stablecoins such as USDT and VNDT with annual returns of up to 121%. Featuring daily rewards, flexible terms and AI-enhanced strategies, Staking empowers users to maximize idle assets with minimal effort. – ONFA Savings: A flexible and secure savings solution designed for the digital age. Offering attractive interest rates and seamless mobile integration, ONFA Savings allows users to manage their finances anytime, anywhere. With ONFA Savings, users can enjoy passive income with returns of up to 35% APY, making it an ideal option for long-term financial growth. – ONFA Share: A profit-sharing model in which users receive a share of profits generated across the entire ONFA ecosystem (from transaction fees, product revenues, etc.). This initiative fosters community involvement and financial alignment. – NFT Mining: A revolutionary method that allows users to earn OFT tokens daily without the need for expensive equipment or high electricity costs. Unlike traditional mining, ONFA NFT Mining only requires users to hold an officially issued NFT in their wallet. With a maximum holding period of 720 days, users receive daily OFT rewards, offering a stable and long-term income stream. – ONFA Stake: A strategic staking program designed to help users grow their digital assets securely and sustainably. With fixed USDT returns, a 100% principal refund guarantee and preferential exchange rates, ONFA Stake offers a simple and transparent way to participate in the evolving digital finance ecosystem. – ONFA Lottery: A blockchain-powered lottery system that ensures fairness and transparency. With just 10 OFT per ticket and more than 5,500 successful rounds, users can participate for a chance to win valuable digital rewards. – Sagaha Foundation: A pioneering blockchain-based charitable initiative, seamlessly integrated with ONFA Wallet. By accepting donations in USDT, OHO and other supported cryptocurrencies, Sagaha ensures full transparency and builds greater trust among global donors. With ONFA, the foundation supports critical humanitarian missions across Asia. Through the power of blockchain, Sagaha goes beyond traditional finance to create tangible, life-changing impact where it's needed most. Strategic Funding to Power Global Growth In June 2024, ONFA FINTECH USA secured strategic backing from Metti Capital Funding, underscoring strong investor confidence in ONFA's bold vision for the future of decentralized finance (DeFi), AI-powered finance and blockchain-based banking. According to Mr. Nathan Ho (CEO), the capital will be allocated toward: – Enhancing the scalability and cybersecurity of the ONFA Wallet. – Expanding AI-powered financial tools for smart asset management and automated trading. – Scaling global operations to make ONFA's banking ecosystem more accessible in underserved and emerging markets. 'This funding marks a pivotal moment in our journey to make decentralized finance universally accessible – from city centers to remote communities, from crypto veterans to first-time users,' said Mr. Nathan Ho, CEO. 'Our goal is to build a future where secure, intelligent and borderless financial tools are available to all.' With this milestone, ONFA reaffirms its commitment to democratizing access to digital finance and reshaping the future of banking through decentralized, intelligent and inclusive technologies. Stay Connected Website: ONFA Official Blog: ONFA News Twitter: @onfaofficial Contact ONFA FINTECH USA CORPORATION Mr. Nathan Ho – CEO Email [email protected] Contact: 7777 Center Avenue, Suite 210 Huntington Beach, California 92647, USA Disclaimer: This press release is provided by the ONFA FINTECH USA CORPORATION. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. 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