10 things about the Liberal governments security bill introduced Tuesday

first_imgOTTAWA – The Liberal government introduced long-anticipated security legislation Tuesday following consultations that drew comments from tens of thousands of Canadians. The wide-ranging package of measures would:— Limit, but not scrap, a measure from the Harper Conservatives allowing the Canadian Security Intelligence Service to disrupt terror plots, not just gather information about them.— Amend other contentious provisions of existing legislation that deal with information sharing, terrorist propaganda and promotion of terrorism.— Roll the functions of existing watchdogs into a super-agency known as the National Security and Intelligence Review Agency.— Empower the new watchdog to ensure more than a dozen federal security organizations are complying with the law.— Create an intelligence commissioner, an independent agent who would authorize certain intelligence and cybersecurity activities — a measure intended to boost public confidence.— Allow the public safety minister to assure parents their child is not on the no-fly list when confusion arises at the airport.— Modernize the CSIS Act, establishing in law a regime authorizing activities — such as infiltration of a terrorist cell — that might otherwise break the law.— Require CSIS to seek a judge’s permission to keep datasets primarily containing personal information about Canadians.— Give the Communications Security Establishment’s cyberspies the power to take action against online threats to Canadian interests.— Repeal a provision first passed following the 9/11 terrorist attacks that required a person to appear before a judge and answer questions.last_img read more

Banks to take hit of Rs 18000 cr for 12 accounts identified

first_imgFinance Minister Arun Jaitley (left) gestures as Junior Finance Minister Jayant Sinha watches during a news conference in New Delhi, on August 14, 2015. India needs to minimise political interference in public sector banks, Finance Minister Jaitley said, as the government announced measures to improve the performance of state-run banks that are struggling with rising bad loans. REUTERS/Adnan AbidiBanks need to provide a bare minimum Rs 18,000 crore additionally towards the 12 accounts identified by the Reserve Bank of India (RBI) for reference to the National Company Law Tribunal under the Insolvency and Bankruptcy Code in FY18, said a Moneycontrol.com report on Tuesday, citing estimates from India Ratings and Research (Ind-Ra).Ind-Ra’s analysis pegs the weighted average provisioning currently at 42 percent by banks towards the 12 identified accounts. Ind-Ra forecasts additional provisioning to eat into bank profits by around 25 percent in fiscal 2018. This indicates a shaveoff in return on assets of 12 basis points in fiscal 2018.The agency notes that the new minimum required provisioning stands at 50 percent towards each of the 12 identified accounts, which indicates that banks with average provisioning of 50 percent on these accounts may also need to provide additional provisions to reach 50 percent towards each of the 12 accounts, the Moneycontrol report noted.Ind-Ra believes that the additional provision burden could add disproportionate pressure on the profit and loss accounts (P&L) of a few midsize public sector banks (PSBs) and hence the agency’s outlook towards these banks remains negative.The agency also notes that the additional provision requirement may stretch the profitability of a few large PSBs in fiscal 2018, putting the standalone ratings of these entities under pressure.Ind-Ra continues to maintain there is an increasing divide between the large and smaller PSBs, with the former having some access to growth capital, better market valuation, and also some non-core assets to divest while the latter would only receive bailout capital if required and would need to ration their capital consumption over next two years.The 12 accounts are broadly classified across five sectors, which have been further reclassified as iron and steel, infrastructure and others in Ind-Ra’s study.last_img read more