Rs 1-crore penalty for polluters

Currently, the law allows for imposing a maximum fine of Rs 1 lakh on polluting industries

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Sri Lanka, China sign long-delayed $1.5 billion port deal

Sri Lanka’s government on Saturday signed a long-delayed agreement to sell a 70 percent stake in a $1.5 billion port to China in a bid to recover from the heavy burden of repaying a Chinese loan obtained to build the facility.

The agreement comes after a nearly six-month delay since the signing of the framework deal, which immediately drew public criticism and protests.

The document was signed between the government-run Sri Lanka Ports Authority and the state-run China Merchants Port Holding Co. in the capital, Colombo, in the presence of senior government officials from Sri Lanka and China. According to the agreement, the Chinese company will invest $1.12 billion in the port, which sits close to busy east-west shipping lanes. Under the original framework agreement, an 80 percent stake would have been sold to China.

Two local companies whose shares will be split between the Chinese enterprise and the Sri Lanka Ports Authority will be set up to handle the port’s operations, security and services. The Chinese company will be responsible for commercial operations while the Sri Lanka Ports Authority will handle security. The lease period is 99 years.

The port, built with a Chinese loan during the administration of former President Mahinda Rajapaksa, is seen as a white elephant because it has failed to become financially viable since it began operations in 2011.

Before they were elected in 2015, opposition parties had criticized the project, but the government later sought help from China to make the port viable because of its severe underperformance and the heavy burden of loan repayment.

The port’s annual loan repayment commitment stands at $59 million, and by the end of 2016 the port had suffered a loss of $304 million, according to the government.

The port is part of Beijing’s so-called string-of-pearls plan for a line of ports stretching from its waters to the Persian Gulf. Rajapaksa relied heavily on China for infrastructure projects. During his administration, China provided loans for an airport, sea port, highways and power plants, and became the largest investor in Sri Lanka.

China’s influence in Sri Lanka makes neighboring India anxious because it considers the Indian Ocean region to be its strategic backyard. President Maithripala Sirisena has been trying to balance both Asian giants.

Sri Lankan officials have repeatedly reiterated that the port’s security will be handled by Colombo in an attempt to allay the fears that the port could be used by Chinese as a military hub.

The agreement has ignited protests inside the country too and in January, hundreds of farmers and opposition supporters protested the plan to lease the port, saying the proposed partnership was akin to a sellout of the country.

The Latest: Gov. Walker to Foxconn critics: “Suck lemons”

The Latest on the Foxconn plant announced for Wisconsin (all times local):

3:05 p.m.

Wisconsin Gov. Scott Walker is telling critics of the state’s $3 billion deal to land a massive Foxconn plant to “suck lemons.”

Walker made the comment Friday during a stop in western Wisconsin as he’s touring the state touting the planned $10 billion display screen factory to be built in southeast Wisconsin.

Critics of the proposal have questioned the state’s commitment to give the Taiwan company $3 billion if it invests $10 billion and hires 13,000 people.

Walker said in Eau Claire, “There’s a whole lot of people out there scrambling to try and come up with a reason not to like this. I can tell you, that’s fine but I think they can go suck lemons.”

Walker says everyone else is going to “cheer and figure out how we get this thing going forward.”

___

1:50 p.m.

The bulk of the $3 billion tax incentive package Wisconsin is offering manufacturing giant Foxconn to locate in the state would be paid out in cash and not in tax credits.

Under the deal unveiled Thursday that the Legislature would have to approve, the state would pay the company up to $200 million a year for 15 years. Gov. Scott Walker’s administration described the payment as a tax credit, but because the state already waives all taxes on manufacturing credits in the state, the incentives would be paid as cash rather than a credit against taxes owed.

The Milwaukee Journal Sentinel first reported on that part of the deal Friday.

The money would not be paid until Foxconn hits investment and job creation targets, and it could be recovered if it lays off workers.

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10:30 a.m.

Gov. Scott Walker is taking to the air to tout news that global electronics giant Foxconn plans to invest $10 billion on a new manufacturing facility in southeast Wisconsin.

The Friday tour taking Walker far from where the plant is located gives him a chance to talk up how the plant will help the entire state, not just the region where it’s located. Walker plans to travel to La Crosse, Eau Claire, Wausau and Appleton.

Lobbyist Bill McCoshen was Wisconsin’s commerce secretary under then-Gov. Tommy Thompson. He says the tour gives Walker a chance to win over state lawmakers outside of the Milwaukee area to try and get their support for a $3 billion tax incentive bill the Legislature must pass to seal the deal.

That bill has not yet been released.

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12:10 a.m.

Wisconsin’s deal with electronics giant Foxconn requires the state Legislature to pass a $3 billion incentive package no later than Sept. 30.

Gov. Scott Walker and Foxconn CEO Terry Gou signed a memorandum of understanding Thursday at Milwaukee’s art museum. The memorandum says Foxconn commits to investing $10 billion in Wisconsin and create 13,000 jobs over six years.

Wisconsin promises to extend $3 billion in tax breaks, but the Legislature must approve those incentives. The Republican-controlled Legislature is expected to consider them in a special session next month.

Walker on Thursday touted the deal as a once-a-generation opportunity that will transform Wisconsin’s economy.

No site has been selected yet for the Foxconn plant, but the company is eyeing the southeast part of the state.

Gold Seasonal Sweet Spot August and September Coming

Gold Seasonal Sweet Spot August and September Coming

– Gold seasonal sweet spot – August and September – is coming

– Gold’s performance by month from 1979 to 2016 – must seetable

– August sees average return of 1.4% and September of 2.5%

– September is best month to own gold, followed by January, November & August

by Palisade Research

Looking back at gold’s performance since 1979, August and September are big months for the yellow metal. What is the cause? No one really knows but there are some theories that have been thrown around.

The adage sell in May and go away is common in the mining sector. Investors are back from vacation and ready to deploy their cash in a big way. Concurrently, the largest financial crashes have occurred in September and October, investors are also buying gold to hedge their portfolios.

Indian wedding season is huge for gold, and if you have ever been to a traditional Indian, its easy to see why India is the World’s largest consumer of gold jewelry. Throw Christmas into the mix, and you have the perfect retail storm.

Lastly, the European Central Bank and 20 other European central banks are currently governed by a Central Bank Gold Agreement, which ensures all banks operate with transparency and do not engage in large uncoordinated gold sales. The Agreement dictates the limit in sales, and resets every September, meaning the market may see less selling activity.

In the 38 years we used for the chart, August had only 14 years of negative returns, while September had 13. Regardless if these theories are true or not, its hard to ignore the decades of data that suggest the best months of gold are yet to come.

Gold’s Best Months Are Coming –Read here

GoldCore Comment

The precious metal’s ‘summer doldrums’ period is coming to a close. Traditionally seasonal factors often result in weakness in gold and silver,particularly in May and June. This frequently creates an attractive buying opportunity for those seeking to allocate funds to the precious metals.

The data is compelling as seen in the Palisade table above. However, it is important to realise that the seasonal data is just another indicatorand short term speculation should be avoided in favour of long term investment diversification.

It is important to focus on gold’s value rather than simply its price. Gold’s value is as an investment hedge and financial insurance against financial and monetary crises. There is a real of another global financial crisis in the coming months and in 2018 and hence the importance of owning physical gold and silver.

Owning physical coins and or bars in your possession and inallocated and most importantly in segregated accountswill continue to protect and grow wealth in the coming years.

Related Content

Gold Bullion Averages Biggest Seasonal Gains in September Over Past 20 Year – Read here

Gold’s Sweet Spot Strongest Months Are August, September, November And January –Read here

News andCommentary

Gold settles lower, ending 6-session streak of gains (MarketWatch.com)

Gold hits one-month high, eyes on Fed and dollar (Reuters.com)

U.S. Stocks Mixed as Dollar Stabilizes, Oil Gains (Bloomberg.com)

Gold settles lower, ending 6-session streak of gains (MarketWatch.com)

‘Shrinkflation’ has hit over 2,500 consumer products over the past five years (Telegraph.co.uk)

Source: US Funds

Putin’s Chess Game Involves Involves Accumulating Gold, Alternative Payments and Ultimate Demise of the Dollar (DailyReckoning.com)

Too calm? Wall Street volatility collapses to lowest since 1993 CNBC (CNBC.com)

Crash in bond markets, Fed mistake are investors’ biggest fears right now, survey finds (CNBC.com)

Where Chinese Millionaires Want to Live (Statista.com)

Greed is no longer good bond boom comes to an end Guardian (TheGuardian.com)

Success isn’t just having lots of money – Success is fulfillment (CNBC.com)

Gold Prices (LBMA AM)

25 Jul: USD 1,252.00, GBP 960.78 & EUR 1,074.59 per ounce

24 Jul: USD 1,255.85, GBP 962.99 & EUR 1,077.64 per ounce

21 Jul: USD 1,247.25, GBP 958.89 & EUR 1,071.39 per ounce

20 Jul: USD 1,236.55, GBP 953.63 & EUR 1,075.06 per ounce

19 Jul: USD 1,239.85, GBP 950.84 & EUR 1,074.83 per ounce

18 Jul: USD 1,237.10, GBP 949.47 & EUR 1,071.82 per ounce

17 Jul: USD 1,229.85, GBP 940.71 & EUR 1,074.03 per ounce

Silver Prices (LBMA)

25 Jul: USD 16.31, GBP 12.52 & EUR 14.00 per ounce

24 Jul: USD 16.50, GBP 12.66 & EUR 14.17 per ounce

21 Jul: USD 16.43, GBP 12.63 & EUR 14.11 per ounce

20 Jul: USD 16.18, GBP 12.50 & EUR 14.07 per ounce

19 Jul: USD 16.23, GBP 12.44 & EUR 14.08 per ounce

18 Jul: USD 16.17, GBP 12.41 & EUR 13.99 per ounce

17 Jul: USD 16.07, GBP 12.30 & EUR 14.02 per ounce

Recent Market Updates

-Commercial Property Market In Dublin Is Inflated and May Burst Again

-Gold Hedges Against Currency Devaluation and Cost Of Fuel, Food, Beer and Housing

-Millennials Can Punt On Bitcoin, Own Gold and Silver For Long Term

-Time To Position In Gold Is Right Now says Jim Rickards

-Bloomberg Silver Price Survey Median 12 Month Forecast Of $20

-Bigger Systemic Risk Now Than 2008 Bank of England

-Financial Crisis Coming By End Of 2018 Prepare Urgently

-Video Gold Should Probably Be $5000 CME Chairman

-India Gold Imports Surge To 5 Year High 220 Tons In May Alone

-Silver’s Plunge Is Nearing Completion

-China, Russia Alliance Deepens Against American Overstretch

-Silver Prices Bounce Higher After Futures Manipulated 7% Lower In Minute

-Precious Metals Are Best Defence Against Bail-ins In Economic Crisis

ImportantGuides

For your perusal, below are ourmostpopularguidesin 2017:

EssentialGuideTo Storing Gold In Switzerland

EssentialGuideTo Storing Gold In Singapore

EssentialGuideto Tax Free Gold Sovereigns (UK)

Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

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