DLF pares GIC debt by Rs 3100 crore plans to clear all

first_imgDLF logoWikimedia CommonsReal estate giant DLF has repaid Rs 3100 crore of debt to its venture partner GIC by transferring Noida shopping mall and some land parcels. DLF owed about Rs 8,700 crore to DLF Cyber City Developers LTD (DCCDL), which is a joint venture between DLF and Singapore sovereign wealth fund GIC. With the latest transaction, DLF’s debt has come down to about Rs 5600 crore as of July 2019.In an investor presentation, DLF clarified that it has transferred the Mall of India project in Noida, worth Rs 2950 crore, to DCCDL. The Economic Times also reported that the company also added that it has transferred 3.05 acres of land parcel in Gurugram to the Singapore-based firm. Representational ImageINDRANIL MUKHERJEE/AFP/Getty ImagesThe joint venture between GIC and DLF was signed in December 2017 when DLF promoters sold 40 percent of their stake in DCCDL to GIC for about Rs 1,200 crore. The deal included the sale of DCCDL’s 33.34 percent stake to GIC for about Rs 9,000 crore and the remaining Rs 3m000 crore was acquired by DCCDL through buyback.DLF holds about 66.66 percent in the joint venture firm and the remaining 33.34 percent is with GIC. The Gurgaon-based real estate giant has plans to sell prime commercial project Horizon Central in Gurugram for about Rs 850 crore, to settle the remaining debt of Rs 5,600 crore. The company also plans to transfer its mall in Saket for a valuation of Rs 1,050 crore, reported ET. Real estateThe report also stated that DLF will transfer its commercial land in Chennai for about Rs 1,000 crore. Some parts of the monetary settlement to GIC will be done by transferring SEZs at Hyderabad and Chennai as per the contract with group firm DLF Assets Ltd. The leftover debt of about Rs 7,00 will be paid in cash.DLF has reported a two-fold growth in its profit at Rs 414.72 crore for the June quarter against Rs 172.77 crore last year. DCCDL holds about 30 million sqft of commercial real estate in Gurugram that yields an annual revenue of about Rs 3,000 crore.last_img read more

ACC bans foreign trip of 7 bankers

first_imgLogo of Anti Corruption Commission. File photoThe Anti-Corruption Commission (ACC) has imposed a ban on the foreign travel of seven officials of The Farmers Bank Ltd over approving Tk 40 million loan against fake documents and depositing the money into former chief justice SK Sinha’s account, reports UNB.ACC public relations officer Pranab Kumar Bhattacharya on Wednesday told UNB that a notice was sent to superintendent of police (Immigration) of special branch of police in this regard.The officials are former managing director and chief executive officer AKM Shameem, first vice-president Swapan Kumar Roy, senior executive vice-president Gazi Salauddin, vice-president M Lutful Haque, assistant vice-president Shafiuddin Askaree Ahmed, former SVP Ziauddin and executive officer Umme Salma Sultana.Meanwhile, six of the seven officials were quizzed on Wednesday in this connection.Earlier on 6 May, ACC grilled two businessmen named — Md Shahjahan and Niranjan Chadra Saha — for allegedly taking Tk 40 million in loan from The Farmers Bank Ltd using fake documents and depositing the money in the bank account of a VVIP.last_img read more

Following Linux GNU publishes Kind Communication Guidelines to benefit members of disprivileged

first_imgThe GNU project published Kind Communication Guidelines, yesterday, to encourage contributors to be kinder in their communication to fellow contributors, especially to women and other members of disprivileged demographics. This news follows the recent changes in the Code of Conduct for the Linux community. Last month, Linux maintainers revised its Code of Conflict, moving instead to a Code of Conduct. The change was committed by Linus Torvalds, who shortly after the change took a self-imposed leave from the project to work on his behavior. By switching to a Code of Conduct, Linux placed emphasis on how contributors and maintainers work together to cultivate an open and safe community that people want to be involved in. However, Linux’s move was not received well by many of its developers. Some even threatened to pull out their blocks of code important to the project to revolt against the change. The main concern was that the new CoC could be randomly or selectively used as a tool to punish or remove anyone from the community. Read the summary of developers views on the Code of Conduct that, according to them, justifies their decision. GNU is taking an approach different from Linux in evolving its community into a more welcoming place for everyone. As opposed to a stricter code of conduct, which enforces people to follow rules or suffer punishments, the Kind communication guidelines will guide people towards kinder communication rather than ordering people to be kind. What do Stallman’s ‘Kindness’ guidelines say? In a post, Richard Stallman, President of the Free Software Foundation, said “People are sometimes discouraged from participating in GNU development because of certain patterns of communication that strike them as unfriendly, unwelcoming, rejecting, or harsh. This discouragement particularly affects members of disprivileged demographics, but it is not limited to them.” He further adds, “Therefore, we ask all contributors to make a conscious effort, in GNU Project discussions, to communicate in ways that avoid that outcome—to avoid practices that will predictably and unnecessarily risk putting some contributors off.” Stallman encourages contributors to lead by example and apply the following guidelines in their communication: Do not give heavy-handed criticism Do not criticize people for wrongs that you only speculate they may have done. Try and understand their work. Please respond to what people actually said, not to exaggerations of their views. Your criticism will not be constructive if it is aimed at a target other than their real views. It is helpful to show contributors that being imperfect is normal and politely help them in fixing their problems. Reminders on problems should be gentle and not too frequent. Avoid discrimination based on demographics Treat other participants with respect, especially when you disagree with them. He requests people to identify and acknowledge people by the names they use and their gender identity. Avoid presuming and making comments on a person’s typical desires, capabilities or actions of some demographic group. These are off-topic in GNU Project discussions. Personal attacks are a big no-no Avoid making personal attacks or adopt a harsh tone for a person. Go out of your way to show that you are criticizing a statement, not a person. Vice versa, if someone attacks or offends your personal dignity, please don’t “hit back” with another personal attack. “That tends to start a vicious circle of escalating verbal aggression. A private response, politely stating your feelings as feelings, and asking for peace, may calm things down.” Avoid arguing unceasingly for your preferred course of action when a decision for some other course has already been made. That tends to block the activity’s progress. Avoid indulging in political debates Contributors are required to not raise unrelated political issues in GNU Project discussions. The only political positions that the GNU Project endorses are that users should have control of their own computing (for instance, through free software) and supporting basic human rights in computing. Stallman hopes that these guidelines, will encourage more contribution to GNU projects, and the subsequent discussions will be friendlier and reach conclusions more easily. Read the full guidelines on GNU blog. People’s reactions to GNU’s move has been mostly positive. Linus Torvalds and Richard Stallman have been the fathers of the open source movement since its inception over twenty years ago. As such, these moves underline that open source indeed has a toxic culture problem, but is evolving and sincerely working to make it more open and welcoming to all to easily contribute to projects. We’ll be watching this space closely to see which approach to inclusion works more effectively and if there are other approaches to making this transition smooth for everyone involved. Read Next Stack Overflow revamps its Code of Conduct to explain what ‘Be nice’ means – kindness, collaboration, and mutual respect. Linux drops Code of Conflict and adopts new Code of Conduct. Mozilla drops “meritocracy” from its revised governance statement and leadership structure to actively promote diversity and inclusionlast_img read more

Hilton Curacao will reopen as Dreams Curacao in Dec 2019

first_imgHilton Curacao will reopen as Dreams Curacao in Dec. 2019 Posted by << Previous PostNext Post >> NEWTOWN SQUARE, PA — AMResorts has announced a new resort management deal to bring its Dreams Resorts & Spas brand to Curacao.The property, owned by Lionstone Development and formerly known as Hilton Curacao, will undergo a $15-million-renovation before re-opening in December 2019 as Dreams Curacao Resort, Spa & Casino.“We’re very pleased with the Caribbean’s current momentum and expect this trend to continue for the foreseeable future,” said Javier Coll, Executive Vice President and Chief Strategy Officer of ALG. “We’re looking forward to introducing our very first Dreams property in the country and are confident our firm’s proven track record and unmatched expertise will continue fueling our growth throughout the region.”Located in Piscadera Bay, Dreams Curacao Resort, Spa & Casino will have 197 rooms and suites, each with a private balcony and other luxury touches meant to resonate with couples and families.Upon reopening, the resort will feature access to two private white sand beaches, two culinary concepts, a luxury spa, fitness facilities, a corner shop and café and more.More news:  Direct Travel names Smith as Senior VP, Leisure Marketing, North AmericaDreams Curacao Resort, Spa & Casino will offer the brand’s signature Unlimited-Luxury vacation concept, which covers all on-site dining and service options, including gourmet a la carte dining offerings, 24-hour room and concierge services, an unlimited premium beverage program, daily refreshed mini bar, daytime activities and live nighttime entertainment all without wristbands.This latest deal brings AMResorts’ resort portfolio to 64 resorts, plus an additional 10,000 rooms currently under development. Travelweek Group center_img Monday, May 13, 2019 Tags: AMResorts Sharelast_img read more