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Jamaica engages Caribbean on Climate Change and World heritage

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first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppJamaica, May 30th 2017: Jamaica is currently playing host nation to the region’s first symposium on Climate Change and World Heritage.This year’s theme, “Rallying for the protection of Culture and Heritage in Small Island Developing States (SIDS) under a sustainable 21st Century climate change agenda”. The aim, to bring awareness to the threat of climate change among world heritage site managers and policymakers, as well as the main elements of useful management strategies to respond to climate change.The meeting is hosted by Jamaica’s Culture Gender, Entertainment and Sport Ministry in collaboration with UNESCO and the Climate Change Division of Ministry of Economic Growth and Job Creation.Some 40 delegates from 12 Caribbean countries with existing World Heritage properties are expected to attend.Acting Permanent Secretary in the Ministry of Culture, Gender, Entertainment and Sport, Dr. Janice Lindsay says participants are persons who manage the heritage sites and are able to speak on how they function, and give policy makers a better understanding so they can speak to the various Government responses from the different islands. In addition, Dr. Lindsay says the sector’s best practices will be shared among stakeholders. In acknowledging the impact World heritage sites has on local economies, a second workshop will be held as a follow-up in the near future.#MagneticMediaNews#JamaicaEngagesCaribbeanOnClimateChangeAndWorldHeritage#HeritageSitesImportantToSIDSEconomies Related Items:last_img read more

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ONGC Videsh to raise 11 billion to fund stake purchase in Russian

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first_imgONGC Videsh Ltd (OVL) seeks to raise $500 million to $1.1 billion through issuance of dollar bonds to finance its equity purchase of Russian Vankor oilfield.A fully owned subsidiary of Oil and Natural Gas Corporation (ONGC), OVL acquired 15 percent of the oilfield for $1.26 billion and will reportedly use the proceeds from the bond to refinance bridge loans taken during the acquisition.Global rating agencies Moody’s and S&P assigned long term issue rating of Baa2 and BBB-, indicating OVL’s relatively low risk investment and capacity to meet debt obligation, respectively.Press Trust of India highlighted that both rating agencies were optimistic about OVL’s credentials. They said that the Indian state-owned ONGC, one of Asia’s largest oil exploration and production company, was robustly placed with consistent production, profitability and strong reserve positions. It added that the oil major “unconditionally and irrevocably guarantee the notes.”ONGC has restricted its guarantee amount to 109 percent of the principal amount of the bonds outstanding, said Vikas Halan, Moody’s Vice President and Senior Credit Officer to PTI. He added that the guarantee was adequate to secure the amounts due to bond holders.The news agency noted that ONGC was sitting on a pile of cash and cash equivalents of Rs. 25,800 crore with debt amounting to one third of it with one year maturity. It added the company’s balance sheet reflects other liquidity sources.last_img read more

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