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What Kraninger Brings to the Table

first_img Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Related Articles Demand Propels Home Prices Upward 2 days ago December 6, 2018 4,168 Views Home / Daily Dose / What Kraninger Brings to the Table The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post in Daily Dose, Featured, Government, News BCFP Director Government Kathleen Kraninger Kraninger Mick Mulvaney Senate 2018-12-06 Radhika Ojha Kathleen Laura Kraninger will become the next Director of the Bureau of Consumer Financial Protection after a Senate vote confirmed her nomination. She will succeed Acting Director Mick Mulvaney at the bureau.Kraninger’s nomination was passed by the Senate Banking Committee in August. During that hearing, Sen. Mike Crapo had said, “It is my hope that, if confirmed, Ms. Kraninger will be more accountable to senators on this Committee than Director Cordray was.”Applauding her confirmation as the new director of the BCFP, Jeb Hensarling, Chairman of the Financial Services Committee said, “As Congress continues its efforts to reform the Bureau into a law enforcement agency that truly protects consumers and is accountable to the people, I am confident that with her experience and knowledge of budget management, Kathy will excel as Director of the Bureau. I look forward to working with her, the Trump Administration and House and Senate Democrats to put real reforms in place that protects consumers.”Kraninger is likely to follow the path set by Acting Director Mulvaney during his time at the BCFP. Mulvaney’s entry into the Bureau in November 2017 was a controversial one and has been in the news this year as much for the changes he’s brought to the Bureau as the controversies around them.From requesting $0 for the Bureau’s budget in Q2, and recommending four key changes to make the BCFP “more transparent and accountable,” to the more recent change of name from the Consumer Financial Protection Bureau to the Bureau of Consumer Financial Protection, the Acting Director is expected to leave his mark before he hands over the reins to his successor.During her testimony to the Senate Banking Committee, Kraninger hinted at pursuing a similar path as the current Acting Director Mick Mulvaney. She said that she had four initial priorities for the Bureau if confirmed as Director The first priority she said would be to make the Bureau “fair and transparent.”Secondly, Kraninger intends for BCFP to work closely with other financial regulators and the States on supervision and enforcement. Third, she said, “The Bureau must recognize its profound duty to the American people to protect sensitive information in its possession.”And lastly, she said that she would look at making the Bureau “accountable to the American people for its actions, including its expenditure of resources.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: BCFP Director Government Kathleen Kraninger Kraninger Mick Mulvaney Senate Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save What Kraninger Brings to the Table Sign up for DS News Daily Previous: The Mortgage Law Firm Announces Expansion Next: 2019 Trends in Real Estate Investmentslast_img read more

Pork Bargains

first_img HOG OVERSUPPLY for farmers means pork bargains for consumers. University of Georgia economists expect retail pork prices to remain low through late 1999. Dennis McDaniel, a meat cutter at Food Depot in Griffin, Ga., stocks the counter with fresh pork products. Request the high-res image. SHARON OMAHEN/ UGA CAES Georgia consumers, though, will soon reap the benefits of the farmers’ woes. “Pork products are going to cost considerably less this holiday season,” McKissick said. “There will be some excellent deals on holiday hams and other pork products. “Overall retail pork prices are expected to drop about 9 percent.” McKissick said shoppers should be prepared to stock their freezers with pork products as prices drop in this “once-in-five-years deal.” Holiday prices for higher-value products such as spiral cut hams will be excellent values, he said. The low market prices have some Georgia farmers pulling out of the hog business. Tift County hog farmer Milton Thompson is one of them. “We’ve decided to liquidate our herd and more or less sell out of the hog business,” Thompson said. “After working the past four or five years for nothing, I don’t think I’ll miss it at all.” This year’s prices forced Thompson to sell his 250-pound hogs for $57 each. That’s far below his cost of production. Last year, Thompson sold the same size hogs for $135 each. Reactions like Thompson’s put shoppers at the mercy of the market, too. Good deals don’t last forever. The rules of supply and demand will soon come back to haunt pork lovers. “As with all meat products, we go through cycles that bring good news to consumers and bad news to producers,” McKissick said. “As a result, farmers are going to cut back on production. That will lead to higher prices in the grocery stores in about nine months.” It will take at least nine months, or until late 1999 for farmers’ cutbacks to result in higher prices, McKissick said. “The consumer has a long time to benefit from relatively low pork prices,” he said. “You won’t find many better deals on pork than you’re going to find right now.” The law of supply and demand will soon work in favor of pork lovers. A University of Georgia expert says an oversupply of hogs is bringing supermarket prices down and forcing Georgia farmers to sell their hogs at a loss. has been disastrous for hog farmers as prices for hogs are much weaker than has been expected,” said John McKissick, an Extension Service agricultural economist with the UGA College of Agricultural and Environmental Sciences. “The hog numbers are so high that farmers are having to sell at prices considerably lower than their production costs,” McKissick said. “Needless to say, hog producers are in a losing position. And the end of 1998 will be the worst.”last_img read more

National Beach Soccer team given warm welcome home by GFF

first_img… congratulated for their historic performancesGUYANA Football Federation (GFF) president Wayne Forde and executive committee member Dion Inniss congratulated the Guyana men’s national beach soccer team for their historic performances at the 2017 CONCACAF Beach Soccer Championship, as they greeted the players at the Cheddi Jagan International Airport on Tuesday evening.The team made history by winning Guyana’s first matches at a CONCACAF beach soccer tournament, including victories against Belize and Antigua & Barbuda in the Bahamas.“You have done Guyana exceptionally proud,” GFF president Forde told the players and technical staff at the airport. “You exceeded every expectation that we could have had as a federation and as a country. The attention that beach soccer has received over the last couple of weeks should materialise with more players showing an interest in the game; so thank you on behalf of the Executive Committee and the Guyana football fraternity.”In an invited comment, head coach Abdullah Hamid said he welcomed the experience gained for the young team. “We played among a lot of big-playing teams in CONCACAF and it was a great experience for every one of the players.“We could only go forward by promoting sports more in this country, start spreading sports around the country so we can have more youths involved, creating easy access so Guyana can make it to the World Cup at this level.”The GFF believes Guyana has great potential in small-sided brands of football such as beach soccer, and expects the eye-catching performances of the national team to generate a new level of interest in the sport.A series of spectacular performances by 21-year-old Jamal Haynes, including one of the goals of the tournament, earned the Linden-based forward the Scotiabank Young Player Award.“The feeling when I scored that goal; it was awesome,” Haynes said. “I was feeling like I was up on a higher level, knowing that it was my first time and I did such a thing at one of the biggest tournaments of my life.”last_img read more

‘Boo’hannon laughs last in return

first_imgJEFF SCHORFHEIDE/Herald photoIOWA CITY, Iowa — The old saying goes, “You can never go home again.” Well, Wisconsin freshman Jason Bohannon did go home — he just wasn’t really welcome, at least not by the Iowa crowd.The guard, born in Iowa City and one of Iowa’s top prep hoopsters in high school, received a very cold reception from his home state. Playing only three minutes, Bohannon was raucously booed by the home crowd every time he touched the ball.”That’s all part of college basketball,” said Iowa head coach Steve Alford, who recruited Bohannon. “Luke Recker, when he played here and went back to Indiana, that’s what he got. That’s just going to happen when you leave the state.”Bohannon, however, showed some spunk when he hit a three-pointer on his first shot, silencing the boos, if only momentarily.After the game, Bohannon said it felt “really good” to be able to come into Iowa City and sink his first shot.”I think that helps some people, to be honest with you,” UW head coach Bo Ryan said, after playing coy with the media about not noticing the crowd getting on Bohannon.Alford called Bohannon a “great person’ and a “terrific player,” and offered high praise for the whole of Wisconsin’s freshman backcourt. In addition to Bohannon, Alford also had targeted Trevon Hughes as a good fit for the Hawkeyes.”I think those two individuals, both being freshmen, are getting to learn behind some really good juniors and seniors,” Alford said. “They’ll wait their turn and their turn will come, but they should be having a lot of fun on a very good team.”Kam the DistributorWisconsin guard Kammron Taylor struggled through another slow-shooting game Saturday afternoon, making only one of his seven shots, but the senior guard didn’t let that stop him from being productive.Taylor finished with only five points, but after a 1-for-6 start, he took on the role of distributor, dishing out five assists while taking only one more shot the rest of the game.”Kam took very few shots in the second half, had three really good assists and played good defense,” Ryan said.Taylor credited his performance to maturity, citing his shooting struggles from a year ago in Big Ten play as learning experiences he has put to good use.”Last year I went through a phase where if I wasn’t scoring, I wasn’t contributing in any other way to help the team,” Taylor said. “This year, I find other ways to contribute.”Polar Bear heats upGoing into halftime, Tucker was rocket-hot, shooting 6-for-6 from the field. The rest of the Badgers, however, were a combined 3-of-17 from the floor. The lack of help for Tucker allowed the Iowa defense to double- and triple-team the Badgers’ Wooden Award candidate and close the UW lead to only four points.In the second half, however, Brian Butch came alive and ignited the Badger offense. “Nobody’s shot but Tuck’s was falling in the first half and for Butch to come out and hit those three or four shots that he hit, it was a big boost for our team,” Taylor said. “Once you saw Butch scoring, then [Marcus Landry] got into it and it was just like a domino effect. It was a big boost for us.”last_img read more

Why Gerrit Cole is a safe, ‘special’ $324 million bet for the Yankees

first_imgIt certainly feels that the marriage between Cole and the Yankees will be a lengthy, happy one, potentially with many successes by way of championships. After all, Hal Steinbrenner made it clear that the Yankees plan to win championships — plural — with Cole anchoring the rotation. Calling back to Cashman’s fully operational Death Star quote last December, maybe the Bombers are getting back to their Evil Empire ways.”What do we love about baseball?” Cole asked. “We love its narrative and we love competition. We like the storybook ending, we like the underdog.”We also like the villain.” “I’m here,” Cole said to the media. “I’ve always been here.”Gerrit Cole brings out this sign. “I’m here. I’ve always been here.”#Yankees— Joe (@JoeRiveraSN) December 18, 2019FAGAN: Reds as playoff contenders? Maybe it’s time to believeWinning the press conference is very much a New York thing, and Cole, nearly a third of a way to a billion dollars, kept the same sign from when he visited World Series Game 6 in 2001, reminding fans, ownership and teammates alike that his heart is at the corner of 161st Street and River Avenue in the Bronx. While that win won’t come up on Baseball Reference, it reinforced why the Yankees were so sure to give Cole a nine-year, $324 million pact this winter.The press conference was won. Tears were shed. Babies were made. Astros fans were (and are) mad. But inherent cheesiness aside, it was a gesture that went beyond a guy signing for the most money (though, that had a lot to do with it).In the Yankees’ words, that was a special moment, shared by a “special” guy.”Special” was a word repeated ad infinitum on Wednesday, with somewhat diminishing returns every time it was uttered among Boone, Brian Cashman and Yankees owner Hal Steinbrenner. “Special” doesn’t mean anything without qualifiers. It’s like calling a movie “entertaining” or my tweets “interesting.” They’re empty adjectives with no weight the more you used them.So what sets Cole apart?”I think his drive, athleticism, intelligence, lack of injury history, those kinds of things,” Boone said. “Part of the reason I think he’s got that lack of history is because of the way he’s prepared, the way he’s taken care of himself, the way he understands himself, the mechanics with which he’s very efficient with. All those things lend itself that he should do well, well into his contract.”Boone wore the excitement on his face during Wednesday’s festivities, like a kid waking up on Christmas morning and frantically ripping off the wrapping paper on the Turbo Man action figure he wanted for the better part of a year. (Insert Cole/stocking joke here.)Now, the Cole train is going to jingle all the way to spring training, and it’s a welcome gift under the tree for the Yanks. They swung and missed twice before on Cole’s services — first, when they drafted Cole out of high school but he chose to go to UCLA instead; the second time, the Yankees and Pirates couldn’t strike a trade deal. Cole’s “specialness” wasn’t going to escape the Bronx a third time.”We’re talking about elite stuff, athleticism and a tremendous delivery,” Boone said. “In speaking with him, his understanding of who he is as a pitcher, his ability to articulate it, the fuel, the passion that drives him. This is a guy that clearly loves what he does, and has an understanding of what he does and what makes him great.”I think we’re gonna see a guy that continues to push himself and probably never be satisfied, and that’s the kind of guy you want leading the rotation.”There’s a lot that makes Cole (arguably) the greatest free agent pitcher of all time. His age is one. His lack of true injury history is another. More than anything, though, his past two seasons of dominance make the case. He featured a 2.68 ERA over 65 starts with Houston, striking out 602 batters in 412 2/3 innings. His 326 strikeouts in 2019 led the majors, as did his 13.8 K/9.”This is not a guy that comes around very often,” Boone said. “The fact that he was sitting out there, I think you saw ownership and Hal’s level of commitment that we realize what a special person this is out on the market.”There’s that word again: special. MORE: Sporting News’ MLB All-Decade teamCashman, Boone and others lauded how unique and well-positioned Cole is. He understands his role as a player and a potential leader, and as a stopper and a fighter when the team needs it. Now with Cole in pinstripes, they’ll see how he reacts to New York and being the “bad guy” around baseball.But it’s not just about the recency of Cole’s domination or his reputation that precedes him. It’s the perfect storm of pitching knowledge cultivated throughout his pitching career.Cole reinforced that what he knows now as a pitcher is what he learned over his last seven years in The Show. Fastball command, a hallmark of his pitching repertoire, is something he learned from his Pirates days. Through A.J. Burnett, Cole learned how to throw a devastating curveball. Cole stressed how instrumental Astros teammates Justin Verlander and Dallas Keuchel were to his evolution of a pitcher; Through Verlander, he learned how to refine his four-seam fastball. Through Keuchel, he learned how to frustrate a hitter and approach each at-bat as a “process.” Cole also understands the value of analytics to try to further his career.”I like to make adjustments and then watch the analytics prove me wrong or prove me right,” Cole said. “I don’t really like to look at the analytics and try to make an adjustment or make a craft that way. I like to focus on the art first, and let the data back it up.”Throw all the ingredients in a pot and couple that with a certain intangible grit and gutsy attitude — “Pressure is a privilege,” Cole professed during the press conference — and you’re starting to see what exactly makes Cole that S-word.While there’s little doubt that Cole makes the Yankees better in the immediate, the question remains: What happens in six or seven years? Is Cole still that unique, one-of-a-kind starter that the Yankees signed?”The thing that gave us the most comfort with him over the nine years is that, it’s a full arsenal,” Blake said. “He can create shapes to all quadrants, he has a flexible plan of attack, he takes care of his process in-between, his mindset is really good. So he’s not a one-trick pony that only has one tool. He has a multiple-weapon arsenal and he has the ability to execute that on a consistent basis.”MORE: It was an easy choice for SN MLB Athlete of the Decade NEW YORK — It’s Dec. 19. A squall just pushed through New York, dusting the streets of the Bronx. But Gerrit Cole already has his first win as a Yankee.Sure, he might be months away from taking the mound on the (hopefully) warm, inviting and familiar feeling of Opening Day — even though Aaron Boone won’t commit to that yet — but Cole’s first W in pinstripes came just after he donned them for the first time, when he took the dais in Yankee Stadium and unfurled a sign that hadn’t seen the sunlight in years.last_img read more

ThurstonTalk’s Weekend Event Calendar For Olympia

first_imgIt’s guaranteed to be a busy weekend in Olympia.  Beyond the opening of the New Hands On Children’s Museum and the Olympia Film Festival, there are loads of activities ready to be put on your weekend.  Add in an extra day (thanks veterans!) and you have even more time to experience all the wonderful events happening in Olympia and Thurston County.Grand Opening of the New Hands On Children’s Museum – members only opening on Saturday, November 10, public opening begins on Sunday, November 11Kennedy Creek Salmon Trail – open Saturday, Sunday, and Monday from 10:00 am – 4:00 pmOlympia Symphony Orchestra concert – “Honoring America’s Freedom” – Sunday at 7:00 pmThe schedule for the Olympia Film Festival can be found on our event calendar.If you are interested in Olympia area high school sports, check out our weekend playoff calendar here.   Our sports writer will be following area match-ups so watch’s sport section for stories and photos.Special thanks to for the cover photo taken at the Kennedy Creek Salmon Trail last weekend.ThurstonTalk aims to be your source for positive information and events happening in Olympia.  If you have a suggestion for a post, send us a note at [email protected]  For more events and to learn what’s happening in Olympia and the surrounding area, click here. Facebook5Tweet0Pin0last_img read more

Westport Winery Hosts Second Geocache

first_imgFacebook21Tweet0Pin0Submitted by Westport WineryWestport Winery is now host to a second geocache within their 15-acre display garden located halfway between Westport and Aberdeen. Westport resident Ken Wilson (the person responsible for creating the winery’s first geocache ten years ago) and his geocache compatriot Rick Stoddard, designed this new online search. The cache is titled “A Stroll Through The Gardens.”Established in 2000, geocaching is known as the world’s largest treasure hunt, with over 3 million geocache sites in 190 countries around the world. There are over 500 treasure sites in Grays Harbor County and environs. Searchers use Global Positioning System (GPS) to locate and hide the caches. The search may include clues, puzzles, and multiple steps to find the location. The treasures are usually sealed in a waterproof container. Those who search log in their finds. They can take prizes or trinkets from each cache but they need to leave something of equal or greater value for the next persistent player to discover.Westport Winery Seaside received the 2019 Rising Star Award from the Seaside Chamber of Commerce. Westport Winery and the Roberts family were honored with Seattle Business Magazine’s Community Involvement Business of the Year for 2018. In 2017 the Westport Winery Garden Resort was named Greater Grays Harbor Business of the Year. USA Today named the Sea Glass Grill at Westport Winery Garden Resort one of the top five winery restaurants in the nation. The business has been voted Best Winery by King 5 Evening Magazine.In 2016 Westport Winery was honored as one of the top twenty most-admired wineries in North America by Winery & Vineyard Management Magazine. The business earned Best Winery, Best Wine Shop, and Best Boutique Winery for 2016 by South Sound Magazine. They received the Grays Harbor Environmental Stewardship Award in 2015. They are finalist to the Best Washington Family Business competition by Seattle Business Magazine. And in 2011 they garnered Washington Winery to Watch by Wine Press Northwest.In Oregon, Westport Winery Seaside and Seaside Kites are open daily from 11am to 6pm. To book Westport Winery Seaside Retreat (a three, king suite vacation rental) go to Westport Winery Garden Resort is located on the corner of Highway 105 and South Arbor Road halfway between Aberdeen and Westport. The Sea Glass Grill at the resort is open daily or brunch, lunch, and dinner from 8 a.m. to 7 p.m. For more information or reservations call 360-648-2224.last_img read more

Assessing Doomsday: How Cyber War Could Attack U.S. Infrastructure

first_imgU.S. Defense Secretary Leon Panetta did his best to scare the pants off of the American people last week. In a briefing with reporters, he warned of the growing danger of cyberwarfare and its potential to cripple critical infrastructure in the United States. With the rise of so-called state-sponsored cyber attacks in recent months in the form of viruses called Flame, Mahdi, Stuxnet and now Shamoon, how much does the U.S. have to worry about malicious hackers terrorizing American infrastructure?If you believe Panetta, the answer is a lot.The Defense Secretary painted a very grim picture of the cyber threats that could do damage in the U.S. – leading to significant damage and loss of life. Panetta noted to reporters that, “cyber-actors are probing America’s critical infrastructure networks,” and are targeting control systems for electricity, water, transportation and chemical facilities. Predicting fire and brimstone is probably in the job description of any Defense Secretary. That does not mean that Panetta is blowing hot air. The danger of significant damage to the U.S. critical infrastructure from cyberwarfare is very real. Two Key Cyber Attack Vectors Two distinct attack vectors have been seen in recent large-scale cyber attacks on governments and infrastructure. The first and potentially most damaging are viruses specifically targeted towards disabling computers and critical systems. The most prominent example of this was the Stuxnet virus that tortured Iran’s nuclear program. In that same vein, Shamoon disabled 30,000 computers at Aramco, Saudi Arabia’s national oil company, wiping the devices clean and shutting them down. The process attack caused irreparable harm to the company’s operations. The second attack vector falls into the category of “cyber-espionage.” Viruses that have made headlines this year acting as spies include Mahdi and Flame, the latter considered to be one of the most complex viruses ever created. These viruses infiltrate target computers and hide, sending information back to command-and-control servers on communication activity, key strokes, important data and more. The breadth of these viruses has led many to believe that they were developed by government-run entities as specific weapons in cyberwarfare. Multi-Layered Defenses RequiredDefending against cyber threats requires a multi-layered approach. If we look at the history of recent viruses that have damaged infrastructure in the Middle East, the deployment mechanisms have been precisely targeted. In some cases, the viruses (such as Shamoon’s introduction into Aramco) have been attacks known in the security industry as “spear-phishing.” This type of attack generally comes through email to a critical employee’s inbox with the virus attached. Clever spear-phishers construct their attacks to make it difficult for the victim to tell the difference between an attack and a legitimate email. Once inside a target computer, the virus can spread to other systems in the network.Viruses can also be introduced into systems manually, through a USB drive or some other storage device. This approach requires a human actor in the physical presence of target computers. Stuxnet was believed to be introduced into the Iranian nuclear program in this way. In both cases, viruses were “let in” to the target environment by somebody within the organization. In one case it would be an actual employee unknowingly succumbing to spear-phishing, the other would be by circumventing the physical security teams responsible for securing buildings and critical systems. The most obvious way to fight these types of attacks would be to boost training and investment in cyber and physical security teams as well as employees to how they can avoid letting malicious actors into critical environments. But even the best training may not be enough.We have seen time and again that motivated hackers can find a way in to even the most heavily secured systems. State-sponsored hackers will likely be armed with original viruses that security companies know nothing about and thus have no signature in their databases with which to identify and stop the viruses. Zero Day attacks are, by nature, hard to detect because they exploit unknown vulnerabilities in software. It can be difficult to determine that critical systems have been infected when the virus is hiding in the background, biding its time and learning when and how to strike.Advanced Persistent ThreatsIn the cyber security industry, attacks against infrastructure and large organizations are often referred to as “advanced persistent threats.” According to Aviv Raff, CTO of threat detection company Seculert (which helped discover the Shamoon virus), the best way to counteract such persistent viruses is to take a long view using a data-driven approach. The idea is to analyze data sets in organizations over time through the cloud, looking for irregularities in logs to assess if a malicious actor is present. Secretary Panetta said that the Department of Defense will take an active role in helping protect U.S. private sector companies from cyberwarfare attacks. What exactly that means, isn’t entirely clear. It could mean anything from shutting down the Internet to the idea that the best defense is a good offense. (For more on this notion, see Brian Proffit’s New Cyberwar Rules Of Engagement: WIll The U.S. Draft Companies To Fight?)  The notion of a government-held “kill switch” to the Internet scares many people, but the alternative may too horrific to fathom. Image courtesy of Shutterstock. Top Reasons to Go With Managed WordPress Hosting Why Tech Companies Need Simpler Terms of Servic… Related Posts 8 Best WordPress Hosting Solutions on the Marketcenter_img Tags:#security#web dan rowinski A Web Developer’s New Best Friend is the AI Wai…last_img read more

65 per cent cost escalation in CWG Village project: CVC

first_imgThe CVC has found several discrepancies in a DDA project for construction of certain facilities in the Commonwealth Games Village that led to a cost escalation from Rs 38 crore to over Rs 63 crore.According to an internal investigation report, the CVC’s Chief Technical Examination Wing has also said that the construction company has flouted government norms related to testing, purchase and security.As part of its different development projects, the work for construction of swimming pool, training hall, fitness centre and athletic track in the Village spread over 63.5 hectares area was given to Sportina Payce Infrastructure Private Limited, a consortium of four companies especially created for the job, by the Delhi Development Authority.”Sportina Payce Infrastructure Pvt Ltd was the lowest tenderer with their quoted amount of Rs 64.86 crore which was 67.39 per cent above the estimated cost of rs 38.76 crore…Negotiations were conducted with the agency and and the agency reduced their quoted amount to Rs 63,09,67,855 which was 62.77 per cent above the estimated cost and 11.79 per cent above the justified amount of Rs 56.44 crore.”As per CPWD manual which is being followed by the DDA the work can be awarded up to 10 per cent above the justified cost. Work Advisory Board decided to place the matter before the Hon’ble LG for acceptance… and work was awarded to Sportina Payce Infrastructure Pvt Ltd at their negotiated amount of Rs 63,09,67,855,” the report, which was received in reply to an RTI query filed by PTI, said.According to the finding, an application was submitted by a consortium of Payce Consolidated Ltd and Paynter Dixon Construction Pvt Ltd, Australia, Sportina Exim Pvt Ltd, Mumbai and Robertson + Marks Architect Pvt Ltd, Australia.advertisement”As per the agreement to establish a consortium, the consortium members agreed to incorporate a limited liability company i.e. a Special Purpose Vehicle Company (SPV) in the name and style of Sportina Payce Construction (India) Pvt Ltd…”But at the time of submitting the tender, a company was formed as Sportina Payce Infrastructure Pvt Ltd which submitted the tender and became L1 and finally work was awarded to them,” it said.”In this company other partners except Sportina Exim Pvt were not represented at all. Ultimately at site only Sportina Exim Pvt Ltd was executing the work which does not have expertise, experience which was considered at the time of Pre Qualification. Thus undue favour has been shown to agency,” the anti-corruption watchdog noticed in its report.”Certain discrepancies were observed in the justification of rates prepared during award of work which resulted into higher justified cost,” the report read.Pointing out the irregularities, it said that labour charges for fixing tiles and calculations of Value Added Tax (VAT) was calculated twice.The contractor also did not furnish workmen’s compensation policy which was a mandatory requirement to insure at his cost and expense against any damage or loss or injury which may be caused to any person or property at site of work, the report said.At the time of inspection, the CVC officials noticed that payments were being made without testing of cement concrete cubes was not being done for seven days strength which gives the idea of tentative strength of the concrete.The findings are the part of one of the 16 different Commonwealth Games-related construction works being carried out by various departments here. Six of them are being done by Public Works Department (PWD), three by Municipal Corporation of Delhi (MCD), two each by Central Public Works Department (CPWD), DDA, New Delhi Municipal Council (NDMC) and one by RITES, a Government of India Enterprise.Prime Minister Manmohan Singh has also appointed a high level committee under the chairmanship of former Comptroller and Auditor General V K Shunglu to investigate and report within three months time its finding on irregularities in the conduct of the mega sporting event held here between October 3-14.Besides Enforcement Directorate, Income Tax Department and CAG are also conducting enquiries into various alleged financial and administrative lacunae.With PTI inputslast_img read more