WILMINGTON, MA — Here are highlights of the Wilmington Police Log for Wednesday, July 24, 2019:A Lowell Street resident was concerned about the well-being of a bird in their yard. Animal Control Office responded and retrieved bird. (8:36am)A caller reported a tractor trailer unit rear-ended his vehicle and pushed it 30 feet before continuing north on Ballardvale Street. Caller refused ambulance for himself and passenger. No airbag deployment. Police located tractor trailer unit and operator at Interra Innovation on Junction Road in Andover. Police filled out crash report and assisted with paperwork exchange. (9:30am)A 2-vehicle crash occurred on Lowell Street at 93 North ramp. One driver transported to hospital with back pain. (1:30pm)A caller wished the police log that at some time in February, he was verbally assaulted by an RMV employee. Caller had minimal information. Caller will come to station tomorrow to provide additional information. (2:07pm)Shelton J. Oliver (61, Billerica) was issued a summons for Operating A Motor Vehicle With A Suspended License and Motor Vehicle Not Meeting RMV Safety Standards. Oliver was pulled over on Shawsheen Avenue. (5:18pm)(DISCLAIMER: This information is public information. An arrest does not constitute a conviction. Any arrested person is innocent until proven guilty.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email email@example.com.Share this:TwitterFacebookLike this:Like Loading… RelatedPOLICE LOG for August 26: Wilmington Man Arrested For OUI; Tractor Trailer Takes Out Wall, Signs & HydrantIn “Police Log”POLICE LOG for September 5: Train Conductor Helps Locate Missing Puppy; Rented Trucks Not Returned To UHaulIn “Police Log”POLICE LOG for July 12: 2 Juveniles Laying On Train Tracks; Motorcycle Crash; Tractor Trailer vs. PoleIn “Police Log”
The IL&FS group is facing serious liquidity crisis and has defaulted on interest payments on various debt repayments since 27 August.ReutersThe audit report by Grant Thornton India on debt-ridden infrastructure financier, Infrastructure Leasing & Financial Services (IL&FS), has highlighted severe irregularities such as conflicts of interest, inadequate risk assessment and deviation from banking norms. As per the interim audit report submitted to the board of the beleaguered IL&FS, transactions of more than Rs 13,000 crore could be directly linked to rampant irregularities.The report underlined that in at least 29 instances, loan proceeds to borrowers was eventually utilised by the group companies to repay existing debt obligations with IL&FS Financial Services Limited (IFIN).In the financial year 2016, SKIL Infrastructure’s Gujarat-Dwarka Portwest Ltd took a loan of Rs 253 crore and during the same period, SKIL Infrastructure repaid Rs 230 crore to IFIN. Similarly, between 2017 and 2019, Rs 365 crore was disbursed by IFIN to Flemingo Group at the same time, its group companies repaid Rs 407 crore to IFIN. Uday Kotak, newly appointed Non-Executive Chairman of Infrastructure Leasing and Financial Services Ltd. (IL&FS) addresses a news conference at the company’s headquarters in Mumbai, October 4, 2018.REUTERS/Danish SiddiquiMoreover, in the last fiscal, India Cements’ Chennai Super Kings Ltd borrowed Rs 65 crore from IFIN and, at the same time EWS Finance & Investment Pvt Ltd paid Rs 40 crore to IFIN, the report said. The draft report scrutinized all high-value transactions carried out by IL&FS Limited and few of its group companies for the period between April 1, 2013, and September 30, 2018.Over Rs. 6,000 crore is linked to the transaction at IL&FS Financial Service Ltd (IFIN) that violated banking governance norms laid by the Reserve bank of India (RBI). Around Rs 2,270 crore, proceeds to borrowers of IFIN was utilised by certain IL&FS group companies out of which Rs 1,150 crore was injected into IL&FS Transportation Network Ltd (ITNL). Notably, the crisis broke out in July 2018 when the road arms started facing difficulty in making repayments due on its bonds.The audit report showed that there were many instances where funds worth Rs. 541 crore were taken for short-term purposes and utilised for long-term purposes. “We reviewed the Asset Liability Management Committee (ALCO) minutes and noted the details of funding gaps (i.e. funds not available for estimated committed disbursement). Based on the details, it appears that since May 2013, IFIN was under stress to borrow funds in order to fulfil the commitment of loans already sanctioned,” the report mentioned.
A limousine in the motorcade believed to be carrying North Korean leader Kim Jong Un travels to an entrance to Beijing Railway Station in Beijing, China on 9 January 2019. Photo: ReutersKim Jong Un’s train left Beijing on Wednesday after the North Korean leader visited his key ally on a trip seen as a strategy session ahead of his expected summit with Donald Trump.Kim arrived in Beijing on Tuesday for his fourth visit to Pyongyang’s sole major diplomatic friend, meeting president Xi Jinping and reportedly visiting a factory.The North Korean leader’s motorcade was spotted entering the Beijing central railway station on Wednesday afternoon, and the train departed shortly after on a day-long ride back to the northeast border, according to AFP journalists.The unannounced trip was largely shrouded in secrecy. Beyond confirming his presence in Beijing, no details have been provided by either North Korea or China on his schedule, with no coverage in state media even in the nightly news broadcast hours after the train’s departure.Kim met for one hour with Chinese president Xi Jinping on Tuesday — believed to be the North Korean leader’s birthday — and the two later dined with their wives at Beijing’s Great Hall of the People, according to South Korea’s Yonhap news agency.”Chairman Kim Jong Un’s visit to China was at the invitation of president Xi Jinping, of course president Xi would hold meetings and talks with him,” Chinese foreign ministry spokesman Lu Kang said at a regular press briefing, adding that more details would be released later.Tuesday’s meeting focused on Kim’s expected meeting with Trump, according to Yonhap.In a New Year speech, Kim warned that Pyongyang may change its approach to nuclear talks if Washington persists with sanctions.Relations between China and North Korea had deteriorated in recent years over Pyongyang’s nuclear activities, but Kim has made sure to keep Xi informed about his dealings with the United States and South Korea as ties appear to have warmed.”In order to resist the high pressure of the US, he must communicate with Xi in advance to see what steps he can take to deal with Trump,” Beijing-based independent political commentator Hua Po told AFP.”Kim needs the support of Xi so as to ask the US to make substantial steps, such as providing assistance to North Korea and normalising relations with North Korea.”Kim chose China for his maiden official trip abroad last year before holding meetings with South Korean president Moon Jae-in and Trump.The American leader said Sunday that the United States and North Korea are negotiating the location of their next summit.Discussions between the US and North Korea over Pyongyang’s nuclear arsenal have stalled since Kim and Trump’s high-profile summit in Singapore in June where they issued a vaguely worded declaration about denuclearisation.The US insists that UN sanctions must remain in place until North Korea gives up its weapons, while Pyongyang wants them immediately eased. China also wants the sanctions to be relaxed.’Turning point’But Chinese officials also likely want to impress on Kim — who has so far pursued only limited reforms to his statist economy — the benefits the giant Communist country has enjoyed in its transformation from impoverished nation to economic powerhouse.Yonhap, citing unidentified sources, reported that Kim toured a factory operated by medicine firm Tongrentang for about half an hour in an economic zone in the Chinese capital.He then went to the Beijing Hotel, where he was expected to have lunch with Xi before his departure.”For North Korea itself, 2019 is his strategic turning point. If he wants to shift his focus to the development of the economy, he needs China’s cooperation,” said Lu Chao, a North Korea expert at China’s Liaoning Academy of Social Sciences.In the New Year speech, Kim focused on North Korea’s moribund economy, saying that improving people’s lives was his top priority and tackling energy shortages was an urgent task.Beijing-based analyst Hua said changes in the economic model will affect politics, “which poses new challenges to his control over the country.””For this point, he must ask for advice from China.”The visit coincided with negotiations between US and Chinese officials in Beijing to resolve a bruising trade war between the world’s two biggest economies.Some analysts say China could use its cooperation on the North Korean issue as a bargaining chip in the US trade talks.But Hua said Kim’s visit would have a “limited” effect on the trade negotiations.”The Sino-US trade negotiations are a matter between China and the US,” he said. “The weight of North Korea is limited and cannot play a decisive role.”
4 min read Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global July 11, 2016 Opinions expressed by Entrepreneur contributors are their own. Growing a business sometimes requires thinking outside the box. Most people don’t realize that simply firing up their laptop, desktop, tablet or mobile device contributes to massive use of energy. When we think of energy, it tends to be in very broad-based terms: electric companies, oil refineries and green energy solutions. Technology companies, however, are playing a growing role in the energy sector.Opportunity awaits.It seems as though we’ve recently hit a wall in finding solutions for a greener world. We’ve harnessed wind power, converted solar rays and mass-produced electric cars. In the past few years, organizations have sprung up to help advance the greening efforts. But with fierce competition for capital, the kind of green that spends often is in short supply for sustainable causes. In contrast, the tech space is constantly innovating and appears to have no shortage of funders on the horizon.Related: 5 Exploding Niches Within TechAs companies realize the vast energy needed to operate cloud-based platforms and other emerging technologies, they understand they must do more than switch to smart bulbs and mobile-controlled thermostats. At the same time, energy companies are starting to see the need for updated technology. During the past three years, technology has skyrocketed in the energy sector. That’s particularly true for data collection services such as locating and extracting real-time information.New technologies allow oil and gas companies to monitor their equipment from start to finish. This gives them opportunity to streamline the refining process and produce more at a lower cost. The problem lies in maintaining profit upstream while lowering prices for consumers downstream. The tech industry isn’t quite ready to provide these solutions. Budgets of more than $20 million upward are projected to fund analytical programming capable of tracking all this streamlined data. In other words, huge business opportunities exist for tech companies who can take advantage of the increasing cloud-based need to run the energy sector more efficiently.Skepticism still exists.It remains to be seen whether the tech industry can build solutions that are appealing enough to be acceptable for major players in the energy industry. There’s plenty of skepticism about allowing technology to do the job of consulting. And there’s at least one self-fulfilling reason why: Data drawn from technology is consistently more simplified than data gathered by consultants. Related: How Analytics and Data Can Undermine LeadersMany energy companies make the issue even more convoluted. Leaders as Opportune LLP confirm that “energy firms have been widely reported as delaying or cancelling many billions of dollars in capital project additions. Technology consulting firms are vital to improving the capabilities of current working assets to optimize output until additional units can be put in service.” No one wants to reinvent the wheel — or the microprocessor chip. But it wouldn’t hurt to make the ride a little smoother. In the very near future, companies will need to adapt if they wish to reduce production costs and achieve greater efficiencies.Technology is just part of the solution.While data processing will continue to become more tech-savvy, we’ll still need analysts to sort through the data and provide context. Technology merely makes it easier for those analysts and consultants to find solutions that don’t require customers to pay higher prices. Energy leaders who loosen the reigns a bit will discover real excitement. After all, these very changes will allow their companies to perform at extremely high levels while enjoying lower costs.Visionaries who helm the largest energy companies stand to face the most resistance to new business models. The conventional wisdom has been to supplement upstream costs with downstream cash from end-users. But as oil prices drop for consumers, energy companies haven’t done much to change how they acquire it, or the expenses they incur. Energy companies already use technology to find stable wells below the surface. But they’re only starting to apply technology’s power to the analytical process and inform their consulting efforts. But there’s no denying technology is poised to become a huge player in the energy marketplace. And once analytical tech is implemented, energy companies will really start to fire on all cylinders. Related: This is Why You Should Become Green Energy Entrepreneurs Register Now »