Latest news with #Commencement
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Business Standard
13 hours ago
- Business
- Business Standard
Final RBI norms on project financing positive for power finance corp
Additional provisions forDate of Commencement of Commercial Operations deferred standard assets are reduced to 0.375 per cent-0.5625 per cent per quarter vs. 2.5 per cent for cumulative deferments Devangshu Datta New Delhi Listen to This Article The RBI has issued final project financing norms (effective from October 1, 2025) on the draft issued in May-2024. There are some key relaxations. Lower provisioning is required for standard assets. The revised provision is 1 per cent for under construction and 0.4 per cent for operational projects (vs 5 per cent and 2.5 per cent respectively in the draft). Additional provisions for DCCO (Date of Commencement of Commercial Operations) deferred standard assets are reduced to 0.375 per cent-0.5625 per cent per quarter vs. 2.5 per cent for cumulative deferments. Another key change is income recognition on accrual basis for
Business Standard
19 hours ago
- Business
- Business Standard
PFC, REC gain as RBI unveils final project finance norms
Shares of Power Finance Corporation (PFC) and REC rose by 3.33% to 5.37% after the Reserve Bank of India (RBI) issued its final Project Finance Directions, 2025. The comprehensive framework, aimed at streamlining and standardizing project loan regulations across banks, NBFCs, and cooperative lenders, comes into effect from 1 October 2025. The market responded swiftly to the announcement, with shares of key project financiers surging in morning trade. PFC jumped 5.37%, while REC climbed 3.33%, as investors welcomed the regulatory clarity and operational flexibility promised by the new guidelines. Compared to the RBIs draft proposal from May 2024, which had outlined a steeper 5% standard asset provisioning for under-construction projects, the final guidelines dial things down substantially. Now, lenders will need to set aside just 1% for infrastructure projects and 1.25% for commercial real estate (CRE). Thats a major breather for dedicated project financiers like REC and PFC, who had been staring at potentially higher capital requirements under the earlier draft. The RBI has rationalized the norms around the extension of the 'Date of Commencement of Commercial Operations' (DCCO), allowing extensions of up to three years for infrastructure projects and two years for non-infrastructure ones. Lenders will also have greater flexibility to assess and decide on DCCO extensions within these ceilings based on commercial viability. The provisioning requirements for under-construction projects have been streamlined as well. Lenders will now set aside a standard 1% for such exposures, with a gradual increase depending on the length of DCCO deferment. In the case of under-construction commercial real estate, the initial provisioning will be slightly higher at 1.25%. For projects that have already achieved financial closure, existing provisioning rules will continue to apply, ensuring a smooth transition to the new regime. Once projects become operational, the provisioning rates are clearly defined: 1% for commercial real estate, 0.75% for CRE-residential housing, and 0.40% for other project loans. This structured approach is expected to bring predictability to provisioning and risk management practices. The market view is clear: the final norms are far more balanced and pragmatic. They reduce capital drag without compromising prudential standards. The relaxed provisioning norms, coupled with the exclusion of existing loan books from the new rules, would have negligible impact on NBFC and bank profitability. For power sector financiers like PFC and REC, the relief is doubly reassuring. Even the marginal provisioning required under the new norms will be comfortably absorbed through existing impairment reserves. Importantly, the directions only apply to loans achieving financial closure on or after 1 October 2025, meaning current portfolios are unaffected. While the earlier draft had also proposed a stringent 360-day performance requirement for loan upgrades -- another red flag for lenders, this too has been relaxed in the final version. The overall tone of the guidelines has shifted from caution-heavy to growth-accommodating, signalling the RBI's intent to support long-term infrastructure finance without straining lender balance sheets.
Japan Today
06-06-2025
- Politics
- Japan Today
Trump ban on entry of international Harvard students temporarily blocked by judge
FILE PHOTO: People walk to attend the 374th Commencement exercises at Harvard University in Cambridge, Massachusetts, U.S., May 29, 2025. REUTERS/Brian Snyder/File Photo By Nate Raymond, Steve Gorman and Daniel Wiessner A federal judge in Boston on Thursday temporarily blocked U.S. President Donald Trump from barring U.S. entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. Under a two-page temporary restraining order granted to Harvard, U.S. District Judge Allison Burroughs enjoined Trump's proclamation from taking effect pending further litigation of the matter amid an escalating dispute between the Ivy League school and Republican president. The judge ruled that Trump's directive prohibiting foreign nationals from entering the United States to study at Harvard for the next six months would cause "immediate and irreparable injury" before the courts have a chance to review the case. Burroughs last month had blocked Trump from implementing a separate order prohibiting Harvard from enrolling international students, who make up more than a quarter of its student body. Harvard on Thursday amended its lawsuit to challenge the new directive, claiming Trump is violating Burroughs' decision. "The Proclamation denies thousands of Harvard's students the right to come to this country to pursue their education and follow their dreams, and it denies Harvard the right to teach them. Without its international students, Harvard is not Harvard," the school said in the filing. Burroughs' order on Thursday also continued a separate temporary restraining order she issued on May 23 against the administration's restriction on international student enrollment at Harvard. Earlier on Thursday, White House spokesperson Abigail Jackson called Harvard "a hotbed of anti-American, anti-Semitic, pro-terrorist agitators," claims that the school has previously denied. "Harvard's behavior has jeopardized the integrity of the entire U.S. student and exchange visitor visa system and risks compromising national security. Now it must face the consequences of its actions," Jackson said in a statement. Trump cited national security concerns as justification for barring international students from entering the U.S. to pursue studies at the Cambridge, Massachusetts-based university. Under Trump's proclamation, the suspension would initially be for six months but could be extended. Trump's order also directed the U.S. State Department to consider revoking academic or exchange visas of any current Harvard students who meet his proclamation's criteria. In Thursday's court filing, Harvard said Trump had violated federal law by failing to back up his claims about national security. "The Proclamation does not deem the entry of an alien or class of aliens to be detrimental to the interests of the United States, because noncitizens who are impacted by the Proclamation can enter the United States — just so long as they go somewhere other than Harvard," the school said. The Trump administration has launched a multifront attack on the nation's oldest and wealthiest university, freezing billions of dollars in grants and other funding and proposing to end its tax-exempt status, prompting a series of legal challenges. Harvard argues the administration is retaliating against it for refusing to accede to demands to control the school's governance, curriculum and the ideology of its faculty and students. The university sued after Homeland Security Secretary Kristi Noem announced on May 22 that her department was immediately revoking Harvard's Student and Exchange Visitor Program certification, which allows it to enroll foreign students. Noem's action was temporarily blocked almost immediately by Burroughs. On the eve of a hearing before her last week, the department changed course and said it would instead challenge Harvard's certification through a lengthier administrative process. Nonetheless, Burroughs said she planned to issue a longer-term preliminary injunction at Harvard's urging, saying one was necessary to give some protection to Harvard's international students. Wednesday's two-page directive from Trump said Harvard had "demonstrated a history of concerning foreign ties and radicalism," and had "extensive entanglements with foreign adversaries," including China. It said Harvard had seen a "drastic rise in crime in recent years while failing to discipline at least some categories of conduct violations on campus," and had failed to provide sufficient information to the Homeland Security Department about foreign students' "known illegal or dangerous activities." The school in Thursday's court filing said those claims were unsubstantiated. © Thomson Reuters 2025.
Associated Press
03-06-2025
- Health
- Associated Press
At Commencement, The Woodlands at Furman Graduates to ‘Certified University Based Retirement Community (UBRC)' Status
GREENVILLE, S.C., June 2, 2025 (SEND2PRESS NEWSWIRE) — The Woodlands at Furman, a 350+ resident senior living community in partnership with Furman University, has met criteria to be recognized as a 'Certified University Based Retirement Community (UBRC)', the highest category among more than 85 University Retirement Communities (URCs) nationwide. As launched last Fall by the nation's largest directory and information resource for the rapidly growing model of senior living communities with connection to a host university or college, The Woodlands is the first 'Certified UBRC' in the Eastern United States, and second overall, along with Mirabella at ASU in Tempe, Arizona. 'As universities and colleges celebrate Commencement nationwide, we are incredibly proud to 'graduate' as a 'Certified University Based Retirement Community (UBRC),' the equivalent of magna cum laude status,' stated Rick Brackett, President and Chief Executive Officer of The Woodlands at Furman. 'We are truly honored by our partnership with Furman University and the work of the entire team at The Woodlands in creating an active, intellectually stimulating, and intergenerational environment that is reinventing senior living while bringing residents and students together to meet the needs of an aging population.' 'With the continuing growth in the number of University Retirement Communities (URCs) in the U.S. it was imperative to bring structure to this sector, in particular recognizing communities representing the highest level of integration with a host university or college,' stated Andrew Carle, Founder of As Director of the Program in Senior Living Administration at George Mason University, Carle created a 5-criteria model in 2006 for a 'University Based Retirement Community (UBRC)' that has been recognized as the standard for defining such communities. The criteria served as the basis for the certification program, with communities meeting all five, along with related standards, eligible for 'Certified' status. Carle previously served as Senior Consultant – Health Intelligence for J.D. Power and Associates, for whom he helped lead development of its Certified Senior Living Community program in 2017. Certification criteria include the proximity of the community to the campus, documented resident-to-university and student-to-community programs, a continuum of senior living services, the percent of residents who are alums or retired university faculty or staff, and a financial relationship between the community and university that supports long term operational success. The Woodlands is located on 99-year leased land from Furman University, and residents can participate in the university's Osher Lifelong Learning Institute, receive courtesy greens fees at the Furman Golf Course, and discounts to both athletic and visual and performing arts events. Nearly four dozen residents hold a personal connection to the university, including alums, retired faculty and staff, and past members of the Board of Trustees. The community offers a full continuum of senior living services, while providing easy access for student internships, employment, and volunteer work within the community. The three-year certification allows the community to display the 'Certified UBRC' logo, as well as receive the highest search ranking on the website. ABOUT THE WOODLANDS AT FURMAN The Woodlands at Furman is a Premier Life Plan Community in Greenville, SC, offering a full continuum of care. Voted 'Best of the Upstate' eight years running, The Woodlands is the path of choice for active, lifelong learners with upscale amenities in a serene, natural setting. As the only locally owned and operated non-profit Life Plan Community in the area, they offer tiered lifestyle and healthcare options all on one campus, including independent living, assisted living and skilled nursing, so residents can count on peace of mind for the future. ABOUT Launched in 2023, is the first directory and information resource website dedicated exclusively to the rapidly growing model of senior living communities hosted by or with formal connection to a university or college. Currently listing more than 85 communities, the site also serves as a resource for academic institutions or other providers seeking to develop a new or enhance an existing University Retirement Community (URC), along with the first national certification program for URCs. MULTIMEDIA: PHOTO link for media: PHOTO caption: Andrew Carle, Founder of presents the official 'Certified University Based Retirement Community' designation to Rick Brackett, President & CEO, and Ezra Hall, Director of Philanthropy & Engagement at The Woodlands at Furman, during the awards ceremony. NEWS SOURCE: The Woodlands at Furman Keywords: Education and Schools, Certified University Based Retirement Community, The Woodlands at Furman, University Retirement Communities, Senior Living, Healthcare, University, GREENVILLE, S.C. This press release was issued on behalf of the news source (The Woodlands at Furman) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P126659 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
The Hindu
02-06-2025
- Politics
- The Hindu
Indian-American student banned from graduation ceremony after pro-Palestinian speech
An Indian-American student at the Massachusetts Institute of Technology (MIT) was barred from attending her graduation ceremony after delivering a speech denouncing the war in Gaza, according to media reports. Megha Vemuri, the 2025 class president of MIT, is the latest in the list of students to face discipline after protesting the war in Gaza. Vemuri told CNN that after her speech, the university's senior leadership informed her she was not allowed to attend Friday's (May 30, 2025) commencement ceremony and was barred from campus until the event concluded. School officials confirmed that they told Ms. Vemuri that she was prohibited from attending the undergraduate ceremony. MIT leadership said that they stand by the punishment they issued to Ms. Vemuri. 'MIT supports free expression but stands by its decision, which was in response to the individual deliberately and repeatedly misleading Commencement organisers and leading a protest from the stage,' a school spokesperson said in a statement. The school said that she would receive her degree. Ms. Vemuri, who grew up in Georgia, was a scheduled speaker at Thursday's (May 29, 2025) OneMIT Commencement ceremony in Cambridge, Massachusetts, where she took to the podium, with a keffiyeh – a symbol of pro-Palestinian solidarity – draped over her graduation robe. She praised her peers for protesting the war in Gaza and criticised the university's ties to Israel. An MIT spokesperson told CNN Ms. Vemuri's sppech on Thursday (May 29, 2025) 'was not the one that was provided by the speaker in advance.' Ms. Vemuri's father Sarat said that she was a double major, in computation and cognition and linguistics, and was told that she would receive her diploma by mail. Ms. Vemuri said she was grateful for her family, who have been present this week, supporting her. She says she's not disappointed about not getting to walk the stage. 'I see no need for me to walk across the stage of an institution that is complicit in this genocide,' Ms. Vemuri said. 'I am, however, disappointed that MIT's officials massively overstepped their roles to punish me without merit or due process, with no indication of any specific policy broken,' she added. He called MIT's purported support of free speech hypocritical. The Council on American-Islamic Relations (CAIR) has condemned the university's decision to ban Mr. Vemuri from the ceremony. 'MIT must respect academic freedom and respect the voices of its students, not punish and intimidate those who speak out against genocide and in support of Palestinian humanity,' CAIR-Massachusetts Executive Director Tahirah Amatul-Wadud said in a statement. College campuses across the US have witnessed protest encampments and accusations of antisemitism since the Hamas-led attack on Israel in October 2023, and the ensuing war in Gaza. The tensions coupled with the Mr. Trump administration's attacks on universities, have left some school communities wrestling with how to balance civility and safety with open expression and debate, The New York Times said. New York University recently said it was withholding the diploma of a student who condemned 'genocide' in Gaza while delivering a graduation speech. Several students at Harvard, Columbia and other universities nationwide are also facing disciplinary threats. At the start of the school year in September, MIT issued new school rules surrounding when and where students can protest on its campus. School leadership has responded more strictly toward unsanctioned demonstrations this year, which was a departure from the prior school year when protestors camped out on campus.
