Boris Johnson puts deadline on trade talks with the EU but insists No Deal would be ‘good outcome’ 

Boris Johnson today warns Brussels that he will walk away from trade talks in five weeks unless the EU ‘rethinks’ its demands.

In a toughly worded ultimatum, the Prime Minister says there is ‘no sense’ in allowing faltering trade talks to continue beyond October 15, when EU leaders are due to hold a major summit in Brussels.

Mr Johnson says there is ‘still an agreement to be had’ but says he ‘cannot and will not compromise on the fundamentals of what it means to be an independent country to get it’, such as the freedom for the UK to set its own laws and fish its own waters.

The development came as reports said the UK is planning to tear up parts of the Withdrawal Agreement ministers signed with the EU in January – a move that risks further damaging hopes of a deal. 

Mr Johnson insists that a No Deal departure would still be a ‘good outcome’ from which the UK would ‘prosper mightily’ as it exploits its new freedoms outside the EU. 

Boris Johnson says there is ‘still an agreement to be had’ but says he ‘cannot and will not compromise on the fundamentals of what it means to be an independent country to get it’

‘There needs to be an agreement with our European friends by the time of the European Council on October 15 if it’s going to be in force by the end of the year,’ he says. ‘So there is no sense in thinking about timelines that go beyond that point. If we can’t agree by then, then I do not see that there will be a free trade agreement between us, and we should both accept that and move on.’

The PM’s comments come ahead of crunch talks in London tomorrow between his chief negotiator David Frost and his EU counterpart Michel Barnier. Lord Frost yesterday vowed he would not ‘blink’ in the face of EU demands to accept continuing Brussels oversight of key areas of British law.

He urged Mr Barnier to ‘take our position seriously’ and act now to salvage talks. Lord Frost said the UK was not willing to be a ‘client state’ of Brussels in any circumstances, adding: ‘We are not going to compromise on the fundamentals of having control of our own laws.’

The Foreign Secretary Dominic Raab said the negotiations were facing a ‘moment of reckoning’ this week – and warned that thousands of jobs across the EU would be put at risk unless Brussels relented. Mr Raab said there would be a ‘significant downside’ for the economies of EU member states if there was no trade deal, with exports of cars and other goods likely to be hit.

The PM’s comments come ahead of crunch talks in London tomorrow between his chief negotiator David Frost (left) and his EU counterpart Michel Barnier (right)

The PM’s comments come ahead of crunch talks in London tomorrow between his chief negotiator David Frost (left) and his EU counterpart Michel Barnier (right)

The Department for International Trade will today launch an advertising campaign to warn EU businesses they must prepare for the changes that will come when the Brexit transition period finishes at the end of the year.

Trade talks have been deadlocked for weeks over the EU’s demands on fishing and the so-called ‘level playing field’.

Brussels wants EU trawlers to be guaranteed their current access to Britain’s fishing grounds for ever. Mr Raab told the BBC’s Andrew Marr show that this was unacceptable, adding: ‘Having seen UK fisheries and the fishing industry pretty much decimated as a result of EU membership, the EU’s argument is we should keep control of access to our own fisheries permanently low. That can’t be right.’

An even bigger sticking point is the EU’s insistence that Britain continues to follow EU laws after Brexit in order to guarantee a ‘level playing field’ for continental firms.

Talks are currently stalled over Mr Barnier’s demand to see details of the UK’s new state aid regime before moving on to other areas of negotiation. State aid is the system of rules that cover government support and subsidies for struggling industries.

The Foreign Secretary Dominic Raab (pictured) said the negotiations were facing a ‘moment of reckoning’ this week

The Foreign Secretary Dominic Raab (pictured) said the negotiations were facing a ‘moment of reckoning’ this week

Mr Raab said the EU could not ‘credibly be worried’ that the current Conservative administration was likely to push for heavier subsidies than some existing member states. But he said it was a ‘point of principle’ that the UK should set its own rules.

A government source last night added: ‘It is a question of where decisions are made. We had a vote in this country to take back control and we are not going back on that.’ The Prime Minister today stresses he is seeking a simple free trade deal along the lines of the one negotiated between the EU and Canada.

He adds: ‘If the EU are ready to rethink their current positions and agree this, I will be delighted. But we cannot and will not compromise on the fundamentals of what it means to be an independent country to get it.’

Some senior ministers are privately concerned that the UK is not ready to cope with the impact of leaving the EU without a trade deal at the end of this year.

It would leave the UK trading on World Trade Organisation terms, with tariffs on some goods in both directions. Hauliers have warned of disruption to supply lines if there is no agreement on border controls. 

Meanwhile it was reported last night the UK is planning a bill that would override key parts of the Withdrawal Agreement.

Sections of the internal market bill, due to be published on Wednesday, are believed to ‘eliminate the legal force’ of the Brexit bill passed last October.

This will see Britain renege on promises on contentious areas such as state aid and Northern Ireland customs, the Financial Times reported.

Such a move risks being seen by the EU as an act of bad faith and could further damage hopes of a deal.

A pro-EU protester holds a large homemade sign about the Brexit Irish border issue during People's Vote march in 2018

A pro-EU protester holds a large homemade sign about the Brexit Irish border issue during People’s Vote march in 2018

But Eurosceptics have long complained that the terms of the Northern Ireland deal are unacceptable and risk undermining the Union by creating a trade border in the Irish Sea.

A Brussels insider told the FT the move would ‘clearly and consciously’ undermine the agreement on Northern Ireland created to avoid a hard border with the Republic.

Last week, the EU’s chief negotiator Michel Barnier warned ‘a precise implementation of the withdrawal agreement’ was vital for the success of the trade talks.

‘It is a very blunt instrument,’ the insider told the FT. ‘The bill will explicitly say the government reserves the right to set its own regime, directly setting up UK law in opposition with obligations under the withdrawal agreement, and in full cognisance that this will breach international law.’

A government spokesman said it was ‘working hard to resolve outstanding issues’ with the Northern Ireland protocol.

He added: ‘As a responsible government, we are considering fallback options in the event this is not achieved to ensure the communities of Northern Ireland are protected.’ Under the withdrawal agreement, the UK must tell Brussels of state aid decisions that would affect Northern Ireland.

It must also make businesses in the province file customs paperwork when sending goods into the rest of the UK.

But clauses in the internal market bill to be debuted this week will soon force the UK courts to follow UK law rather than the agreed deal with the, weakening the current protocol in the agreement.

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UK PM Gives October 15 Deadline For Brexit Deal

British Prime Minister Boris Johnson has given an October 15 deadline for a post-Brexit trade agreement with the European Union, brushing off fears about “no-deal” chaos if talks fail.

The eighth round of negotiations resume in London this week, with both sides talking increasingly tough, amid accusations of intransigence and political brinkmanship.

The UK’s chief negotiator, David Frost, did little to raise expectations about a breakthrough, promising no compromise on London’s red lines, in a rare newspaper interview published on Sunday.

His EU opposite number, Michel Barnier, this week said the talks stood or failed on the need to get an accord on EU access to UK fishing waters and state aid rules, but Britain was giving no ground.

Brussels has already indicated that mid-October was the latest a deal could be struck, given the need for translation and ratification by the European Parliament.

Despite months of refusing to confirm a firm cut-off date, Johnson agreed.

“There needs to be an agreement with our European friends by the time of the European Council on October 15 if it’s going to be in force by the end of the year,” he said in remarks released by his office.

“So, there is no sense in thinking beyond that point. If we can’t agree by then, then I do not see that there will be a free trade agreement between us.”

Should that happen, Britain will have an “Australia-style” deal with the EU or one similar to that agreed with Canada and other countries, he said.

Australia trades with the EU under World Trade Organization rules and tariffs. But Johnson, whose government had said it wanted a “zero tariff, zero quota” regime, insisted it would still be a “good outcome” for Britain.

Johnson’s warning will likely compound criticisms from British pro-EU “remainers” that his ruling Conservative government envisaged a “no-deal” scenario all along, despite claiming the contrary.

“Brexiteers” had promised that securing a deal with Britain’s biggest trading partner would be straightforward and rejected criticism that unravelling nearly 50 years of ties with Europe would be lengthy and even impossible.

Britain formally left the 27-member bloc on January 31 — nearly four years after a divisive referendum that crippled the country politically and saw two prime ministers resign.

Johnson, who took over after Theresa May repeatedly failed to get her Brexit divorce deal through parliament, promised Britain’s borders and ports will be ready for when the so-called transition period comes to an end on December 31.

Meanwhile, media reports said Johnson was also planning new UK legislation that would override parts of the withdrawal agreement made with the EU last year and ratified in January.

According to The Financial Times, which cited three people close to the plans, the bill would undermine agreements relating to Northern Ireland customs and state aid.

A government spokesperson told the newspaper it was “working hard to resolve outstanding issues” with the Northern Ireland protocol, which was negotiated as part of the deal in order to keep the Irish border open.

Britain remains bound by EU rules while it tries to thrash out new terms of its relationship.

The talks, which were on a tight timetable even before disruption caused by the coronavirus outbreak, have stalled, notably because of wrangling over fishing rights and fair competition rules.

Johnson did not rule out a deal altogether and vowed to work hard this month to achieve one. But he pledged Britain “will be ready” if talks break down.

“We will have full control over our laws, our rules, and our fishing waters,” he promised.

“We will have the freedom to do trade deals with every country in the world. And we will prosper mightily as a result.

“We will of course always be ready to talk to our EU friends even in these circumstances.

“Our door will never be closed and we will trade as friends and partners — but without a free-trade agreement.”

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Fox Sports still in hunt for rugby broadcast rights despite missing deadline

Instead of putting forward a whole-of-game broadcast rights package, RA has given potential bidders the option to cherry pick different competitions and pieces of rugby content.

The hard part, however, is that RA is not 100 per sure what next year’s version of Super Rugby will look like. All indications are that another instalment of Super Rugby AU will run for a second season before a trans-Tasman competition in 2022, but that still needs sign-off from multiple parties.

Fox Sports, which as broadcast Super Rugby since its inception in 1996, are understood to be interested in rugby – particularly Super Rugby and Test matches – and have had meetings with RA over the past few weeks. There have also been internal discussions among executives to talk about the potential production costs associated with broadcasting rugby once again.


A source with knowledge of the negotiations said that while Foxtel didn’t formally express interest on Friday, they had a “foot inside the process” and that clarity was being sought as to what was exactly on offer.

Earlier this week, Clarke said he was confident number of parties would come to the table.

“We’ve had very good dialogue with a range of broadcasters,” Clarke told the Herald on Wednesday. “As to what comes in in the form of official proposals on Friday, I’ll tell you on Friday.”

Clarke could not be contacted for comment on Friday, while RA would not confirm whether any formal expressions of interest had come forward on its deadline day.

The September 4 deadline does not mean others cannot come forward in coming weeks to enquire about what is for sale and at what price.

RA is in a weak negotiating position on a number of fronts. It has trumpeted a new State of Union series, rugby’s version of State of Origin, and a Super Eight concept – where provincial teams from across the world come together in four-week competition – but the reality is RA will take advice from broadcasters as to what they would like to show.

There would be nothing stopping Fox Sports playing the waiting game before swooping and getting the rights at a discounted rate.

RA understands that it won’t be able to demand anywhere near the same amount of money as its last deal that expires on December 31.

Optus are understood to be still interested but are yet to claim so publicly. The telco was right in the running to make a play for the rights before COVID-19 brought a sudden halt to negotiations in March.


This week Foxtel boss Patrick Delany took a subtle swipe at rugby’s position in the pecking order.

He mentioned AFL, NRL, cricket and motor sport as “tier-one sports” and said the others were “going to have to adjust”.

“We are now quite fearless of losing a sport,” he said.

In reply, Clarke said: “As one of the largest global sports, I think rugby is a tier-one sport.”

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Argentine government ‘confident’ in $65 billion debt deal as deadline passes

FILE PHOTO: Argentine Economy Minister Martin Guzman shows a graphic during an interview with Reuters, in Buenos Aires, Argentina March 11, 2020. Picture taken March 11, 2020. REUTERS/Agustin Marcarian/File Photo

August 28, 2020

By Cassandra Garrison and Jorge Iorio

BUENOS AIRES (Reuters) – Argentina’s debt restructuring deadline passed on Friday after four months of tense debt talks, multiple delays and amendments since an initial low-ball offer in April, with bondholders expected to strongly back a $65 billion proposal.

The cutoff for accepting the proposal closed at 5 p.m. Eastern Time (2100 GMT). The new bonds are scheduled to be issued on Sept. 4 if a full deal is struck as expected, though there remains the risk there could be hold-outs on certain bonds.

“In the government they are confident of high acceptance,” an official source told Reuters on Friday afternoon shortly before the deadline closed, asking not to be named as the process is private.

The person added that the official results would likely not be announced until Monday as formally scheduled, though that decision lay with center-left President Alberto Fernandez and Economy Minister Martin Guzman, and could change.

The main three creditor committees holding a large chunk of the bonds backed a deal earlier this month, bolstering confidence that the government would get the required level of support to allow a full deal to go ahead without holdouts.

A deal is key to pulling Argentina out of default and reviving the economy, already in its third straight year of recession. Guzman’s next step will be renegotiating a failed $57 billion deal with the International Monetary Fund.

“After circling around each other for the better part of 2020, we have finally reached ‘D-Day’,” said Patrick Esteruelas, head of research for Emso Asset Management in New York.

He added it was “highly unlikely” that legal thresholds on the bonds needed for a deal would not be reached.

A person with direct knowledge of the negotiations told Reuters earlier this week that participation was “very good,” though the final result would only be known once the deadline had passed.

Argentina’s government made a breakthrough with its main creditor groups – the Ad Hoc Group, Argentina Creditor Committee and the Exchange Bondholder Group – on Aug. 4, when all three agreed to support an amended offer.

That helped push up Argentina’s sovereign bond prices, though they have slipped back over recent weeks in thin trading, affected by broader concerns about the country’s tough economic outlook. They dipped an average 0.3% on Friday and 3% for the week.

The bonds include so-called “Exchange” bonds, involved in a previous restructuring, and which have tougher legal clauses. The other “Macri” bonds were issued during the previous administration of conservative President Mauricio Macri.

Argentina needs support from holders of 85% of the Exchange bonds, and over 66.67% on the Macri bonds, though individual bond series can have lower levels of support.

“It is estimated that adherence will be high, but it’s still to be seen what percentage is reached in relation to the activation thresholds of the collective action clauses,” financial services firm Puente said in a note.

“Investors will pay special attention to this detail, to get an idea on whether the swap can be made 100% binding on all the various series of bonds.”

(Reporting by Cassandra Garrison and Jorge Iorio; additional reporting by Nicolas Misculin; Writing by Adam Jourdan; Editing by David Gregorio, Rosalba O’Brien and Jonathan Oatis)

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California reaches a temporary eviction-relief deal just ahead of deadline

Renters and housing advocates attend a protest to cancel rent and avoid evictions in front of a courthouse on Aug. 21 in Los Angeles.

Valerie Macon/AFP via Getty Images

California’s governor, legislators and other stakeholders on Friday agreed to an emergency measure to try to stave off evictions in the state, where a statewide moratorium is set to expire Sept. 1.

Assembly Bill 3088, which extends protections for tenants until Jan. 31, 2021, is a compromise bill revised after negotiations on Friday, with stakeholders agreeing to the new terms. Lawmakers must pass it by Monday, when the state’s current legislative session ends.

Under the proposal, tenants can be sued in civil court for back rent they owe through Aug. 31, but they cannot be evicted. For rent owed after August and through the end of January, tenants must pay 25% by Jan. 31 — 75% will be treated as civil debt — or risk eviction. There are different requirements for high-income tenants, defined as those who make 130% of the median income in their part of the state. Tenants must show proof that their income has been affected by the COVID-19 pandemic.

See: Thousands in Silicon Valley in danger of eviction as end of California moratorium nears

The proposal falls short of the tenant protections of a previous bill, AB 1436, by Assemblyman David Chiu, a San Francisco Democrat, which would have prohibited evictions through April. He is co-author of the compromise bill but expressed disappointment.

“What the governor has announced today is an imperfect but necessary solution to a colossal problem,” Chiu said in a statement Friday. “I want to be clear that this is a temporary fix. As we track the impact of the pandemic and recession on tenants, we will have to revisit this conversation early next legislative session.”

Advocacy groups, which have estimated that millions of renters in the state could be at risk of eviction, are calling for further action.

See: Judges end California’s statewide moratorium, landlords could seek evictions in a couple of weeks

“Unless it is paired with a blanket eviction moratorium, COVID-impacted renters could be evicted by landlords using other excuses to get rid of tenants [whom] AB 3088 is supposed to protect,” Public Advocates said in a statement urging Gov. Gavin Newsom to issue an executive order next week to extend the statewide eviction moratorium through at least the end of the year.

During a Friday press conference Newsom referred to difficult negotiations but said, “I don’t know that there’s another state leaning in [and] doing more to protect tenants than the state of California.”

Landlord groups voiced their support for the compromise: “We applaud the Legislature and governor for advancing legislation with protections for tenants truly harmed by COVID, while ensuring that owners can evict nuisance tenants and residents who can afford to pay rent but choose to game the system instead,” said Tom Bannon, chief executive of the California Apartment Association, in a statement.

That’s language that tenant advocates are worried about.

“There is a huge racial-justice component to this,” Sam Tepperman Gelfant, managing attorney for Public Advocates, told MarketWatch on Friday. “Black and Latino households are more likely to be renters, more likely to impacted by COVID, and may be more subject to arbitrary evictions.”

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Wolfpack CEO confident of making deadline

Toronto Wolfpack are confident of meeting next week’s deadline to submit an application to rejoin Super League in 2021.

The Canadian club, who were promoted from the Championship last October, pulled out of Super League in July, citing visa and financial issues exacerbated by the coronavirus pandemic, and had their participation agreement formally terminated earlier this month.

Current owner David Argyle admitted he could no longer sustain the club and the players, including New Zealand dual-code international Sonny Bill Williams, revealed they have not been paid for over three months.

Toronto chairman and chief executive Bob Hunter has been in talks with four prospective bidders and says the front runner is a North American businessman who was an original investor of the Wolfpack in 2016.

“As per the documentation requested by Super League, we’ve been working diligently and quickly to try to pull that together on a recommended ownership group,” Hunter told PA.

“That deadline is next Tuesday and we fully intend to have absolutely the lion’s share of that material in their hands by then.

“If we need an extension, we’ll ask for it but right now we’re focused on getting it done on time.

“Following that, they will take the appropriate time to study it and I am sure come back with questions.”

Hunter says he hopes to present the prospective new owner to Super League executive chairman Robert Elstone and Rugby Football League chief executive Ralph Rimmer next week.

“Then we would like to see if it is possible for a presentation to the Super League owners by this prospective new owner some time within the next 10 days,” he said.

“We’re plugging away and timing is very important.”

Toronto’s records were expunged and Super League resumed on August 2 with 11 teams but the Wolfpack’s hopes of re-admission have been raised by a plea from St Helens chairman Eamonn McManus for Super League to operate as normal with 12 clubs next season.

Hunter says he is in the dark over a suggestion made on Thursday by Hull KR coach Tony Smith that Toronto are set to be allowed back in the competition but remains positive about the prospective new owner’s ability to restore confidence in the club.

“He was one of the original investors in 2016 but he’s not been actively involved since,” Hunter said.

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Hamilton public school board extends registration deadline, demonstrates COVID-19 measures – Hamilton

The Hamilton-Wentworth District school board (HWDSB) has pushed back its deadline to register students for either in-person or online learning amid the COVID-19 pandemic.

The board is now giving parents until 11:59 p.m. on Thursday (Aug. 27) to register through the online portal.

The move comes as the HWDSB continues to struggle with technical issues surrounding missing students’ profiles, not recognizing email addresses and password activations.

Read more:
Hamilton public school board reduces class sizes, staggers start for fall return

In a press conference on Tuesday, board director Manny Figueiredo says the information from the portal is crucial to allocate teachers for either in-person classes or to facilitate learning through online classes.

“So the next two weeks, when that data comes in, we’ll be going through school reorganization and staffing, ” Figueiredo said.

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“People will stay assigned to their schools and some will have to be assigned to remote schools. That has to happen the next two weeks.”

Principals and office administrators have already returned to work at most schools, according to Figueiredo, reaching out to parents who are having trouble registering.


Administrators will also spend professional activity days next week for safety training while other staff will be unpacking personal protection equipment (PPE) for workers and students attending in-person classes.

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20 per cent of students expected to use remote learning exclusively, says board

On Tuesday, HWDSB chair Alex Johnstone told Global News initial registrations are suggesting up to 20 per cent of returning students will opt out of any kind of in-person classes once the 2020-21 school year begins.

In a meeting last week with Education Minister Stephen Lecce, a number of school boards echoed parents’ concerns over safety in classrooms, says Johnstone.

She believes the 20-per cent signup rate is a result of those concerns.

“Parents want details. They need to know exactly what the school is going to look like so that they can feel confident and safe in their choice,” Johnstone said.

“So I think that’s why we’re seeing over just over 20 per cent of our parents so far indicating that they will be learning remotely.”

Figueiredo says online learning will appear in two models with one virtual school for elementary students while secondary students will continue with the existing e-learning platform.

The elementary online school is not expected to be asynchronous learning with in-class teachers but its own exclusive portal with its own online teachers, according to the HWDSB director.

Read more:
Number of active COVID-19 cases on the rise as Hamilton enters Phase 3 of municipal reopening plan

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“If parents choose a remote school, that means they’re choosing fully 100 percent online,’ said Figueiredo.

“The expectation is just like in the physical world: if students receive five hours of instruction, we will staff that school (remote) with teachers and they also receive five hours of instruction online.”

It’s expected the HWDSB will begin repurposing current staff to remote virtual schools next week.

Figueiredo believes the 20 per cent who are opting for remote learning will actually provide some aid for classrooms in terms of creating more distancing between students.

In an earlier version of the board’s pandemic plan, the HWDSB was projecting class sizes of about 26 in a fall 2020 return. However, by allocating $9 million from the board’s reserve fund and a fifth of students choosing remote learning, kindergarten classes will likely have an average class size of about 22 when the first semester starts.

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In-person students will face physical distancing rules, says director 

Students opting for in-person learning will have to get used to a deluge of physical distancing rules in classrooms, hallways, and even in washrooms at HWDSB schools.

On Tuesday, the board used Shannen Koostachin elementary as an example of the coronavirus safety plan students will face during their fall return.

At the forefront of the measures were public health messages tacked to walls, one-metre distancing between desks, limited seating at tables, shut down water fountains and even closed off washroom stalls.

Students returning to HDWSB schools in the fall will be exposed to several public health recommendations to avoid contracting and spreading COVID-19.

Students returning to HDWSB schools in the fall will be exposed to several public health recommendations to avoid contracting and spreading COVID-19.

Don Mitchell / Global News

Even washrooms at HWDSB schools will employ a measure of physical distancing during the 2020-21 school year.

Even washrooms at HWDSB schools will employ a measure of physical distancing during the 2020-21 school year.

Don Mitchell / Global News

The in-person kindergarten class at Shannen Koostachin School will limit two children per table when class resumes in the Fall.

The in-person kindergarten class at Shannen Koostachin School will limit two children per table when class resumes in the Fall.

Don Mitchell / Global News

Water fountains at all HWDSB schools will have some level of restricted use.

Water fountains at all HWDSB schools will have some level of restricted use.

Don Mitchell / Global News

“You’re going to see classrooms that are still beautiful classrooms, but desks in rows, less desks and some in some cases and a lot of removal of things that might have been there before that brought kids to groups,” Figueiredo explained.

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He also emphasizes how important a staggered start is for staff and students as many will need time to become accustomed to wearing masks, using hand sanitizers and getting used to different recess breaks which will limit student numbers through dividing grades for smaller numbers.

Read more:
$76M in additional teachers needed for elementary school return in Hamilton: report

The HWDSB is spending close to $2.1 million in COVID-19 related expenses for the 2020-21 school year, which will cover elements including mental health supports and enhanced cleaning supplies.

The new enhanced safety measures, based on advice from Hamilton Public Health, will include additional caretakers, the removal of staff’s personal belongings, re-purposing gymnasiums as classroom space, masks on all students, student cohorting, and daily screenings.

© 2020 Global News, a division of Corus Entertainment Inc.

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Proposed caravan park in Bowen gets new 2022 deadline

A NEW tourist park could soon be built just outside Bowen that would include a motel, restaurant and more than 80 holiday homes.

Whitsunday Regional Council granted an extension to a development application for a new accommodation and caravan park in Bowen last week.

The proposed park would be built on a vacant lot on the Bruce Highway 2km south of the Big Mango visitor information centre.

Plans of the restaurant area at the proposed caravan park in Bowen.

The park backs on to a residential area in Whitsunday Shores Estate.

The original application came before the council in June 2016 and was approved by councillors at the time.

The proposal includes 86 relocatable dwellings, a motel with 42 units, an office, managers residence and a restaurant.

Plans also show space for a playground and nine barbecue areas.

Plans of the relocatable homes for the proposed caravan park.

Plans of the relocatable homes for the proposed caravan park.

The proposed units in the motel will be open plan with a single bedroom, living area, bathroom and veranda.

The relocatable homes will have two bedrooms as well as a study, bathroom, carport and deck.

The managers residence will have three bedrooms with a living and dining area, common laundry and commercial kitchen.

Designs of the motel at the proposed holiday park.

Designs of the motel at the proposed holiday park.

The proposed caravan park includes a men’s shed, boat and caravan storage yard, craft area and games area.

The original plans also indicated the restaurant and function room facilities within the park will be available to the general public.

The extension for the development was granted until August 1 2022.

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Argentina formalizes revised debt offer, extends deal deadline

FILE PHOTO: A pedestrian wearing a protective face mask, as a preventive measure against the coronavirus disease (COVID-19), walks past posters on the street that read “No to the payment of the debt. Break with the IMF”, in Buenos Aires, Argentina May 27, 2020. REUTERS/Agustin Marcarian

August 16, 2020

By Lucila Sigal

BUENOS AIRES (Reuters) – Argentina’s government on Sunday officially unveiled its amended bond restructuring offer in the state gazette and said creditors would have until August 28 to approve it.

It follows the issuing on Saturday night of an official decree approving a second round of amendments to the government’s initial offer made back in April, an important step to clinch a deal.

In an accompanying statement, the government said it would submit the new offer to the U.S. Securities and Exchange Commission on Monday.

On Sunday, the government said in the official gazette that the invitation would expire at 5pm New York City time on Aug. 28, confirming an anticipated delay to its earlier deadline of Aug. 24 to give bondholders a 10-day window after the formal SEC filing.

Argentina and its main creditor groups reached an agreement in principle on Aug. 4 to restructure about $65 billion in distressed sovereign bonds after months of talks, breaking an impasse that had threatened to derail negotiations.

In the statement on Saturday night, the government said the formalized offer aimed to “bring public finances into balance, give certainty to the private sector and provide the country with a new platform for growth”.

It added the proposal reflected the financial terms of the Aug. 4 agreement and dialogue with creditors, the International Monetary Fund and other international bodies on legal elements. It gave details of the amendments, which involved improving the net present value of the offer with earlier coupon payments but not additional cash flow.

With an already weak economy further punished by the coronavirus, the government wants to avoid the kind of messy sovereign bond default that punctuated a crisis in 2001 that tossed millions of middle class Argentines into poverty.

After the bond revamp is done, Argentina will start talks with the International Monetary Fund toward a new program to replace a defunct $57 billion standby lending deal negotiated by the previous administration two years ago.

(Reporting by Lucila Sigal; writing by Aislinn Laing; Editing by Simon Cameron-Moore and Nick Zieminski)

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