Ottawa issues toolkit to help Canadians get out of debt

OTTAWA — Ottawa believes Canadians might need a little help in how they spend and save.The federal government has released a “Financial Toolkit” that it says can help Canadians make sense of everyday financial questions they face.The toolkit, which is available online and in printed form, includes worksheets, quizzes, questionnaires, case studies and educational videos to educate Canadians on making rational, responsible money decisions.[np-related /]The toolkit was created in partnership with the Financial Consumer Agency of Canada, the Investor Education Fund and l’Autorite des marches financiers.The initiative is part the government’s efforts to promote financial literacy and follows months of warnings from the Bank of Canada as well as the finance minister about the record high levels of consumer debt.On a national basis, the average household debt stands at 152% of disposable income, just shy of the 160% level that was reached in the U.S. and the United Kingdom prior to the housing market collapse in 2008.Economists have said that the high levels of consumer debt are a consequence of low interest rates that have been in place since 2008 as part of efforts to stimulate the economy by making it less expensive to borrow and spend.Junior finance minister Ted Menzies says the toolkit is another way Canadians can acquire life skills. read more

Marthinusen Coutts speeds up generator overhaul for South32 manganese plant

first_imgMarthinusen & Coutts, a division of ACTOM, says it has successfully completed a major overhaul on a 70 MVA generator set at South32’s Metalloys manganese plant, in South Africa, within six weeks.The company, which worked in collaboration with business unit ACTOM Turbo Machines, was contracted by South32 to take full responsibility for the entire drive train refurbishment, it said.According to Mike Chamberlain, Marthinusen & Coutts’ Marketing Executive, this achievement showcased the capacity of the divisions to take full control of large mechanical and electrical refurbishments. Chamberlain highlighted that the customer did not want to split the responsibility for the complete generator and turbine drive train between separate contractors.“Marthinusen & Coutts and ACTOM Turbo Machines’ capabilities enable us to control the entire process, offering peace of mind to customers, coupled with optimised cost efficiencies,” Chamberlain said. “This also reduces customers’ risk and managerial effort in dealing with multiple suppliers.”The scope included a complete inspection of the turbine rotor and internal components, as well as runout and dimensional inspection on the rotor. Inspections incorporated glass bead blasting and non-destructive testing of many components.High-speed balancing of the 13 t rotor was conducted, and turbine rotor journals were repaired, according to the company. White metal bearings were relined, and the thrust bearing was modified to improve fitment in the bearing casing. Additionally, positive material identification tests were conducted on all the studs, nuts and shaft seals. A complete 3D scan was done of the centreline to allow reverse engineering drawings.At is repair facility in Cleveland, Johannesburg, Marthinusen & Coutts also performed a number of inspections, tests and repairs on the rotor. Dimensional inspections and electrical tests were conducted, as well as non-destructive testing such as the phase array test. Slip rings were ground, the diode wheel was inspected, and the diodes were tested.ACTOM Turbo Machines inspected and refurbished the auxiliary mechanical equipment. This included lubrication and control oil systems, pumps, coolers, and white metal bearings on ID and FD fans. ACTOM Turbo Machines Project Manager, Hannes de Jager, noted that an overhaul of this magnitude and scope would usually take over two months.“The excellent working relationship we had with Metalloys’ technical staff, and the cooperation we got from them, certainly contributed to completing the work as quickly as we did,” de Jager said.Starting the inspections, tests and repairs in July 2018, the team completed the overhaul by mid-August.last_img read more