Author: Admin

Saturday, October 23, 2021

China property giant Evergrande Group wired USD83.5 million in interest owed in an offshore bond from September 23 on Thursday, temporarily averting default, according to a Reuters source and Chinese newspaper Securities Times.

The wire to a Citibank fiduciary account following a 30-day grace period came after assurances by various members of the Chinese government, Reuters reported. At a Beijing forum Wednesday, Chinese Vice Premier Liu He described the risks as controllable, and chairman of the China Securities Regulatory Commission Yi Huiman said that while authorities needed to curb excessive debt more broadly by “improv[ing] the effectiveness of the constraint mechanism on debt financing”, the matter would be dealt with properly.

Once China’s top real estate developer, Evergrande had accumulated approximately USD305 billion in liabilities, two per cent of the Chinese gross national product, after “dwindling resources” cut its value by 80%, according to Reuters. September data revealed Chinese home sales by value fell by nearly 17% year-on-year, according to The Guardian, and fears over its default led to a slowdown in China’s third quarter GDP growth to a year low of 4.9%. Two sale negotiations with rival developers Hopson Development and Yuexiu, valued at USD2.6 billion and USD1.7 billion, respectively, were suspended, reportedly due to a lack of consent by the government of Guangdong province currently overseeing Evergrande’s restructuring.

News of Evergrande’s remittance caused its shares to rise by as much as 7.8% this morning after a two-week pause in trading for the anticipated sale of 50.1% in Evergrande Property Services Group, and offering some reprieve for bondholders, according to Reuters. Portfolio manager at GaoTeng Global Asset Management James Wong, interviewed by The Guardian, called the news “a positive surprise”, adding “[i]f Evergrande pays this time, I don’t see why it won’t pay the next time.” Jun Rong Yeap for IG Asia pte., interviewed by Bloomberg, said the report “overturned” the narrative “that Evergrande will face difficulty in securing cash ahead”.

Further missed payments are due October 29 and November 11 after similar 30-day grace periods; including yesterday’s USD83.5 million, nearly USD280 million is owed to bondholders.

Stocks have been down for many major Chinese developers: Reuters Wednesday reported year-to-date stock prices fell 87.8% for Sinic Holdings, currently in Fitch Ratings’ ‘restricted default’ after failing to make an October 18 bond payment valued, according to The Guardian, at USD246 million; 80.2% for Evergrande itself; 78.3% for E-House, 58.5% for Fantasia Holdings and 54.6% for Kaisa Group, which defaulted in 2015 and had bonds reach record lows.

Estimates of the Chinese real estate market’s size range from 16 to 25% of the Chinese gross domestic product, according to The Guardian. Chinese President Xi Jinping’s aim to transform the country’s economy from one of debt-fuelled “inflated” growth to one of improved “quality and returns” included imposing regulations on developers that limited their capacity to borrow. A Guardian comment piece from economist George Magnus published on October 15 made reference to China’s “ghost cities” and “rampant credit creation” that has given rise to high vacancy rates and the “financialisaton of housing”.

Thursday, July 23, 2009

Sophie Lavers, a 24-year-old woman from Canberra, has been crowned Miss World Australia in Sydney. She defeated nineteen other finalists to take the prize and will represent Australia at the Miss World event in South Africa.

The entrants were judged based on several categories including best talent, healthy body image, sports and fitness and beauty with a purpose. An aspiring actress, she is completing an acting course and hopes to build a career in film and television. She is also a qualified fitness instructor and has worked as a Kings Cross waitress.

She has been described in the media as having an “amazing figure” and it has been rumoured that she has used this for modelling work. However, Lavers has said that her body has only been modelled for a good cause: “Some do think that, but I have only ever modelled for charity.”

She also doubts much will change for her, at least in the near future. “I’ll still get up and probably have peanut butter on toast for breakfast but after that I’m not sure what’s happening. I guess I won’t be going to work tomorrow.”

She explained that all the girls who entered were dedicated to making a difference. “I just think it’s like having little angels out there through the country helping in all different areas whether it’s with children, or blind people, or the homeless.” Lavers also complained that non-stop smiling for the event has left here mouth sore. “I’m not used to smiling for hours on end.”

Lavers is now set to head to Johannesburg for the December 12 global competition. “I’ve got to get a month of outfits ready and get a talent and another speech and everything. Oh goodness.”

Tuesday, January 12, 2010

New Jersey’s state legislature has passed a bill that will legalize medicinal marijuana for patients with chronic disease. The state’s outgoing Governor, Jon Corzine, said that he will sign the bill before he leaves office next week. Upon passage of the bill, New Jersey will become the 14th state in the nation to permit medical marijuana.

Patients with a prescription would be able to purchase up to 2 ounces (56.7 grams) of cannabis per month. The bill specifies that only certain chronic diseases are eligible, ALS, AIDS, cancer, muscular dystrophy, and multiple sclerosis. The bill specifically bans the unlicensed growing of cannabis, driving under the influence of the drug, and only allows six licensed dispensaries in the state.

One of the supporters of the bill, Assemblyman Reed Gusciora said that “I truly believe this will become a model for other states because it balances the compassionate use of medical marijuana while limiting the number of ailments that a physician can prescribe it for”.

Opponents of the bill point to California where they say that cannabis is too loosely regulated. Governor-elect Chris Christie said that “I think we all see what’s happened in California,” he said. “It’s gotten completely out of control.”

Monday, October 30, 2006

Wal-Mart severed links with Terry Nelson, a Republican strategist, last night because he had connections to a controversial Republican Party advertisement in Tennessee. The ad’s purpose was to blast Democratic Senate candidate Harold Ford Jr, who is running against Republican Bob Corker.

A blonde woman in the ad says, “I met Harold at the Playboy party”. As the spot ends, she winks and says breathily: “Harold, call me!”. The ad also “criticised” Canada. “Canada can take care of North Korea,” a man in the television ad says. “They’re not busy.”

Nelson and his company, CrossLink Strategy Group, were hired by Wal-Mart last year in an attempt to help the company.

Jesse Jackson, an American politician, and other leaders signed a letter distributed by WakeUpWal-Mart.com, asking the company to end its relationship with Nelson.

In an interview with the Associated Press Nelson said, “There was no intention to offend anybody and it’s unfortunate if people took offense. That was certainly not what people planned for or hoped for.”

A spokesman for Wal-Mart, David Tovar, issued a statement saying Nelson’s company had “sent a letter to Wal-Mart ending its working relationship with our company.”

Wednesday, August 11, 2010

Letitia A. Long became director of the National Geospatial-Intelligence Agency on Monday, becoming the first female director of a major intelligence agency in US history.

Long has been in government service for over three decades, and her former positions include second in command at the Defense Intelligence Agency, deputy undersecretary of defense for intelligence, and deputy director of Naval Intelligence. Long was sworn in at the NGA’s under-construction Springfield, Virginia campus, where she hailed the recently created NGA’s accomplishments. She also said that “I have never seen an agency as young as the NGA do so much in so little time.” The NGA was created in 1996 and collects and analyzes overhead imagery and geospatial information. The agency’s motto is “Know the Earth, Show the Way.”

Senator Dianne Feinstein, chairwoman of the Intelligence Committee, said that a woman director at a major intelligence agency was a key milestone, and she also said that “this is an important appointment, and I hope that she will bring a new and determined management ability to this agency.” Central Intelligence Agency (CIA) director Leon Panetta said that Long’s appointment was an “outstanding choice” and that “having served in so many important roles over the course of her distinguished career, she will undoubtedly exercise strong leadership at NGA and help identify new ways to meet those challenges.”

Though women have served in as second in charge in the National Security Agency, the National Reconnaissance Office and at the NGA, they have not served in the No. 2 position at the CIA.

Friday, July 17, 2009Following similar threats by workers at New Fabris and Nortel, workers at JLG in Tonneins, France, threatened to blow up several platform cranes. The JLG factory announced in April 2009 that it will fire 53 of its 163 workers by the end of 2009, while the remaining 110 jobs will not be secure over the next 2 years.

JLG Tonneins was acquired in 2006 with its parent JLG Industries, a maker of aerial work platforms, by the U.S.-based Oshkosh Corporation. Despite being hugely profitable in the past, production has been much reduced since 2008 with the contraction of the construction industry and lower demand for its products. Despite excellent past results the new American management demanded sweeping cuts at the company.

In the view of locals, “the company’s actions are a disgrace given the expensive perks, such as official cars, for its corporate fat cats, compared to the sacrifice, silence, and dignity demanded by the company of those it has made redundant.”

The management offered severance pay of € 3,000 (US $4,200), however the workers demanded a severance package commensurate with “the wealth that their labor has generated.” Worker’s delegates requested a “supra-legal” payment of € 30,000, on Thursday 16 of July the management responded with a counter offer of € 16,000. On Thursday night the worker’s actions secured the € 30,000 settlement initially demanded.

Saturday, October 21, 2006

The upcoming 2006 Brampton municipal election, to be held November 13, features an array of candidates looking to represent their wards in city council or the council of the Peel Region.

Wikinews contributor Nick Moreau contacted many of the candidates, including Innocent Watat, asking them to answer common questions sent in an email. This ward’s incumbent is Bob Callahan; Balbir Babra, Manny Bianchi-Morfino, Dolly Khokhar, Maria Peart, Tim Turcott, and Sheila White.