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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”.

Wednesday, June 11, 2008

NASA’s Phoenix Lander has begun to cook a scoop full of Martian soil. For reasons unknown to scientists, and after several seemingly unsuccessful attempts to break up the soil, a large amount was discovered to have passed through a screen leading to an on board oven.

“We have an oven full. It took 10 seconds to fill the oven. The ground moved,” said Phoenix co-investigator Bill Boynton, a researcher at the University of Arizona located in Tucson, Arizona.

The lander’s Robotic Arm delivered a partial scoopful of clumpy soil from a trench informally called “Baby Bear” to the number 4 oven on its TEGA (Thermal and Evolved Gas Analyzer) last Friday, June 6. NASA observed the method and reported that no soil had passed through the screens over the TEGA. The screen is to prevent larger bits of soil from clogging the narrow port to each oven so that fine particles fill the oven cavity, which is no wider than a pencil lead. The oven’s goal is to vaporize any ice or water that may be present in the soil. Minerals may also burn off and scientists say that vapors from anything that evaporates or vaporizes will be tested and analyzed.

After some debate, NASA decided to ‘shake’ the soil in hopes that it would break up the larger particles. To much disappointment after six tries using this method, only a few particles got through the screen. Scientists then ordered one last shake of the soil “in the off chance we might get lucky,” stated Boynton.

After a few days of troubleshooting, NASA looked back at the soil and discovered that, for an unknown reason, a large amount of soil had fallen through the screen and was ready for inspection by the TEGA. Boynton states that it is possible that the oven might have filled because of the cumulative effects of all the shaking, or because of changes in the soil’s cohesiveness as it sat for days on the top of the screen.

“There’s something very unusual about this soil, from a place on Mars we’ve never been before. We’re interested in learning what sort of chemical and mineral activity has caused the particles to clump and stick together,” Boynton commented.

Phoenix was originally ordered to put off using its TEGA until scientists came up with a solution to the clodded soil. It had been rescheduled to take readings of the Martian climate such as temperature and wind speed, and also to analyze a soil sample using the optical microscope, or MECA (Microscopy, Electrochemistry, and Conductivity Analyzer) on June 12. Scientists say that those tasks are still scheduled to take place. Pictures and results from that sample are expected to arrive on Thursday June 12, while the oven samples will take a few days to analyze.

“The dirt finally did start to flow and we actually got a full oven, so that problem is now behind us. We’re hopeful that some time in the next few days we’ll close the oven and begin the analysis process,” added Boynton.

Friday, March 28, 2008

2008 Taipei International Cycle Show (Taipei Cycle) & Taipei International Sporting Goods Show (TaiSPO) not only did a best reunion with conjunctions of the launch of Taipei World Trade Center Nangang Exhibition and the concurrent cycling race of 2008 Tour de Taiwan but also provide opportunities and benefits for sporting goods, bicycle, and athlete sports industries to establish the basis of the sourcing center in Asia and notabilities on the international cycling race.

Although the Taipei cycle was split from the TaiSPO since 1988, but the trends of sporting good industry in Taiwan changed rapidly and multiply because of modern people’s lifestyles and habits. After the “TaiSPO Innovation Award” was established since 2005, the fitness and leisure industries became popular stars as several international buyers respected on lifestyle and health.

For example, some participants participated Taipei Cycle and TaiSPO with different product lines to do several marketing on bicycle and fitness equipments, this also echoed the “Three New Movements” proposed by Giant Co., Ltd. to make a simple bicycle with multiple applications and functions. As of those facts above, Wikinews Journalist Rico Shen interviewed Ideal Bike Corporation and Gary Silva, designer of “3G Steeper” to find out the possibilities on the optimizations between two elements, fitness and bicycle.

Thursday, October 18, 2007

It can be difficult to be John Reed.

Christopher Hitchens called him a “Bin Ladenist” and Cathy Young editorialized in The Boston Globe that he “blames the victims of terrorism” when he puts out a novel like Snowball’s Chance, a biting send-up of George Orwell‘s Animal Farm which he was inspired to write after the terrorist attacks on September 11. “The clear references to 9/11 in the apocalyptic ending can only bring Orwell’s name into disrepute in the U.S.,” wrote William Hamilton, the British literary executor of the Orwell estate. That process had already begun: it was revealed Orwell gave the British Foreign Office a list of people he suspected of being “crypto-Communists and fellow travelers,” labeling some of them as Jews and homosexuals. “I really wanted to explode that book,” Reed told The New York Times. “I wanted to completely undermine it.”

Is this man who wants to blow up the classic literary canon taught to children in schools a menace, or a messiah? David Shankbone went to interview him for Wikinews and found that, as often is the case, the answer lies somewhere in the middle.

Reed is electrified by the changes that surround him that channel through a lens of inspiration wrought by his children. “The kids have made me a better writer,” Reed said. In his new untitled work, which he calls a “new play by William Shakespeare,” he takes lines from The Bard‘s classics to form an original tragedy. He began it in 2003, but only with the birth of his children could he finish it. “I didn’t understand the characters who had children. I didn’t really understand them. And once I had had kids, I could approach them differently.”

Taking the old to make it new is a theme in his work and in his world view. Reed foresees new narrative forms being born, Biblical epics that will be played out across print and electronic mediums. He is pulled forward by revolutions of the past, a search for a spiritual sensibility, and a desire to locate himself in the process.

Below is David Shankbone’s conversation with novelist John Reed.

Sunday, September 30, 2007

Evan Wolfson, the founder of the modern gay marriage movement, tells the waiter he would like an iced decaf and “the usual.” Wolfson, one of Time Magazine’s Most Influential People in the World, is a man who unflinchingly knows what he wants and stays his course, whether it be in his choice of restaurant or in his choice of battle. And others always know when they see Evan coming what it is that he wants.

Since his time at Harvard Law School when he wrote a paper on the topic, what Wolfson wants is the right for gay people to marry. The issue gained national prominence in 1993 when the Hawaii Supreme Court held in Baehr v. Lewin that the government had to show a reason for the denial of the freedom to marry, not just deny marriage licenses to the plaintiff gay couples. Wolfson was co-counsel in the historic 1996 Hawaii trial in which he argued that the government does not have a sufficient reason for excluding same-sex couples from marriage. In 1999, Wolfson contributed to Baker v. Vermont, the case that led to the creation of civil unions; advised the lead attorneys in Goodridge v. Department of Public Health, the case that led to same-sex marriage in Massachusetts; and since 2003, when he founded the primary umbrella organization coordinating the efforts to win marriage for gay people, Freedom to Marry, Wolfson has played a role in every marriage equality case in the United States. He is the movement’s founder and leader, and his focus remains square on winning that right. “For years,” said Matt Foreman, executive director of the National Gay and Lesbian Task Force, “many of us were saying to him, ‘We’re not ready. The country’s not ready. And, by the way, you’re crazy.'”

When I make a statement to him about his devoting his life to gay marriage, he corrects me: “I’ve played a part in cases that span the entire spectrum of eliminating gay people’s exclusions and limitations on who gay people are, and I’ve also written on immigration and economic justice, and I have worked on cases involving race discrimination in jury selection and women’s inequality. I don’t think one has to pick one of these things; they work together.”

Indeed, he has. Wolfson was lead counsel before the Supreme Court in Boy Scouts of America v. Dale, the case arguing against the expulsion of gay scoutmasters. As an intrepid young assistant district attorney in Brooklyn, Wolfson worked on People v. Liberta to end the exemption that allowed women to be raped by their husbands legally, a right in New York State as early as 1984. And he helped end the practice of choosing jurors based upon their race.

Wolfson’s entire career has been at the center of the most explosive legal and cultural issues of the last 30 years in the United States, and his influence has been profound. David Shankbone sat down with him to discuss some of the recent decisions affecting gay marriage, gender in marriage and reactions in the gay community to his fight for their rights.

Tuesday, February 26, 2008

Neverland Valley Ranch, owned by Michael Jackson, is to be sold at auction on March 19, 2008, unless Jackson pays over US$24 million.

Financial Title Company, the trustee of his Santa Barbara County, California, home and amusement park, has foreclosed on the property. They notified Jackson of the foreclosure and sale on Monday. Jackson had only just recently paid an overdue property tax bill of $600,000.

The court filing, addressed to Jackson, says, “You are in default of a deed of trust … Unless you take action to protect your property it may be sold at a public sale.” Fox News published the filing.

The foreclosure includes the ranch and all possessions on the property, inside or out.

The foreclosure auction will take place in front of the Santa Barbara County Courthouse in Santa Barbara. Jackson has until then to pay $24,525,906.61 he owes the title company.

In 2006, Jackson refinanced previous loans that had been bought up by Fortress Investment Group. The $300-million loan was secured with the aid of Sony Music Entertainment. However, the Neverland property was not part of that deal.

Jackson has not lived at Neverland since June 30, 2005, when he moved to Bahrain after a rape charge and subsequent acquittal.

Monday, June 25, 2018

On Saturday, the plastic ban in the Indian state of Maharashtra came into force. In an attempt to minimise pollution, the state government has introduced a ban on single-use plastics.

The leader of the Yuya Sena political party, Aaditya Thackeray, said on Twitter, “The ban on single use disposable plastic cups, plastic bags, plastic straws, plastic plates and cutlery, styrofoam cutlery and non woven bags”. He added, “these are global issues now and we have taken a step to combat it”.

Plastic pollution has led to the choking of drains, marine pollution and a risk of animals consuming plastics. This year, India’s motto for World Environment Day — June 5 — was “Beat Plastic Pollution”. People violating the plastic ban are to face a fine of 5,000 Indian Rupees (INR) for the first offence. For the second offence, the fine is INR 10,000 and the third time offence is INR 25,000 and a three-month prison term. Deputy municipal commissioner Nidhi Choudhary said, “To weed out corruption, we plan to give inspectors payment gadgets for electronic receipts of the fines”.

The Maharashtra government has given a 90-day period for manufacturers to dispose of existing polyethylene terephthalate (PET/PETE) plastic spoons and plates, while shopkeepers and citizens in general have six months to dispose of plastics. However, the ban does not prohibit plastic usage for wrapping medicines or milk cartons thicker than 50 microns.

The state government had announced the decision for the plastic ban on March 23. According to NDTV’s report, Maharashtra is the eighteenth Indian state to enforce a state-wide plastic ban. Aaditya Thackeray also said, “I congratulate the citizens for making this into a movement, even before the ban was enforceable, giving up single use disposable plastic.”