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”.

Sunday, February 18, 2018

On Thursday, Phil Scott of Vermont became the fourth governor in the United States to sign an executive order requiring all companies providing Internet access to state agencies to abide by net neutrality for all customers in his state. He said he did this because Vermonters rely on Internet access without blocking, throttling and paid prioritization, threatened by the December 14 decision of the US Federal Communications Commission (FCC) in the matter of “Restoring Internet freedom”. The first state governor to challenge the FCC in this way was Steve Bulllock of Montana, who did so on January 22. Andrew Cuomo of New York followed two days later. Philip Murphy of New Jersey signed a similar executive order on February 5. These four executive orders differ in details, but all require that state agencies purchase Internet access services only from companies with an enforceable commitment to net neutrality for all customers in their state.

This is part of a flurry of state-level net neutrality actions. The New York State Assembly introduced bill A01958 on January 17, 2017, three days before the inauguration of Donald Trump as President of the United States, anticipating action by him to overturn the 2015 “Title II Order” that made net neutrality enforceable in the US. Two other bills were introduced into the Washington House of Representatives in the ten days before the official decision of Trump’s FCC on this issue. In addition to these, 63 other state-level responses by net neutrality supporters were documented by Fight for the Future (FFTF) by February 16, 2018, including at least 27 bills introduced into the legislatures of 17 states with others reportedly under consideration.

These bills are in addition to the lawsuit filed on January 16 by the Attorney General of New York on behalf of 21 states and the District of Columbia claiming this FCC decision was “arbitrary, capricious, and an abuse of discretion within the meaning of the Administrative Procedure Act” (APA) of 1946 and other grounds. These states were New York, California, Connecticut, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington state. New Jersey reportedly later committed to join the suit.

These four executive orders are the only actions on FFTF’s list of actions by net neutrality supporters that seem immediately enforceable. All others require approval by democratic bodies. The four executive orders might be challenged in courts as conflicting with “Preemption authority” claimed by the US Federal Communications Commission’s “Declaratory ruling, report and order” adopted December 14 and released January 4. The FCC order was described by dissenting Commissioner Clyburn as “Destroying Internet Freedom” rather than “Restoring Internet Freedom” as the order is titled. She wrote that this order “will put profits and shareholder returns above what is best for” consumers.

Tuesday, March 29, 2005The local chapter of the Phi Kappa Tau fraternity at California State University, Chico was suspended after members were linked to a pornographic DVD apparently filmed in the club’s fraternity house. According to reports, the DVD shows students engaged in various sexual activities with female porn actresses.

The Chico fraternity also has been suspended by the national Phi Kappa Tau organization and Chico State’s Interfraternity Council, the student governing body for all fraternities. In addition, the national Interfraternity Council issued a press statement saying it was embarrassed by the Chico group’s actions.

The company responsible for making the porno film is Van Nuys, California-based Shane’s World. A spokesman for Shane’s World said the Chico fraternity contacted it months ago with the idea of making a sex film in its “College Invasion” series.

The company says it requires all students who participate in its sex films to show proof that they are 18 or older and sign release forms. Shane’s World has made five other DVDs at other U.S. universities since 2000.

University officials suspended the local fraternity from being able to participate in school sponsored activities at the rural northern California campus. The school also is investigating whether any illegal activities happened during the porn shoot including underage drinking.

Thursday, October 4, 2007

Larry Stevens is running for the Libertarian Party in the Ontario provincial election, in the Kitchener-Conestoga riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Friday, June 17, 2011

R.J. Harris, a potential candidate for the U.S. Libertarian Party’s presidential nomination, took some time to speak with Accredited Wikinews Reporter William Saturn about his campaign and issues positions.

Harris is an officer in the United States Army National Guard, currently serving in Afghanistan. He is also in his third year as a law student at the University of Oklahoma College of Law. Harris previously worked as an Air Traffic Controller and small business owner. He plans to enter the race in September after completing his tour in Afghanistan.

Others seeking the nomination include Libertarian activist R. Lee Wrights, radio host Jim Duensing, former Nevada Libertarian Party chair Jim Burns, marketing executive Roger Gary and attorney Carl Person. 2008 Vice presidential nominee Wayne Allyn Root is also expected to make a run.

Saturday, May 6, 2006

A four-year-old Indian boy from the eastern state of Orissa ran 65 kilometers (40 miles) continuously, setting an Indian record and possibly a world record as well.

Budhia Singh, a slum resident whose talent was discovered by a local coach, completed his run in seven hours and two minutes. Budhia had originally planned to run 43 miles, but doctors intervened at the 40-mile mark when he started showing signs of extreme exhaustion. 300 cadets from the Central Reserve Police Force, which plans to sponsor his upbringing, escorted Budhia, while thousands of onlookers cheered him on.

Officials from the Limca Book of Records, India’s best-known record book, witnessed the run and said that Budhia’s accomplishment would appear in the 2007 edition of the book.

Coach Biranchi Das says that he had seen Budhia’s talent when Budhia accidentally entered a sports field without permission. Das had the boy run laps as punishment, but after five hours the boy was still running.

Human rights groups in India decried the run, saying that government officials endangered Budhia’s life by allowing him to run in sweltering temperatures. “It is an act done so rashly or negligently to endanger human life or the personal safety of others as defined under section 336 of the Indian Penal Code,” said Suhas Chakma, director of the Asian Center for Human Rights.

Das said that doctors had examined the boy and found nothing wrong.

“I loved running today. I can run as much as I want,” Budhia said after the run.

Wednesday, June 2, 2010

Hewlett-Packard (HP) expects to lose 9,000 jobs between now and 2013 in a US$1 billion (£686m) restructuring plan.

The 9,000 jobs losses will be in the enterprise services division, but the company expects to add about 6,000 employees to its sales and delivery teams.

HP commented in a statement, “As a result of productivity gains and automation, HP expects to eliminate roughly 9,000 positions over a multi-year period to reinvest for further growth and to increase shareholder value”

HP will invest in fully automated data centers as it makes operational changes in its Internet technology services business. HP said the restructuring will generate savings of $500–700 million (about €407–571 million) in net savings after reinvestment.

Hewlett-Packard has around 300,000 employees and is the world’s largest technology company by sales. HP is an American multinational information technology corporation headquartered in Palo Alto, California.