Thursday, January 19, 2006

A district court in Berlin has issued a preliminary injunction against the Wikimedia Foundation for displaying the true name of a computer hacker on the German Wikipedia. The family of the deceased German hacker, known as “Tron,” obtained the provisional order in Berlin on December 14. The order was corrected on December 19 because it was at first addressed to Saint Petersburg, Russia instead of Saint Petersburg, Florida.

Tron became famous as the first person to crack the encryption of Pay TV and calling cards. He died in 1998, at the age of 26, in an apparent suicide. Questions have arisen as to the nature of the hacker’s death.

The court has ordered the German Wikipedia to remove all forms of the hacker’s complete civil name “Boris Floricic”. The court states that this is justified by the fact that the hacker never worked under his civil name, but instead his Internet alias.

The legality of the order is in question, because the Wikimedia Foundation servers are not located in Germany, but instead in the United States. Whether the Foundation will comply or if the family’s attorneys have any means to enforce the decision remains in doubt. The case prompted many German media outlets to publicly display the hacker’s real name.

On January 17 the same court also issued a preliminary injunction against Wikimedia Deutschland e.V., the German chapter of the Wikimedia Foundation, citing the same reasons. In that injuction, the chapter was ordered to cease redirecting www.wikipedia.de to de.wikipedia.org. Wikimedia Deutschland complied, but its lawyers announced that they will appeal the decision, saying that Tron’s civil name has long since been public knowledge.

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”.

Tuesday, December 7, 2010

Seven people were killed and 37 were injured Saturday night at an Internet cafe in the southwest region of China’s Guizhou province, after the explosion of chemicals being stored illegally at a chemical shop.

Chinese state media reported that sodium nitrate, aluminum chloride, and other chemicals were being kept in a nearby chemical shop and exploded at about 11:05 pm local time (1505 UTC), causing the Internet cafe to catch on fire. It is unknown how the chemicals ignited.

Forty five people were in the cafe when the explosion occurred. Six people died on the scene while one woman suffered major burns and later died in hospital. One person escaped without injury.

The police detained the owner of the chemical shop for “illegal possession of chemicals” according to state media. The cafe manager and boss were also placed in police custody for questioning.

Xinhua reports that one of the bodies was that of a child. Children under the age of eighteen are not allowed in Internet cafes under Chinese law.

According to Li Feiyue of the Qiandongnan Miao-Dong Autonomous Prefecture, “The location and environment of the Internet cafe is not safe. We will find out who approved its operation and who was in charge of safety supervision. They will be held responsible.”

Residential buildings in the area also suffered damaged.

Monday, June 25, 2012

Cyprus today became the fifth member state to seek access to funds from the European Union’s bailout fund. The Cypriots join Spain, Ireland, Portugal, and neighbours Greece.

The move was triggered after the Cyprus Popular Bank, the nation’s second-largest bank, asked the government for recapitalisation. The bank has been hit hard, as has the wider Cypriot banking sector, by exposure to Greek economics. A Greek restructure of €200 billion in debt has caused the bank a €3.65 billion loss, and money is being lost on loans domestically and to Greek customers.

Cyprus Popular Bank chairman Michalis Sarris today revealed talks are also underway with China about a possible loan. Low taxes and regulation have attracted large amounts of foreign money to Cyprus, including much Russian money, producing a banking sector far larger than most nations that size. Russia and China are both viewed by officials as possibilities to seek loans from, and Russia last year agreed to a €2.5 billion loan to allow Cypriot financial restructuring.

The bailout request comes within days of Cypriot president Demetris Christofias giving an interview to Greek newspaper To Vima in which the EU’s only communist leader criticised international bailout policies. He complained the European Commission, European Central Bank, and International Monetary Fund acted like a “colonial force” by forcing nations receiving bailouts to agree to austerity measures.

Cyprus, due to take over the rotating EU presidency this week, hopes to limit the scope of its bailout to the banking sector. This is similar to Spain, and unlike the other bailed-out nations. Ratings agency Fitch today relegated Cyprus to “junk”, a reflection of how much money may be required.

“The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure in the Greek economy,” read a government statement. Former President George Vasiliou, an economist, recently claimed markets were failing to recognise the differences between Greece and Cyprus: “Cyprus’s problems are the result of a Greek tragedy, and the ratings agencies are not distinguishing between Greek-speaking people, whether we are in Athens or Nicosia”.

Cyprus has recently discovered large natural gas fields, and unemployment at 10% is below the likes of Greece (22%) and Spain (24%). Cypriot officials predict a growth in the economy, although the International Monetary Fund expects a contraction. There are also concerns a Greek withdrawal from the euro would damage confidence in investors, but Vasiliou predicts “if Greece has to exit the euro, it will not be the end of Cyprus.”

Tuesday, December 7, 2021

On Monday, the Russian President, Vladimir Putin visited India in an official visit as a part of the 21st India-Russia Annual Summit. Major trade and arms deals were signed between the two countries. Apart from the leaders meeting, numerous Russian state and private companies such as Rosneft, Kalashnikov Concern and Central Bank of Russia signed agreements facilitating trade and security. This year’s India-Russia Annual Summit was held in India.

Putin visited with the defence and foreign ministers of Russia who held a “2+2” meeting with their Indian counterparts. Both the countries signed a deal reinforcing their military ties till 2031 and a pledge to boost the annual trade between the countries to USD30 billion by 2025. A joint statement published by the Russian and Indian Governments after the talks stated, it “reiterated their intention to strengthen defence cooperation, including in the joint development of production of military equipment.” The Russian arms manufacturer, Kalashnikov announced India is to produce more than 600 thousand AK-203 assault rifles as a result of the signed arms deal. The talk also facilitated the delivery of the S-400 missile system. The leaders emphasised on new factors of growth for a mutually sustained economic development and discussed about regional and global developments, including the post-pandemic global economic recovery, and the situation in Afghanistan. India’s Foreign Secretary Harsh Vardhan Shringla said both countries signed 28 investment deals which included major economic activities such as shipbuilding, coal mining and energy. An Indian consular office is also being established in the Russian city of Vladivostok. Apart from these, many more agreements were signed which included branches such as space, banking, petroleum and cyber security.

“Last year, the trade between both the countries had decreased by more than 17% but grew by more than 38% in the first nine months of 2021”, Putin said. Both the leaders talked about the situation in Afghanistan stating, “the developments in Afghanistan are of course a matter of serious concern for us.”

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Wednesday, January 12, 2005

Nine people have died in bush-fires in the region of the Eyre Peninsula in South Australia. The fire has spread over 40,000 hectares of scrub, bushland and farmland so far and is still burning out of control. Hundreds of firemen have been fighting the fire, but conditions have been difficult because of strong winds and temperatures soaring well over 40 degrees Celsius. Of the nine who have died, eight were attempting to escape the advancing fire in their cars. Four children were among the dead. Locals of some rural towns fled to the ocean to escape the fires. Thousands of sheep and cattle have also been killed in the fires.

Separate fires have also been burning around Mount Osmond and Cleland National Park in the Adelaide hills. No fatalities have been recorded in this region. Fires also burn in country Victoria.

Bush-fires are annual occurrences in Australia, but these fires have been the worst in terms of deaths since the Ash Wednesday fires that killed 28 people in South Australia. Two years ago, over 400 houses were burnt down in a bush fire in the Australian capital city, Canberra.