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Evergrande real estate firm makes missed September bond payment, avoids default

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”.

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Texas police name ‘person of interest’ in DeBerry woman’s disappearance

Wednesday, March 19, 2014

On Monday, Texas police identified Rodris Webster, 25, as a person-of-interest in the recent disappearance of a 19 year-old woman. The woman, Alicia Benefield, of DeBerry, Texas, was reported missing on Friday.

Webster is described as Benefield’s boyfriend. He was arrested in January and charged with aggravated assault with a deadly weapon. Benefield was the complainant in that charge according to media reports. Webster remained jailed until Benefield dropped the charge on March 5.

Police investigators inspected a trash dumpster located in the nearby town of Waskom on Sunday morning. In it they reportedly found Webster’s wet, muddy hoodie with Benefield’s keys in the pocket. Police interviewed Webster for 5 hours on Sunday, but released him around 6pm. The woman, still missing on Tuesday morning, is described as petite size, about 110 pounds, with a nose piercing and a tattoo on one arm saying “Wanda Ree”. She was last seen wearing a white sweater and brown tights.

A police official told reporters Webster had not confessed to any criminal activity: “The story is out there that he has confessed and we do not have a confession”. Benefield’s mother told reporters she expects her daughter to call her. “She is going to call. I’m going to be the first one she calls, matter of fact. I don’t care how mad she think[s] I am. She’s going to call me.”

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Chinese yuan revalued against dollar

Thursday, July 21, 2005

The government of China has decided to stop its currency peg to the U.S. dollar. The country will revalue its currency, the yuan, for the first time in a decade. This comes after international pressure from Western countries, especially from the United States. The yuan will now be linked to a variety of different currencies.

The People’s Bank of China has announced a 2.1% revaluation increase which will allow the yuan to fluctuate +/- 0.3 yuan in daily trading. This means, like other currencies, that closing prices one day become opening prices the next day.

The U.S. government has been pressuring China to revalue its currency since China joined the WTO. The U.S. said that China has kept the yuan up to 40% under its real value to increase exports, thus giving China an unfair advantage against western industrial competitors as well as industry in developing nations.

Since the announcement the yuan has strengthened to 8.11 yuan to the US dollar instead of 8.28 as it has been for the last ten years. This means the yuan is more expensive and that Chinese goods will become more expensive in western countries.

Economic growth in China might also slow down, but it has been soaring for the last several years. This could have serious consequences in China, but a People’s Bank of China person has said that the exchange rate will be “basically stable”.

China linked the yuan to the dollar in 1997 during the major economic crisis in Asia. This has provided the stability which has allowed the Chinese economy to grow over the last ten years. This move will make China vulnerable to future financial fluctuations.

This move could also mean that the US dollar would fall if China switches from holding dollars to holding for example the euro or other strong currencies.

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Recent Advances In Eye Surgery Offer Better Results Than Ever Before

byadmin

Progress in modern medicine is an exciting thing. New advancements and discoveries in science and technology have been enabling us to develop new treatments, as well as improving current medical equipment and procedures. One aspect of medicine that has taken huge leaps forward in the last century or so is surgery. Today, surgery can be done safely and painlessly on any part of the body, even delicate areas such as the eyes and the brain. Eye surgery, especially, requires great sensitivity and precision. With the help of lasers, eye surgery now has an even higher rate of success than ever before.

How Has Eye Surgery Been Improved?

Just a few decades ago, using lasers in medicine was just a concept. Now, lasers have been proven to be the perfect solution for surgeries in which exceptional precision, accuracy, and steadiness are demanded. Lasers are especially useful for eye surgeries. Since they are so meticulous and exact, they can perform surgical procedures even at microscopic scales. During a laser eye surgery, a tiny beam of light and a high-tech imaging system are used to accomplish exactly what needs to be done to fix the eye. Laser eye surgery is a much gentler process than traditional eye surgery, and it also results in an easier recovery process.

When Is Laser Eye Surgery Used?

One of the best-known uses of laser eye surgery is in the Lasik procedure. This surgery removes a tiny, almost microscopic layer of cells, reshaping the cornea to allow light to reflect more accurately off of the retina. Lasik surgery has helped a lot of people to be able to see clearly, without the aid of glasses or contact lenses. However, laser surgery is used to correct several other eye disorders, including cataracts and glaucoma.

European Union Council to accept software patent directive

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European Union Council to accept software patent directive
Author: Admin

16 Oct

December 22, 2004

The controversial European Union Directive on the Patentability of Computer Implemented Inventions, also called the “software patent directive” has been put to rest for 2004. The directive was expected to easily pass through the European Council’s Fisheries Council on Tuesday, December 21, but was removed from the agenda at the request of Poland’s Minister of Science and Computerisation, Wlodzimierz Marcinski.

The directive’s opponents, some of whom had conceded defeat on Tuesday before the vote was taken, will continue the debate informally until meetings resume in 2005.

Software developers, who supported the European Parliament‘s proposal last year to definitively rule out software patents, welcomed the delay as a chance to reintroduce those provisions into the current draft.

Florian Mueller, campaign manager of NoSoftwarePatents.com, which is supported by three IT companies (1&1, Red Hat, and MySQL AB), applauded Poland’s move.

“The Polish government deserves greatest admiration for its courage!” said Mueller in a press release. “Now Europe has the opportunity to have a constructive debate on the severe shortcomings of the current Council text, under the new Luxembourgish EU presidency next year.”

Germany’s representative also backed the delay, saying it would allow everyone to align the current proposal to changes proposed by the European Parliament last year.

“We were well aware that [the current proposal] has room for improvement with an eye to the objective of arriving at a consensus position between the EU Council and the European Parliament,” Germany’s Federal Minister of Justice Brigitte Zypries said in a Tuesday statement. “We will continue to work constructively toward finding a solution that even better meets the needs of those concerned than the decision taken in May of this year.”

On May 18, 2004 EU Council reached a political agreement on a “Common Position” on the directive which ignored the European Parliament’s vote from last year. The Council vote generated a lot of controversy. Later, the Dutch parliament failed to convince its EU representatives to reverse their vote.

According to the new voting weights which took effect on November 1, the majority needed to formally adopt the Common Position (after translations were done) is questionable. The 20 countries that supported the Directive on May 18 fall short of the new qualified majority by 16 votes.

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Early morning fire kills four New York group home residents

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Early morning fire kills four New York group home residents
Author: Admin

14 Oct

Sunday, March 22, 2009

After an early morning fire began, four out of the nine people living at the Riverview Individual Residential Alternative group home located in Wells, New York were killed by the blaze. The Sunmount Developmental Disabilities Services Office, which supervises the home, told the media that the fire started at approximately 5:30 AM Eastern Daylight Time. Two staff members were at the home at the time, who safely evacuated four of the five survivors.

The names of the residents killed in the fire were not able to be released due to New York’s Mental Hygiene Law, but are able to be identified as two adult men, aged 32 and 52, and two adult women, aged 43 and 60. A 71-year-old male was injured in the fire, and was taken to a hospital in Utica, a nearby city. The other four residents have been relocated to an unnamed group home. Both staff members are also being examined at the hospital.

“On behalf of all New Yorkers, I wish to extend my heartfelt condolences to the families, loved ones and friends of the four victims and to continue to pray for the full recovery of those five people and two staff members who survived this incident. I also want to express my thanks and appreciation for the first responders and volunteers who worked swiftly and diligently to respond to this tragedy,” David Patterson, the governor of New York, said to the media.

The exact cause of the fire has yet to be determined. However, the New York Civil Liberties Union stated that “the blaze appears to have been an electrical fire and the sprinkler system was knocked out immediately.” They also called for “an immediate investigation into the causes of and contributing factors of the fire.”

The New York State Department of State Office of Fire Prevention and Control is currently investigating the causes of the blaze, with help from New York State Police Bureau of Criminal Investigation and the New York State Commission on Quality of Care and Advocacy for Persons with Disabilities.

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How Microdermabrasion In Tucson Improves Your Skin

byAlma Abell

The state of your skin depends on a lot of things. The stress in your life, the types of food you eat and much more can cause damaging effects to your skin such as the appearance of blemishes and lines. Nearly every one of us has blemishes and marks that we would like to get rid of. But there are ways to improve the appearance and feel of your skin. Before you go to a plastic surgeon and do something drastic, Microdermabrasion Tucson is one of the best ways to make over the appearance of your skin.

Tucson Anti Ageing is now completely easy thanks to this great treatment. One of the reasons that this treatment is so popular is that it’s so easy and isn’t invasive at all. The truth is that this can be performed in under an hour and requires no healing time at all. But that doesn’t mean that it doesn’t do what it’s supposed to do. It works great. The process involves removing the old dead skin cells from your body so that your skin shines and nutrients are massaged into the skin to ensure its healthy appearance. It leaves your skin looking fresh, clean and polished.

Microdermabrasion Tucson is the ultimate way to get the best looking skin in the least amount of time. This treatment also stimulates the collagen in the skin and makes the skin tighter and more supple. The best part of all of this is that this all can be accomplished in just a few treatments. You won’t have to spend hours in a spa chair receiving harmful treatments that can potentially hurt your skin. This treatment is also one of the cheapest ways that you can improve the look and feel of your skin. Plus, it’s very safe for your skin.

Microdermabrasion Tucson is the answer to your skin’s prayers. Do you miss the feel of smooth skin and skin that is clear of blemishes? Then a microdermabrasion is the perfect way to get great skin once again. The treatment is simple and causes no defects to your skin. You can even get it done on your lunch hour and look great in just about 30 minutes.

Wal-Mart owes back taxes, according to State of Wisconsin

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Wal-Mart owes back taxes, according to State of Wisconsin
Author: Admin

12 Oct

Wednesday, August 29, 2007

According to the state of Wisconsin, Wal-Mart has avoided paying millions of dollars in state taxes by paying rent on 87 Wisconsin properties. The Wisconsin State Department of Revenue call this behavior “abusive and distortion of income.”

Wal-Mart is doing this by setting up one subsidiary to run all its stores and setting up another subsidiary to own its real estate. The operating subsidiary then pays the rental cost to the real estate subsidiary and takes a tax deduction for the rent. This money will, however, end up in the corporation’s own pocket.

As a result of Wal-Mart’s actions, the state tax auditors say that Wal-Mart owes more than $17.7 million in back corporate income taxes, interest and penalties from 1998-2000.

The Wal-Mart corporation claims that they are doing nothing wrong, rather they are taking advantage of an overlap of state and federal tax laws in an effort to reduce their taxes and costs.

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Saturn moon Enceladus may have salty ocean

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Saturn moon Enceladus may have salty ocean
Author: Admin

12 Oct

Thursday, June 23, 2011

NASA’s Cassini–Huygens spacecraft has discovered evidence for a large-scale saltwater reservoir beneath the icy crust of Saturn’s moon Enceladus. The data came from the spacecraft’s direct analysis of salt-rich ice grains close to the jets ejected from the moon. The study has been published in this week’s edition of the journal Nature.

Data from Cassini’s cosmic dust analyzer show the grains expelled from fissures, known as tiger stripes, are relatively small and usually low in salt far away from the moon. Closer to the moon’s surface, Cassini found that relatively large grains rich with sodium and potassium dominate the plumes. The salt-rich particles have an “ocean-like” composition and indicate that most, if not all, of the expelled ice and water vapor comes from the evaporation of liquid salt-water. When water freezes, the salt is squeezed out, leaving pure water ice behind.

Cassini’s ultraviolet imaging spectrograph also recently obtained complementary results that support the presence of a subsurface ocean. A team of Cassini researchers led by Candice Hansen of the Planetary Science Institute in Tucson, Arizona, measured gas shooting out of distinct jets originating in the moon’s south polar region at five to eight times the speed of sound, several times faster than previously measured. These observations of distinct jets, from a 2010 flyby, are consistent with results showing a difference in composition of ice grains close to the moon’s surface and those that made it out to the E ring, the outermost ring that gets its material primarily from Enceladean jets. If the plumes emanated from ice, they should have very little salt in them.

“There currently is no plausible way to produce a steady outflow of salt-rich grains from solid ice across all the tiger stripes other than salt water under Enceladus’s icy surface,” said Frank Postberg, a Cassini team scientist at the University of Heidelberg in Germany.

The data suggests a layer of water between the moon’s rocky core and its icy mantle, possibly as deep as about 50 miles (80 kilometers) beneath the surface. As this water washes against the rocks, it dissolves salt compounds and rises through fractures in the overlying ice to form reserves nearer the surface. If the outermost layer cracks open, the decrease in pressure from these reserves to space causes a plume to shoot out. Roughly 400 pounds (200 kilograms) of water vapor is lost every second in the plumes, with smaller amounts being lost as ice grains. The team calculates the water reserves must have large evaporating surfaces, or they would freeze easily and stop the plumes.

“We imagine that between the ice and the ice core there is an ocean of depth and this is somehow connected to the surface reservoir,” added Postberg.

The Cassini mission discovered Enceladus’ water-vapor and ice jets in 2005. In 2009, scientists working with the cosmic dust analyzer examined some sodium salts found in ice grains of Saturn’s E ring but the link to subsurface salt water was not definitive. The new paper analyzes three Enceladus flybys in 2008 and 2009 with the same instrument, focusing on the composition of freshly ejected plume grains. In 2008, Cassini discovered a high “density of volatile gases, water vapor, carbon dioxide and carbon monoxide, as well as organic materials, some 20 times denser than expected” in geysers erupting from the moon. The icy particles hit the detector target at speeds between 15,000 and 39,000 MPH (23,000 and 63,000 KPH), vaporizing instantly. Electrical fields inside the cosmic dust analyzer separated the various constituents of the impact cloud.

“Enceladus has got warmth, water and organic chemicals, some of the essential building blocks needed for life,” said Dennis Matson in 2008, Cassini project scientist at NASA’s Jet Propulsion Laboratory in Pasadena, California.

“This finding is a crucial new piece of evidence showing that environmental conditions favorable to the emergence of life can be sustained on icy bodies orbiting gas giant planets,” said Nicolas Altobelli, the European Space Agency’s project scientist for Cassini.

“If there is water in such an unexpected place, it leaves possibility for the rest of the universe,” said Postberg.

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Todd Avery Lenahan Founded Aba Design Studio Las Vegas

Todd-Avery Lenahan is an exceptionally skilled interior designer with more than two decades in the field of interior design. In 1999, he founded ABA Design Studio, Las Vegas after leaving his job as Principal of Design and Interior Architecture for Walt Disney Imagineering at its worldwide headquarters in Burbank California. An award winning designer, Todd-Avery Lenahan established ABA Design Studio as the generation leader in the global field of commercial interior design. The clients of ABA Design Studio, Las Vegas include luxury restaurants, casinos, resorts, corporate offices, hotels and entertainment complexes all over the world and his work is illustrative of ABA’s breadth of design commissions across multiple disciplines.

Todd-Avery Lenahan, Las Vegas has also worked with some of the best known five star hotels in the world including Ritz-Carlton Hotels, Four Seasons, and Mandarin Oriental. These hotels have used ABA’s fresh approach to design standards to enhance their venues with ABA’s imaginative, exclusive designs. Todd-Avery Lenahan brings a perfect blend of business savvy and elegant artistry to their hospitality designs that have solidified ABA’s reputation as a tour-de-force in international design circles. His design work stands superior to that of his peers for the striking interplay of classism paired with a modern rationale. Todd was awarded Designer of the Year by Boutique Design magazine in 2008. ABA Design Studio was also ranked as one of the best Design Giant in the industry’s annual ranking of its 100 top firms.

[youtube]http://www.youtube.com/watch?v=weOE1g7K1Yc[/youtube]

Before joining Disney Development Corporation in Orlando, Florida, Todd-Avery received his degree in Architecture from the University of Texas at Austin. He was awarded the Alpha Rho Chi Bronze Medal in Architecture and the Dean’s Award as Most Outstanding Graduate. Todd-Avery Lenahan, Las Vegas is also the author of PLACES, a compilation of stories about the making of some of the most works in ABA’s impressive portfolio. This book captures the noteworthy elegance and prowess of ABA’s interior designs through stunning photography and lyrical storytelling. Building upon his longstanding passion for academia, Lenahan served as an Adjunct Professor at the University of Nevada – Las Vegas School of Architecture from 2000 to 2002. To learn more about Todd-Avery Lenahan and ABA Design Studio, please visit abalv.com today.

Article Source: sooperarticles.com/home-improvement-articles/interior-design-articles/todd-avery-lenahan-founded-aba-design-studio-las-vegas-518345.html

Author: Wilson Thomas