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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”.

A compilation of brief news reports for Sunday, June 15, 2008.

Morgan Tsvangirai has been arrested again according to his party, the Movement for Democratic Change.. The police detention of Tsvangirai and 11 co-workers occurred in Shurugwi, but all were released after three hours. In the past week, the MDC leader was arrested four times as Zimbabwe approaches the June 27 secondary elections to determine if he, or incumbent President Robert Mugabe will receive a clear majority of votes.

Sources

• David Watts. “Zimbabwean President Robert Mugabe arrests MDC chiefs” — The Times, June 15, 2008
• Press Release: “President Tsvangirai released after a three-hour detention” — Movement for Democratic Change, June 14, 2008
• News 24. “Tsvangirai arrested again” — Reuters, June 14, 2008

Space Shuttle Discovery landed at 11:15 AM Saturday on Runway 15 at the Kennedy Space Center in Florida. The STS-124 mission successfully delivered parts for Kibo, an experimental module developed in Japan, to the International Space Station.

Sources

• Irene Klotz. “Space shuttle Discovery returns to Earth” — Reuters, June 14, 2008
• “U.S. space shuttle Discovery safely lands after 14-day space trip” — Xinhua, June 14, 2008
• Anna Heiney. “NASA landing blog” — NASA, June 14, 2008

R. Kelly, a popular American R&B musician has been found not guilty on all 14 charges involving a videotape of him having sex with a minor. Both Kelly and the girl who was alleged to be his partner both denied they were participants in the video recording. Had the Chicago-based trial jury convicted the singer, he could have faced a 15-year prison term.

Sources

• Associated Press. “R. Kelly acquitted of all child porn counts” — CNN, June 14, 2008
• “R Kelly not guilty of porn charges” — The Press Association, June 14, 2008
• David Streitfeld. “R. Kelly cleared of kid porn” — Toronto Star, June 14, 2008

Wednesday, March 1, 2017

On Sunday, Disney’s Zootopia won the Oscars award for the Best Animated Feature Film at the 89th Academy Awards ceremony held at Los Angeles. Pixar’s animated short Piper won the Oscar for Best Animated Short Film and Disney’s The Jungle Book won for Visual Effects.

Others competing with Zootopia in the category were Kubo and the Two Strings, My Life as a Zucchini, The Red Turtle, and Disney’s Moana. This was the first Oscar for directors Byron Howard and Rich Moore who were previously nominated for, respectively, Bolt and Wreck-It Ralph.

In the acceptance speech, director Byron Howard said, “About five years ago, almost six now, […] we got this crazy idea of talking about humanity with talking animals in the hopes that, when the film came out, it would make the world just a slightly better place.” The Disney movie addresses several social problems such as racism, sexism, prejudice, stereotyping, and fear. The New York Times said the parental guidance (PG) rated movie was “Funny, smart, thought-provoking — and musical, too.”

Before announcing the award, Mexican actor Gael Garcia Bernal said, “As a Mexican, as a Latin-American, as a migrant worker, as a human being, I’m against any form of wall that wants to separate us.” The movie was released in March, during the 2016 US presidential race.

In an interview with Variety, the directors of Zootopia said movies about bias and discrimination haven’t been Disney’s main focus, but during its production, “Things were not great in the world. […] It was more like we had our finger on something important right now and we really need to do our best to portray this as honestly as we can. Then with the election and the campaign, the real move towards governing by fear […] I don’t think we could have predicted it any closer with this film.”

With this win, the Walt Disney Company has won nine out of ten Best Animated Feature Film Oscars in the last decade, with Pixar Animation Studio winning six out of them. Zootopia also won Best Animated Film at the Annie Awards and the Golden Globe Awards.

Thursday, February 12, 2009

The Coalition to Repatriate Omar Khadr held a press conference in Toronto on Wednesday, where Khadr‘s lawyer Dennis Edney unveiled his reintegration strategy for the sole Western citizen still held at Guantanamo Bay, in hopes that he can be returned to Canada.

Edney presented his “plan of reintegration” for Khadr, which constituted maintaining distance from his controversial family while undergoing physical and psychological tests and counselling while the legal system decides whether to charge him under the Criminal Code of Canada. Nate Whitling, another lawyer representing Khadr, told The Globe and Mail that his defence team had “no objection at all to fair trial”.

However, there has been no indication of acceptance of the plan from government officials, who were delivered an outline of the proposed terms of release earlier this week. Edney reiterated his plea for due process, urging the government to “accept our plan … a plan that says something about who we are as Canadians.”

Khadr, who was 15 years old and serving as a translator for Afghan insurgents when he was captured by American Special Forces in 2002, has been a controversial point in Canadian politics since his capture.

While the ruling Liberal party had initially made motions towards ensuring that the youth would face fair legal proceedings, they were superseded by the current Conservative premiership of Stephen Harper three years ago. Since then, the government has refused to intervene stating that the Guantanamo military tribunals constituted an “ongoing legal process” determining his fate.

When Barack Obama announced the suspension of the tribunals and the closure of the detainment camps in January 2009, Harper maintained his position that Khadr did not constitute a child soldier and was better to be tried by the United States than his native country. Dismissing Harper’s claims on Wednesday, Edney suggested that the Prime Minister “learn some international law”.

Also on Wednesday, the leaders of the three opposition parties in Canadian parliament sent a letter to Obama urging him to repatriate Khadr as both the majority of the House of Commons and the population support his return and reintegration into society.

Last week, 185 Canadian groups and individuals accused the Prime Minister of “harbouring anti-Muslim sentiment” in his refusal to comply with international law, and public opinion, to return Khadr to face justice in Canada. A petition with more than 50,000 signatures was also delivered to Parliament Hill by representatives of Amnesty International calling for Khadr’s release.

Saturday, June 4, 2005

Overnight Friday a Southerly storm brought snow to both the Southern Alps and the central North Island mountains of New Zealand for the first time this year, closing major roads and stranding travellers at the start of the Queens Birthday holiday weekend. Police and the AA urged motorists to drive with extra care and to the conditions this weekend.

In the North Island, State Highway 1 between Waiouru and Rangipo, the Desert Road was closed by deep snow at 3 PM on Friday afternoon. Other roads in the area, including other parts of State Highway 1 between Bulls and Turangi, State Highway 4, via National Park, and 49, via Ohakune, were closed at 8 PM.

These road closures stopped all traffic through the centre of the North Island. About 200 travellers were reported to have spent the night at the Waiouru Army Camp, being accommodated in the Marae and the Barracks. Grit trucks and snow ploughs worked overnight to clear the snow and reopen roads, with the Desert Road finally being reopened about 12:30 PM Saturday.

Together with a slip threatening to close State Highway 3 in the Manawatu Gorge and damage to State Highway 2 after floods in the Bay of Plenty a couple of weeks ago, the only reliable alternative route for travellers around the North Island was via Wanganui and Taranaki.

In the South Island, Police and the AA advised that chains were essential when travelling over the mountain passes.

Yesterday, Mount Hutt skifield announced it would be opening Saturday morning. Early Saturday morning, skiers were reported to be queuing at the gates of Mount Hutt skifield, eager to get the first opportunity to hit the slopes in 2005. Other South Island ski fields were also indicating June opening dates.

The weather outlook is for cold southerly winds and rain over the Queens Birthday holiday weekend, with snow down to 400m in the South Island.

Friday, March 20, 2009

Two buildings have been damaged in a bombing in Athens, Greece on Thursday. The target was a building owned by an agency that manages state real estate.

Nobody was injured in the blast, but the building’s entrance was damaged. A nearby store and a parked car also sustained damage. The homemade device, which consisted of explosives placed inside a plastic bag and tied to a pole close to the target, damaged the Hellenic Public Real Estate Corporation building.

The area was cordoned off by police after the explosion, which occurred at 9:30 p.m. local time yesterday. Bomb disposal experts checked the area following the explosion, while anti-terrorism officers began their investigation. The building is about 250 yards from the Athens police headquarters, and is also close to the Supreme Court.

No claim of responsibility has yet been made, but the Greek conservative government has been attempting to control left-wing terrorism in recent months. One group, the Revolutionary Struggle, was responsible for a failed car bombing against an Athens Citibank office on February 28, and also bombed a Citibank branch in the city on March 9. Greece has been receiving advice from police in London after the increase in terrorist activity and rioting last year throughout the nation.

Thursday, December 3, 2009

FIFA, the world governing body for association football, yesterday announced it was setting up a working group to conduct an inquiry into the introduction of assistant referees and technology into the world game, in the wake of the reactions to the controversial handball committed by French captain Thierry Henry during the 18 November France vs Republic of Ireland qualifying play-off game for the 2010 World Cup.

Yesterday, at the request of FIFA President Sepp Blatter, FIFA held an emergency meeting of its 24 member Executive Committee in Cape Town, to look into various issues which had recently affected the world game, including the Henry handball.

After the meeting, FIFA announced it will set up an inquiry to investigate the introduction of goal line technology and the global experimentation of using additional referee’s assistants to officiate during a match, already being trialled in Europe. FIFA did not however take the widely expected action of announcing there would be extra assistants in place for the upcoming 2010 World Cup, stating this was “too soon” to be made possible. Blatter also re-iterated his long-standing opposition to the adoption of video refereeing used in many other sports.

Blatter confirmed yesterday that Thierry Henry would be investigated by the FIFA Disciplinary Committee. Blatter also apologised to the FAI for his handling of their request to become the 33rd team at the 2010 World Cup.

There was a worldwide reaction after the Henry handball incident, which was missed by the referee Martin Hansson, with FIFA coming under pressure to make changes to avoid such a recurrence.

Henry’s illegal handball had led to the decisive goal being scored in the game by William Gallas, which saw France qualify for the World Cup ahead of the Republic of Ireland. The Irish football federation (“FAI”) first called on FIFA and the French for a replay, but this was rejected by FIFA. They later requested to be allowed to be given an extra place at the World Cup.

Yesterday, Blatter appealed to all players and officials that would be appearing in the upcoming 2010 World Cup to observe the principles of fair play. Henry had been criticised for admitting the handball after the game, but not informing the referee at the time.

File:2014 FIFA Announcement (Joseph Blatter) 6.jpg

Blatter said of the crisis in refereeing in the world game that:

The committee was of the opinion that we are at a crossroads: where shall we go with refereeing in the future? The game at the highest level is so tense that it is impossible for one referee and his assistants to see everything…The executive committee came to the decision that the referee is not any longer consistent with the quality and the speed of the game, and the interest of television and 32 cameras as we will have in the World Cup

To address these issues, FIFA announced they were going to set up a committee of inquiry to “look at technology or additional persons”. Blatter confirmed the inquiry would involve a cross section of FIFA personnel, involving the referee, football, technical and medical committees.

On the subject of assistant referees, FIFA said:

… the Executive Committee expressed its support for the current experiment of including two additional referees behind the goal lines. However, the committee stressed that it would be too soon to implement this new system at the 2010 FIFA World Cup South Africa

Blatter said FIFA was not ignoring the ongoing trials of extra assistant referees, which would continue in the Europa League into the 2010 knock-out stages, but the executive was of the opinion that with these trials only occurring on one continent, any experiment should “be carried out globally” before being adopted in a World Cup, and that the six months remaining until the 2010 World Cup starts was too short a time to prove any such system. The 2010 tournament, to be held in June and July, would instead remain with the normal FIFA appointed officiating team consisting of four officials led by the match referee.

On the issue of what types of technology might be investigated, Blatter confirmed that two companies looking at goal-line technology were due to report to the rule-making International Football Association Board (IFAB) in March. According to AFP, the meeting also ‘ruled out’ the adoption of the type of video refereeing as used in rugby, cricket and tennis.’, while Blatter stated such a system would ‘damage the flow’ of the game and “take away talking points”.

FIFA confirmed the FIFA Disciplinary Committee would “examine the case of Thierry Henry related to the play-off match”. Blatter said:

I have not said that Thierry Henry will be punished, I have said that Thierry Henry will be examined by the disciplinary committee of FIFA”, but he added “it was a blatant unfair playing and was shown all around the world, but I don’t know what the outcome will be, let them make the decision. Fair play must be maintained in our game

No timetable was given for when the Disciplinary Committee, headed by Swiss lawyer Marcel Mathier, might make their decision on Henry. According to the Associated Press, the committee has the ‘authority to impose a one-match suspension on Henry, which would take effect at the start of the World Cup in June.’ According to the BBC, there was no certainty that Henry would even be banned if found guilty.

After FIFA rejected an Irish request for a replay of the game, the FAI had asked Sepp Blatter to privately raise the issue at the FIFA meeting of whether the Irish could be entered into the 2010 World Cup as a 33rd team. According to the BBC, the FAI ‘knew all along that there was very little chance of their request being granted but had decided to make it anyway on principle’. The FAI withdrew it before the meeting, after Blatter made their request public during his opening address of the Soccerex conference in Johannesburg on 29 November. Blatter yesterday apologised to the FAI for how he had handled their request, saying:

In this connection I would like to express my regrets – my regrets to a wrong interpretation of what I have said in the Soccerex. I have only announced they have asked it, but the presence in the Soccerex they don’t took it very, I would say, seriously. So I regret what I have created and especially towards the Irish Football Association, I am sorry about these headlines going around the world. Contrary I have nothing against the Irish, they were very sporting people when they came to FIFA and it is a pity that it has been now communicated in this way. Sorry again.”

Saturday, March 12, 2011

An explosion has been reported at Japan’s stricken Fukushima Daiichi nuclear power plant after its cooling system was damaged by a massive 8.9 magnitude earthquake that hit off the North-East coast of Japan on Friday. The explosion occurred at around 3:00pm local time (6:00am UTC). According to the plant’s operator, Tokyo Electric Power Company, four workers were injured in the explosion.

The explosion occurred as workers were attempting to cool a reactor by injecting water into its core. Local media are reporting that the plant’s exterior walls have been destroyed and only a skeleton structure remains.

More than 45,000 residents within a 10-kilometre radius of the plant have been evacuated.

Television reports show white smoke coming from the plant. Local authorities are warning residents in the vicinity of the plant to stay indoors, turn off air-conditioners and not to drink tap water. According to Japan’s nuclear agency, radioactive caesium and iodine has been identified at the plant. Authorities speculate that this indicates that containers holding uranium fuel at the site may have ruptured and are leaking.

Friday, September 26, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. New Democratic Party candidate Max Lombardi is standing for election in the riding of Cambridge. Lombardi is an information technology specialist who has lived in Cambridge for 25 years.

Held since 2004 by Conservative Gary Goodyear, the riding of Cambridge includes the city of Cambridge, Ontario and the Township of North Dumfries, Ontario. Also running in the riding are Gord Zeilstra (Liberal) and Scott Cosman (Green).

Wikinews contacted Max Lombardi, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

For more information, visit the campaign’s official website, listed below.