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”.

Saturday, August 14, 2010

Former US Representative Dan Rostenkowski died of lung cancer Wednesday at his vacation home in Genoa City, Wisconsin. Rostenkowski, whose political career ended in the early 1990s after he was convicted on fraud charges, was 82.

Rostenkowski’s death was confirmed by his spokesperson, Jim Jaffe, who said that the former congressman had been receiving treatment for lung cancer for a while. Rostenkowski had previously been treated for prostate cancer in the 1990s.

Rostenkowski was born on January 2, 1928 in Chicago, Illinois. He was an athlete and declined an invitation to try out for the Philadelphia Athletics (now the Oakland Athletics) in order to pursue a career in politics. Rostenkowski attended St. John’s Northwestern Military Academy in Wisconsin, served with the US Army in Korea, and graduated from Loyola University in 1951.

Rostenkowski’s political career was supported by the Cook County political machine, and he became a member of the Illinois state legislature in 1952, one year after graduating from college. In 1958, when he was 30, Rostenkowski was elected to the US House of Representatives. In 1961, he began serving on the United States House Committee on Ways and Means, the chief committee of the House for writing taxes. From 1981–1994, he served as the committee’s chairman. Rostenkowski was involved in the creation of Medicare in 1966 and he helped make amendments to the Social Security system in 1983.

In 1992, a federal jury began an inquiry into the House post office, and Rostenkowski was accused of buying US$22,000 in stamps with government funds and then turning them into cash. The investigation, which lasted two years, led to Republican allegations of corruption within the Democratic party. In 1994, Rostenkowski was charged with 17 felony counts, including the use of federal money to purchase furniture, and obstruction of justice. In order to avoid a trial, Rostenkowski made a deal with prosecutors, pleading guilty to two counts of mail fraud in exchange for fifteen months in prison, two months in a halfway house, and a US$100,000 fine.

Rostenkowski, who was not reelected for a nineteenth term in Congress in 1994, continued to maintain his innocence, and was pardoned by US President Bill Clinton in 2000.

Saturday, September 19, 2009

Six energy companies in the United Kingdom have announced that it is likely that the prices for energy bills could increase over the course of 2010.

The companies, which are nicknamed the “big six” in the United Kingdom, did not pass on information that there would be price cuts in energy bills despite increasing profits. However, the companies have in fact sent a message in response saying that the prices of bills may even increase over the course of the next year. Energy company watchdog the Office of Gas and Electricity Markets (Ofgem) have estimated that energy companies will make gross margins of £170 ($276) per dual fual customer over the course of the next twelve months, due to the recent fall in wholesale energy costs.

Ofgem have said: “Our analysis shows that based on an 18-month hedging strategy and assuming that retail prices remain unchanged, projected gross margin is set to increase by around £80 for dual fuel customers over the next six months.”

The “big six” energy companies in the United Kingdom are British Gas, E-on, Npower, Scottish and Southern Energy, Scottish Power, and EDF Energy. British Gas stated: “Prices [are] likely to remain at historically high levels, and in fact likely to increase as non-commodity costs rise ever upwards.”

EDF Energy said: “[We] would of course be prepared to reduce tariffs if market conditions allowed.” Scottish Power stated: “There are no immediate signals that would indicate a fall in retail prices for this winter, and risks of an increase next year.” Scottish & Southern Energy commented: “With forward annual wholesale prices significantly higher, and with upward pressures in terms of distribution, environmental and social costs, seeking to avoid an increase between now and the end of 2010 is an important goal.”

Meanwhile, a study by Consumer Focus in early September 2009 suggested that “energy companies were overcharging customers by £100 ($162) every year. A spokesperson for Ofgem said that there was no evidence of any cartel in operation, or evidence of profiteering. The spokesperson commented: “It is up to the companies themselves to decide whether to cut their bills. Consumer Focus data suggests that Scottish Power has increased dual fuel prices by the most since 2003 – up 148% – while decreasing prices by 0.6% so far this year. RWE’s Npower has increased tariffs by 132% since 2003, but has reduced bills by 2.7% in 2009.”

Saturday, March 4, 2006

Buffalo, New York —The Common Council requested on Tuesday that a picture be found on what many thought was the site of a previous hotel.

The Proposed Elmwood Village Hotel would be placed on the intersection of Elmwood and Forest. It was suspected by residents and business owners in the area that hotel once stood in the same spot.

The Elmwood Village hotel is a proposed development by Savarino Construction Services Corp. In order for the project to proceed, at least five buildings (1119-1121 Elmwood) would need to be demolished. All five houses are currently occupied by businesses and residents.

After some research, a freelance journalist writing for Wikinews was able to determine that there was never a hotel on the proposed Elmwood Village Hotel site. However; there was a temporary hotel located on the northeast corner of Elmwood and Forest.

Buffalo was the host of the Pan-American Exposition from May 1 until November 2, 1901. It was a fair designed to feature the latest in technology, including electricity. There was a midway, athletic events, and had African, Eskimo, and Mexican villages. However; what is likely the most famous event that took place at the exposition was the assassination of then President William McKinley on September 6, 1901. He was shot by Leon Czolgosz just outside the Temple of Music and died eight days later while in the home of John Milburn on Delaware Avenue in Buffalo. Just a short time later, Theodore Roosevelt was inaugurated on September 14, 1901 at the Wilcox House on Delaware Avenue in Buffalo. Nearly eight million people attended the exposition.

During that time several hotels and rooming houses were built around the exposition including The Elmwood at 717 Elmwood, the Hotel Elmhurst at Forest and Lincoln Parkway, Hotel Gibbs 1005-1021 Elmwood, the R. Palmerton Merritt at 441 Forest and The Norman at 422 Forest. None of these hotels or rooming houses exist today.

Probably the most famous hotel that was built during the exposition was the Statler’s Pan-American Hotel built by Ellsworth Milton Statler A freelance journalist writing for Wikinews has obtained the only known reproduction photo of the hotel [pictured at the top]. The hotel stood on the northeast corner of Elmwood and Forest Avenues in Buffalo, had 2,100 sleeping rooms and accommodations for 5,000. At the time, the Statler was the largest hotel [based on the number of rooms] ever constructed. It was also the largest temporary hotel. It was three stories high, plastered on the inside, made mostly of wood and was covered with ornamental staff on the outside, which made it semi-fireproof. Every room was an outside room and was well lighted and ventilated. It was located within one block of the exposition’s main entrance.

The Statler was built for only one thing, the exposition. Work began in 1900 and finished just before the beginning of the exposition. When the exposition ended in November, the hotel was taken down.

Maps from 1894 show that there was no hotel, let alone any buildings or houses on the intersection. However; research did show that the homes 1119-1121 Elmwood, the buildings that would be demolished to build the Elmwood Village Hotel, were built sometime before 1915 but were not on the intersection prior to 1902.

Based on research conducted at the Buffalo Historical Society, it was concluded that between the years of 1890 and 1902, no other major hotel existed in the area. In fact, research had shown that almost every hotel built in the area, existed only during the time of the exposition.

Research also indicated a hotel or a rooming house at 1089 Elmwood around 1901-1903. The only known name of the hotel was the John C. Hill Hotel. The hotel was in the house now called the Atwater House. The house was the first house to be built on the east side of the block.

The Atwater House is currently vacant and owner Pano Georgiadis wants to demolish it to expand his restaurant. The house was built by 1894 and the original owner and builder of the house is currently unknown. Its earliest known occupant was Edward Atwater who in 1862 founded the oil refinery company of Atwater & Hawes in Buffalo. The site of this company was recently uncovered in the Canal District during an archeological dig.

At the moment, current research does not show any connection between the two men.

The exposition was a commercial failure and what profit Statler did make on the hotel, went to build another temporary hotel for the 1904 St. Louis Exhibition. That hotel was successful and the profit made from it was used to build the first permanent Statler Hotel at 107 Delaware Avenue in Buffalo. The hotel is no longer in operation, but small offices are currently operating in parts of the building.

Wednesday, October 5, 2016

The Singaporean branch of the World Wildlife Fund (WWF) published a guide yesterday critiquing the practices employed to catch seafood destined for sale in the country. According to the publication, three-quarters of the more than 40 species of seafood commonly consumed by Singaporean residents were obtained in a manner detrimental to environmental sustainability.

The guide, titled the Singapore Seafood Guide, lists fish species such as Indian threadfin, silver pomfret, and yellowbanded scad, all frequently used in Singaporean dishes, under its “Avoid” category. Highlighting the high rates at which these species are being fished and consumed, the WWF said, “Without collective and decisive action, these popular fish could disappear from Singapore’s menus within our lifetime.”

On her organization’s reasons for publishing the guide, WWF-Singapore CEO Elaine Tan stated, “We are squandering one of our greatest natural resources by failing to manage our fish stocks sensibly. As one of the biggest consumers of seafood in the world per capita, Singaporeans have a big role to play in protecting our oceans. The Seafood Guide empowers everyone in the supply chain to make conscious choices that prevent the further exploitation of fish stocks.” According to the WWF, an average Singaporean eats 22kg (about 48.5lb) of seafood annually, versus 20kg (44lb) average per person globally.

In conjunction with the launch of the guide, the WWF started the Sustainable Seafood Business Forum on Tuesday to promote action on the topic among seafood purveyors. An initiative which emerged from the forum was the Responsible Seafood Group, which counts amongst its members supplier Global Ocean Link and integrated resort Marina Bay Sands. All organizations involved in the group agree to standards on the sustainable sourcing of seafood as outlined by the WWF.

On Marina Bay Sands’ commitment to seafood sustainability, Kevin Teng, the resort’s Executive Director of Sustainability, said, “Since 2014, we have eliminated sharks fin from the restaurants we own and operate. At that time, we also started serving selected seafood sourced from suppliers that fish or farm responsibly, based on global seafood standards.”

Lucas Glanville, Executive Chef of Grand Hyatt Singapore, stated, “Our customers are demanding to know where their seafood comes from. Finding alternatives to endangered species on the red list and choosing to work with sustainable suppliers and their products has gone beyond being a corporate responsibility, and become a commercially viable decision for us”. According to the WWF, the hotel chain serves seafood compliant with its sustainability standards.

The WWF has compared Singapore’s population to that of Finland, whilst also highlighting the discrepancy in seafood sustainability practices in both countries. According to a report by the organization, 98% of seafood consumed in Finland meets WWF standards on sustainability.

Matti Ovaska, conservation officer for the WWF’s Finnish branch, elaborated on the country’s sustainability practices where seafood consumption is concerned, “Sustainability has become an everyday element in Finland’s seafood trade, and companies are very familiar with the origin of the fish they purchase. In addition, over one third of Finns use the seafood guide consciously to make better decisions”.

Monday, October 11, 2010

Wikinews interviewed author Amy Scobee about her book Scientology – Abuse at the Top, and asked her about her experiences working as an executive within the organization. Scobee joined the organization at age 14, and worked at Scientology’s international management headquarters for several years before leaving in 2005. She served as a Scientology executive in multiple high-ranking positions, working out of the international headquarters of Scientology known as “Gold Base”, located in Gilman Hot Springs near Hemet, California.