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, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Tuesday, November 27, 2007

The mascots of the 2010 Winter Olympics in Vancouver, British Columbia were just announced. Based on mythological characters, they are Miga, Quatchi and Sumi.

Miga, a sea bear who lives in the ocean with her family pod near Tofino, and Quatchi, a young sasquatch, represent the Olympics, while Sumi represents the Paralympics that follow afterward.

A sea bear is a First Nations creature, part killer whale, part Kermode spirit bear. While illustrated as being taller than the other characters, the mascot costume of Quatchi is the same height as the other two characters.

The third mascot, Sumi, an animal-guardian spirit, is a Thunderbird that wears the hat of an orca. Sumi will be the mascot of the Paralympics.

In 2004, the Times Colonist suggested a marmot might be a good mascot, except for their winter hibernation. The organizers still chose one, named Mukmuk, as their “virtual only” counterpart.

After the Olympic logo design was leaked the day before the 2005 announcement, organizers were extremely tight lipped until today’s news conference at a Surrey school. They apparently didn’t do any development on the characters on internet-enabled computers, to ensure the images or information wouldn’t slip out.

The characters were designed by the Vancouver and Los Angeles-based Meomi Design. Their characters have been used as part of iGoogle, a customizable homepage option from Google, as well as Electronic Arts, Girls Inc., Time Out Magazine, Cyworld, Nick Jr., Bang-on Clothing, and CBC4Kids.

The Vancouver organizers have a CDN$46-million merchandising program; previous Olympics have made as much as $100 million from mascot-related products.

René Fasel, Chairman of the International Olympic Committee’s (IOC) Coordination Commission commented that “The IOC welcomes these imaginative new additions to the Olympic Family as they take their place on the world stage today – a symbol of the Games and of Canada. We know that when Olympians, Paralympians and visitors from around the globe arrive in British Columbia at Games time, they will fall under the spell of these captivating characters.”

The characters first appearance will be at a Bay store in the Lower Mainland; HBC is a major sponsor of the Games. They will then make their way to schools, take a break through the Christmas season, and fly to Ottawa for the Winterlude festival.

Wednesday, November 30, 2011

Consumption of grilled or baked fish at least once a week can preserve the brain structure of seniors and reduce the risk of developing Alzheimer’s disease by three to five times, according to the results of a recent US study.

The study, conducted by the University of Pittsburgh School of Medicine in Pennsylvania, asked 260 volunteers with an average age of 76, about the frequency of their fish consumption. Ten years later, brain scans were carried out on those being researched. Those who regularly ate fish were found to have better preservation of parts of the brain related to memory. An additional five years later, 31% of those who did not regularly consume fish contracted mild cognitive impairment or Alzheimer’s disease. Of those who ate fish at least once a week, between three and eight per cent contracted the aforementioned medical conditions.

According to The Daily Telegraph, consumption of grilled or baked fish increases the intake of Omega 3 fatty acids, providing a greater amount of blood flow to the brain; therefore prompting a reduction in inflammation and internal gathering of plaque encountered in the lead-up to Alzheimer’s disease. Fried fish does not reduce the risk of contracting Alzheimer’s disease due to the low amount of Omega 3 it contains.

Dr. Cyrus Raji, who took leadership of the study, called it “the first study to establish a direct relationship between fish consumption, brain structure and Alzheimer’s risk.” Raji concluded that “people who consumed baked or [grilled] fish at least one time per week had better preservation of grey matter volume on MRI in brain areas at risk for Alzheimer’s disease.”

The Alzheimer’s Society’s research manager, Dr. Anne Corbett, stated: “This moderately sized study adds weight to existing evidence suggesting that eating fish reduces your risk of developing cognitive decline.” However, she contested these findings, saying they “did not account for lifestyle factors such as other foods or exercise”, which may have affected the overall outcome. Dr. Corbett advised consumers to “eat a healthy diet including fruit and vegetables along with taking regular exercise and giving up smoking” to reduce the risk of contracting dementia.

Meanwhile, Alzheimer’s Research UK lead researcher, Dr. Simon Ridley, believed the study had not clarified “whether other underlying factors may have contributed to the lower risk in people who eat fish.” There is “a clear need for more conclusive research into the effects of dietary fish on our cognitive health,” according to Dr. Ridley.

The results of the study are to be presented today at the annual meeting of the Radiological Society of North America.

Tuesday, June 27, 2006

Ikeda Kanako, a 21-year-old senior student of the Meiji Gakuin University and the first daughter of celebrity surgeon Yuko Ikeda, was kidnapped at about 1225 (UTC+9), June 26, 2006, in Shibuya, Tokyo.

A bullet was fired and one officer slightly cut when police stormed a Kawasaki apartment to rescue the girl.

Kanako was dressed in a white light half-sleeved cardigan, blue jeans with a bistre belt made of leather, a spring green camisole and carried a bag of Vuitton when she was abducted at a bus stop.

She was found unharmed 13 hours later by Japanese police at a condominium located in Nakahara-ku, Kawasaki, Kanagawa. The young woman’s make-up was not disordered; Kanako’s long brown fringe was not disheveled at all and she was wearing what she had been when she was kidnapped.

The kidnapping of Kanako was a big story in Japanese media in June, 2006. The story appeared in many newspapers as the front-page news on June 27, 2006.

Kanako and her kidnappers had been in touch with her mother using Kanako’s mobile phone. The effort to free her was helped greatly by a woman who witnessed the moment Kanako was taken; she wrote down the license plate of the van and other details.

Police traced mobile phone calls and were able to locate the van in Kawasaki where they detained two of the kidnappers as they went shopping.

One conspirator Li Yong, 29, from China, led the policemen to the apartment and tricked Kaneo Ito, 49, from Japan, to open the door. Ito managed to discharge one bullet before being restrained by an assistant police inspector, the first man in the room.

The other man involved in the kidnap of Kanako was Choi Gi Ho, 54, from South Korea. Kanato was freed unharmed.

The Tokyo Metropolitan Police Department arrested three men on suspicion of conspiring to kidnap a woman and hold her to a reported 300 million yen ransom.

Friday, June 26, 2015

Annabel Goldie, Scottish Conservative Party leader from 2005 to 2011, has announced she will stand down as an MSP at the next elections in 2016. Goldie, who has been an MSP for the West Scotland (previously West of Scotland) electoral region since the Scottish Parliament’s formation in 1999, said she intends to focus on her role in the House of Lords, where she has been a peer since 2013.File:Annabel Goldie.jpg

In a statement today, Goldie said leading the party was an “enormous honour” for her. She also said: “It has afforded me both satisfaction and pleasure to serve my constituents and to serve the parliament and I will look back with great happiness at my time as an MSP. I am grateful to friends and colleagues from all parties for their support. Sometimes we found common ground, sometimes we disagreed but never I hope with rancour nor disrespect. Politics is a rough trade but we have built a strong parliament in Scotland of which we can all be rightly proud.” She said because of Ruth Davidson, her successor as Scottish Conservative leader, the party is now “in fine fettle and stands a great chance of making real progress in the years ahead,” concluding by saying: “I look forward to continuing to work as part of that effort in the House of Lords in the years to come.”

Davidson responded to the news by calling Goldie an “unstoppable force”, adding: “She has been an inspiration to a whole generation of Scottish Conservatives, and she has been a tremendous mentor, support and friend to me. In Holyrood, she has fostered both affection and respect from all members – regardless of their political affiliation – and her retirement from the Scottish Parliament will leave an Annabel-sized hole which won’t ever quite be filled. She is unique.” Meanwhile, David Cameron, UK Conservative leader and UK Prime Minister, said: “Annabel is one of those rare breeds in Scottish politics, somebody known by her first name alone. When she was Scottish Conservative leader, I valued her sage advice. She has been a towering strength to our party in Scotland, a doughty debater in the TV studios and Scottish Parliament and has one of the sharpest wits around. I wish her a long and happy retirement after 17 years unstinting service at Holyrood – but look forward to seeing her on the red benches of the Lords for years to come.”

Goldie, the Scottish Conservatives’ first ever female leader, was elected unopposed. She took up the role in the aftermath of David McLetchie’s resignation from the role in an expenses usage controversy and subsequent resignation of Brian Monteith from his Conservative whip role in the Scottish Parliament for briefing the media against him. Meanwhile, as Scottish Conservatives won 18 seats in the Scottish Parliament in 1999 and 2003, the party had been less successful in UK general elections in Scotland; Conservatives went up from zero out of a possible 72 UK MPs in Scotland in 1997 to one in 2001. This led to Goldie remarking in her inaugural speech in 2005 that: “The wheels are back on the wagon – and I’m the nag hitched up to tow it.” She also said: “The party is still way ahead of where it was in 1997. And my first task is to take it forward to 2007.” However, under Goldie’s leadership, the number of seats the Scottish Conservatives won in the Scottish Parliament slightly decreased from 18 in 2003 to 17 in 2007 and to 15 in 2011. At the same time, the number of Conservative MPs stood at one out of a possible 59 after the 2010 UK general election.

In the aforementioned 2005 speech, she also said the party could be trusted with devolution in Scotland, adding: “making devolution work better means real devolution: not the lumbering and cripplingly expensive array of government departments, government advisers, consultants, quangos, quasi-quangos and agencies with all their expensive appendages, but devolving down to people and their communities, their right to make their own decisions about their lives, how for example they procure healthcare and how they educate their children.” Goldie would go on to sit on the advisory board for the Smith Commission, which was set up to examine which further political powers should be devolved to Scotland following the 2014 Scottish independence referendum. More recently, Goldie supported a reduction in the voting age for Scottish Parliament elections from 18 to 16 in a vote earlier this month, commenting: “I think it is an opportunity for them to continue their high level of engagement in topical affairs that we saw with the independence referendum.”

Goldie, a member of the Salvation Army’s West of Scotland Advisory Board and a Church of Scotland elder, is not the only Scottish Conservative MSP intending to stand down in 2016. Mary Scanlon, Gavin Brown, Alex Fergusson and Nanette Milne all reportedly intend to leave the Scottish Parliament next year.

Friday, May 12, 2006As expected, Alameda County Superior Court Judge Robert Freedman today issued a preliminary injunction stopping the state from requiring would-be high school graduates to pass the California High School Exit Exam, but the state superintendent of schools said he would try to overturn Freedman’s ruling.

Just before 2 p.m. PDT, Freedman announced his decision in his Oakland courtroom.

On Monday, Freedman announced his tentative decision to stop the state from requiring students to pass the test, but withheld his final decision until today to give lawyers in the case time to make further arguments.

In his statement, Freedman said state school officials “are enjoined and restrained from denying any high school senior who is a member of a 2006 graduating class and who is otherwise eligible to graduate and receive a diploma from participating in graduation exercises and receipt of such diploma solely on the ground that such student has not passed all parts” of the exam.

The ruling effects 47,000 seniors statewide, about 11 percent of the class of 2006, who have yet to pass both the English and math sections of the exam.

At James Logan High School, about 70 students are effected.

In the case, Valenzuela vs. O’Connell, lawyers for the plaintiffs argued that their clients were denied equal opportunity to pass the test, as they are not offered equal educational opportunities in California schools because of their non-English primary language backgrounds or their low economic status. The students represented face not graduating despite meeting all requirements for graduation except passage of the test,

Freedman agreed, at least in part. In his decision, he said: “There is evidence in the record that shows that students in economically challenged communities have not had an equal opportunity to learn the materials tested on the (California High School Exit Examination).”

Originally, the case involved 10 students and their families, but since its filing in February, four of the students have passed the test, leaving six students as parties to the case.

“I’m greatly disappointed in today’s court decision to halt the California High School Exit Exam as a graduation requirement for the Class of 2006,” said State Superintendent of Schools Jack O’Connell. “This is not only a great disappointment to me, it is a setback for students and hard-fought school accountability in the state of California.”

“The preliminary injunction against California’s Exit Exam denies the vast majority of students in the Class of 2006 the opportunity to graduate with diplomas that certify mastery of essential skills in reading and math,” he said.

“We will continue to fight the case,” said O’Connell, “I have directed our attorneys to immediately appeal this ruling, and to seek a stay of the judge’s order.”

O’Connell wrote the law requiring the test as a state legislator in 1999.

“I applaud Superintendent O’Connell for his decision to appeal the ruling issued today delaying the California High School Exit Exam graduation requirement,” said California Governor Arnold Schwarzenegger. “He has my full support in his efforts to secure the exam’s implementation this year. I stand behind the exit exam because it is our best resource for ensuring that schools are giving our children the knowledge and the skills they need to begin successful lives.”

This article is based on Judge Suspends Exit Exam Requirement by Patrick Hannigan of The James Logan Courier, which has a copyright policy compatible with our CC-BY 2.5. Specifically “Creative Commons 2.5 Share-Alike license“