Tuesday, April 3, 2007

Robert ‘Bob’ Edmonds, who sued the Ontario Lottery and Gaming Corporation (OLG), died Monday in hospital at age 83 of cancer.

“He’ll be remembered as the guy who just wouldn’t go away,” said Ontario Ombudsman André Marin speaking of the loss. “I was the speakerphone and he was the speaker – I merely amplified what he had to say. He deserves the credit for the entire thing.”

Edmonds of Coboconk, Ontario first came to fight the OLG in 2001 when he was “robbed” of his lottery winning of CAN$250,000 by a store clerk. He asked the store clerk’s wife Phyllis LaPlante to check the tickets and she said he did not win but won a free ticket (when someone wins a lottery prize in Canada a small sound goes off in the store). Days after, the couple who owned the store were in the local newspaper saying they had won the jackpot of $250,000. When he contacted the OLG they denied the allegations, and when the couple were arrested for fraud they refused to return his winnings. He sued the LaPlantes for the winnings and settled for $150,000.

In 2002, Edmonds sued the corporation and signed a confidentiality agreement on behalf of the OLG after a judge asked them to rightfully give him the money he won. They gave him $200,000 three years later. Last Friday they gave him $50,000 dollars more, for a total of $250,000.

In October 2006, CBC’s The Fifth Estate showed that more retailers from 1999 to 2006 were winning instead of the customers. After the broadcast OLG’s former CEO called him and personally apologised and the company started to create more security measures for customers.

Following the allegations, 1,000,000 scratch tickets were recalled and on March 23, 2007 CEO Duncan Brown announced he resigned his position. Days later Ontario Ombudsman André Marin sparked up an investingation into the OLG however it is still ongoing.

Edmonds leaves his wife, daughter, and two sons.

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.