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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”.

Friday, October 26, 2007

The United States Federal Emergency Management Agency (FEMA) is under fire after the agency held a fake press conference with fake news reporters in regards to individuals affected by the California wildfires and the assistance they could receive.

The agency called a press conference on Tuesday, giving the press only 15 minutes to show up. When many did not, FEMA brought in agency officials to pose as fake reporters and ask questions. The option for reporters to call into the conference was also available, but the ones who did call in only got to listen to the press conference, and could not ask questions. No reporters were actually present during the conference, parts of which were carried live on Fox News and MSNBC.

During the briefing, FEMA employees asked Deputy Administrator Harvey Johnson a series of what The New York Times called “decidedly friendly questions” such as “What type of commodities are you pledging to California?”, “What lessons learned from Katrina have been applied?” and “Are you happy with FEMA’s response so far?”. The briefing followed the format of a press conference, with FEMA’s press secretary at one point cautioning that he would allow just “two more questions”, then calling later for a “last question”. Officials who posed as fake reporters included the deputy director of public affairs Cindy Taylor and Director of External Affairs John “Pat” Philbin.

White House officials said that they do not condone FEMA’s actions and also state that they had no idea that the conference was taking place.

“FEMA has issued an apology, saying that they had an error in judgment when they were attempting to get out a lot of information to reporters, who were asking for answers to a variety of questions in regard to the wildfires in California. It’s not something I would have condoned. And they — I’m sure — will not do it again,” said Dana Perino, the White House’s press secretary in a statement.

FEMA apologizes for the mishap and says that their intentions were only to get the information to the citizens of California.

“[The purpose was] to get information out as soon as possible, and in trying to do so we made an error in judgment. Our intent was to provide useful information and be responsive to the many questions we have received. We can and must do better,” said Harvey E. Johnson, the agency’s vice administrator. “The real story — how well the response and recovery elements are working in this disaster — should not be lost because of how we tried to meet the needs of the media in distributing facts,” a FEMA statement said.

FEMA is currently deciding whether or not any officials should face punishment for the incident. One of the officials responsible, Pat Philbin, is going on to be the new head of public relations for the Office of the Director of National Intelligence.

This is not the first time that the Bush administration has come under fire for planting reporters at press conferences. In February of 2005, White House reporter Jeff Gannon was accused of being planted to ask softball questions to President Bush. FEMA itself had earlier undergone criticism during Hurricane Katrina for using disaster workers for public relations in 2005.

Friday, May 1, 2009

The American auto company Chrysler filed for bankruptcy Thursday, however a deal with European auto maker Fiat went through. The emerging Chrysler will be owned 55 percent by the United Auto Workers, eight percent by the United States Government, two percent by the Canadian Government and Fiat would begin with a 20 percent share.

Chrysler Chief Executive Robert Nardelli will step down when the bankruptcy proceedings are finalized.

Initially, the Italian company, Fiat, will appoint three members on the emerging Chrysler’s new board, and the United States government will appoint six. Fiat can assume the majority of the ownership upon repayment of American loans.

Chrysler administrators expect that the bankruptcy should take a couple of months.

“We expect this to be a very short, 30-to-60-day bankruptcy process, during which the company will function normally,” a top administration official said, “People will be able to buy cars, they will have their warranties honored, and everything should go on normally.”

The bankruptcy filing indicated that Chrysler was in debt to 20 creditors to a tune of more than $10 million each.

Meanwhile, the deal with Fiat did go through, and Chrysler should have cars designed by Fiat out on the market by 2011.

“It’s a partnership that will give Chrysler a chance not only to survive, but to thrive in a global auto industry,” said American president Obama, “Fiat has demonstrated that it can build the clean, fuel-efficient cars that are the future of the industry.”

However, automotive analyst Erich Merkle has hesitations.

“History would show that alliances really don’t work that well,” Merkle said, “even though, no matter how good they may look on paper.”

The restructuring has been managed by Steve Rattner, a former investment banker, and the U.S. Government auto task force.

Obama has set three ultimatums before Fiat. Fiat should produce a 40 mile per gallon vehicle while managing the new Chrysler, transfer fuel efficient Fiat technology to Chrysler factories in the United States, and produce cars in Chrysler factories and distribute them in Europe.

Thursday, November 8, 2007

Batters overpower pitchers on this the second day of 2007 BWC. Italy, Chinese Taipei, Japan, and Canada easily won by ending early the games against their opponents as their aggressive hitting made it look like batting practice.

Wednesday, February 23, 2005

On Monday, at 10.14 pm UTC, the Wikimedia server cluster experienced a total power failure, taking down Wikipedia, Wikinews, and all other Wikimedia websites.

The servers are housed in a colocation facility (colo) in Tampa, Florida, USA. They occupy two racks, with each rack receiving electricity from two independent supplies. However, both supplies have circuit-breakers in them, and both opened at the same time, leading to a total power failure. All computers immediately went down. It’s normal for fire safety regulations to prohibit uninterruptible power supplies in colos, with the colo providing its own UPS and generator instead. The circuit breakers were on the computer side of this emergency power system, so none of the computers continued to receive power to survive the breaker trip or shut down safely.

The actual reason why the circuit breakers tripped is currently unknown.

When power was restored, it was discovered that most of the MySQL databases that store the data which makes up Wikipedia et al had been corrupted. The main database and the four slaves had all damaged the data on their hard disk drives beyond the ability of the auto-correction to repair. Only one copy survived safely, on a machine that is used for report generation and maintenance tasks, which remained 31 hours backlogged while catching up after an unusually heavy update load during the previous week.

Volunteer Wikimedia engineers worked through the night rebuilding the databases from the sole good copy onto the other servers. The Wikipedia database is over 180Gb in size, making the copying process last 1.5 – 2 hours for every server it was performed upon.

Regular back-ups of the database of Wikipedia projects are maintained – the encyclopedia in its entirety was not at risk. The last database download was made on February 9; all edits since then could only have been laboriously rebuilt from logs and recovered from the damaged database requiring much more time and effort.

Limited read-only service was established late Tuesday afternoon, with editing becoming possible 24 hours after the power failure. Final repairs continue now, as well as upgrades to prevent similar issues in the future. Server-intensive features, such as categories and ‘watchlists’ that display recent changes to selected articles to registered users, remain disabled to ease the load on the recovering systems.

The process which led to the damage originated with the operating system, disk controllers, or hard drives failing to flush the data correctly.

If the power to a database server is cut mid-write, the database may be corrupted and unreadable, however the operating system, hardware, and software are designed to make this very unlikely. In a previous incident in 2004 power was also lost to a server but the database was undamaged.

To avoid such damage, each database server saves a copy of an edit to be applied to the database on a separate storage system before making the actual update to the database itself. This so-called ‘write-ahead logging’ should ensure that in the event of a system crash, the database can be rebuilt from a ‘last-good’ state by replaying the edits saved in the log.

Earlier this year popular blogging site LiveJournal suffered a similar power failure when another customer at their colocation facility pressed an Emergency Power Off button, intended for use only by firefighters. The company suffered database corruption similar to that seen at Wikimedia.

LiveJournal are now fitting UPS to their servers to ensure that they have time to shut down safely in the event of a power failure. Wikimedia was said to be investigating the possibility of fitting similar equipment at the time of this failure.

Several pundits have suggested that the use of another database, such as the proprietary database Oracle or the free PostgreSQL, would have avoided the database corruption seen at the server cluster. A post-mortem of the incident show the failure was in the operating system, or the hardware, or some combination of the two. LiveJournal, which also uses MySQL, reported similar database corruption after their power cut.

The Wikimedia foundation only allows the use of free software on its systems, and future versions of the Mediawiki software will support the PostgreSQL database.

Users are reminded that during times of system failure or excessive demand, they can still search Wikipedia using Google. The articles may be viewed using Google’s cache.

Friday, April 7, 2006

Accra —The Ghana-India Kofi Annan Centre for Excellence in ICT introduced the Semacode technology and the Semapedia application to a segment of the Ghanaian public in a presentation delivered by Guido Sohne, Developer-In-Residence at the Centre and Chief Software Architect of CoreNett Ltd, a Ghanaian electronic transaction processing company.

Introduced for the first time in Africa, Semapedia is a way of associating Internet sites with physical barcodes that can be read by cameraphones, enabling one to look up information about physical objects quickly and easily.

Tuesday, December 9, 2008

The Democratic governor of Illinois in the United States, Rod Blagojevich, 51, along with his chief of staff John Harris, 46, were arrested Tuesday morning by the FBI on federal corruption charges.

The Chicago Tribune reports that federal agents raided Blagojevich’s home this morning and took him into federal custody. The arrest comes after a three-year investigation into Blagojevich’s “pay-to-play politics.”

Specifically, the Department of Justice alleged that Blagojevich attempted to sell the Senate seat previously held by President-elect Barack Obama. Blagojevich, as governor, has the sole authority to appoint someone to complete Obama’s term. Authorities believe the process to select a new senator was tainted after authorities secretly recorded several of Blagojevich’s conversations. They believe that he was attempting to sell the seat in exchange for financial benefit for himself and his wife.

Documents from the FBI and from U.S. attorney Patrick Fitzgerald identify the people whom Blagojevich was considering as Senate Candidates 1, 2, 3, 4, and 5. According to Fitzgerald’s press release, Blagojevich told an advisor that he wanted to “get some (money) up front, maybe.”

In Illinois, a new state ethics law will take effect on January 1, 2009, so Blagojevich was trying to embezzle as much money as he could before that date, said Fitzgerald.

Authorities also believe that Blagojevich was trying to withhold state financial assistance from the owner of the Tribune, the Tribune Company, which recently filed for bankruptcy protection. They allege he was trying to get members of the editorial board of the Chicago Tribune fired by threatening to complicate the sale of Wrigley Field by Tribune Company.

On December 8, Blagojevich responded to the reports that federal authorities had wiretapped his phone conversations, saying that “I should say if anybody wants to tape my conversations, go right ahead, feel free to do it. I can tell you that whatever I say is always lawful and the things I’m interested in are always lawful.”

If convicted, Blagojevich could face up to 30 years in prison and $500,000 in fines.

This is not the first time in Illinois history that a governor has been arrested for corruption charges. In 2006, George Ryan was indicted and is now serving a 6½-year prison term.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Sunday, August 21, 2005

A robotic system at Stanford Medical Center was used to perform a laparoscopic gastric bypass surgery successfully with a theoretically similar rate of complications to that seen in standard operations. However, as there were only 10 people in the experimental group (and another 10 in the control group), this is not a statistically significant sample.

If this surgical procedure is as successful in large-scale studies, it may lead the way for the use of robotic surgery in even more delicate procedures, such as heart surgery. Note that this is not a fully automated system, as a human doctor controls the operation via remote control. Laparoscopic gastric bypass surgery is a treatment for obesity.

There were concerns that doctors, in the future, might only be trained in the remote control procedure. Ronald G. Latimer, M.D., of Santa Barbara, CA, warned “The fact that surgeons may have to open the patient or might actually need to revert to standard laparoscopic techniques demands that this basic training be a requirement before a robot is purchased. Robots do malfunction, so a backup system is imperative. We should not be seduced to buy this instrument to train surgeons if they are not able to do the primary operations themselves.”

There are precedents for just such a problem occurring. A previous “new technology”, the electrocardiogram (ECG), has lead to a lack of basic education on the older technology, the stethoscope. As a result, many heart conditions now go undiagnosed, especially in children and others who rarely undergo an ECG procedure.