China's real estate giant Evergrande files for bankruptcy protection in US

Posted By: Aditya Gogoi Posted On: Aug 18, 2023
Evergrande has been working on an offshore debt restructuring agreement for months, unveiling a proposal earlier this year. (Image: Reuters)

China’s real estate giant Evergrande Group has filed for bankruptcy protection in the United States on Thursday.

The company has sought protection under Chapter 15 of the US bankruptcy code, a measure that protects non-US companies undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.

Evergrande's affiliate companies, Tianji Holding and Scenery Journey, also filed for Chapter 15 protection in Manhattan bankruptcy court, AFP reported.

In 2021, Evergrande was struggling with more than $300 billion in liabilities. It had then first defaulted on its bonds, fanning fears of a contagion. It led to a string of defaults at other builders, with major developers failing to complete housing projects, triggering protests and mortgage boycotts from homebuyers.

Evergrande has been working on an offshore debt restructuring agreement for months. It offered creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group, AFP reported.

The latest court documents referenced restructuring proceedings in Hong Kong.

In July, Evergrande reported a net loss of over $113 billion in 2021 and 2022.

China's policymakers have recently sought to bolster the sector by cutting mortgage rates, slashing red tape and offering more loans to developers.

(With inputs from AFP)

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Source: Live Mint
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Poland exploring extradition of Nazi war veteran lauded in Canadian Parliament

Posted By: Jaydatt Chaudhary Posted On: Sep 27, 2023
Speaker of Canada?s House of Commons apologised for applauding Yaroslav Hunka, who fought for a Nazi military unit during World War II. (AP)

Poland is exploring legal and diplomatic options to seek the extradition of Yaroslav Hunka, a 98-year-old Nazi war veteran, who was honoured in the Canadian Parliament last week, as per a statement issued by Polish minister Przemysław Czarnek.

“In view of the scandalous events in the Canadian Parliament, which involved honouring, in the presence of President Zelenskyy, a member of the criminal Nazi SS Galizien formation, I have taken steps towards the possible extradition of this man to Poland," Czarnek stated in a post on social media platform X.

Hunka, a Ukrainian-Canadian, was invited to the Canadian House of Commons on September 22, in the presence of Ukraine's President Volodymyr Zelenskyy, and given a standing ovation. The Speaker of the House, Anthony Rota, went on to describe him as a “war hero".

Also Read | Mint Explainer: How did Canada's come to honout a Nazi SS veteran?

After it was pointed out by critics that Hunka was a member of Waffen-SS Galicia Division, which comprised of Ukrainian Vounteers who fought for Nazi Germany's armed forces against Soviet Union in World War-II, the Canadian government switched into damage control mode.

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Rota issued an apology on September 25, saying that he was not aware about Hunka's associated with the Nazi forces. "I have subsequently become aware of more information which causes me to regret my decision to do so."

Canadian Prime Minister Justin Trudeau also expressed regret, noting that "this is something that is deeply embarrassing to the Parliament of Canada and by extension to all Canadians."

"It's extremely upsetting that this happened. The Speaker has acknowledged his mistake and has apologised," Trudeau added. His office also denied the reports which claimed that a private meeting took place between him and Hunka.

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Good News For Demat Account Holders

Posted By: Ajay Rawat Posted On: Sep 27, 2023

The Securities and Exchange Board of India (SEBI), announced on Tuesday that it has extended the deadline by three months, until the end of December, for existing demat account holders to make a choice regarding nomination or formally opt out of nomination by submitting a declaration form.

Earlier, the deadline for existing eligible trading and demat account holders to provide a choice of nomination was on or before September 30.

Also Read: Sebi Issues Revised Quarterly Reporting Format For AIFs

Additionally, submission of ‘choice of nomination' for trading accounts has been made voluntary by the capital markets regulator as a move towards ease of doing business.

The move is aimed at helping investors to secure their assets and pass them on to their legal heirs.

“Based on the representations received from the exchanges, depositories, brokers' associations and various other stakeholders, submission of choice of nomination for trading accounts has been made voluntary as a step towards ease of doing business.

“With respect to demat accounts, it has been decided to extend the last date for submission of 'choice of nomination' to December 31, 2023,” Sebi said in a circular.

PAN submission

Sebi has given time till December 31, for physical security holders for submission of PAN, nomination, contact details, bank account details and specimen signature for their corresponding folio numbers.

In July 2021, Sebi asked all existing eligible trading and demat account holders to provide a choice of nomination on or before March 31, 2022.

Later, this was extended by one more year till March 31, 2023 and again till September 30, 2023.

According to Sebi regulations, when new investors open trading and demat accounts, they are required to either designate their securities nominee or explicitly decline nomination by submitting a declaration form.

Source: News18
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End of a legendary inning

Posted By: Vishal Maurya Posted On: Sep 27, 2023
Piyush Pandey was the first Asian to be a jury president at the Cannes Film Festival, in 2004. (Photo: Mint)

Ogilvy India Tuesday announced that Piyush Pandey has stepped down from the post of chairman global creative and executive chairman. He will now be the chief advisor and will work closely with the leadership team and with major clients. He has been replaced by VR Rajesh. The new change will come into effect from 1 January 2024.

The 40 years of partnership between Piyush Pandey and Ogilvy started in 1982, when after trying his fate in everything from cricket (Ranji Trophy cricket player) to tea tasting and construction business, he landed in advertising.

Piyush Pandey was born in Jaipur. His first brush with advertising was when he was in school. He and his brother participated in radio ads. They sang and did voiceovers for soaps, agarbattis, and locks etc.

Piyush Pandey is not only credited to change the language of Indian advertising from English to Hindi, but also breaking the creative monotone with work for brands such as Asian Paints, Cadbury and Fevicol. His game-changer ‘Egg' film gave brand makers the licence to take creative leaps and start lateral thinking.

The iconic 1993 Cadbury campaign ‘Kuch Khaas Hai Hum Sabhi Mein' – the dancing girl ad as it is popularly known – is one of the masterpieces from his portfolio. It has proved to be an inspiration across generations and the ad was recreated in 2021 again.

He is also known for his famous election slogan - “Ab ki baar Modi sarkar" which he wrote for Prime Minister Narendra Modi for his first Indian election in 2014

Pandey was awarded Lion of St Mark, the Cannes Lions' Lifetime Achievement Award, along with brother and filmmaker Prasoon Pandey. It is the highest honour that the Cannes International Festival of Creativity bestows on creative geniuses within the communications industry.

The Pandey brothers were not only the first Asians to win the award, but were also the first from WPP to be awarded a Lion of St Mark.

Besides, Pandey was the first Asian to be a jury president at the Cannes Film Festival, in 2004.

He was awarded the Lifetime Achievement Award from CLIO Awards in 2012. He is also the first person in advertising to receive the Padma Shri, an award conferred by the President of India.

“He batted and hit sixes time and time again while doing so. There's no bigger giant in our industry than Piyush right now. The biggest hallmark of a giant is the succession that it creates. The team he has put together have been here for 20 plus years and there's an incredible group of giants who will be taking over," Campaign India quoted Devika Seth Bulchandani, global chief executive officer, Ogilvy, as saying

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Pleasures of Dealing with China is That

Posted By: Vishal Maurya Posted On: Sep 27, 2023

External Affairs Minister S Jaishankar in New York on Tuesday spoke about New Delhi's growing profile on the world stage, breaking down India's steady ties with Russia since the 1950s, the “pleasures of dealing” with China, and growing relationship with the United States.

Speaking at the Council on Foreign Relations, the minister talked about India's vision and strategy in dealing with the multipolar world. In a conversation with former US Ambassador to India Kenneth Juster, Jaishankar said, “You actually see an India whose footprint is more, whose interest and activities are more.”

Jaishankar said the nature of world politics has changed and the issues have changed, adding that there are a variety of issues driving “heightened Indian activity” on the world stage. “The goal is now to strive to be a developed country in a quarter of a century,” he added.

Jaishankar opened up about the ongoing tensions in India-China ties. He said, “One of the pleasures of dealing with China is that they never quite tell you things. You often end up trying to figure it out. There is always ambiguity out there.”

“It has never been an easy relationship. There was a war in 1962 and military incidents after that, but after 1975, there has never been a combat fatality on the border. In 1988, we normalized the relationship more when then-Prime Minister Rajeev Gandhi went to China. In 1993 and 1996, we did two agreements with China to stabilize the boundary which is disputed. At the Line of Control (LoC), it was agreed that either of us would mass troops there. If we brought more troops, the other side would be notified. So, it was expected the way it was laid out. There were subsequent agreements after that, one in 2005 and one in 2012,” he said.

On the Galwan border clash in 2020, the minister continued saying, “It was in many ways a very unique situation because what would happen in the boundary areas is that troops on either side would step out of their military bases, they would do their patrolling and go back to bases. If they happened to intersect, there were very clear rules on how they would conduct themselves.”

On the state of current ties with China, the external affairs minister said, “It's hard to be normal with a country that has broken agreements and done what it has done. For the last three years, there has been an abnormal state, contacts have been disrupted, visits have not taken place, and there have been high levels of military tensions. It has also impacted the perception of China in India. This perception was not positive in the 1960s and 1970s. I think there is an immediate issue, a medium-term issue, and a possible long-term issue.”

When asked about India's relations with Russia given the no-limit partnership between Beijing and Moscow, Jaishankar said, “Because its relationship with Europe has been so severely disrupted, Russia is turning to Asia and other parts of the world. I would predict that Russia would make strenuous efforts to build alternative relationships, many of which will be in Asia. This would reflect in the economy and trade and perhaps in other domains as well. Russia-China would have a particular profile and particular salience in this. But I would say that our own relationship with Russia has been extremely steady since the 1950s.

If you look at the last 70 years of world politics, Jaishankar said there have been very big ups and downs in ties between Russia, the US, China, and Europe. “But the India-Russia relationship held very very stead. There is an understanding between the two countries. There is a kind of structural basis for our having to get along and wanting to get along. And we take great care to make sure the relations are working,” he said.

Asked about the limits of the US-India partnership, he said, “Rather than limits, I would put it as possibilities. Let's take a more optimistic view of how relationships work.” “My sense is that the United States is fundamentally readjusting to the world. It is doing so part of is long-term consequences of Iraq and Afghanistan. But that's only one part of it,” he said.

Jaishankar suggested that the US is adjusting to a multipolar world. “We will actually be looking at a world and probably entered that world where the United States is no longer in a way of saying, okay I basically… leave it at my allies. Quad itself is a demonstration of that,” he added.

Where India-US ties are concerned, the minister said the convergence today far outweighs the divergence. “I am no longer prepared to think that where are the limits but I think where are all the opportunities and how much we can step on the gas and take up forward,” he added.

Earlier on Tuesday, Jaishankar addressed the 78th UN General Assembly, and called on UN member states to resist “political convenience” in their responses to terrorism and violence, in an implicit criticism of Canada. He also said that respect for territorial integrity and non-interference in internal affairs must be universal.

Source: News18
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Uyghur Kids Separated from Parents

Posted By: Tarun Kumar Posted On: Sep 27, 2023

Uyghur children in China's Xinjiang province are being forcibly removed from their parents and sent to re-education camps styled as boarding schools where they are being raised as ‘orphans', Uyghur activists speaking to CNN-News18 said.

“Their parents are taken away to concentration camps and treated like prisoners. These kids are losing their identity and no one is talking to China except issuing statements,” a Uyghur activist said.

The Uyghur activist also noted that the United Nation expressed concern over the allegations of Xinjiang's state-run boarding school system where children are taught in Mandarin language and are being forced to adopt Han cultural practices.

“The UN statement is welcome but the UN is not clearly talking about concentration camps.

“We are deeply concerned that boarding schools in Xinjiang are teaching almost exclusively in the official language with little or no use of Uyghur as medium of instruction and that the separation of mainly Uyghur and other minority children from their families could lead to their forced assimilation into the majority Mandarin language and the adoption of Han cultural practices,” the UN experts said this week.

They flagged that forced separations and language policies for Uyghur children carry risk of forced assimilation. They pointed out that the discriminatory nature of the policy and the violation of minorities' right to education without discrimination, family life and cultural rights will adversely impact the growth of these children.

UN experts found out this week about large-scale removal of children, mainly Uyghur, from their families this week. Among those children, some of them were very young. The parents of these younger children are in exile or “interned”/detained.

These children are placed in full-time boarding schools, pre-schools, or orphanages where the medium of instruction is almost exclusively Mandarin.

“Uyghur and other minority children in highly regulated and controlled boarding institutions may have little interaction with their parents, extended family or communities for much of their youth,” the experts said

“This will inevitably lead to a loss of connection with their families and communities and undermine their ties to their cultural, religious and linguistic identities,” they further added.

The report also revealed that these children placed in these schools have little or no access to education in the Uyghur language. They face pressure to speak and learn only Mandarin as opposed to achieving bilingualism in both Uyghur and Mandarin. Teachers who may inadvertently use Mandarin as a medium of instruction are also sanctioned for using the language outside of specific language classes.

Source: News18
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Apple top executive says there is ‘nobody as good as Google in searching…’

Posted By: Tarun Kumar Posted On: Sep 27, 2023
WASHINGTON, DC - SEPTEMBER 26: Apple Senior Vice President for Services Eddy Cue arrives at the Prettyman U.S. Court House on September 26, 2023 in Washington, DC. Cue is testifying in the antitrust trial to determine if Alphabet Inc.'s Google maintains a monopoly in the online search business which is expected to last into November. Chip Somodevilla/Getty Images/AFP (Photo by CHIP SOMODEVILLA / GETTY IMAGES NORTH AMERICA / Getty Images via AFP) (Getty Images via AFP)

Top Apple executive defended the company's decision to set Google as the default search engine on its iPhone and Mac lineup noting that there was no ‘valid alternative’.

While testifying before a court in Washington DC, Apple's senior vice president of services Eddy Cue said that there is nobody as good as Apple in searching the internet.

He said, "I don't think there is anyone out there that is as good as Google in searching,"

"There wasn't a viable alternative to Google at that time. And going with any other was never something that we ever truly considered," the senior Apple executive added.

Why is Google being sued by the US Justice Department? 

Google is being sued by the US Justice Department over allegations that the tech giant smothered over the competition by paying companies like Apple, Verizon and others in order to make its search engine the first that users see when they open their devices, AP reported.

Google was first used as the default search engine in Apple's Safari browser back in 2002 and since then the deal has been revised many times, reported Bloomberg. Cue noted that the contract was last extended in 2021 after a case against Google was filed by the Justice Department.

Google has argued that it dominates the search engine market because it is better than the competition while noting that users have the option of switching to other search engines with a couple of clicks.

The antitrust case is the biggest suit brought by the Justice Department since the body targeted Microsoft's dominance over the Windows operating system around 25 years back. The case was first filed during the Trump Administration in 2020 and the trial began on September 12 at the US District Court in Washington DC.

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Godrej Properties Sells 670 Apartments Worth Rs 2

Posted By: Ramesh Sharma Posted On: Sep 26, 2023

Godrej Properties, the real estate development arm of the Godrej Group has sold 670 apartments worth over Rs 2,000 crore in its newly launched housing project located in Sector 146 of Noida, Uttar Pradesh. According to the company, the launch of Godrej Tropical Isle has been the most successful project in terms of sales volume and value. The project was started in August after the company won the land through an e-auction conducted by the Noida Authority in November last year.

Gaurav Pandey, the MD and CEO of Godrej Properties, said that Noida is an extremely important market for Godrej Properties and they will look further to strengthen the company's presence in the area in the coming years.

Sector 146 in Noida is a preferred residential area because of its strategic location close to social and commercial centres such as the Noida Special Economic Zone (SEZ), entertainment hubs and Film City. Along with this, it has good connectivity to different parts of Delhi, which makes it a perfect location for those who are looking for a residential property in Delhi-NCR.

Godrej Properties, on September 24 also bought 15 acres of land in Sector 103 of Gurugram, Haryana, for Rs 403 crore from Microtek Infratech.

Last year, in December, Godrej Properties acquired a nine-acre land parcel in Gurugram for a premium residential project. The real estate company is currently developing luxury homes at Golf Course Road in Gurugram with a revenue potential of Rs 3,100 crore.

Godrej Properties is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai, Bengaluru, Pune and other metropolitan regions for the development of residential projects. The company is expecting 14 per cent growth in sale bookings this fiscal year to a record Rs 14,000 crore.

According to company records, the total income of the first quarter of this fiscal has increased to Rs 1,265.98 crore from Rs 426.40 crore in the corresponding period of the previous year.

Source: News18
Related Posts: BUSINESS,GODREJ PROPERTIES,NEWS18-DISCOVER,PROPERTIES

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