Thursday, October 25, 2007File:Entrance of Disneyland Paris.jpg

Walt Disney Resorts in Paris, Hong Kong, and Tokyo will eliminate trans fats from all food served at the parks by 2009.

This move comes in addition to ridding foods of trans fats at Disneyland in California and Walt Disney World in Florida, by the end of this calendar year. The American parks began to take action a year ago, as a response to nutritionists. Healthier options such as low-fat milk and baby carrots have been added to the menu, to increase guest choices.

Disney Consumer Products has already licensed the company’s brands to healthy prepared food products in Canada, via Sobey’s grocery stores’ Compliments label, while Tesco supermarkets will start offering similar foods next month.

As concern over childhood obesity grows, many companies are taking steps to cleanup their act, and gain the trust of customers. Trans fats have been linked to coronary diseases.

Monday, August 27, 2012

London, England — As Paralympians ready for the Games which are set to open later this week, they have access to a world class fitness center inside the Paralympic Village which is designed to maximise their pre-Game preparations.

According to volunteers staffing the center, instead of being a single large room, as in Beijing, the building has numerous rooms. It, along with the adjacent Village Services Centre, is designed to be converted into a school after the games conclude. Rooms have been structured as a gym, an auditorium, and science laboratories.

Gym equipment is supplied by Technogym, an Italian firm that has supplied gym equipment for the Olympics since 2000. Equipment has been provided not just for for the Fitness Centre, but for gyms at all the Olympic venues. The newest equipment is oriented toward maximum flexibility, allowing athletes to exercise the particular muscles that they most require for their sport.

In addition to the equipment, the Fitness Centre also provides instructors trained in the use of the equipment, the likes of which athletes from many countries have never seen before. There are also a number of instructors available to provide motivational training.

A compilation of brief news reports for Monday, July 9, 2007.

On July 9, 2007, Sony Computer Entertainment America announced the release of an 80GB hard drive version of its PlayStation 3 video game console, priced at US$599.

Sony also announced a price drop to US$499 for its current 60GB model. Jack Tretton, Sony Entertainment America chief executive, said, “Our initial expectation is that sales should double at a minimum.”

Sources

• “Sony cuts Playstation price in US” — BBC News Online, July 9, 2007
• Scea. “Sony Computer Entertainment America Introduces New 80GB PLAYSTATION(R)3” — prnewswire, July 9, 2007

Nigerian gunmen have released three-year-old Margaret Hill, after holding her captive for four days. The toddler has since been reunited with her parents. She is reportedly in good health but covered with mosquito bites and also hungry, having not eaten recently.

The kidnappers had threatened to kill the toddler unless a ransom was paid or Mr. Hill came to take her place. The family claims no ransom was paid for her freedom. She was kidnapped from her car on July 5, on her way to school. Her driver was stabbed trying to protect Margaret.

Sources

• “Nigeria kidnappers free UK girl” — BBC News Online, July 8, 2007
• “Nigerian captors release British girl” — CNN, July 8, 2007

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”.

Thursday, November 29, 2007

President Pervez Musharraf of Pakistan gave up his uniform in a ceremony yesterday in Rawalpindi. He handed power over to General Ashfaq Parvez Kayani at the headquarters of the Pakistani Army, after being the leader of the army for nine years.

In his final address as leader of the army, he said that the army was the saviour of Pakistan and that the army was his life. He also expressed his pride in being the leader of what he called a “great force.”

Musharraf had been under a lot of pressure to quit as army chief, since the country was put into the spotlight as a result of a state of emergency being declared. He is expected to be sworn in as the civilian president of Pakistan on Thursday.

Both the opposition leader, Benazir Bhutto, and the US secretary of state, Condoleezza Rice, welcomed the change of duties. However, Bhutto indicated her party may not be prepared to accept Musharraf in his new non-military leadership role. Condoleezza Rice requested the state of emergency be lifted before the planned elections, which are due to take place in January.

Musharraf said General Kayani was “an excellent soldier” and that “the armed forces under his command will achieve great heights.”

General Kayani was named as the successor to Musharraf in October, before the state of emergency was declared in early November.

Wednesday, July 13, 2005

A nurse from Sunderland in the United Kingdom superglued her (now former) boyfriend’s eyes shut when he would not stop paying attention to swimsuit clad women while the two were on holiday in Malta.

After an argument, the boyfriend, Disc Jockey Lee Scullion (31), went for an afternoon nap in their hotel room. When he woke up, he discovered that he could not open his eyes and that his watch was glued to his wrist. Glue was also smothered over his lips and nose as well as on his eyelids. In addition, his girlfriend Laura Dunn (26) is reported to have smashed Lee’s £650 ($1,128.47 US) digital camera, while he is said to have burned her passport.

Laura Dunn, who is currently working in a care home, said “he wouldn’t give me the attention I deserved” and that she “decided to teach him a lesson to remind him not to look at other women.” She also said she hoped her career would not be affected by the fight.

Thursday, September 20, 2007

The U.S. economy and its currency as an instrument of world trade has suffered a series of major setbacks in recent months. Some analysts say that the Federal Reserve‘s September 18^th dramatic rate cut to 4.75% from 5.25% may be a case of “too little, too late”, or that it was excessive and dooms the dollar.

Today, Saudi officials declined to cut interest rates in lockstep with the US Federal Reserve for the first time in decades. According to Ambrose Evans-Pritchard, International Business Editor for The Daily Telegraph, “it’s a signal that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.”

Hans Redeker, the Currency Chief at BNP Paribas, also stated today that Saudi Arabia’s move to not adjust their own interest rates in sync with the Fed’s cuts is a very dangerous situation for the US dollar. Redeker points out that “Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States.”

Saudi central bank officials said that “appropriate measures” would be taken to stop the large capital inflows into the country. The Federal Reserve’s half-point rate cut has already caused a plunge in the world dollar index to a fifteen-year low, reaching the weakest level ever against the Euro at just under $1.40.

The Fed hopes that by making it cheaper to borrow, people will start spending and investing more. However, some analysts fear the cut will worsen inflation, making it harder to get personal loans, and further decrease confidence in the dollar around the world. There are already signs that global investors have started rejecting U.S. Treasury securities, and recent U.S. government data on foreign holdings show a decline in purchases of US securities from $97bn to just $19bn in July.

In response to Ben Bernanke‘s statements today about a potential mortgage and housing market crisis, CNN anchor Wolf Blitzer said, “If adjustable mortgage rates go up, people may not be able to afford their mortgage payments.” Former Federal Reserve chief Alan Greenspan said earlier this week that housing prices may fall by “double digits” as the subprime crisis bites harder, prompting households to cut back sharply on spending.

Jim Rogers, the economic commentator and former partner of George Soros, stated, “If Ben Bernanke starts running those printing presses even faster than he’s already doing, we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems.”

In recent months, the U.S. dollar has taken several other significant hits including Kuwait’s decision in May to also break its dollar peg, and threats by China to interfere with the U.S. economy, calling it their nation’s “nuclear option”. According to public sources, the Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions that seek to force a Yuan revaluation.