One of the most harrowing experiences faced by Chinese citizens during the evacuation process was the presence of anti-aircraft gunfire in the vicinity of the green corridor. The sound of gunfire and explosions reverberated through the air, creating a sense of fear and uncertainty among the evacuees. Despite the dangers posed by the ongoing conflict, the Chinese citizens remained steadfast and resolute in their determination to reach safety.The Tier 2 Capital Bonds, which are non-convertible subordinated debt securities, were highly sought after by institutional and retail investors, reflecting strong market demand for SPDB Bank's securities. The issuance was oversubscribed, demonstrating investors' confidence in the bank's financial strength and future prospects.
Roblox just launched its own Discord competitorHisense's statement emphasized that, as a responsible employer, the company values its employees as one of its most important assets. Hisense expressed gratitude for the hard work and dedication of its staff and reaffirmed its dedication to providing a positive and secure working environment for all employees.
Chinese concept stocks party all night long, Golden Dragon Index surges by 8.5%, market sentiment soarsThe English Premier League has announced that Anthony Taylor will be the referee for this weekend's highly anticipated Manchester Derby between Manchester City and Manchester United. This decision has sparked a lot of interest and discussion among football fans and pundits alike, as Taylor's appointment is seen as a crucial element in ensuring a fair and well-officiated match between the two rivals.
The power plant that is Jack Ma and Fan Luyuan's partnership is not without its challenges and controversies. With Alibaba's rapid growth and expanding reach, the company has faced scrutiny over issues such as customer data privacy, counterfeit products, and market dominance. Despite these challenges, Jack Ma and Fan Luyuan remain steadfast in their commitment to driving innovation and creating value for customers.Trump names David Sacks as White House AI and crypto czar
PRATTVILLE, Ala. (AP) — A federal judge has ordered an Alabama city to allow an LGBTQ+ pride group to participate in the city's Christmas parade on Friday, after the mayor initially blocked the group from the annual event citing unspecified “safety concerns.” Read this article for free: Already have an account? To continue reading, please subscribe: * PRATTVILLE, Ala. (AP) — A federal judge has ordered an Alabama city to allow an LGBTQ+ pride group to participate in the city's Christmas parade on Friday, after the mayor initially blocked the group from the annual event citing unspecified “safety concerns.” Read unlimited articles for free today: Already have an account? PRATTVILLE, Ala. (AP) — A federal judge has ordered an Alabama city to allow an LGBTQ+ pride group to participate in the city’s Christmas parade on Friday, after the mayor initially blocked the group from the annual event citing unspecified “safety concerns.” U.S. District Judge R. Austin Huffaker Jr. ruled that the City of Prattville violated Prattville Pride’s First Amendment right to free speech and 14th Amendment right to equal protection under the law when it banned the group from running a float in the annual Christmas parade one day before the event was set to take place. “The City removed Prattville Pride from the parade based on its belief that certain members of the public who oppose Prattville Pride, and what is stands for, would react in a disruptive way. But discrimination based on a message’s content ‘cannot be tolerated under the First Amendment,’ ” Huffaker wrote in his opinion. The ruling required the city to provide at least two police officers to escort the float throughout the parade. On Thursday, Prattville Pride requested additional security measures from law enforcement. In response, Mayor Bill Gillespie Jr released a statement banning the group from the parade altogether, citing “serious safety concerns.” Huffaker’s ruling said that, leading up to the event, some community members “voiced vehement opposition” to the group’s inclusion in the parade, but that “the City has presented no evidence of legitimate, true threats of physical violence.” Gillespie’s office referred to a statement posted on the city’s social media in response to a request for comment. “The City respects the ruling of the Court and will comply with its order. The safety of everyone involved with the parade is a priority,” city officials said in a statement on social media. Prattville Pride celebrated the ruling on social media. “The Christmas parade is a cherished holiday tradition, and we are excited to celebrate alongside our neighbors and friends in the spirit of love, joy, and unity,” the group wrote. Prattville is a small city of about 40,000 people, just north of the capital of Montgomery. AdvertisementThe gunman, a term often used to describe a prolific goalscorer, is looking to bolster his team's midfield firepower by bringing in a player who can provide creativity, vision, and goal-scoring ability from the center of the pitch. And the Brazilian star in question fits the bill perfectly.The indictment wiped out US$27 billion in market value in the listed companies under the Adani Group umbrella when it was first announced. SINGAPORE - Indian billionaire Gautam Adani is one of the world’s richest people, heading the country’s largest conglomerate Adani Group, which in 2020 won a bid to supply eight gigawatts of electricity to a state-owned firm through its renewable energy arm, Adani Green Energy. That deal was what Adani called the single largest solar development bid ever awarded. But all this was called into question when US prosecutors alleged a bribery scheme in criminal and civil charges related to the bid, unsealed on Nov 20. US prosecutors alleged that Mr Adani and seven others, including his nephew, promised to pay bribes to Indian government officials to win solar energy contracts. The bribes are said to be over US$250 million (S$336.5 million) for solar contracts worth an estimated US$2 billion over 20 years. The prosecutors alleged that this plan was concealed as the group tried to raise money from US investors. The Adani Group denied the charge, saying the allegations were “baseless”. It said it will seek all possible legal recourse to defend itself. The indictment wiped out US$27 billion in market value in the listed companies under the Adani Group umbrella when it was first announced. The group has businesses spanning ports, airports, manufacturing and energy. The saga has hit the global financial sector, affecting businesses like French oil firm TotalEnergies, which holds a stake in Adani Green Energy, as well as some 770 environmental, social and governance (ESG) funds that hold its shares. Could lenders and investors have been forewarned of the crisis? What implications does it have on the financial sector here? How will the Adani indictment impact investors and banks? Investors exposed to Adani’s listed companies could feel a financial pinch if the shares lose market value as a result of reputational damage, said corporate governance expert Lawrence Loh. Professor Loh is the director for the centre of governance and sustainability at the National University of Singapore (NUS). Adani Group saw some of its bonds being put on watch for a possible downgrade by ratings agency Fitch, Reuters reported on Nov 26. Fitch said Adani Energy Solutions, Adani Electricity Mumbai and some of Adani Ports and Special Economic Zone rupee and dollar bonds are now on “watch negative”. Ratings on four Adani subsidiary senior unsecured US dollar bonds were downgraded from stable to negative, the agency added. Governance advocate Professor Mak Yuen Teen of the NUS said banks that might have lent money to Adani companies run the risk of these firms being unable to service their loans due to loss of business or loss of access to capital. It is unlikely the credit ratings of banks would be affected unless they have big exposures, he added. But 770 ESG funds that hold Adani Green shares could see their holdings affected. According to Bloomberg, these funds oversee about US$400 billion and some of them are managed by the world’s largest asset managers. ESG funds are investment funds that focus on companies that meet specific ESG criteria. ESG fund managers are expected to take extra measures to protect clients from risks. Such funds are also available to investors in Singapore. Prof Mak said: “It is unfortunate that this case may be cited by opponents of ESG-investing to further push back against such investing.” He noted that Adani Green was doing rather well in most ESG ratings and that was why it was included as a component in many of such funds. “The problem with ESG ratings is that by combining the E, S and G in one rating, poor corporate governance may be overshadowed by a company’s scores for other aspects – in Adani Green’s case, the ‘environment’ aspect,” he added. “This is yet another example of why an assessment of a company’s sustainability must start with governance first... poor governance may ultimately still cause a company’s value to be destroyed.” Prof Loh said: “The Adani case serves as yet another key lesson in the authenticity of ESG funds and the need for better global investment regulatory enforcement and coordination.” How does this affect Singapore? So far, the local banking sector’s overall exposure to Adani Group is small, according to a Nov 25 statement by the Monetary Authority of Singapore. Adani Group runs an edible oil and food business in India through a joint venture with Singapore-listed Wilmar International. Shares of Adani Wilmar, which is listed in India, have fallen since the indictment on Nov 20. When contacted, Wilmar International declined to comment. Aletheia Capital analyst Nirgunan Tiruchelvam is already reinforcing his sell recommendation on Wilmar International. Wilmar International holds a 50 per cent stake in the Adani Wilmar joint venture, with Adani Enterprises holding the other 50 per cent. Mr Tiruchelvam noted that the two companies were planning to sell a minority stake in Adani Wilmar to comply with Indian securities laws. “The sale would have involved selling a roughly 13 per cent interest in the company, which would have been valued at about US$736 million. The recent controversy may complicate and delay these plans,” he noted in a Nov 26 report. It was reported in October 2022 that Adani was in early discussions with investors that included Temasek and Singapore sovereign wealth fund GIC to raise at least US$10 billion to fund Adani Group’s expansion into clean energy, ports and cement businesses. Temasek has since let go of its positions in Adani. GIC declined to comment when contacted by ST. How can investors avoid a fallout from similar incidents in the future? Experts said the Adani case serves as a wake-up call to the finance sector and should prompt financial institutions to reassess their risk evaluation frameworks. This is especially relevant to Singapore as a major Asian financial hub with significant exposure to emerging market investments, said Associate Professor Ben Charoenwong from Insead Singapore. He said the finance sector can strengthen due diligence processes by integrating research with macro views, to understand underlying governance structures. It can also develop an ESG evaluation framework that gives enough weight to governance factors, as well-governed firms usually deliver good performance for investors, as well as less negative social and environmental outcomes. “Third, enhance cross-border cooperation in regulatory oversight. Given Singapore’s position as a global financial hub, taking the lead in developing stronger international governance standards could be beneficial for the entire sector,” he said. Companies should be aware of the “herding mentality” whereby firms might feel that a very large company like Adani cannot possibly get into trouble. This mentality can be strengthened by the pressure on companies to engage in the green economy, he said. “Moreover, as investors herd into the company, other foreign investors who may have less information are also less likely to go through their own costly due diligence process and instead follow the herd,” he said. He noted that there were already negative reports about Adani group business practices. “It’s akin to finding a hair in your soup. While one instance might not be immediately harmful or ruin that dish’s taste, it raises questions about the entire kitchen’s operations overall,” he said. Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now