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British Columbia’s new health minister says she’s aiming for more treatment beds and fewer deaths in a revamped approach to the province’s drug overdose crisis. It comes after David Eby’s newly elected government eliminated the stand-alone Ministry of Mental Health and Addictions, which advocates say had no “teeth.” The former ministry was created in 2017 to provide co-ordinated responses to the toxic drug crisis, which has killed more than 15,000 people in the past eight years, but it has now been absorbed into the Health Ministry. “Certainly, I really do think the time is right to fold the ministry back into the Ministry of Health,” said Josie Osborne, who was appointed health minister last week, replacing former minister Adrian Dix. “I think we’re in a much better position to expedite action and decision making,” Osborne said in an interview. “Now is the time to bring that together. The premier’s been very clear he expects an all-of-government approach to this.” The B.C. Coroners Service says 1,749 people have died of toxic drug overdoses so far this year. Last year the service reported 2,551 overdose deaths, the most ever recorded in a single year in the province. “We are going to do everything possible that we can to reduce the number of deaths and the impacts on people and families,” Osborne said. “This is one of the toughest challenges our government, our society, that B.C. faces and one of our government’s top priorities. The key here is helping people and doing everything we can from all different approaches to reduce the number of deaths and to help people recover and be well.” B.C. drug policy advocates who are calling on the government to support more safe supply and drug decriminalization policy initiatives say they will watch for signs that the changes, and Osborne’s appointment, result in shifts in direction and approaches. “It’s good because the Ministry of Mental Health and Addictions wasn’t ever really set up to succeed,” said DJ Larkin, executive director of the Canadian Drug Policy Coalition and an adjunct professor at the faculty of health sciences at Simon Fraser University. “It didn’t have the budget or the authority to do what needed to happen and it set expectations they couldn’t meet,” Larkin said. “It didn’t have the teeth. That sets up people for disappointment because they gather the data. They get the expert input. They get the ideas but they didn’t have the teeth to make it happen.” Leslie McBain, co-founder of Moms Stop the Harm, a harm-reduction advocacy group, said she’s looking forward to the ministry change because “we have not got very far in terms of the toxic drug crisis.” She said she believed the Ministry of Mental Health and Addictions was “a little bit hooped,” because it fell under the health ministry but had little power. “I’m optimistic now, of course,” said McBain. “I think change is better than being stuck in a place where there hasn’t been great movement. These seven or eight years we’ve been waiting for things to improve and they have not. So, with a change, there’s hope.” But Larkin and McBain, whose son Jordan died of an overdose more than a decade ago, say they will continue to push Osborne and the NDP government to support efforts to back decriminalization and safe supply efforts. The government flatly rejected calls from the province’s chief coroner Lisa Lapointe earlier this year to provide non-prescription access to controlled drugs. It also rolled back a decriminalization pilot project after political and public outcry over open drug use. “Decriminalization has been basically gutted by the premier,” McBain said. “It needs to be strengthened rather than gutted for people to be able to use drugs safely.” Larkin said advocates intend to push Osborne and the government to continue to initiate policy reform towards more decriminalization of drugs. “There are hundreds and hundreds of thousands of people every year who use unregulated drugs. That is the source of this problem. If we want to save heath care dollars, policing dollars and reinvest in communities we need to deal with the unregulated drug supply, and that means changing the law,” Larkin said. Osborne acknowledged the issues of decriminalization, safe supply and involuntary care, but said as a new minister she is looking to address the overdose crisis by reaching out to agencies, communities and people. “Right now what’s ahead of me is learning about and listening to people, communities and all the agencies and organizations to understand the real on-the-ground impacts of different approaches to this,” she said.
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Historian and author Dr Clare Wright’s award-winning work is about righting the wrongs of Australian history. Across three books she takes a historical artefact and uses it to understand the voices that are too often missing from the historical record: the Eureka flag, the suffragette banner, and now the Bark Petitions. This week, Michael sits down with Clare for a conversation about her new book . , Clare Wright, 2014 , Clare Wright, 2018 , Clare Wright, 2024 , Helen Garner, 2024 You can find these books and all the others we mentioned at your favourite independent book store. Stay in touch with on and Clare WrightGautam Adani, one of Asia’s top billionaires, is embroiled in an alleged bribery conspiracy and faces a firestorm of legal action from US to India, the most urgent of which could be a piling up of investor lawsuits, say lawyers. With criminal charges or action by the Securities and Exchange Commission, it’s very common that, within hours sometimes, investor lawsuits start pouring in, said William Devaney, partner at international law firm Baker & McKenzie LLP and a former federal prosecutor. “They tend to play out for years and often end up in settlements,” he added. From Avon to Petroleo Brasileiro SA, or Petrobras, companies have paid from a few million dollars to as much as $3 billion to settle securities suits under the US Foreign Corrupt Practices Act that claim financial loss due to material misstatement or breach of fiduciary duties. This and the civil action by SEC are likely to present more urgent liabilities for Adani than the criminal case. 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Without that the criminal case goes on hold but the defendant (Adani) becomes a “prisoner of his own country,” as he can be arrested outside India on an Interpol red notice that typically follows such charges, Devaney said. The SEC civil action can only result in monetary penalties and a ban on serving as officer or director of a US publicly traded company. There is also scope for a settlement. The US cases could also spark investigations in India. Irrespective of what the US authorities do, any Indian authority can investigate the matter if they so deem fit, said Sidharth Luthra, senior advocate and a former government lawyer. In the past, cases filed under foreign corruption laws against Indian entities have generated prosecutions by the Central Bureau of Investigation, Luthra said. These include Xerox Modicorp and De-Nocil Crop Protection. A corruption conviction could result in jail time. India’s securities regulator is also examining if Adani failed to make adequate disclosure of the US investigation against him. A violation of the disclosure rules can result in monetary penalties to board bans and restrictions on access to capital markets, depending on whether it was an omission or an effort to conceal. Here too a settlement is possible depending on the nature of the infraction. According to lawyers including Devaney, the timing of Adani’s indictment suggests the US Department of Justice might have been racing the end of the Biden administration. The new Trump administration has the power to seek dismissal of these charges, he said in a nod to speculation that the Trump-Modi relationship may spare Adani the blushes. But, even in a new administration, it would be extraordinary if these very serious charges which are now public just disappeared, Devaney said. (You can now subscribe to our Economic Times WhatsApp channel )
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Ceramic Matrix Composites Market Expands with Growing Applications in Aerospace and Defense 11-22-2024 06:23 PM CET | Advertising, Media Consulting, Marketing Research Press release from: Data Bridge Market Research Ceramic Matrix Composites Market Size And Forecast by 2031 Data Bridge Market Research analyses that the Global Ceramic Matrix Composites Market which was USD 3.73 Million in 2023 is expected to reach USD 7.81 Billion by 2031 and is expected to undergo a CAGR of 9.68% during the forecast period of 2023 to 2031 Ceramic Matrix Composites Market research report provides a comprehensive analysis of the market. The report aims to provide insights into Ceramic Matrix Composites Market trends, growth opportunities, key drivers and challenges, competitive landscape, and other crucial factors that may impact the market in the forecast period (2024-2031). Get a Sample PDF of Report - https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-ceramic-matrix-composites-market Which are the top companies operating in the Ceramic Matrix Composites Market? The study report on the Global Ceramic Matrix Composites Market offers a comprehensive analysis of the industry, highlighting key trends, market dynamics, and competitive landscape. It profiles prominent organizations operating in the market, examining their successful strategies and market share contributions. This Ceramic Matrix Composites Market report provides the information of the Top 10 Companies in Ceramic Matrix Composites Market in the market their business strategy, financial situation etc. **Segments** - **Type:** The ceramic matrix composites market can be segmented based on type into oxide/oxide, SiC/SiC, carbon/carbon, and others. Among these, the SiC/SiC segment is expected to witness significant growth due to its superior properties such as high strength, high thermal conductivity, and excellent oxidation resistance. - **End-Use Industry:** The market can also be segmented by end-use industry, including aerospace, defense, automotive, energy & power, and others. The aerospace sector is a major consumer of ceramic matrix composites due to the need for lightweight and high-performance materials in aircraft manufacturing. This segment is projected to dominate the market during the forecast period. - **Region:** Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is anticipated to be the fastest-growing region, driven by the increasing demand for ceramic matrix composites in industries such as aerospace, automotive, and energy. Countries like China and India are investing significantly in infrastructure development, contributing to the market growth. **Market Players** - **GE Aviation:** A key player in the global ceramic matrix composites market, GE Aviation offers a range of products catering to the aerospace and defense industries. The company's technological advancements and focus on innovation have helped it maintain a strong position in the market. - **Kyocera Corporation:** Kyocera Corporation is another prominent player known for its diversified product portfolio in the ceramic matrix composites space. The company's emphasis on research and development activities has enabled it to introduce cutting-edge solutions to meet industry demands. - **COI Ceramics, Inc.:** Specializing in advanced materials, COI Ceramics, Inc. is a significant contributor to the ceramic matrix composites market. The company's expertise in developing custom solutions for various end-use industries has garnered it a loyal customer base. - **SGL Carbon:** SGL Carbon is a globalSGL Carbon is a key player in the ceramic matrix composites market, known for its comprehensive product portfolio and commitment to sustainability. The company has a strong presence in the aerospace and automotive sectors, offering high-performance materials that meet the stringent requirements of these industries. SGL Carbon's focus on research and development has allowed it to continuously innovate and develop cutting-edge solutions that address the evolving needs of customers. The company's emphasis on sustainability and environmental responsibility has also positioned it as a preferred supplier for customers looking for eco-friendly alternatives in the composite materials market. In terms of market strategy, SGL Carbon has been proactive in expanding its market presence through partnerships, collaborations, and strategic acquisitions. By forging alliances with key industry players and investing in new technologies, the company has been able to strengthen its foothold in the global ceramic matrix composites market. Additionally, SGL Carbon has been focusing on enhancing its manufacturing capabilities and operational efficiency to meet the growing demand for high-quality composite materials. One of the key strengths of SGL Carbon lies in its vertical integration, which enables the company to have greater control over the entire value chain, from raw material sourcing to finished product delivery. This vertical integration strategy not only ensures consistent product quality but also enhances cost efficiency, allowing SGL Carbon to remain competitive in the market. Furthermore, the company's strong emphasis on customer service and after-sales support has helped build long-lasting partnerships with clients, further solidifying its position as a trusted supplier in the ceramic matrix composites industry. Looking ahead, SGL Carbon is well-positioned to capitalize on the growing demand for lightweight and high-performance materials in key end-use industries such as aerospace, defense, automotive, and energy. By leveraging its technological expertise, market knowledge, and sustainable practices, the company is poised to drive innovation and shape the future of the ceramic matrix composites market. With a strong focus on customer satisfaction and continuous improvement, SGL Carbon is set to maintain its leadership position and achieve sustainable growth in the dynamic market landscape**Market Players:** - General Electric (U.S.) - Rolls-Royce plc (U.K.) - SGL Carbon (Germany) - COIC (U.S.) - LANCER SYSTEMS (U.S.) - CoorsTek Inc. (U.S.) - Applied Thin Films Inc. (U.S.) - Ultramet (U.S.) - CFCCARBON CO, LTD. (China) - GrafTech International (U.S.) - Precision Castparts Corp (U.S.) - Zircar Zirconia, Inc. (U.S.) - Plasan North America (U.S.) - Touchstone Research Laboratory (U.S.) - Axiom Materials (U.S.) - UBE Corporation (Japan) - KYOCERA Corporation (Japan) - CLARIANT (Switzerland) The global ceramic matrix composites market is poised for significant growth, driven by increasing demand from key industries such as aerospace, defense, automotive, and energy. The market segments based on type, end-use industry, and region offer insights into the factors influencing market dynamics. The SiC/SiC segment is expected to witness substantial growth due to its exceptional properties, with the aerospace sector projected to dominate the market during the forecast period. Geographically, Asia Pacific is anticipated to be the fastest-growing region, fueled by the rising demand for ceramic matrix composites in critical industries and infrastructure development in countries like China and India. SGL Carbon stands out as a key player in the Explore Further Details about This Research Ceramic Matrix Composites Market Report https://www.databridgemarketresearch.com/reports/global-ceramic-matrix-composites-market Regional Analysis For Ceramic Matrix Composites Market North America (the United States, Canada, and Mexico) Europe (Germany, France, UK, Russia, and Italy) Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) South America (Brazil, Argentina, Colombia, etc.) The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa) Why B2B Companies Worldwide Rely on us to Grow and Sustain Revenues: Get a clear understanding of the Ceramic Matrix Composites Market, how it operates, and the various stages of the value chain. Understand the current market situation and future growth potential of the Ceramic Matrix Composites Market throughout the forecast period. Strategize marketing, market-entry, market expansion, and other business plans by understanding factors influencing growth in the market and purchase decisions of buyers. Understand your competitors' business structures, strategies, and prospects, and respond accordingly. Make more informed business decisions with the help of insightful primary and secondary research sources. This report provides Global Ceramic Matrix Composites Market : An in-depth overview of the global market for Ceramic Matrix Composites Market Assessment of the global industry trends, historical data from 2015, projections for the coming years, and anticipation of compound annual growth rates (CAGRs) by the end of the forecast period. Discoveries of new market prospects and targeted marketing methodologies for Global Ceramic Matrix Composites Market Discussion of R&D, and the demand for new products launches and applications. Wide-ranging company profiles of leading participants in the industry. The composition of the market, in terms of dynamic molecule types and targets, underlining the major industry resources and players. The growth in patient epidemiology and market revenue for the market globally and across the key players and Ceramic Matrix Composites Market segments. Study the market in terms of generic and premium product revenue. Determine commercial opportunities in the market sales scenario by analyzing trends in authorizing and co-development deals. Related More Reports: https://dbmrnews928732.blogspot.com/2024/11/giant-cell-arteritis-drug-market.html https://dbmrnews928732.blogspot.com/2024/11/hard-coffee-market-rising-trend-in.html https://dbmrnews928732.blogspot.com/2024/11/horticulture-lighting-market-boosting.html https://dbmrnews928732.blogspot.com/2024/11/hydrogen-storage-market-innovations.html Contact Us: - Data Bridge Market Research US: +1 888 387 2818 United Kingdom: +44 208 089 1725 Hong Kong: +852 8192 7475 Email: - sopan.gedam@databridgemarketresearch.com About Data Bridge Market Research: An absolute way to predict what the future holds is to understand the current trend! Data Bridge Market Research presented itself as an unconventional and neoteric market research and consulting firm with an unparalleled level of resilience and integrated approaches. We are committed to uncovering the best market opportunities and nurturing effective information for your business to thrive in the marketplace. Data Bridge strives to provide appropriate solutions to complex business challenges and initiates an effortless decision-making process. Data Bridge is a set of pure wisdom and experience that was formulated and framed in 2015 in Pune. Data Bridge Market Research has more than 500 analysts working in different industries. We have served more than 40% of the Fortune 500 companies globally and have a network of more than 5,000 clients worldwide. Data Bridge is an expert in creating satisfied customers who trust our services and trust our hard work with certainty. We are pleased with our glorious 99.9% customer satisfaction rating. This release was published on openPR.
NATO head and Trump meet in Florida for talks on global securityBoxing Day shopper footfall was down 7.9% from last year across all UK retail destinations up until 5pm, MRI Software’s OnLocation Footfall Index found. However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first “proper Christmas” period without Covid-19 pandemic restrictions, an analyst at the retail technology company said. It found £4.6 billion will be spent overall on the festive sales. Before the pandemic the number of Boxing Day shoppers on the streets had been declining year on year. The last uplift recorded by MRI was in 2015. Jenni Matthews, marketing and insights director at MRI Software, told the PA news agency: “We’ve got to bear in mind that (last year) was our first proper Christmas without any (Covid-19) restrictions or limitations. “Figures have come out that things have stabilised, we’re almost back to what we saw pre-pandemic.” There were year-on-year declines in footfall anywhere between 5% and 12% before Covid-19 restrictions, she said. MRI found 12% fewer people were out shopping on Boxing Day in 2019 than in 2018, and there were 3% fewer in 2018 than in 2017, Ms Matthews added. She said: “It’s the shift to online shopping, it’s the convenience, you’ve got the family days that take place on Christmas Day and Boxing Day.” People are also increasingly stocking-up before Christmas, Ms Matthews said, and MRI found an 18% increase in footfall at all UK retail destinations on Christmas Eve this year compared with 2023. Ms Matthews said: “We see the shops are full of people all the way up to Christmas Eve, so they’ve probably got a couple of good days of food, goodies, everything that they need, and they don’t really need to go out again until later on in that week. “We did see that big boost on Christmas Eve. It looks like shoppers may have concentrated much of their spending in that pre-Christmas rush.” Many online sales kicked off between December 23 and the night of Christmas Day and “a lot of people would have grabbed those bargains from the comfort of their own home”, she said. She added: “I feel like it’s becoming more and more common that people are grabbing the bargains pre-Christmas.” Footfall is expected to rise on December 27 as people emerge from family visits and shops re-open, including Next, Marks and Spencer and John Lewis that all shut for Boxing Day. It will also be payday for some as it is the last Friday of the month. A study by Barclays Consumer Spend had forecast that shoppers would spend £236 each on average in the Boxing Day sales this year, but that the majority of purchases would be made online. Nearly half of respondents said the cost-of-living crisis will affect their post-Christmas shopping but the forecast average spend is still £50 more per person than it was before the pandemic, with some of that figure because of inflation, Barclays said. Amid the financial pressures, many people are planning to buy practical, perishable and essential items such as food and kitchenware. A total of 65% of shoppers are expecting to spend the majority of their sales budget online. Last year, Barclays found 63.9% of Boxing Day retail purchases were made online. However, a quarter of respondents aim to spend mostly in store – an 11% rise compared with last year. Karen Johnson, head of retail at Barclays, said: “Despite the ongoing cost-of-living pressures, it is encouraging to hear that consumers will be actively participating in the post-Christmas sales. “This year, we’re likely to see a shift towards practicality and sustainability, with more shoppers looking to bag bargains on kitchen appliances and second-hand goods.” Consumers choose in-store shopping largely because they enjoy the social aspect and touching items before they buy, Barclays said, adding that high streets and shopping centres are the most popular destinations.FROGE, the meme coin turned cultural phenomenon, soars to new heights with OpenAI livestream Easter eggs and a thriving ecosystem. New York, NY, Dec. 26, 2024 (GLOBE NEWSWIRE) -- FROGE, the community-driven meme coin, is experiencing a meteoric rise in popularity following its unexpected inclusion in OpenAI's #OpenAI12Days livestream series. The livestreams, which launched earlier this month, have featured FROGE-themed Easter eggs that have captivated audiences worldwide, igniting a frenzy of interest among crypto enthusiasts and beyond. In just 24 hours after the livestream series debuted, FROGE's market cap surged to unprecedented heights, reaching new all-time highs. This surge highlights the growing influence of the project, which combines the charm of meme culture with the power of blockchain innovation. A Spotlight Moment with OpenAI This isn't the first time FROGE has captured the public's imagination. Last year, FROGE imagery was spotted on the laptop of one of OpenAI's co-founders in a New York Times feature, marking the project as an underground favorite within tech circles. Now, with its Easter egg appearances in OpenAI's livestream series, FROGE is cementing its role as a cultural touchstone in both the crypto and AI communities. The livestreams, set to conclude on December 20th, have provided an unprecedented platform for FROGE to showcase its creativity and community-driven ethos. As viewers hunt for Easter eggs, the project has gained momentum, attracting attention from new investors, developers, and enthusiasts alike. More Than a Meme Coin While FROGE embraces its playful, meme-driven origins, the project is much more than a passing trend. Its robust ecosystem already includes: The Power of Community-Driven Projects FROGE's rise is a testament to the creative potential of community-driven cryptocurrency initiatives. By merging blockchain innovation with cultural relevance, FROGE has carved out a unique space in the crypto world. As the unofficial official mascot of OpenAI's livestream series, FROGE embodies the convergence of AI, meme culture, and decentralized finance. Join the Movement As the #OpenAI12Days livestreams continue to spark excitement, the FROGE community is buzzing with anticipation for what's next. With its rich history, vibrant community, and ambitious roadmap, FROGE is proving that meme coins can be both fun and impactful. For more information about FROGE and its growing ecosystem, visit https://froge.vip/ . Join the conversation on Twitter at https://x.com/frogevip or connect with the community on Telegram at https://t.me/frogevipportal . About FROGE FROGE is a community-driven cryptocurrency project that blends the creativity of meme culture with the power of blockchain technology. With a thriving ecosystem and a focus on innovation, FROGE is redefining what it means to be a meme coin in today's rapidly evolving crypto landscape. Website | Twitter | Telegram | Reddit | DEXTools | Medium | YouTube | NFT Collection https://froge.vip/ Disclaimer: The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing in or trading securities and cryptocurrency . CONTACT: Sam Mcglone FROGE Team(at)froge.vipThe slump in the number of people heading to the shops during Boxing Day sales signals a return to declining pre-pandemic levels, an analyst has said. Boxing Day shopper footfall was down 7.9% from last year across all UK retail destinations up until 5pm, MRI Software’s OnLocation Footfall Index found. However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first “proper Christmas” period without Covid-19 pandemic restrictions, an analyst at the retail technology company said. It found £4.6 billion will be spent overall on the festive sales. Jenni Matthews, marketing and insights director at MRI Software, told the PA news agency: “We’ve got to bear in mind that (last year) was our first proper Christmas without any (Covid-19) restrictions or limitations. “Figures have come out that things have stabilised, we’re almost back to what we saw pre-pandemic.” There were year-on-year declines in footfall anywhere between 5% and 12% before Covid-19 restrictions, she said. MRI found 12% fewer people were out shopping on Boxing Day in 2019 than in 2018, and there were 3% fewer in 2018 than in 2017, Ms Matthews added. People are also increasingly stocking-up before Christmas, Ms Matthews said, and MRI found an 18% increase in footfall at all UK retail destinations on Christmas Eve this year compared with 2023. Ms Matthews said: “We see the shops are full of people all the way up to Christmas Eve, so they’ve probably got a couple of good days of food, goodies, everything that they need, and they don’t really need to go out again until later on in that week. “We did see that big boost on Christmas Eve. It looks like shoppers may have concentrated much of their spending in that pre-Christmas rush.” Many online sales kicked off between December 23 and the night of Christmas Day and “a lot of people would have grabbed those bargains from the comfort of their own home”, she said. Footfall is expected to rise on December 27 as people emerge from family visits and shops re-open, including Next, Marks and Spencer and John Lewis that all shut for Boxing Day. It will also be payday for some as it is the last Friday of the month. A study by Barclays Consumer Spend had forecast that shoppers would spend £236 each on average in the Boxing Day sales this year, but that the majority of purchases would be made online. Nearly half of respondents said the cost-of-living crisis will affect their post-Christmas shopping but the forecast average spend is still £50 more per person than it was before the pandemic, with some of that figure because of inflation, Barclays said. A total of 65% of shoppers are expecting to spend the majority of their sales budget online. Last year, Barclays found 63.9% of Boxing Day retail purchases were made online. However, a quarter of respondents aim to spend mostly in store – an 11% rise compared with last year. Karen Johnson, head of retail at Barclays, said: “Despite the ongoing cost-of-living pressures, it is encouraging to hear that consumers will be actively participating in the post-Christmas sales. “This year, we’re likely to see a shift towards practicality and sustainability, with more shoppers looking to bag bargains on kitchen appliances and second-hand goods.” Consumers choose in-store shopping largely because they enjoy the social aspect and touching items before they buy, Barclays said, adding that high streets and shopping centres are the most popular destinations.
One by one, tycoons who built their wealth on China’s economic rise have been giving up their trophy homes in Hong Kong. Two apartments in a Frank Gehry glass-and-steel tower that twists out of the mountainside. Three European-style mansions with turrets and swimming pools. Four white villas sitting in a row. Creditors seized the homes of Evergrande chairman Hui Ka Yan, which were collectively worth more than $US190 million, after the company collapsed. One of them sold this year for $US58 million, less than half of the $US130 million that a company tied to Evergrande and Hui had paid for it in 2009. Credit: Bloomberg All but two of the properties have already sold for tens of millions of dollars each. And while it might be hard to believe, each one was a steal — snatched up for discounts of one-third to more than half of the previous values. Hong Kong’s housing market has long had an are-you-kidding-me feel to it. For nearly 20 years, property prices have climbed higher and higher, turning it into one of the most unaffordable cities in the world, where the poor rented subdivided apartments so small they were colloquially known as “coffin homes.” Loading Now, many of the same people who contributed to the housing market’s inequities, from the builders to the wealthy speculators, have found themselves being forced to sell their prized homes fast. Their riches had swelled with an unfathomable rise in China’s real estate market, and its collapse and aftermath have left many short on cash. Most notable among them is Hui Ka Yan of the onetime property giant China Evergrande. Creditors seized his European-style homes, which were collectively worth more than $US190 million ($291 million), after the company collapsed . One of them sold this year for $US58 million, less than half of the $US130 million that a company tied to Evergrande and Hui had paid for it in 2009, according to the global real estate firm Knight Frank. A Hong Kong court ordered China Evergrande to liquidate this year, setting off a search by its foreign investors who were owed money for anything that could be sold off. Chinese authorities took Hui away last year and accused him and Evergrande of fraud. “Everyone is asking for money,” said Joseph Tang, the chair of real estate firm JLL in Hong Kong. Businesses are under pressure as the economy continues to slow, the broader property market is under strain and the cost of borrowing has climbed steeply. “The only thing that is sellable is residential property because, if you lower the price enough, there will be buyers,” Tang said. China’s rich are losing so much money that 432 men and women were stripped of their status as billionaires over the past three years, according to the Hurun China Rich List, published by a wealth research firm based in Shanghai. In Gehry’s Opus Hong Kong building, which has 12 luxury apartments, two of the recent sellers were once among China’s richest men: property developers Chen Hongtian and Chen Changwei. Credit: NYT Famous for its skyline of glass towers that once symbolised the city’s economic prowess, Hong Kong’s landscape is now a visual reminder of its problems. The city is still trying to reclaim its title as a hub for international finance and recover from the collateral damage caused by years of strict pandemic policies that made travel to the city at times impossible. In addition, political changes in Hong Kong have raised the legal stakes for Western companies. It was not just the owners of fancy homes who were caught out when the tide receded. Landlords of signature Hong Kong office buildings that housed the world’s best-known financial, legal and corporate institutions are scrambling to bring in new tenants to replace companies that have left. Busy shopping areas once crammed with small stores are still suffering from fewer tourists, and some storefronts remain boarded up. Nearly 17 per cent of commercial property is empty, according to CBRE, the real estate firm. The changes are rippling through the financial system, too. Banks that were once reliable lenders to Hong Kong’s property sector have suffered a surge in defaults from commercial real estate this year. The property sector is “working through its worst downturn since the Asian financial crisis” of 1997, and the sharpest pain is being felt by financial institutions, analysts at the ratings agency S&P Global wrote in a report. In response, lenders are charging more to landlords and developers whom they lend to. Famous for its skyline of glass towers that once symbolised the city’s economic prowess, Hong Kong’s landscape is now a visual reminder of its problems. Higher interest rates and a strong currency have made it even more difficult to bounce back. The Hong Kong dollar is pegged to the US dollar, and for four years, the Federal Reserve kept interest rates high to fight American inflation. As the Fed cut rates this year, Hong Kong’s monetary authority followed, lowering the interest rate in September to 5.25 per cent. But that is still the highest point since 2007. The fate of Hong Kong’s currency may depend on the US central bank, but its economy is closely linked to the rest of China, where growth has slowed and prices have fallen. Hong Kong real estate is feeling China’s pain. “Overall, the economy of China has always had a close relationship with Hong Kong, and the property market has always been highly correlated,” said Hannah Jeong, an executive director at CBRE. “When China’s economy goes down, Hong Kong’s economy follows,” she said. The high-end luxury property sales have been dominated by what are known as “distressed sellers,” including some who are heavily exposed to the Chinese economy, according to Jeong. In many of these cases, their homes have been seized by a bank or creditors that are owed money. Four villas on Plantation Road recently sold for $US141 million, a little less than half the previous sale price in 2017. Credit: NYT Most of these properties were bought during a different era, when Hong Kong was flush with money from a booming China. In Gehry’s Opus Hong Kong building, which has 12 luxury apartments, two of the recent sellers were once among China’s richest men: property developers Chen Hongtian and Chen Changwei. (They are not related.) Local news reports said Chen Hongtian’s apartment was one of a number of properties seized by lenders, including a 9000-square-foot home that he had purchased soon after the Opus property in 2015. His Opus apartment was “a little bit too tiny,” he told the local South China Morning Post in 2016. He also told the newspaper that luxury homes for sale in Hong Kong were “extremely rare.” No longer. Loading A short drive away from Opus, along a winding road, is Black’s Link, where a cluster of three mansions once tied to Hui of Evergrande is. They are on sale for more than $US190 million — one has been sold so far. The prices on the other two have come down since they were first listed last year. Nearby on Plantation Road, four mansions recently went for $US141 million, nearly half of what the sellers paid for it. Property experts expect more deals to come. Nearly two dozen properties, each worth $US50 million or more, have come on the market in Hong Kong this year. This article originally appeared in The New York Times . The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning . Save Log in , register or subscribe to save articles for later. Billionaires Inside China Hong Kong Most Viewed in Business LoadingGeeMee achieved major partnerships at Mobidictum Conference 2024-Boosting Growth with Ad Tech solutions
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Dolphins' Anthony Walker, Kendall Fuller unlikely to play at Packers; Isaiah Wynn activatedRep. Marjorie Taylor Greene, R-Ga., said that her local police department received an emailed bomb threat targeting her Monday, but that she is safe. “The Rome Police Department’s Assistant Chief of Police received an email containing a bomb threat directed towards me. I’m so grateful to every member of the Rome Police Department for your swift and professional response in ensuring my safety,” Greene said in a post on X. A statement released by Greene’s office said the congresswoman’s local police department in Rome, Georgia, dispatched their bomb squad to Greene’s home to ensure there was no danger posed to her. Greene included a video in her post on X of what appeared to be a member of the bomb squad checking her mailbox for an explosive device. The Rome Police Department spokesperson Kelly Madden said the department deployed the Floyd County Bomb Squad to Greene's home and turned the investigation over to the FBI after ruling out an immediate danger. The FBI confirmed that it was assisting with the investigation. "We have no further information at this time, as it is an ongoing investigation," the agency said in a statement. "The FBI remains vigilant and continues to work closely with our state and local partners to mitigate threats to the public, including threats to specific persons." The U.S. Capitol Police did not immediately respond to a request for comment Monday. The threat against Greene follows several ultimately false threats made against members of Congress. Rep. Lori Trahan, D-Mass., was targeted by a bomb threat Saturday and at least seven other Democratic lawmakers were notified of threats targeting their homes on Thanksgiving. Greene’s office’s statement included screenshots revealing the content of the emailed threat, which said there was a pipe bomb in the lawmaker’s mailbox. The screenshots have not been independently verified by NBC News. Greene has been the target of multiple swatting incidents since joining Congress in 2021.
CHARLOTTE, N.C. , Dec. 26, 2024 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM (CUSIP No. 060505FR0), liquidation preference $25,000 per share (the "Preferred Stock"), and the corresponding depositary shares each representing a 1/25 th interest in a share of the Preferred Stock (CUSIP No. 060505FQ2) (the "Depositary Shares"). The Depositary Shares will be redeemed simultaneously with the Preferred Stock on the upcoming dividend payment date on January 28, 2025 (the "Redemption Date"), at a redemption price of $1,000 per depositary share. Declared dividends of $21.50 per depositary share in respect of the outstanding Depositary Shares for the full current semi-annual dividend period from, and including, July 28, 2024 to, but excluding, January 28, 2025 will be paid separately on January 28, 2025 , to holders of record on January 1, 2025 , in the customary manner. Accordingly, the redemption price of $1,000 per depositary share does not include any accrued and unpaid dividends. Dividends on the redeemed Depositary Shares will cease to accrue on the Redemption Date. The Depositary Shares are held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent. The address for the redemption agent is as follows: Computershare Trust Company, N.A. Attn: Corporate Actions 150 Royall St. Canton, MA 02021 This press release does not constitute a notice of redemption under the certificate of designation governing the Preferred Stock or the deposit agreement governing the Depositary Shares. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States , serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States , its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Certain information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 , and in any of our subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts . www.bankofamerica.com Investors May Contact: Lee McEntire , Bank of America Phone: 1.980.388.6780 lee.mcentire@bofa.com Jonathan G. Blum , Bank of America (Fixed Income) Phone: 1.212.449.3112 jonathan.blum@bofa.com Reporters May Contact: Jocelyn Seidenfeld , Bank of America Phone: 1.646.743.3356 jocelyn.seidenfeld@bofa.com View original content to download multimedia: https://www.prnewswire.com/news-releases/bank-of-america-announces-full-redemption-of-its-series-mm-preferred-stock-and-related-depositary-shares-302338391.html SOURCE Bank of America Corporation