Saturday, May 7, 2005

The 131st run for the roses in Louisville, KY is set for Saturday at Churchill Downs. Post time is 6:04pm EDT under what should be partly sunny skies and a fast track. The 20-horse field contains 10 strong contenders in what promises to be a fast pace out front in the Kentucky Derby.

Trainer Nick Zito, the 2-time derby winner boasts 5 stable horses running the race, and has the odds-on favorite Bellamy Road. The George Steinbrenner owned horse won convincingly in 4 of its last 5 trips. At its #16 post position, it will have to get out quickly, or be on the outside going into the first turn where it would have to fight for position. Given the early starting speed of Spanish Chestnut, it seems unlikely that any horse will easily set the pace.

Showing strong closing in its last 4 races is Bandini, ridden by top New York jockey John Velazquez, a 6-time Breeder’s Cup winner. If this horse can hold onto the pace, watch for him at the finish line.

For today’s 1 ¼ mile race, Jeremy Rose on Afleet Alex looks dangerous, where both horse and jockey are experienced. But it was Wilko who prevailed in their meeting at the Breeders’ Cup Juvenile last October.

A Chicago Tribune computer analysis predicts a win for High Fly, based on its “lack of flaws”. In that prediction they note criteria on which it was calculated, but nothing accounts for the race day excitement of roaring crowds in these 3-year-old thoroughbreds.

Last year the jammed Churchill Downs drew 140,000 people on a rainy Saturday to watch Smarty Jones win. The Derby run is the first leg in USA horse racing’s Triple Crown. The last horse to win the triple crown was Affirmed in 1978.

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”.

Saturday, March 27, 2010

A meeting in Brussels has produced a plan, supported by all 16 countries in the eurozone, to make available up to 22 billion euros in financing to support Greece, which is laden with debt.

The deal would come into force only if Greece was unable to borrow money from commercial lenders, and would require approval from all 16 eurozone countries. While no figures were included in the agreement, anonymous officials said the total package would be around 22 billion euros, of which European countries would provide two-thirds. The remainder would be supplied by the International Monetary Fund.

Germany and France were the architects of the document, which was subsequently approved by the other members of the eurozone. While it is seen as a partial retreat for countries such as France that previously opposed any IMF participation in the loans, it is nevertheless regarded as a breakthrough in negotiations. Germany had been insistent on relatively strong terms for the plan, a large amount of which was in the final version.

Despite the agreement, there are no plans for it to take immediate effect, as the Greek government has not requested financial aid, and officials said that they hoped the option would never have to be used. The president of the European Central Bank, Jean-Claude Trichet, said that “the mechanism decided today will not normally need to be activated.”

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

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.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Monday, March 19, 2007

The Airbus A380, the world’s largest passenger plane, was set to land in the United States of America on Monday after a test flight. One of the A380s is flying from Frankfurt to Chicago via New York; the airplane will be carrying about 500 people.

It is being billed as the first time it has carried a near-normal number of passengers, though most will be staff of Airbus and German airline Lufthansa.

A second A380 is also travelling to the U.S. on Monday, but without passengers. This will be branded as a Qantas flight and fly from Frankfurt to Los Angeles LAX airport. The first leg of the flight going towards New York will be travelling under a Lufthansa flight number, and is due to arrive at New York’s John F. Kennedy airport at 12:30 EST (16:30 UTC).

The test flights are being used to monitor everything from how easily the plane docks at the terminal gate to the way the in-flight dining and entertainment services work. Deliveries to Singapore Airlines, its launch customer, are not due until October – two years late.

Delays of the production of the A380 have cost Airbus more than 6 billion dollars. Airbus has warned there could be additional charges to come.

These monetary problems have led to a recently-announced restructuring program at Airbus, called Power8, in which 10,000 jobs go and several factories will be sold to Airbus partners. France will lose 4,300 jobs, followed by Germany having a loss of 3,700 jobs, while the United Kingdom and Spain will see 1,600 and 400 jobs cut respectively.

The Belgian government has announced that it will give up to 150 million € (US$ 199 million) in aid to help sub-contractors which supply Airbus and employ thousands of workers.