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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”.

Retrieved from “https://en.wikinews.org/w/index.php?title=Evergrande_real_estate_firm_makes_missed_September_bond_payment,_avoids_default&oldid=4650197”

Tuesday, February 5, 2008

Afflecks Palace, the “iconic, alternative shopping centre” in the Northern Quarter of Manchester in England, United Kingdom, was saved from closure this week after long-running rumours that the market may have to “kick out its traders” due to a dispute between the management of the Afflecks Palace brand and the leaseowner for the building, Bruntwood.

Rumours suggesting that Bruntwood were looking to redevelop the building started early in 2007, when it became apparent that the property developer was not actively seeking to renew the twenty-five year lease that the management of Afflecks Palace had with them concerning the building. These initial fears were added to by news that Bruntwood was looking to redevelop other buildings it owned in the Northern Quarter area, specifically the parking complex opposite Afflecks, with an eye towards taking advantage of the “property boom” in Manchester at the time. There were also fears that if Afflecks did remain open, “rents would rise”.

These initial fears were eventually propagated closer to the end of the year when a letter from the management of Afflecks Palace told individual stall holders that “… management have received no formal response from Bruntwood to a tenancy request notice served in October [2007]”, going on to add that “We can only assume therefore that they do not intend to offer us a new lease”.

Following the release of this letter, public support for Afflecks Palace was quickly made obvious when a 5,000 signature petition was submitted demanding the centre remain open for business. This seemed to prompt talks between Bruntwood and the Afflecks Palace management and, eventually, lead to this week’s news that the market was – indeed – to remain open. The result of the talks was that Bruntwood “bought out” the Afflecks Palace brand.

	Bruntwood will manage Afflecks while they look for a new owner who is skilled in running market style businesses

A joint statement between the management of Afflecks Palace and Bruntwood said: “After 26 years of trading, Afflecks’ management has sold their company to Bruntwood in an agreement that protects the future of Afflecks. Bruntwood will manage Afflecks while they look for a new owner who is skilled in running market style businesses and can bring a similar level of enthusiasm and dedication that the existing management has.”

A spokesperson speaking on behalf of Bruntwood also added that: “Never in our 30 year history have we bought one of our customer’s businesses, but Afflecks is a Manchester icon that we wanted to protect. We aren’t however expert in managing markets, so will look for a suitable long term owner. In the meantime, the most important aspect is that we have arrived at a solution with Afflecks management that protects an independent retail environment and provides the existing stallholders with security.”

Traders from the market celebrated the news by holding a party yesterday.

Retrieved from “https://en.wikinews.org/w/index.php?title=UK_shopping_centre_Afflecks_Palace_secures_its_future&oldid=589056”

Saturday, July 9, 2005

After a press conference in London from the Metropolitan Police and Transport for London, more details are emerging about the attacks in London on Thursday.

Data from the Underground system’s power and control systems have revealed that all three bombs went off within 50 seconds of each other, at 8.50am, with the managing director of Transport for London, Tim O’Toole saying the bombs went “bang bang bang, very close together”.

The first bomb to detonate was on the Liverpool Street train soon after it left for Aldgate on the Circle line, seconds before the others. The blast tripped out the power system, visible in the control room. The first call the police received that morning reported “a bang” at Aldgate East, coming within a minute of the blast.

The Edgware Road train, leaving for Paddington and also on the Circle, exploded opposite a train coming from the other direction, making people think at first that it was a derailment. The first call to the Police spoke not of an explosion, but of a person falling under the wheels of the train. The confirmation of a bomb did not come until 9.17am, but by that time the emergency services were already on scene.

Transport for London’s new TrackerNet software is fully opertational on the Circle line, which allows for precise tracking of trains, but is not yet fully installed on the Piccadilly line. The first indication of the Piccadilly line bomb was when the tunnel telephone system wires were cut by the blast, an event logged by other software. The cutting of the lines then tripped out the track current. The tunnel itself suffered only slight damage and is safe, but the train – which was packed with commuters heading for Russell Square – is very badly damaged.

London Underground declared a ‘code Amber’ within minutes, moving trains to platforms and opening all doors. A ‘code Red’ – full evacuation – was set at around 9.15am. O’Toole described the decision to evacuate as being “very grave, not taken lightly”. When questioned as to whether everything possible had been done on the day to save lives, the managing director of Transport for London was “very proud” of the choices made that morning.

As investigations continue, all bodies have been removed from the sub-surface Circle line trains, but the carriages themselves are still in situ while a painstaking forensic investigation takes place.

Currently, work is on-going to retrieve bodies and forensic evidence from the carriage of the train in the deep tunnel of the Piccadilly line near King’s Cross. Teams of rescue workers looking for human remains are working alongside forensics experts in a “meticulous” search to find evidence.

Conditions are described as being very difficult, with high temperatures and lots of dust. Work was halted over Friday night when conditions became too bad, and resumed this morning. Efforts have been made to improve the ventilation.

Work will continue throughout tonight and possibly into Sunday. The exact number of bodies still in the wrecked carriage is unknown.

Access from King’s Cross is impossible, so workers are taking the longer route from Russell Square station to get to the front of the train.

Police have revealed that the bombs were ‘high explosives’ – not homemade. However they are declining to be specific about their composition as the information could be useful when they interrogate suspects.

Police will not confirm or deny if any parts of a timer have been found, but have said that “any device will now be in a million pieces”. Police believe the use of timers more likely than suicide bombings as the blasts were so closely timed, but are not ruling out anything.

Retrieved from “https://en.wikinews.org/w/index.php?title=London_Tube_bombs_went_%27bang_bang_bang,_very_close_together%27&oldid=2461598”

Friday, January 29, 2010

Diplomats have said that Chad called on the United Nations’ peacekeeping force to withdraw its civilians and soldiers from the country, and wants a timetable for the withdrawal.

“There is a [Chadian] political imperative for a withdrawal. It doesn’t matter how long it takes, it will be a withdrawal,” said an unnamed diplomat to the Reuters news agency; diplomats say that the deployment of UN personnel was never fully accepted by the government, and that Chadian president Idriss Deby views their presence as an encroachment on their sovereign territory.

The UN has sent out a high-level team to Chad, for talks, although diplomats noted there wasn’t any scope to renegotiate the organisation’s mandate, which is due to expire on March 15. Chadian authorities said they had asked the UN not to renew the mandate. Some concerns have been raised that aid agencies would not be able to operate in Chad should the withdrawal take place.

	There is no question of that [changing the mandate]. The Chadians are demanding a calendar for the retreat. It will not be long.

“There is no question of that [changing the mandate]. The Chadians are demanding a calendar for the retreat. It will not be long,” said another diplomat, who wished to remain anonymous.

The UN is mandated to have approximately 5,000 soldiers in Chad, although at the moment there are only 3,000, as the force is still deploying; it took over the peacekeeping role in the country from the European Union in 2009. Human rights groups say that about 200,000 refugees from Darfur in neighbouring Sudan are in the eastern part of the country, where they have faced violence from fighters. The UN was tasked with protecting those refugees.

UN peacekeeping forces are also present in the northern Central African Republic (CAR), as civilians there came under violence from local rebellions, as well as the larger regional conflict. According to a diplomat, the UN would have to withdraw from the CAR if it pulled out of Chad. “The UN can’t operate in a country that doesn’t want them. But it also means a withdrawal from CAR,” he noted.

Retrieved from “https://en.wikinews.org/w/index.php?title=Chad_calls_for_UN_troops_to_withdraw&oldid=4597575”

Saturday, October 27, 2007

Gay Talese wants to go to Iraq. “It so happens there is someone that’s working on such a thing right now for me,” the 75-year-old legendary journalist and author told David Shankbone. “Even if I was on Al-Jazeera with a gun to my head, I wouldn’t be pleading with those bastards! I’d say, ‘Go ahead. Make my day.'”

Few reporters will ever reach the stature of Talese. His 1966 profile of Frank Sinatra, Frank Sinatra Has a Cold, was not only cited by The Economist as the greatest profile of Sinatra ever written, but is considered the greatest of any celebrity profile ever written. In the 70th anniversary issue of Esquire in October 2003, the editors declared the piece the “Best Story Esquire Ever Published.”

Talese helped create and define a new style of literary reporting called New Journalism. Talese himself told National Public Radio he rejects this label (“The term new journalism became very fashionable on college campuses in the 1970s and some of its practitioners tended to be a little loose with the facts. And that’s where I wanted to part company.”)

He is not bothered by the Bancrofts selling The Wall Street Journal—”It’s not like we should lament the passing of some noble dynasty!”—to Rupert Murdoch, but he is bothered by how the press supported and sold the Iraq War to the American people. “The press in Washington got us into this war as much as the people that are controlling it,” said Talese. “They took information that was second-hand information, and they went along with it.” He wants to see the Washington press corp disbanded and sent around the country to get back in touch with the people it covers; that the press should not be so focused on–and in bed with–the federal government.

Augusten Burroughs once said that writers are experience junkies, and Talese fits the bill. Talese–who has been married to Nan Talese (she edited James Frey‘s Million Little Piece) for fifty years–can be found at baseball games in Cuba or the gay bars of Beijing, wanting to see humanity in all its experience.

Below is Wikinews reporter David Shankbone’s interview with Gay Talese.

Retrieved from “https://en.wikinews.org/w/index.php?title=Gay_Talese_on_the_state_of_journalism,_Iraq_and_his_life&oldid=4458128”

Correction — May 11, 2011 This article incorrectly describes BP as ‘British Petroleum’. In fact, such a company has not existed for many years as BP dropped this name when becoming a multinational company. The initials no longer stand for anything.

Sunday, May 16, 2010

An attempt to cap the massive oil spill in the Gulf of Mexico has hit yet another obstacle, reported officials from British Petroleum (BP).

Friday night’s attempt to install a 6-inch (15.2cm) tube into the leaking drill pipe was only the latest in a series of efforts by BP to stop or slow down the spill. Previously, the oil company had tried to enclose the pipe with a large container dome, and then lowered a smaller “top hat” container dome. The siphon tube method is designed to reduce the amount of oil flowing into the ocean, but is not a permanent solution to stopping the leak altogether. It will draw the oil from the broken pipe to a tanker at the surface, said BP.

The tube was to be inserted into the broken pipe by robotic submarines, but the attempt on Friday to do so was unsuccessful, causing it to be taken back up for changes. The problem was a metal frame on the tube, which had changed position and this prevented the tube sent down from the drill ship Discover Enterprise from connecting. The tube had not been inserted into the leaking drill pipe before it was brought back up.

BP said that it would try again Saturday night (local time) to slow the leak using a reconfigured tube. If this attempt is unsuccessful, they will use the smaller dome to cap the leak, and may also try to plug the leak by covering it with trash, mud, or concrete. The company is already in the process of drilling relief wells to completely stop the leak, but this is expected to take several more months. The amount of oil currently leaking from the pipe is disputed, and BP said it has spent several hundred million US dollars in response to the oil spill.

BP was also given permission yesterday by the US Coast Guard and the Environmental Protection Agency to use chemical oil dispersants to combat the spill.

Retrieved from “https://en.wikinews.org/w/index.php?title=Efforts_to_cap_Deepwater_Horizon_oil_spill_delayed_again&oldid=4513138”

This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Monday, October 26, 2020

On Friday, code hosting and sharing website GitHub blocked the public access to youtube-dl, a software which can download videos from the internet via the command-line. The blockade came after GitHub received a Digital Millennium Copyright Act (DMCA) take-down notice from the Recording Industry Association of America (RIAA). After stripping the metadata from the notice, GitHub published the take-down notice on their site.

Initially started in July 2008 by Ricardo Garcia, youtube-dl is a script written in Python which can download videos from multiple websites including YouTube, LiveLeak and Vimeo. youtube-dl is a FLOSS software and is under public domain. Currently, the repository on GitHub is locked for viewers other than maintainers of the project.

RIAA’s DMCA notice alleged the script’s purpose of existence was to “circumvent the technological protection measures used by authorized streaming services such as YouTube” and “reproduce and distribute music videos and sound recordings owned by our member companies without authorization for such use”.

youtube-dl has multiple unit tests in its source code, which test whether the software works in different circumstances or not. Some of the tests include checking if the script can download Creative Commons licensed videos, videos which did not have square pixels, videos with no age restriction, “offensive to some audiences” per YouTube community and age-restricted videos. One of the tests included the URL of some copyrighted songs. Citing this test, RIAA’s take-down notice claimed “comments in the youtube-dl source code make clear that the source code was designed and is marketed for the purpose of circumventing YouTube’s technological measures”.

RIAA’s notice published by GitHub alleged violation of 17 U.S. Code § 1201 Circumvention of copyright protection systems which says “No person shall circumvent a technological measure that effectively controls access to a work protected under this title”. RIAA listed a number of forks of youtube-dl and requested GitHub via the notice they all be made inaccessible.

The notice did not list any incident of anyone using youtube-dl to download or share copyrighted material, nor mention any damages that actually occurred. Unremarked by the notice, YouTube allows videos to be licensed under a Creative Commons Attribution license. When a copyright holder chooses to release their work, be it a photograph, a video, or audio, under a Creative Commons Attribution (CC BY) license, they allow everyone to freely own, share or modify the work as long as the reusers properly attribute the author of the work. YouTube also hosts many audio and video recordings in the public domain which can be used for any purpose without any restrictions.

youtube-dl is used by thousands of people around the world. Multiple Creative Commons-licensed and public domain videos on Wikimedia Commons are uploaded via a tool called video2commons, which relies on youtube-dl to download media. youtube-dl also lets users download videos from LiveLeak — a video-sharing platform for citizen journalism. Videos downloaded using youtube-dl are also used for the purpose of fair use, or for evidence.

youtube-dl comes with a small JavaScript interpreter where it acts as a web-browser would behave while receiving video data from the server. The script has “extractors” for various websites to handle videos from different sources. Whenever something is displayed on the user’s screen, the device has a copy of that content. Web browsers “download” data while surfing the web, though most of it is not persistent on the device. It is possible to download copyrighted photos by using a web-browser. The way the world wide web works, there are no technological prevention measures to prevent recording and sharing of content such as RIAA talks about in the notice. Photos and texts can be downloaded by taking screenshots, videos by screen recording tools, and audio by recording on a tape if not an audio recording software.

Multiple users expressed their disappointment on Twitter and Internet Relay Chat. One of the users said “this is yet another example of why we should use git as it was intended, as a distributed network, rather than rely on one single proprietary server”. Git is decentralised version-tracking software which is used by a large number of software companies and projects. It is possible to host one’s own git server for software development. While Microsoft’s GitHub is a centralised git server, development of software using git does not require a GitHub account.

Soon after the public access to the repository was locked, multiple users started sharing the source code via self-hosted git servers, Tor sites and via the Torrent protocol leading to a Streisand effect. Streisand effect is when a measure to censor information causes further spread of that information. The binary files of the software are still available on its website for users to download. Some people came up with esoteric ways to share the source code, by converting the compressed code into photographs and providing shell commands to convert to the source code.

GitHub’s DMCA repository, where the takedown notice was published for public viewing, was subject to contant vandalism from multiple GitHub users. One user submitted a pull request, merging the source code of youtube-dl along with the DMCA repository. This enabled users to view youtube-dl’s source code from within the DMCA repository, provided they know the commit id.

The Electronic Frontier Foundation said on Twitter “Youtube-dl is a legitimate tool with a world of a lawful uses. Demanding its removal from Github is a disappointing and counterproductive move by the RIAA.” Richard Stallman, the founder of the Free Software Foundation, has been highly critical of DRM (digital rights management, the subject of the DMCA) for many years now.

Wikinews reached out to Sergey M?, one of the maintainers of youtube-dl script, however Sergey said he “won’t give any comments at this time”. Later, he shared an update on the IRC channel. Sergey said, “they require complete removal of so called YouTube’s rolling cipher implementation […] GitHub requires in order to reinstate the repo […] under this conditions I could reinstate it in Saturday/Sunday already but this is an unsatisfactory outcome”. He also said, “I can’t guarantee whether [or] not we will bend over them considering the situation with @phihag [Philipp Hagemeister] but we’ll see soon what we can do in order to keep the max we have and mitigate potential legal issues at the same time”.

EFF is yet to respond to Wikinews queries. Wikinews also reached out to Philipp Hagemeister, a former maintainer and contributor of the youtube-dl project to discuss this takedown.

When did you get to know about the takedown notice and what were your initial reactions?

((Philipp Hagemeister)) I saw the takedown notice along with anyone else, on reddit. Since I am no longer involved with the youtube-dl project (except for occasional contributions, my maintainership ended in 2016), I don’t know any details.

((RS)) Does YouTube implement DRM for videos not under Creative Commons license, and if so, how does youtube-dl bypass it? Could you please elaborate the procedure?

((Philipp Hagemeister)) YouTube implements DRM for YouTube Movies. youtube-dl does not support those.

YouTube has multiple non-DRM video delivery protocols. I’m not up to date about specifics; my last dabbling in this was in 2015.

One of these protocols is described here. YouTube uses JavaScript to compute parts of the URLs. youtube-dl executes this JavaScript, just like a web browser.

((WN)) Could you also explain in brief how youtube-dl functions, and how the maintainers had intended it to be used?

((Philipp Hagemeister)) youtube-dl downloads and plays videos and music, just like any other web browser, from over 1000 different services. Its uses are varied: It enables video playback on many devices (e.g. Raspberry Pi) where the video services don’t work properly, it makes high-quality video playable for people with a bad or no Internet connection, it enables disabled users to use tools to play videos, and it is used for archival and research.

((WN)) What do you think of the DMCA notice?

((Philipp Hagemeister)) I think it is not warranted because youtube-dl is entirely legal. As the DMCA notice has no effect for me personally, I’m not really the right person to address it.

((WN)) Why were the copyrighted tests in the source code? Could they be replaced?

((Philipp Hagemeister)) I’m not sure why, but my guess is that users requested support for these videos and thus they were added as test cases. They can be removed trivially, without losing any function of youtube-dl.

((WN)) Are you aware Electronic Frontier Foundation said it was a “disappointing and counterproductive move”? What do you think should be the next steps?

((Philipp Hagemeister)) Yes, and I concur. I’m no longer involved in the project. If I were, I would probably just remove the test cases, block these music videos (RIAA is not worth the trouble for me, that can be done by other projects), and get the project back online.I understand people who think differently.

Retrieved from “https://en.wikinews.org/w/index.php?title=GitHub_blocks_public_access_to_youtube-dl_after_RIAA_issues_DMCA_notice&oldid=4598392”

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Categories

Evergrande real estate firm makes missed September bond payment, avoids default

UK shopping centre Afflecks Palace secures its future

How To Wash Dirty Dishes Quickly!

London Tube bombs went ‘bang bang bang, very close together’

Chad calls for UN troops to withdraw

Gay Talese on the state of journalism, Iraq and his life

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Efforts to cap Deepwater Horizon oil spill delayed again

GitHub blocks public access to youtube-dl after RIAA issues DMCA notice

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