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Share to Twitter Share to Linkedin The electric car revolution in Europe requires a swift change of gear if it is to move from a well-heeled, early-adopters' niche to the mass market. European manufacturers still haven’t got the memo; small is beautiful. If this fails, the ramifications will be political as well as economic. Consumers will have to accept that electric cars, even expensive ones, have serious range limitations. Long trips with the family to southern Spain or Italy for the summer holidays using fast motorways are no problems for an internal combustion engine (ICE). But range anxiety from fast-but-legal motorway driving and poor charging facilities present big hurdles for electric vehicles. Given that 90% of motoring is never much more than 30 miles a day anyway, everyday use won't be much of a problem. You can always hire a diesel for those annual trips to the sun or weekend jaunts. Or take the train. Current electric technology produces, … [Read more...] about Troubles Loom If Europeans Are Denied Cheap Electric Cars

Photo via Sanook A three year old boy suffocated to death after being trapped in his mother’s car in the Isaan province of Buriram. A rescue team attempted to save the child’s life but he died on the way to the hospital. Baan Bua Municipality Rescue Team rushed to a local restaurant in the Baan Bua sub-district of Buriram yesterday at 3pm after a 33 year old mother named Phitsamai sought help for her three year old son Kittinan, or Gun, who was in critical condition after being trapped in a pickup truck. Upon arriving at the scene, officers found the young boy unconscious on the back seat of the pickup and immediately rushed him to the hospital. Along the way, the rescue team provided CPR in an effort to save the boy’s life, but unfortunately, he passed away upon arrival at the hospital. The doctor revealed that the child’s body went without oxygen for an extended period, which ultimately led to his death. Related news Bangkok Airways to launch Koh … [Read more...] about 3 year old boy dies after being trapped in car for 2 hours

Photo via Facebook/ หนังสื่อพิมพ์ เรื่องจริงผ่านเลนส์ Viral CCTV footage of a woman attacking a staff member at a Suvarnabhumi Airport car park turned out to be a Thai net idol . The violent woman, who reportedly has a mental health illness , surrendered herself to the police today and compensated the victim 20,000 baht. The CCTV footage of the incident went viral on Thai social media yesterday. The female net idol, identified as 25 year old Tarathip, is seen in the video getting out of her sedan, walking directly toward a female staff member named Rawan at the counter and hitting her on the head. Tarathip kept shouting at the victim and hitting her until the victim ran from the counter. Tarathip followed and continued to hit Rawan on the head before getting into her car. Rawan later gave an interview with Channel 3 about the incident. She explained that it occurred yesterday at about 4pm on the fourth floor of the Suvarnabhumi Airport’s car parking … [Read more...] about Thai net idol attacks car park staff at Suvarnabhumi Airport

A view of the New York City skyline of Manhattan and the Hudson River), as seen from Weehawken, New Jersey, U.S. April 18, 2020. REUTERS/Jeenah Moon/File photo LONDON – New York remains far and away the world’s most favored financial center, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings from the Global Financial Centres Index (GFCI) showed on Thursday. Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the capital after Russia’s invasion of Ukraine in February, GFCI said. GFCI, compiled by Z/Yen, a City of London think tank, and the China Development Institute, rated 119 centers using 66,121 assessments from 11,038 financial professionals, and quantitative data. New York has held the top position among global financial centers ranked by GFCI for four years, overtaking London. “London’s second position looks secure but needs a significant global change to once … [Read more...] about New York still top, Moscow sinks in finance center ranking

Share to Twitter Share to Linkedin China Evergrande Group has unveiled its plan to restructure about $19 billion of offshore debt, buying more time for its billionaire founder Hui Ka Yan to resume operations and generate much-needed cash. But analysts say the plan lacks details and offers less-than-favorable terms for creditors. Holders of offshore debt in the Hong Kong-listed company are to receive a basket of options, according to a late Wednesday filing to the city’s stock exchange. The bondholders can either swap their debt for new notes with maturities of 10-12 years, or they can convert them into new notes with repayment terms of five to nine years combined with equity-linked instruments. The instruments will be tied to the shares of Evergrande itself, its property management business or its Hong Kong-listed electric car unit. “The proposed restructuring will alleviate the company’s pressure of offshore indebtedness and facilitate the company’s … [Read more...] about Evergrande’s Restructuring Plan For Offshore Debt Still Carries Considerable Risks For Creditors

Mortgage rates declined to their lowest level in a month last week amid concerns about the banking industry, while home loan applications rose for the third straight week. The Mortgage Bankers Association’s (MBA) Market Composite Index, which measures mortgage application volume, increased 3% from the previous week. Refinance applications jumped 5%, while those to purchase a home were up 2%. The MBA indicated that the average rate on a 30-year, fixed-rate conforming home loan (up to $726,200) was 6.48%, down from 6.71%. It hasn’t been that low since the week ending Feb. 10. Yields Down on Banking Turmoil "The drop in rates was related to the recent turmoil in the banking sector, which sent Treasury yields falling," said Joel Kan, the MBA’s vice president and deputy chief economist. He added that because of the dip in loan costs, "borrowers took the opportunity to act." Economists at mortgage originator Freddie Mac have made a similar observation, noting that the … [Read more...] about Mortgage Rates Decline to the Lowest Level in a Month

TAIPEI  -Taiwan’s central bank raised its policy rate on Thursday in a surprise move reflecting concerns about inflation despite recent market turmoil caused by U.S. and European bank failures, which could play into further rate decisions this year. The central bank, in a unanimous decision, raised the benchmark discount rate by 12.5 basis points (bps) to 1.875 percent – the fifth hike since it began the current round of tightening in March last year. Governor Yang Chin-long told a news conference after the meeting that the rate hike was mainly because of inflation concerns and that their monetary policy goal was to maintain the stability of domestic prices. Taiwan’s rate hikes are mild and gradual, and while this move was not what the market expected, the central bank cannot be called hawkish, he added. Asked if this would be the last rate rise this year, Yang said: “The uncertainty is very big, particularly the confidence and contagion effect on the public from the U.S. … [Read more...] about Taiwan central bank unexpectedly raises rates on inflation concerns

With the onset of La Niña, we cannot just wait for legislation to solve our water problems. During his State of the Nation Address, President Marcos announced the creation of a Department of Water Resources as a key legislative measure. Since it is uncertain when Congress will act upon it, we must take action now. Water is a prerequisite for sustainable development. Last Sept. 7 during the general assembly of the Sustainable Development Solutions Network (SDSN), leadership council member Alyansa Agrikultura brought up the need for coordination among 32 water-related agencies in government. What went before? In 2018, a joint legislative-executive private sector committee was formed to address the water crisis. The Asian Development Bank (ADB) had placed the Philippines at the bottom third of 48 countries in terms of water governance. As the committee’s private sector secretary general, I followed the guidance of University of the Philippines Los Baños (UPLB) Water Center chair … [Read more...] about What the PH needs now to solve a water crisis

The Evergrande Center of China Evergrande Group is seen in Shanghai, China Sept 24, 2021. REUTERS/Aly Song HONG KONG  -China Evergrande Group’s debt restructuring proposal, a test of investor sentiment toward the battered property sector, failed to impress because of its long repayment period and lack of enough sweeteners, creditors and analysts said. Evergrande is the world’s most indebted developer with about $300 billion in liabilities. Its debt restructuring, the country’s biggest such exercise, is aimed at saving it from a disorderly collapse. The developer has $22.7 billion of offshore debt, all of which is deemed to be in default. The plan provided two main options to its dollar bondholders to recoup their investments. Creditors can either swap all of their holdings into new notes with maturities of 10 to 12 years, or convert them into different combinations of new notes with tenors of five to nine years and equity-linked instruments. Bondholders of notes issued by … [Read more...] about Evergrande debt revamp plan fails to cheer investors, property stocks fall

MANILA, Philippines  – Tycoon Edgar Saavedra’s Megawide Construction Corp. is rolling out a P1.5 -billion preferred share sale next week after pricing the initial dividend rate at 7.09 percent. In a stock exchange notice, the construction and engineering group said the offer period will run from March 28 to April 4 this year. The shares will be listed on April 17. Megawide is selling up to 15 million preferred shares at P100 per share. It tapped RCBC Capital Corp. as sole issue manager, lead underwriter and book runner for the offer. The company earlier said the offer proceeds would be used to fully redeem its series 2A preferred shares that were issued in 2020, according to the deal prospectus dated Jan. 5, 2023. These were being redeemed before the dividend rate increases due to a step-up feature that kicks in on May 27 this year. The company retains the option to redeem the series 5 shares in 2026 or three years from the listing date, an earlier prospectus showed. … [Read more...] about Megawide to start P1.5-B preferred share offering on March 28