Welcome to Sott.net
Thu, 16 Sep 2021
The World for People who Think

Puppet Masters
Map

Stock Down

Endgame begins: Evergrande hires bankruptcy advisors as furious investors protest imminent default

Evergrande
© Greg Baker/AFP
Evergrande name/logo seen at the construction site of a housing complex in Beijing.
It took Evergrande less than a day to go from denying "rumors" of bankruptcy (as per a statement posted on its website earlier today), to confirming that a bankruptcy is imminent.

In a filing on the Hong Kong stock exchange on Tuesday, Evergrande which was busy trying to convince angry Chinese mobs that they will get their money and/or apartments and that it has no plans of default, the company all but conceded that a bankruptcy is imminent when it said it has hired notable bankruptcy advisors Houlihan Lokey and Admiralty Harbour Capital as joint FAs to "assess the firm's capital structure", a well-known euphemism of "prepare to file for bankruptcy." And just so there was no doubt as to what is coming next, the company said if it's unable to repay debts on time or get creditors to agree to extensions or alternative arrangements, it may lead to cross-default.

It quickly went downhill from there, with the company saying that it expects "significant continuing decline" in contract sales in September, resulting in "continuous deterioration" of cash collection, according to the statement. That will place "tremendous pressure" on the group's cashflow and liquidity.

Finally, guaranteeing that a default is just a matter of days if not less, the company admitted that it has failed to make "material progress" on the sale of stakes in China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group Ltd., while the sale of its office building in Hong Kong hasn't been completed within the expected timetable.

In short a total disaster, and all this is happening a tens of thousands of Chinese are starting to feel insurrectiony - the real thing, not that January 6 tourist trap - and if they suffer losses, and in a company with $300BN in debt they will suffer major losses, their protests which have been largely peaceful to date will turn quite violent.

Comment: Folding under pressure, Evergrande could be a lynchpin to further disaster in China's economy:
Embattled Chinese property giant Evergrande on Tuesday conceded it is under "tremendous pressure", a day after insisting it will avoid a bankruptcy that many fear could have a huge impact on the world's number-two economy.

The group was downgraded by two credit rating agencies last week while its shares tumbled below their 2009 listing price, as a battery of bad headlines and speculation of its imminent collapse ran out across Chinese social media.

Shares in the firm fell nine percent Tuesday, and are down almost 80 percent since the start of the year.

An estimate by Capital Economics says that Evergrande has some 1.4 million properties that it has committed to complete — around 1.3 trillion yuan (US$200 billion) in pre-sale liabilities, as of the end of June.

Its plight has raised fears of a contagion across the debt-laden Chinese property sector — which accounts for more than a quarter of the economy — with a knock on for banks and investors.


Mark Williams, chief Asia economist at Capital economics, offered comment:
"Evergrande's collapse would be the biggest test that China's financial system has faced in years, yet markets don't seem concerned about the potential for financial contagion at the moment. That would change in the event of large-scale default. The most likely endgame is now a managed restructuring in which other developers take over Evergrande's uncompleted projects in exchange for a share of its land bank."
Evergrande has already sold stakes in some of its wide-ranging assets and offered steep discounts to offload apartments, but still reported a 29 percent slide in profit for the first half of the year.

The developer was founded in 1996 by Xu Jiayin, who went on to become China's richest man during the country's property boom of the 1990s. He poured money into mass developments in new cities, raising US$9 billion in its 2009 IPO in Hong Kong.

Evergrande started to falter under the new "three red lines" imposed on developers in a state crackdown in August 2020 — forcing the group to offload properties at increasingly steep discounts.
See also: Chinese regulators summon Evergrande property developer execs, warn debt poses systemic risk


Beaker

German doctor treating Navalny makes new disclosures

helmer
Philipp Jacoby, the only German doctor treating Alexei Navalny for alleged poisoning to have testified publicly, has given a new press interview to alter the interpretation of the evidence he gave last week. "People close to Navalny", he now says, "warned me about John Helmer".

In two telephone interviews on September 6, Jacoby revealed that the planning of his medical evacuation flight to Russia began in Shannon, Ireland, on August 19, 2020, the day before Navalny fell ill on a flight between Tomsk and Moscow on the morning of August 20, 2020.

Jacoby also testified that Maria Pevchikh, one of Navalny's staff, had been the first to mention Novichok when they were talking together at the intensive care unit of Omsk Emergency Hospital Number 1, where Navalny was being treated, after his flight had been diverted for an emergency landing at Omsk. Later, Jacoby added, Pevchikh and Yulia Navalnaya, Navalny's wife, had asked him — and he had agreed with them — to conceal their backpack containing water bottles from Navalny's hotel room in Tomsk on to the German medevac aircraft, making it appear to be his own luggage and thereby avoid Russian detection at Omsk airport.

In a fresh interview for almost ninety minutes on Thursday evening, September 9, conducted in German, Jacoby did not claim his earlier interviews had been misquoted or misinterpreted. Instead, he revealed how close he has been to Navalnaya, corresponding by email with her after Navalny arrived in Germany for treatment.

Jacoby also issued the first personal attack by a German doctor or German government official on the medical expertise and truthfulness of the Russian doctors treating Navalny at Omsk. "The doctors in Omsk told us a cock and bull story [die Ärzte in Omsk haben mir einen Bären aufgebunden]," Jacoby now says, claiming they didn't tell him the full truth. He adds that handwritten records of Navalny's clinical tests he was shown by the Omsk hospital doctors "were unprofessional and could easily have been faked." Jacoby did not acknowledge the papers he was shown were handwritten in English because the Omsk Hospital doctors believed Jacoby could not understand computer printouts in Russian.

Comment: See also:


Sherlock

Prosecution witness in Netanyahu trial killed in plane crash in Greece

Cessna
© Wikimedia Commons
A Cessna 172 aircraft (illustrative). Haim Garon, a former deputy director at the Communications Ministry, was a prosecution witness in the Netanyahu trial
One of the two people who were killed when their Israeli light aircraft crashed into the sea near the eastern Aegean island of Samos on Monday evening was to be a prosecution witness in the trial of former prime minister Benjamin Netanyahu.

Haim Garon, a former deputy director of the Communications Ministry, was not considered a key witness, and his death will not prevent the case from proceeding.

The plane, a Cessna 172, reportedly departed from Israel and "encountered a problem on approach to the island's airport," crashing nearby, Greek media reported.

Garon and his wife, Esti, left on Monday afternoon on a flight from Haifa. The accident occurred at around 7:45 p.m.

Comment: See also:


Laptop

The digital elite: Some high-profile Facebook users 'allowed to break platform's rules'

facebook
© TechCrunch
Facebook gives high-profile users special treatment, which includes immunity from its rules for some, and allowed Brazilian footballer Neymar to post nude pictures of a woman who had accused him of rape, according to a report.

The XCheck or "CrossCheck" system steers reviews of posts by well-known users such as celebrities, politicians and journalists into a separate system, according to an investigation by the Wall Street Journal. Under the programme, some users are "whitelisted" - not subject to enforcement action - while others are allowed to post material that violates Facebook rules, pending content reviews that often do not take place.

People are placed on the XCheck list - where they are given special scrutiny - if they meet criteria such as being "newsworthy", "influential or popular" or "PR risky". Names on the XCheck programme included Donald Trump, US senator Elizabeth Warren and Facebook founder Mark Zuckerberg, although the report does not state whether those names were whitelisted at any point. By 2020 there were 5.8 million users on the XCheck list, the Wall Street Journal said.

In one example cited by the WSJ, Brazilian football star Neymar responded to a rape accusation in 2019 by posting Facebook and Instagram videos defending himself, which included showing viewers his WhatsApp correspondence with his accuser. The WhatsApp clips included the accuser's name and nude photos of her. Instagram and WhatsApp are owned by Facebook.

Instead of immediately deleting the material, which is Facebook's procedure for "nonconsensual intimate imagery", moderators were blocked for more than a day from removing the video, according to the WSJ.

NPC

Biden in SoCal: 'You either keep Newsom as your governor or you'll get Donald Trump - not a joke'

biden
Protesters carrying "F*ck Biden" signs greeted Joe Biden at all of his stops in Idaho and California on Monday.

More than 1,000 Trump supporters carrying "F*ck Biden" signs lined up out outside of Long Beach City College where Biden is campaigning with Governor Gavin Newsom on the eve of the recall election.

Biden's motorcade was booed by a mob of angry patriots as he pulled into the venue.

A desperate Joe Biden told the paltry crowd in Long Beach that if they don't vote in favor of Newsom on Tuesday, they will end up with Donald Trump.

"I'm gonna make this as simple as I can," said Biden. "You either keep Gavin Newsom as your governor or you'll get Donald Trump. It's not a joke."

VIDEO:


Comment: The American progressives really don't like Larry Elder.




Maybe that explains why the Newsom recall election is showing all the signs of being rigged to high heaven. Conservative voters are reporting being told they already voted; ballots are misprinting; non-residents received ballots; and other voters received multiple ballots.


See also:


HAL9000

IBM colluded with Hitler's murderous program, now leads in creating vaccine passports

Hollerith Type III Tabulator
© Columbia University/MNRAS, Vol.92, No.7
Hollerith Type III Tabulator with its wiring panel exposed. This is one of the granddaddies of IBM's tabulators, when it was still using the Hollerith trademark. It was the first tabulator with a built-in printer
In 1932, IBM and the Technocracy movement shared the basement of Hamilton Hall, which is where Hollerith tabulator was developed. Both IBM and Technocracy played a role in Nazi Germany, but IBM's involvement was unspeakable yet thoroughly documented. IBM is now the leader in promoting and developing vaccine passports! - TN Editor

In a March 28, 2021, interview with Fox News' Steve Hilton, former Clinton adviser and author Naomi Wolf warned that mandatory COVID-19 passports will spell the "end of human liberty in the West":
"'Vaccine passport' sounds like a fine thing if you don't understand what those platforms can do," she said. "I'm [the] CEO of a tech company, I understand what these platforms can do. It is not about the vaccine, it's not about the virus, it's about your data.

Once this rolls out, you don't have a choice about being part of the system. What people have to understand is that any other functionality can be loaded onto that platform with no problem at all. It can be merged with your Paypal account, with your digital currency.

Microsoft is already talking about merging it with payment plans. Your network can be sucked up. It geolocates you everywhere you go. Your credit history can be included. All of your medical and health history can be included.

This has already happened in Israel, and six months later, we're hearing from activists that it's a two-tiered society and that basically, activists are ostracized and surveilled continually. It is the end of civil society, and they are trying to roll it out around the world.

It is absolutely so much more than a vaccine pass ... I cannot stress enough that it has the power to turn off your life, or to turn on your life, to let you engage in society or be marginalized."

Comment:


Putin

Western armies 'illegal' presence in Syria undermining hopes for peace in region, Putin says in surprise Moscow meeting with Assad

putin assad
© Sputnik / Mikhail Klimenyev
An illegal occupation by Western troops is hampering the consolidation of Syria despite it being mostly freed from terrorists, Russian President Vladimir Putin has said during a meeting with his Syrian counterpart, Bashar Assad.

The surprise exchange took place at the Kremlin on Monday, but the visit was only publicly revealed on Tuesday morning. It was the Syrian leader's first foreign trip since 2019, when he travelled to Iran.

Putin told Assad that the joint efforts of their armed forces have dealt a crippling blow to terrorists, allowing Damascus to regain control over more than 90% of its territory. However, some obstacles remain before a a "return to normal life" is possible in the country, he added. Syria has been fighting international terrorism since 2011, with the turnaround in the conflict coming after the deployment of Russian forces in the country at the request of Damascus in 2015.
The main problem, in my opinion, is that foreign armed forces are present in certain areas of the country without any UN mandate, without your authorization, which clearly contradicts international law, and prevents you from making a maximum effort to consolidate the country and move along the path of its restoration at a rate that would be possible if the entire territory was controlled by the legitimate government.

Sheriff

Top American general warns war with Russia & China would 'destroy world' & America must find ways to make peace with its Eastern rivals

military drill
© Sputnik / Alexey Kudenko
With global nuclear stockpiles growing and countries upgrading their warheads and rockets, there is an almost unprecedented need to de-escalate tensions and avert atomic armageddon, one of America's most senior officers has said.

Speaking at a meeting hosted by Washington think-tank The Brookings Institution on Monday, Vice Chairman of the US Joint Chiefs of Staff General John E. Hyten warned of the risks if conflicts spiral out of control, and expressed hope that cooler heads can prevail. "We never fought the Soviet Union," he said. "As for the great powers, our goal is to never go to war with China and Russia."

According to Hyten, such an event would "destroy the world and the global economy. It will be bad for everyone, and we have to ensure that we do not go down that path." However, the general went on, previous deals between Moscow and NATO after the fall of the USSR concluded "Russia was not a threat any more." At the same time, however, he alleges that the Russians were "modernizing their entire nuclear arsenal." This, he says, was because "I think they were worried about the US."

Megaphone

20 years after 9/11, I no longer recognize my country. The US has become a malignant narcissist, infecting all it encounters

world trade center
© REUTERS/Jeff Christensen
It's said we become stronger in the face of adversity, as the journey back requires a degree of self-reflection that encourages healing. In the two decades after September 11, however, the US has learnt nothing about itself.

I was raised as a military brat - a special category of American youth imbued from an early age with the pride in being part of a collective united by a sense of duty to country and the selflessness of sacrifice when it came to fulfilling that duty. There was no concept of entitlement - everything that came your way was either earned or suffered, based on your actions or the actions of others in your group.

The military brat lived a life where at least one parent, but sometimes both, wore the uniform of one of the branches of the armed forces of the United States of America. In my case, it was my father, who served as an officer in the US Air Force. We moved every year and a half, on average, which meant, from the time I was born until I graduated high school, we packed up our belongings and started a new life somewhere else no fewer than 11 times, and I attended three different high schools: one in Hawaii, one in Turkey, and one in Germany. We learnt to love our country not from some inflated sense of worth, but rather from seeing it as others saw it - the good, the bad, and the ugly, but mainly the good.

Eye 2

UK children will give consent for Covid injection NOT parents, health minister declares all over 12 to be targeted despite advisory body voting AGAINST scheme

vaccine child uk

Public Health England today published of a guide (pictured) to Covid-19 vaccination for children and young people
Fury has erupted tonight after ministers confirmed plans to vaccinate all children over 12 across the UK from next week - with experts and parents warning it may lead to unvaccinated pupils being 'bullied' and could even 'tear families apart'.

Vaccines minister Nadhim Zahawi confirmed the plans to offer a single Pfizer jab to healthy 12 to 15-year-olds during a speech to the House of Commons tonight.

Comment: One can only hope that coercing children into suffering these experimental vaccines will be the red line for people everywhere:

And check out SOTT radio's: NewsReal: The Red Line? Governments Extend Vaccine Mandates to Children