Hotel financing – Hotel Michel Angelo Mon, 07 Jun 2021 02:03:19 +0000 en-US hourly 1 Hotel financing – Hotel Michel Angelo 32 32 Financial crimes watchdog launches Adelaide casino investigation Mon, 07 Jun 2021 01:25:16 +0000

SkyCity Casino Adelaide is under investigation by the federal government agency responsible for detecting money laundering and criminal abuse of the financial system.

New Zealand-based casino owner SkyCity Entertainment Group reported to the Australian Securities Exchange this morning that it was under investigation by AUSTRAC’s regulatory operations team.

The federal agency said it identified a serious potential non-compliance by SkyCity Adelaide with Australia’s Money Laundering and Terrorist Financing Act and the Anti-Money Laundering and Financing Rules Instrument. terrorism.

In its statement to shareholders, SkyCity said the potential serious non-compliance included concerns about continued customer due diligence and the adoption and maintenance of an anti-money laundering and anti-money laundering program. financing of terrorism (AML / CTF).

The concerns were identified during an AUSTRAC compliance assessment, which began in September 2019.

The formal investigation focuses on SkyCity Adelaide’s management of clients identified as high-risk and politically exposed persons between July 1, 2015 and June 30, 2016, and July 1, 2018 to June 30, 2019.

SkyCity has stated that it takes its responsibilities and obligations when it comes to combating money laundering very seriously.

“AUSTRAC has made it clear that it has not made a decision regarding the appropriate regulatory response it may apply to SkyCity Adelaide, including whether or not enforcement action will be taken,” he said in the press release.

“AUSTRAC has indicated that it will seek information from SkyCity as part of its investigation. SkyCity will cooperate fully with AUSTRAC in relation to these investigations and the SkyCity Adelaide investigation.

“SkyCity has processes and practices in place in its business to detect and prevent money laundering and continually reviews them to ensure it meets all anti-money laundering requirements.”

Adelaide is the only Australian casino in the group. It also operates New Zealand casinos in Auckland, Christchurch, Hamilton and Queenstown.

The Adelaide operation received more than $ 23 million in JobKeeper payments from the Australian government in 2020, helping its New Zealand parent company to make a profit of $ 73.1 million for the first half of fiscal 2021 .

SkyCity opened its $ 330 million expansion in Adelaide in the first week of December. The expansion includes new play areas, bars, restaurants and the 120-room luxury hotel EoS.

Meanwhile, AUSTRAC has also launched a formal investigation into Crown Resorts’ Perth Casino law enforcement.

Crown reported the investigation to ASX this morning and said Crown Perth will fully cooperate with the investigation.

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Qatar sent hundreds of millions of dollars to terrorist group – report Sun, 06 Jun 2021 08:57:00 +0000

A group of Syrians filed a lawsuit against the Qatari regime in London last week for allegedly sending hundreds of millions of dollars to the Al-Nusra Front in Syria, an internationally designated terrorist group. Time of London on Friday reported on the front page of the alleged sponsorship by the State of Qatar of the group affiliated with al-Qaeda.

The United States, the United Kingdom and the United Nations Security Council have all designated the Nusra Front as a terrorist organization.

According to the report, “a private office of the Gulf State monarch was at the heart of underground routes through which money was transferred to … the Nosra Front.” The London-based newspaper added that “Two Qatari banks, several charities, wealthy businessmen, politicians and prominent officials are among the defendants in a claim for damages filed by nine Syrians.”

According to Time, the nine Syrians told the High Court in London that “each had played a role in an alleged plot on behalf of the Qatari state, acting in coordination with the Muslim Brotherhood, the Sunni Islamist organization.”

Qatar, whose monarchy was accused by German Development Minister Gerd Mueller of funding the Islamic State in 2014, is expected to host the FIFA World Cup in 2022.

According to the lawsuit filed by the Syrians, the pro-al-Nusra Front plot was activated by “high-ranking members of the Qatari ruling elite” who issued money to “actively support and facilitate »The terrorists of the Nusra Front in Syria. .

Time wrote that Qatari individuals and organizations acting “on behalf of the State of Qatar” have provided the Al-Nusra Front with hundreds of millions of dollars.

Jerusalem post reported last year that the United States sent a team to investigate the Qatari regime for its alleged funding of Hezbollah, a group classified as a terrorist movement by the United States and the European Union.

Time reported that “among the named defendants accused of implication are Hamad bin Jassim al-Thani, the former Prime Minister of Qatar, and Abdulhadi Mana al-Hajri, the owner of the Ritz hotel in London. Their representatives said the allegations were completely unfounded and categorical denials were issued by every Qatari defendant identified in the complaint who was contacted by Time. “

According to the lawsuit, Time said that “the money was laundered for terrorism through significantly overvalued construction contracts, the purchase of properties at inflated prices and overpayments to Syrian migrant workers. The claim alleges that the clandestine financing operation was conducted with the Muslim Brotherhood and included meetings in Turkey of individuals and representatives of jihadist groups operating in Syria.

The newspaper reported that “money was transferred from the bank accounts of Qatari businesses and charities either directly in Syria or to Turkish banks, where the applicants say it was withdrawn and taken across. the border to Syria “.

The Syrians said they had suffered heavy financial losses or been victims of “torture, arbitrary detention, threats of execution and other forms of persecution by the Nusra Front,” according to the report.

Time reported: “It is alleged that at the center of the operation was the private engineering office of Amiri Diwan, a Qatari government agency that controls all major construction and development contracts. He receives his directives from the Emir of Qatar, Tamim bin Hamad al-Thani. “

The Syrians alleged that Qatar’s financial system was entangled in financing the al-Nusra Front, including the Qatar National Bank (QNB) and the Doha Bank. The QNB is the bank for the World Cup.

Time wrote, “The new allegation alleges that QNB and Doha Bank knew or should have known that they were being used to transfer funds to terrorists. If they did not know, it is alleged that they acted illegally by not monitoring not their accounts. Doha Bank said Time the allegations were false, as were the Khayyat brothers. QNB said the claims have no factual basis and are categorically false. “

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Hilton supports Dilmah’s empowerment efforts to inspire the next generation of chefs – The Island Sat, 01 May 2021 23:51:02 +0000

by Michael F. Perera

Valuable resources are extracted every day to develop practical products such as bottles, containers and more. As the extraction of pristine resources rapidly depletes their availability, it is high time that a sustainable alternative be sought, to ensure the longevity and viability of future generations.

With the rising prices of virgin materials, the alternative – recyclable waste – is staring us from the side of roads, canals and landfills. If we collect and recycle plastic bottle waste around our island, the need to import around 1000 to 1300 tons of polyethylene terephthalate (PET) each month would significantly reduce and also help boost the environment and the economy.

Sixty percent of the monthly PET plastic in Sri Lanka circulates in the Western Province. Unless steps are taken to effectively collect and dispose of plastic waste, the obligation to import plastic will continue to increase, and the potential for a resilient circular economy and improved livelihoods in the food industry. recycling will eventually disappear.

Bottle to bottle: a better solution?

One of the simplest solutions is to bring the plastic back into the system and recycle it to produce a bottle again. But this is hardly a reality. Why? Sri Lanka does not legally allow recycled content in food grade manufacturing.

According to the extraordinary notification of the Gazette n ° 1160/30 of June 29, 2010, “any food contained in a package, device, container or receptacle made from recycled plastic” is prohibited. Thus, there are concerns about using recycled plastic in food grade packaging in terms of quality and impact on the health of the end consumer.

However, countries around the world are embracing this concept, committing to world-class standards and implementing the bottle-to-bottle concept to effectively reduce plastic waste pollution, while giving back to their economy and to local communities. Developed and developing economies such as the United States, Canada, Europe, Brazil, Bangladesh, and Nigeria allow recycled PET in food-grade packaging, reducing the use of virgin resin in manufacturing. manufacturing.

For example, the level of recycling of PET bottles in Japan is one of the highest in the world, and this was made possible by the Container and Packaging Recycling Act (1995) which was implemented for promote the separate collection and recycling of containers and packaging waste. . The Japanese government designates three types of recycling processes; Material, chemical and thermal recycling. PET plastics fall under the “Material” category, in which PET bottles are turned into new PET products.

In Indonesia, Coca-Cola plans to set up a new recycling facility, which will help eliminate the use of virgin plastic. The facility will house a bottle-to-bottle grade PET recycling facility where the use of recycled plastic could reduce the amount of new plastic resin used by the company by approximately 25,000 tonnes per year. Through this venture, Coca-Cola hopes to play a vital role in supporting the problem of plastic waste management in Indonesia, while also creating an impact on the country’s circular economy.

Moreover, in obvious efforts to save currency and successfully fight the pollution war, the bottle-to-bottle concept is being approved in many countries. The case in Sri Lanka should be no different. As this concept is also approved by the United States Food and Drug Administration (FDA), the Lankan authorities are expected to do the same and save precious foreign exchange by converting waste PET back into bottles. Currently, Sri Lanka spends up to USD 1,550 per tonne per month on foreign exchange reserves for the import of PET plastic, where approximately 1,000 to 1,300 tonnes of PET are imported per month.

In addition, recycling of PET bottles to their original form can be done over 7-8 times, the process being much more affordable and less harmful to the environment, as PET plastics produce three times less CO2. in production versus an alternative material such as glass.

Using modern and advanced machinery in the recycling process, the intrinsic viscosity (IV) level, which is the strength of a bottle, will not only be kept stable, but will also increase.

So, if the underlying benefits are clear and extremely beneficial to all Sri Lankans, why has this concept not been implemented?

Waste management: a stronger reform

From a holistic perspective, one of the biggest problems with Sri Lanka’s waste management system is the poor implementation of proper waste collection. From rural households, to the urban west, to authoritative bodies in the country, the responsibility for segregating and disposing of plastic waste appropriately needs to be brainwashed.

In principle, each household should ideally have four separate designated bins to collect organic waste, paper waste, glass and metal waste, and plastic waste. This way, collectors can collect the least contaminated plastics and hand them over to recyclers.

In Japan, households are encouraged to sort their waste at home as they are given specific containers for PET bottles, PS foam containers and PP bottle caps separately, instead of mixing them with other plastics. . They are further encouraged to use separate disposal methods such as the PET bottle shredders provided in supermarkets to allow consumers to dispose of their used PET bottles, after which they can collect store credits or vouchers. purchase tokens. Japan’s impressive plastic recycling rate is due to its local governments’ sorting rules, which are among the strictest in the world.

In Sri Lanka, most people look to the government to solve this problem, but the truth is, the infrastructure and practices in place are outdated and inefficient. Essentially, local government policy decisions in the areas of waste management and recycling have been extreme, often neglecting the long-term economic and environmental benefits that could be harnessed, in favor of a ban on the easy fix. “.

Local authorities are also a key stakeholder in ensuring an appropriate and efficient waste sorting and management system. Their support for raising awareness and imposing strict rules and penalties to maintain adequate waste segregation will not only strengthen the local recycling industry, but also reflect the fact that people now want to recycle, but the problem prevails in collection efforts.

Therefore, it is essential that local communities and the government take a strong stand in handling the country’s waste management issue, as the long-term economic and environmental benefits definitely outweigh the complications and problems. created by neglecting the concerns of the local waste management and recycling sector, or simply throwing the problem under the rug with another ‘ban’. It is essential that waste management efforts are strengthened so that plastic waste makes its way into the recycling economy. A simple solution to the plastic waste problem is also to put the plastic back into the system. However, this is currently banned in the country as it was released as mentioned above. Allowing the use of recycled materials in food grade packaging will further increase the demand for plastic recycling, a key priority in our island nation.

(The author is the chairman of CMC Engineering Export GmbH, a member of the Melchers group, engaged in importing a wide range of technical products from quality suppliers in Europe and Asia, and is also a former chairman of the Packaging Institute)

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Wind power industry expected to create 3.3 million jobs globally by 2025, Energy News, ET EnergyWorld Thu, 29 Apr 2021 07:00:00 +0000

New Delhi: The global wind power industry is expected to grow at a compound annual growth rate (CAGR) of 4% through 2025, with an additional 470 gigawatts (GW) of capacity creation, helping to create 3.3 million jobs over the period, according to a new report from the Global Wind Energy Council (GWEC).

“The additional 470 GW of wind capacity through 2025 could equal the creation of more than 3.3 million direct jobs in a dynamic supply chain around the world, based on existing data sets regarding the job creation for onshore and offshore wind power, ”the report said.

New historic wind capacity of 93 GW was installed in 2020 despite the impacts of COVID-19, making last year a record year for onshore wind growth and the second best year for wind growth offshore, demonstrating the resilience of the wind industry and a signal that the industry and the global supply chain can continue to deliver.

“While installations are expected to decline slightly in 2021 to reach 88 GW of new wind capacity, this will still be the second best year for wind growth in history, largely due to rushes for facilities in the United States for onshore wind and in China for offshore wind, ”the report says.

Wind installations will grow at a CAGR of 4% over the next five years and annual offshore wind installations are expected to quadruple by 2025 with a CAGR of 31.5% over the next five years.

The report says annual installations are expected to exceed 110 GW by 2025, bringing the total volume of new installations from 2021 to 2025 to 470 GW. These additions are equivalent to two-thirds of all current wind installations in the world, meaning the industry is poised for significant expansion over 5 years.

By 2025, GWEC forecasts more than 1,210 GW of installed onshore and offshore wind capacity worldwide. With increased investment and heightened political ambition for onshore and offshore wind energy, employment potential could exceed 3.3 million jobs, providing a rung on the ladder of green recovery.

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Tax Relief Sought For Converting Unfinished Amherst Hotel Into Student Accommodation | Local News Sat, 24 Apr 2021 19:30:20 +0000

“This is a priority resuscitation project for us,” Kulpa said of the future hotel, which has upset his office for years.

The Amherst Zombie Hotel comes back to life. Work has recently restarted on the envelope of a building near the University of the Buffalo North campus, where two brothers from Ontario want to open a hotel for extended stays. Construction had started and stopped – twice – on the hotel property, the last time earlier this year, leaving an unfinished six-story building looming above Sweet.

Brothers Sam and Jas Johal, business owners in Ontario, purchased the property at 1265 Sweet Home Road, south of the Rensch Road entrance to the UB campus, in 2007 through a limited liability company. The first round of work ended in 2009 and the project languished until 2015, when the Johals were given permission to start over.

Work on the latest version of the six-story, 88,000-square-foot structure, a Maplewood Suites Extended Stay hotel, began in November 2016 and was completed in early 2018.

It is mainly an incomplete building envelope with walls, windows and floors on a fenced building lot. And homeowners face multiple mechanic’s privileges and even foreclosures for millions of dollars in unpaid bills – as well as over $ 100,000 in unpaid property taxes.

DMG Investments would buy the 2.4-acre site from the Johals for $ 5.8 million, convert the existing structure into 130 student apartments for $ 8.4 million and nail an annex that would add 17,000 square feet and 24 units at the cost of $ 2.6 million. Ancillary costs such as engineering work, as well as expenses for furniture, bring the total to $ 21.3 million.

If you’re visiting or Orbitz, you can book a room at a Maplewood Suites Extended Stay hotel in Amherst. But if you make your way to 1265 Sweet Home Road, you’ll see that customers aren’t getting their free waffles and eggs – or anything else – all the time.

Most of the 154 units would be one-bedroom apartments or studios. The project required rezoning, which Amherst City Council approved.

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Ether plunges 10% per day after hitting record high Fri, 23 Apr 2021 02:42:31 +0000


$ 6 trillion world of Family Office fights post-Archegos crackdown

(Bloomberg) – Archegos’ implosion poses thousands of secret family offices the biggest privacy challenge in a decade. They won’t give up without a fight.Some lawmakers, regulators and consumer advocates are pushing to expose the inner workings of family offices, which are tightly managed and lightly regulated but manage around $ 6 trillion for the world’s ultra-rich. . the changes sought by reform advocates would require U.S. family offices to register as investment advisers and publicly report their holdings on a quarterly basis, as most other types of investment firms must. it could also reveal proprietary information to competitors. Those pushing for more regulation are optimistic that the new chairman of the Securities and Exchange Commission, Gary Gensler, who has a solid reputation on Wall Street, will see it their way. “The rationale for exempting family offices is clearly untenable now, and we believe the SEC will change that quickly,” said Dennis Kelleher, CEO of advocacy group Better Markets. what all investment firms, including family offices, must disclose about their holdings, Bloomberg reported. The new disclosures could include the positions of companies on derivatives and the stocks they sell. They say they are preparing for their biggest lobbying effort since they managed to avoid being included in tough new regulations after the 2008 financial crisis. Their strategy: insist that the family office setup d’Archegos was unrelated to his implosion. “What Archegos did and the fact that they got into trouble had nothing to do with the structure of the family office,” said Brian Reardon, lobbyist for the Private Investor. The merger of Archegos Capital Management LP at the end of March, led by former hedge fund manager Bill Hwang, sparked the lobbying skirmish. After being shut out of the hedge fund industry for insider trading, Hwang opened a family office in 2013 and ultimately converted $ 200 million into around $ 20 billion in assets, using a high portfolio. leverage concentrated in a handful of stocks. The explosion that followed revealed that neither regulators nor brokers had any idea of ​​the magnitude of Archegos’ positions. “The losses are serious,” said Andrew Park, senior policy analyst for Americans for Financial Reform. “But what’s most amazing is that these losses all came from a company that no one knew about until a few weeks ago. His group has asked the SEC to examine whether the family office registration exemption creates “regulatory blind spots.” Major brokerage banks that had to liquidate Archegos’ positions, including Morgan Stanley, Nomura Holdings Inc. and Credit Suisse Group AG, have lost billions of dollars, leading some bank executives to also call for closer scrutiny . “Frankly, the transparency and lack of disclosure regarding these institutions is just different from that of hedge fund institutions. And that’s something I’m sure the SEC will look into, ”Morgan Stanley CEO James Gorman said on an April 16 earnings call. “Better information is always helpful in spotting potential problems.” Reardon, of the Private Investor Coalition, said his group plans to speak to the SEC, the Commodity Futures Trading Commission and lawmakers to explain why some of the proponents of the disclosure have called for Angelo Robles, founder of the Family Office Association. , is also preparing to take action. He said he plans to contact U.S. law firms and senators if regulators take an aggressive stance on family offices. “The fallout will likely be more regulation on swaps,” said Robles, whose Greenwich, Connecticut-based group has more than 200 members worldwide, referring to the type of Archegos derivative often used. the shock that a little-known family office could have such an effect serves as a rallying cry for supporters of Wall Street reform. Better Markets’ Kelleher said he had already argued his case with SEC staff, arguing in part from more public disclosure from the family office the sizes and positions could help prevent them from becoming a risk to the financial system. Lawmakers have also shown interest. Ohio Democrat Sherrod Brown, who heads the Senate Banking Committee, has asked Archegos brokers to disclose information about their dealings with family offices. Family offices serving one family and without outside clients generally do not need to register with the SEC as investment advisers. The rationale for the exemption is that they only serve a single high net worth client who does not need the protections afforded to investors in other funds.In addition, offices with less than $ 100 million in assets or who manage funds for one person may avoid disclosing regularly Offices that serve more family members must file their holdings with the SEC, but can request, and often receive, an exemption allowing them to keep the filing confidential . funds, typically only include direct ownership of shares and not positions in derivatives, like the total return swaps that led to the downfall of Archegos. The big banks traded the equity swaps for Archegos for a fee. These swaps allowed the company to spend relatively small amounts – it basically used borrowed money to build a huge portfolio – while keeping its individual stock ownership hidden. investment firms, including family offices, disclose derivatives. and short positions, which would not necessarily infringe the privacy of family offices if they were still able to confidentially file assets with the SEC. The lack of disclosure has allowed some family offices to adopt such complex strategies without attracting attention. Complying with fewer regulations, meanwhile, has allowed a number of hedge fund managers to convert their businesses into family offices. BlueCrest Capital Management, for example, returned money to investors in 2016 to focus on on the wealth management of its billionaire co-founder Michael. Platt, his associates and employees. John Paulson said last year that he was converting his hedge fund Paulson & Co. into a family office, following a similar move by Leon Cooperman’s Omega advisers. Family offices have proliferated this century, in part to cause of the boom of tech billionaires. More than 10,000 family offices around the world manage the wealth of a single family, at least half of which began this century, according to EY. A 2019 estimate by researcher Campden Wealth valued family office assets at nearly $ 6 trillion. globally, more than the entire hedge fund. industry. Because most families keep the extent of their wealth closely and very little public records are available to track their assets, the exact figure could be higher or lower. It is rare for family offices to take as much risk as they do. Archegos. But hedge funds that convert to family offices are more likely to stick with their trading strategies, which often use leveraged bets that can have a broader market effect. Some family offices have also recently launched so-called firms in white – front companies whose goal is Part of the Private Investor Coalition’s plan is to tell regulators they already have the tools they need to identify threats to the financial system, Reardon said . The SEC is implementing a long-delayed rule that would require all funds, including family offices, to privately disclose some of their derivative positions to the agency. In theory, that would have allowed the SEC to see what Archegos was doing, but requiring Archegos to register as an investment adviser would not have prevented the explosion, said Reardon, whose coalition has stood up. formed in 2009 to provide offices. If regulators crack down on family offices in the United States, some might simply decide to leave the country. “In reality, the typical single family office is a small team of highly mobile individuals,” said Keith Johnston, CEO of SFO Alliance, a London-based investment club for single-family offices. “There is a risk that if they consider themselves too regulated, they will simply move staff or headquarters to jurisdictions where they are not located.” For more articles like this, please visit us at’s business news source. © 2021 Bloomberg LP

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Morning news report: Pakistan explosion, another black man shot dead in US, and more, World News Thu, 22 Apr 2021 03:22:15 +0000

A deadly explosion rocked the Pakistani city of Quetta on Wednesday evening. The explosion took place in a luxury hotel where the Chinese ambassador was staying. The ambassador was absent when the explosion took place. Meanwhile, sheriff’s assistants shot and killed a black man in North Carolina while he was executing a search warrant. Read this and more in our morning newsletter.

Pakistan: deadly explosion in luxury hotel housing Chinese ambassador

The explosion took place in Quetta, capital of Balochistan province, where the Pakistani army has been waging a low-level insurgency for ten years.

US pushes forward bill to help Ukraine fight Russia, lobbies Nord Stream 2

United States

Ukraine’s Security Partnership Law, approved by voice vote, authorizes $ 300 million in foreign military funding

China denounces ‘provocative’ scrapping of ‘Belt and Road’ initiative by Australia

China Australia

Foreign Minister Marise Payne said on Wednesday that the federal government would reverse the decision of the state government of Victoria to subscribe to the Belt and Road Initiative (BRI), a vast network of investments which critics say , would cover Beijing creating a geopolitical and financial lever

Black man shot dead by sheriff’s deputies serving search warrant in North Carolina

North Carolina

The shooting took place Wednesday morning in Elizabeth City, a riverside town of about 18,000 Pasquotank County residents near the North Carolina coastal border with Virginia, and small groups of protesters took to the streets on evening.

PM Modi to attend virtual climate summit in US


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]]> Stewart Bainum seeks new funding for $ 680million bid for Tribune Sun, 18 Apr 2021 20:39:00 +0000

Maryland hotel executive tries to raise new funding for a $ 680 million offer to buy Tribune Publishing after his partner, a Swiss billionaire, withdrew from the tender for the chain of newspapers.

Stewart Bainum is in talks with other potential investors after Hansjörg Wyss stepped down in recent days, a person familiar with the matter said on Sunday.

Wyss told Bainum it would take too much investment to turn the channel’s flagship product, the Chicago Tribune, into a national publication, according to the person, who spoke anonymously because it was not authorized. to discuss private negotiations.

Wyss and Bainum offered to buy the channel for $ 18.50 per share, beating the previous offer of $ 17.25 per share, or $ 634 million, from Tribune’s largest shareholder, hedge fund Alden Global Capital. . Bainum informed Tribune representatives of Wyss’s withdrawal on Friday and they allowed him to speak to other potential investors, according to the person familiar with the matter.

Bainum was initially interested in purchasing one of Tribune’s newspapers, the Baltimore Sun, but vowed to acquire the entire company. Two investors have expressed interest in acquiring the Orlando, Florida Sentinel from Tribune: former Thomson Financial CEO Mason Slaine and Craig Mateer, who founded an Orlando-based baggage handling company.

Through a spokesperson, the Tribune Publishing board special committee that handles the offers declined to comment. An attempt to contact Wyss through his foundation failed.

Tribune also owns the New York Daily News, the Hartford (Connecticut) Courant and other newspapers.

Alden owns numerous newspapers through its subsidiary MediaNews Group, including the Boston Herald, Denver Post, and San Jose Mercury News. Alden has become First shareholder of Tribune Publishing in 2019 and now owns a 32% stake in the Chicago-based company. He plans to make Tribune private.

Wyss, 85, founded medical device maker Synthes USA, which he sold to Johnson & Johnson for around $ 20 billion in cash and stock in 2012. Forbes recently estimated his wealth at $ 6 billion. Wyss now lives in Wyoming.

Wyss’s withdrawal was reported earlier by the Chicago Tribune.

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MBRCH expands its food campaign to 10 countries Sun, 18 Apr 2021 14:05:51 +0000

LuLu is highlighting a host of retail promotions and charity activities in its Ramadan campaign this year.

In an effort to improve the customer experience and make shopping easy and affordable during Ramadan, LuLu showcased their pre-packaged Ramadan Kit for SR99 ($ ​​26), which was specially created for essential purchases and donations.

In partnership with the Saudi Food Bank, these kits as well as the iftar boxes (priced at SR 15 each) will be distributed to needy and charitable groups. An agreement was signed between Abdul Rahman Al-Huzaimi, regional director of Saudi Food Bank in Riyadh, and Bashar Al-Besher, director of administration of LuLu hypermarkets, Saudi Arabia, in the presence of Shehim Mohammed, director of LuLu hypermarkets , Saudi Arabia, LuLu officials and other guests.

These kits are priced below the normal market price and contain groceries such as rice, powdered milk, sugar, oil and others. LuLu’s Ramadan Kits are available in all of its stores and online through

Mohammed said: “As the current pandemic situation continues to constrain the majority with smaller gatherings and with more people staying at home, we have launched Ramadan product and kit offers to make shopping more efficient. easy and more practical. Our in-store promotion sections are more complete and broader with many essentials offered at attractive discounts. The same offers are also reinforced in our online shopping with offers and promotions to ensure safe shopping for those who do not wish to buy in store. “

LuLu will also launch traditional food stations in its stores to celebrate the essential delicacies savored during the holy month.

Food stations will host themed events such as the Meat Festival, Dates and Nuts, Iftar Delights, and the Dessert Festival. In addition, LuLu introduced “Souk Al-Fawakeh” to provide customers with competitively priced fresh fruits and vegetables in bulk packaging. It offers 30 exotic fruits for the whole month.

In keeping with the spirit of holy month giving, LuLu has launched Ramadan themed cards, available in SR15 and SR150.

Abdulla Hamdan, Marketing Director of LuLu Hypermarkets in Saudi Arabia, said: “We are pleased to launch these Ramadan themed cards for our customers, in line with our goal of making their shopping experience unique, especially during important occasions like Ramadan. Since the large group meeting for iftar is all about putting everyone’s health and safety first, this card is a perfect choice to give as a gift.

“It’s a convenient way to show your loved ones that you remember and care about them during these trying times.”

Together with Saudi Food Bank, LuLu launched iftar boxes containing convenient packs of essential post-fast meals that customers can purchase for SR 15 each. There is also an option to donate SR15 through ATMs.

In collaboration with the Kayl Association for the Fight Against Obesity, LuLu launched the “Health is Wealth” campaign to raise awareness about obesity and its health risks, as well as the importance of limiting its spread in the world. the community. For each purchase of a healthy iftar or sahoor meal, 5% will be donated to the charity.

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China, US agree on need for stronger climate commitments Sun, 18 Apr 2021 07:00:26 +0000


SHANGHAI / WASHINGTON – China and the United States agree stronger commitments to tackle climate change should be introduced ahead of a new round of international negotiations at the end of the year, the two countries said in a statement on Sunday. spouse.

The statement came after a meeting between Chinese climate envoy Xie Zhenhua and his US counterpart John Kerry in Shanghai on Thursday and Friday, China’s Environment Ministry said.

“The United States and China are committed to cooperation with each other and with other countries to address the climate crisis,” their joint statement said. The two countries will continue to discuss “concrete actions in the 2020s to reduce emissions aimed at keeping within reach the temperature limit aligned with the Paris Agreement”.

Kerry arrived in Shanghai on Wednesday evening under strict COVID-19 protocols and was transferred to a secluded hotel not open to the public. He then traveled to Seoul.

His stopover in Shanghai was the first high-level visit to China by an official in the Biden administration since the new president took office, and followed a controversial exchange between officials from the two countries in March in Alaska.

The talks also mark a resumption of the climate dialogue between the two largest emitters of greenhouse gases in the world. Bilateral talks were halted during the administration of Donald Trump, who withdrew from the 2015 Paris agreement after claiming he had unfairly punished US companies.

The United States is expected to soon commit to reducing U.S. greenhouse gas emissions in an effort to regain the confidence of foreign allies. Biden brought the United States back into the Paris climate agreement.

Li Shuo, senior climate adviser at environmental group Greenpeace, said China may soon respond to a new US pledge through one of its own, building on “momentum” from the Shanghai talks.

“The statement in my opinion is as positive as the policy allows: it sends a very clear message that on this particular issue (China and the United States) will cooperate. Before the Shanghai meetings, this was not a message we could assume, ”Li said.

Biden will host a virtual summit this week for dozens of world leaders to discuss climate change, which will be broadcast live to the public. Global climate talks are scheduled for November 1-12 in Glasgow.

The statement said the two countries also agreed to discuss specific actions to reduce emissions, including energy storage, carbon capture and hydrogen. They said they would take steps to maximize funding for developing countries to switch to low-carbon energy sources.

The Paris agreement encourages countries to come up with more ambitious climate commitments if they are in a position to do so. China has already pledged stepped-up action as it tries to meet its goal of becoming “carbon neutral” by 2060. – Reuters

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