Zelenskyy with Czech, Polish and Slovenian leaders in Kyiv: ‘With such friends, we truly will succeed and win’

The arrival of a number of Central European leaders in Kyiv in the middle of a war has been met with glowing praise in Ukraine

March 16, 2022

editor: GRZEGORZ ADAMCZYK

author: POLSATNEWS.PL

via: POLSATNEWS.PL

In this image from video provided by the Ukrainian Presidential Press Office, 

Ukrainian President Volodymyr Zelenskyy speaks during a meeting with Slovenia

 Prime Minister Janez Jansa, Czech Republic Prime Minister Petr Fiala, Polish 

Prime Minister Mateusz Morawiecki and Polish Deputy Prime Minister

 Jaroslaw Kaczynski on behalf of the European Council, in Kyiv, Ukraine,

 on Tuesday, March 15, 2022.

 Next to Zelenskyy is Ukranian Prime Minister Denys Shmyhal. 

(Ukrainian Presidential Press Office via AP)

The visit of the leaders of Poland, Czechia and Slovenia to Kyiv in the midst of war has been heralded as a sign of courage and solidarity, and which has prompted Ukrainian President Volodymyr Zelensky to say that Ukraine can only win with such allies.

“I am convinced that with such friends, with such countries, neighbors and partners, we truly will succeed and win,” said Zelensky said after his meeting with Central European politicians in Kiev.

Prime Minister Mateusz Morawiecki, Deputy PM and Law and Justice (PiS) leader Jarosław Kaczyński, Czech Prime Minister Petr Fiala and Slovenian Prime Minister Janez Janša visited Kyiv on Tuesday and took part in a meeting with Ukrainian President Volodymyr Zelensky and Prime Minister Denys Shmyhal.

The Central European leaders traveled by train to the Ukrainian capital, which is currently being attacked by Russian forces.

After the talks in Kyiv, Zelensky thanked the leaders for their support, especially when many ambassadors had left Ukraine following the Russian invasion.

“These people, the leaders of their amazing, independent countries, are not afraid. They worry more for our fate and are here to support us, and this is a very strong, valorous and friendly step,” he declared.

The Ukrainian president stated that he absolutely trusted those countries and leaders.

“This is why we speak about security guarantees, about our future in the European Union, or we speak about sanction policy. We know that everything that we have discussed will reach its goal and will have a positive aim for our country, security and future,” he added.

Polish Prime Minister Mateusz Morawiecki emphasized his country’s unwavering support for Ukraine. “We will never abandon you. We will not because we know that you are fighting not only for your own homes, your own homeland, freedom and security — you are also fighting for ours. We are here today to admire your fight against such a brutal aggressor. This invasion must end,” he declared.

He stressed that Ukrainian children, mothers and wives who had fled the country were safe, and those who were being killed by Putin would never be forgotten.

Morawiecki emphasized that the European Union had to give Ukraine the status of a candidate state as soon as possible.

He also announced that Ukraine had to receive defensive weaponry and pledged that the leaders would try to organize it from every corner of the world.

Jarosław Kaczyński meanwhile expressed his respect for Zelensky, as well as for Ukrainian Prime Minister Denys Shmyhal and the entire Ukrainian nation. He emphasized that in addition to the aid mentioned by Zelensky, another rule which was commonly accepted by the West had to be changed.

“I believe that a NATO peace mission is necessary, or perhaps even of some broader international agreement. But this mission must also be able to defend itself and operate in Ukrainian territory,” he said.

Czech Prime Minister Petr Fiala underlined that the visit was meant to show support for the Ukrainian’s fight and for the Ukrainian state.

“You are not alone. Our countries stand with you. Europe stands with you,” he declared.

Opinion: Courageous show of solidarity with Ukraine

The Polish, Czech and Slovenian premiers visited Kyiv as a show of solidarity with Ukraine. A sign of courage with huge symbolic force, says DW's Bartosz Dudek.

The three European leaders went to Kyiv to show their solidarity with Ukraine

On August 12, 2008, Russian troops were marching towards the Georgian capital, Tbilisi. Suddenly a delegation of five leaders turned up in the city: The presidents of Poland, Lithuania, Latvia, Estonia and — Ukraine.

Before setting off from his country, Polish President Lech Kaczynski had said that the Russian state had once again "shown its true face."

Speaking on a central square in Tbilisi in the name of his fellow leaders, he said that Russia believed that all the nations surrounding it should be subordinated to it.

"And we say: No!" he said defiantly. "What I want to tell you and tell our friends from our shared European Union is that Central Europe, Georgia and our whole region is going to have a say […]. And we also realize all too well that what has befallen Georgia today may befall Ukraine tomorrow, the Baltic States a day after, and then perhaps also my own country: Poland."

Now, 14 years later, the first part of his prophesy has come true. President Vladimir Putin's Russia has attacked Ukraine. The apocalyptic images of destroyed cities, dead civilians and millions of fleeing refugees have dominated the headlines for weeks.

Currently, the Russian army is at the gates of the capital Kyiv. And we all look on in horror.

Act of pure symbolism

That a delegation of leaders from Poland, the Czech Republic and Slovenia chose this moment to go to Ukraine is extremely significant. As is the fact that Polish Prime Minister Mateusz Morawiecki was accompanied by his official deputy, Jaroslaw Kaczynski, the twin brother of the late Lech Kaczynski.

This visit was an act of pure symbolism. The idea was to send a message to the Western world that Poland and Russia's other neighbors were right even if they were not listened to. It says: We were right and today we stand resolutely at Ukraine's side.

One can criticize the policies of Jaroslaw Kaczynski, but on Tuesday, he and his colleagues were in the right place at the right time. That they, of all people, were the ones representing values that are non-negotiable for the whole West: the right to freedom, to self-determination and to territorial integrity, is telling. They showed — and gave — courage. The Ukrainians will never forget.

But now the question remains: Are these the only leading politicians of the free world willing to break out of their comfort zone and stand up for Western values at personal risk?

Where is the French president of the Council of the European Union? Where are the heads of the European Council and the European Commission?

Where are the German politicians who have been feeding Russia military machine with their energy dollars for decades? Those who now — rightly — are accused of having the blood of Ukrainian women and children on their hands?

Oops! Microsoft didn't want you to know about adverts in Windows 11's File Explorer

• By Sofia Wyciślik-Wilson

News recently came to light about Microsoft's apparent plans to bring ads to File Explorer in Windows 11. Like many of the other recommendation engines the company has introduced to its products over the years, the reception was less than warm.

The ads appeared for some -- but not all -- users of the latest insider build of Windows 11, leading to the assumption that Microsoft was testing the water to see how people reacted. Now there has been something of a backlash and Microsoft has issued a statement indicating that users were never meant to see this "experiment".

See also:

• Microsoft is adding the appallingly named Clipchamp video editor to Windows 11
• Microsoft has given Windows 11 a helpful speed boost
• Microsoft removes Windows 11 upgrade block relating to VirtualBox

Microsoft's senior program manager for Windows, Brandon LeBlanc, issued a very brief statement to the Verge suggesting that the feature was never meant to get a public airing.

In his statement, LeBlanc said of the File Explorer ads:

This was an experimental banner that was not intended to be published externally and was turned off.

It is impossible to ascertain the veracity of this statement, but whether it is true or not does not particularly matter -- this remains concerning.

If what LeBlanc says is true, it means that Microsoft is experimenting with ads in secret and could still unleash them at some point in the future. But this does raise the concern that if the feature was not meant to be released externally, how or why on Earth was it?

If what he says is not true, however, it suggests that Microsoft fully intended to bring ads to File Explorer, failed to foresee the terrible reaction it garnered, and quickly decided to backtrack on its plans.

What it is important to note is that LeBlanc's short statement does not in any way rule out the possibility of more ads coming to Windows 11. The very fact that Microsoft is thinking about it will be enough to irritate many users, and the company may have to work hard to regain trust

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Univ. of Washington science programs to be housed in new building that includes public, private tenants

Charlotte Schubert 

Several scientific programs at the University of Washington will expand into part of a planned 11-story building approved by the UW Board of Regents that will include a range of tenants.

© Provided by Geekwire The west part of the UW campus, envisioned as an area for collaboration among various business and nonprofit organizations, has been dubbed “Portage Bay Crossing.” (UW Image)

“University occupancy will provide the opportunity to closely collaborate with other public and private sector tenants in the building working on compatible research and technologies,” according to the UW Regents meeting materials.

A “significant” portion of the building is slated for the UW’s Clean Energy Institute, the Brotman Baty Institute and the Institute for Protein Design, according to a UW press release Monday announcing the plans.

The building will be built in the west part of the campus, an area newly dubbed “Portage Bay Crossing.” The university sees the area as a place where multiple fields can come together and partner with “business, government, nonprofit organizations and the Seattle community,” according to the release. The plans show construction beginning in early 2023.

© Provided by Geekwire Rendering of the new building site, viewed from the Burke-Gilman Trail. (Wexford Science & Technology Image)

The project involves leasing UW-owned land for 80 years to the developer, Wexford Science & Technology, which will lease the building to the UW. Ownership of the building will revert to the UW after 80 years. A spokesperson called the arrangement a “newer approach to development for the UW.”

The building will have 340,000 rentable square feet and the UW may lease up to 130,000 square feet, or about four floors.

“This is a significant milestone for the UW and we are so excited to expand into the area west of campus and begin to define Portage Bay Crossing as a new place for discovery and innovation,” said UW vice president for facilities Lou Cariello in the release. “We envision this as a lively and vibrant place with a mix of academic, arts, culture and retail spaces where students, researchers and others can engage in support of the UW’s learning, research, health care and public service missions.”

Existing buildings at 3917 and 3935 University Way will be demolished for the new 1.3 acre site, which is just south of NE 40th Street, and is bounded by Brooklyn Avenue NE to the west, University Way NE to the east, and the Burke-Gilman Trail and NE Pacific Street to the south.

CSIS repeatedly warned space agency about engineer facing breach of trust charge

MONTREAL — A former Canadian Space Agency engineer who allegedly used his position to act on behalf of a Chinese company was the subject of a warning from the Canadian Security Intelligence Service as early as 2015, according to recently released court documents.

© Provided by The Canadian Press

The affidavits to obtain warrants to search the home, phone and emails of Wanping Zheng were made public after lawyers for La Presse and CBC applied to have them unsealed by the court.

Zheng, 61, a resident of the Montreal suburb of Brossard, Que., faces a single count of breach of trust. The allegations against Zheng have not been tested in court.

Reached Tuesday, Zheng's lawyer Andrew Barbacki said he was still awaiting disclosure of the evidence and wouldn't have much to add for the time being.

According to the charge filed, the alleged crime took place between July 1, 2018, and May 30, 2019, in Brossard and St-Hubert — where the Canadian Space Agency is headquartered — as well as in Toronto, Ottawa and elsewhere in Ontario and Quebec.

According to the sworn police affidavits, Canada's intelligence service sent three warnings to the space agency in September 2015 and March and May of 2016, concerned over Zheng's "reliability status" — essentially his security clearance.

According to the documents, the initial 2015 warning did not indicate what had triggered the spy agency's concerns, but a few months later, the CSA was asked if Zheng had access to information about an anti-vibration table, an intellectual property belonging to the space agency.

The court document suggests that despite the three warnings, Zheng's security clearance status was renewed by the space agency in April 2017 — though only for two years instead of the usual 10 to ensure he was following internal policies.

Later in 2017, CSIS refused to provide a briefing to the space agency because Zheng would have been present.

In May 2018, Zheng took a six-month unpaid leave of absence from the agency and was allegedly reminded of conflict of interest rules again.

It was in December 2018 that Zheng was told he was subject to an internal investigation by the CSA, and he went on sick leave three days later. He resigned his post at the agency in September 2019. Six days after that, agency officials contacted the RCMP.

The RCMP have said their Integrated National Security Enforcement Team began an investigation in October 2019. The unit probes activities carried out by, or on behalf of, foreign actors that put Canada's economy or institutions at risk.

In one affidavit to secure access to Zheng's BlackBerry, authorities allege that Zheng represented or worked on behalf of at least five firms while working as a CSA engineer and used his position to facilitate links with two companies that fell outside his mandate.

Last December, the RCMP said in a brief statement outlining the case that "Mr. Zheng allegedly used his status as a CSA engineer to negotiate agreements for the installation of satellite station facilities in Iceland." The alleged actions were "on behalf of a Chinese aerospace company," the statement said.

The court documents note that Zheng was employed by the space agency for 26 years between 1993 and 2019. During that time, computer technicians at the agency found secure file transfer software and an encrypted messaging application on his computer, which went against the agency's internal rules.

The Canadian Space Agency has said previously that when concerns about Zheng's activities came to light, it launched an internal inquiry and restricted his access until his employment ended in 2019. The agency said it is confident the measures protected against any improper disclosure of information and it has moved to strengthen security measures to protect information, individuals and assets.

A spokeswoman for the space agency said it couldn't comment further due to the ongoing court case, which returns to court on Thursday in Longueuil, Que., south of Montreal.

In February, the federal government filed an application with the Federal Court under the Canada Evidence Act trying to shield some sensitive information from disclosure in the case against Zheng.

Prosecutors raised concerns that "sensitive information or potentially injurious information was required to be disclosed" in the case that would "injure national security if disclosed," according to a filing.

This report by The Canadian Press was first published March 15, 2022.

The Canadian Press

David Rosenberg: Food and energy shock this severe has only happened four times before — three led to recession

© Provided by Financial Post Food and energy inflation has been surging.


By David Rosenberg and Brendan Livingstone

Food and energy inflation — notoriously volatile but representing key expenditures for households that can’t easily be reduced — has been surging. At more than 15 per cent year over year (a threshold first breached last October), we are seeing a degree of price gains that have only occurred four other times in the past (1973, 1979, 2005 and 2008).

Note that three of these instances took place during economic downturns, a warning to investors that the spike in prices that has already transpired raises the odds of a recession. The recent decline in equities, as well as the widening in high-yield spreads, provide further confirmation of this rising risk on the horizon.

Keep in mind that this is before the sanctions on Russia have exerted their impact on food and energy prices. Thus far during March, agriculture prices are up 15 per cent and energy prices are 10 per cent higher. This will further exacerbate food and energy costs for households, leading to less disposable income for discretionary purchases.

One can readily imagine how this will lead to an especially large pullback in demand for big-ticket durable goods, which were already poised to see a meaningful demand hit as purchases were pulled forward during the pandemic.

In light of our view that recession risks are rising, particularly given the moves in food and energy prices, we went back and looked at stock market performance in the year following a spike in food and energy CPI (above 15 per cent year over year).

Perhaps unsurprisingly — since three of four occurrences took place during recessions — the S&P 500 did quite poorly in the following year, with an average decline of 11.1 per cent. All 11 S&P 500 sectors declined, although there is a pretty meaningful dispersion in performance. Indeed, on one hand, energy (-1.3 per cent) held up quite well, suggesting this sector has served as a good spot for investors to hide out. Conversely, technology (-20 per cent) was the worst performer, which is to be expected given its long duration status (making it particularly vulnerable to spikes in inflation).

Beyond equities, corporate bonds did quite poorly during these periods when GDP growth slows and the economy enters recession. High-yield spreads widen out 223 basis points on average, and investment-grade spreads were 74 basis points wider. Historically, the 10-year Treasury yield also increased (by 65 basis points) as inflation expectations remain elevated.

However, as far as the current period is concerned, note that the 10-year T-note yield has already increased 55 basis points since last October, representing most of an “average” up move. In other words, the spike in inflation today appears largely priced into the Treasury curve.

But the one asset class that investors should really focus on is gold, which was up a whopping 48.9 per cent during the periods under review. And this was with a stronger U.S. dollar (+1.9 per cent) and Treasury yields moving higher — a positive sign that indicates fundamental support. By way of comparison, the broader commodity complex fell slightly (by 2.5 per cent on average) over the next year due to the demand destruction caused by higher food and energy costs.

The bottom line is that recession risks are rising, particularly as food and energy prices, which were already spiking, are poised to move higher due to the Russia-Ukraine war. In the past, similarly high run rates have resulted in a recessionary outcome in three out of four instances. Against this backdrop, stocks have performed poorly, although the dispersion between the top-performing sector (energy) and worst performer (technology) is quite wide, suggesting good opportunities for active managers to add alpha.

In the corporate bond market, spreads are wider, with a particularly large move in lower-rated credit. Treasury yields also tend to increase, but the move that has already transpired suggests most of the inflation spike is priced in. However, gold has been, by far, the most attractive investment in these periods, suggesting investors should make this a point of emphasis within their portfolio.

David Rosenberg is founder of independent research firm Rosenberg Research & Associates Inc. Brendan Livingstone is a senior strategist there.

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NDP transport critic says feds’ move to privatize high-frequency rail corridor feels like ‘bait and switch’


The NDP and Unifor are concerned a passenger rail service connecting Toronto and Quebec City could become privatized following a federal announcement last week.

On March 9, federal Transport Minister Omar Alghabra revealed the government is seeking private proposals to solicit “advice and views from industry” for the Via Rail high-frequency Quebec City-Windsor corridor.

“This really feels like a bait and switch … that the government is intending to have the rail line operated by a private company,” the NDP’s transport critic Taylor Bachrach told Canada’s National Observer. “This is a huge project and a huge opportunity for Canada and we need to get it right.”

The government’s expression of interest says the private sector would help design, build and finance the high-frequency rail project “that they would ultimately operate and maintain” and collect revenues from.

While it is common for major infrastructure projects to involve the private sector in the construction and design phases, Bachrach said “the idea that a private corporation could also take over the operation of this line over the long term” is a surprise and is “not going to be in the best interest of Canadians.”

In a statement to Canada’s National Observer, Alghabra said: “This is not a privatization of Via Rail. This will grow and strengthen Via Rail. The project is going to be the largest in Canada’s history and we need to do it right. That is why we are inviting the private sector to step forward with their expertise to partner in delivering this transformational project.”

This is the “biggest investment in passenger rail in a generation” and will create better travel options to connect communities, combat climate change and create jobs and economic growth, his statement reads. Alghabra also noted the government will work with the private sector and Indigenous communities and businesses to address any impacts the project may have on Indigenous peoples.

The Quebec City-Windsor corridor accounted for more than 90 per cent of Via Rail’s ridership and 80 per cent of its revenues in 2019. If the corridor is privatized, “that’s going to be a huge blow to the viability of Via Rail,” said Bachrach.

“The Liberal government is fixated with bringing in private capital and turning over major public infrastructure projects to the private sector,” said Bachrach. The result, he says, is low-quality services and higher costs for Canadians, which is why he hopes no private partners will come forward or the government will scrap the idea altogether.

Ottawa’s light rail train (LRT) is one high-profile example of a public-private partnership resulting in a “dismal failure,” said Bachrach.

After a construction period complete with delays, sinkholes, lawsuits and increasing costs, the LRT opened more than a year late in September 2019 and has since been plagued with stoppages, derailments and safety concerns.

The City of Ottawa and the construction companies are currently suing each other.

NDP MP Niki Ashton recently tabled a private member’s bill that would provide an alternative to public-private partnerships.

Her bill proposes removing language in the Canada Infrastructure Bank’s mandate that allows it to seek out private investment and instead encourage the federal government to fund public projects that will help Canadians manage the climate crisis. This would help communities finance critical infrastructure needed to survive the climate crisis and reduce greenhouse gas emissions.

“This is Canada's most densely populated corridor, so there's tremendous potential to use high-frequency rail to get people out of their cars and get them moving up and down that corridor in a low-carbon way,” said Bachrach. “This is a project that needs to be done well, and it needs to be done in the best interest of Canadians.”

Unifor is also calling on the federal government to reverse its decision on the rail project.

In a press release last week, Unifor said it plans to “aggressively fight back” against what it says is “the first of many steps to privatize Via Rail.”

“Privatization in transportation means higher costs, broken promises, worse service and route closures,” said Scott Doherty, Unifor's lead negotiator for rail, in the press release. “Public-private partnerships often lead to lower wages, job insecurity and health and safety risks for workers and “is bound to go off the rails.”

In response to Unifor’s concerns, Alghabra said in his statement that any arrangement with the private sector must respect collective agreements, work with Via Rail’s employees and unions and ensure existing employees benefit from job opportunities from the project.

“Via Rail is central to the success of this project, and will continue to play a critical role throughout its entirety, working collaboratively with a private partner,” Alghabra’s statement reads. “We will protect the public interest. We will protect public assets and we will protect and expand jobs and union membership.”

The Conservative Party’s shadow minister of transportation, Melissa Lantsman, did not respond to requests for comment by deadline.

Natasha Bulowski, Local Journalism Initiative Reporter, Canada's National Observer

STATE CAPITALI$M IS STILL CAPITALI$M

Buttressing Greenland - a bailout in China's distressed property sector

By Engen Tham and Xie Yu 

© Reuters/TINGSHU WANG People walk past a building of Greenland Holdings Corp. Ltd. in Beijing

SHANGHAI/HONG KONG (Reuters) - Greenland Holdings Corp Ltd, a major Shanghai-based Chinese state-backed property developer responsible for marquee projects at home and abroad, was scrambling for funds late last year, people with direct knowledge of the matter said

.

© Reuters/TINGSHU WANG Sign of Greenland Holdings Corp. Ltd. is seen on its building in Beijing

In danger of defaulting on a $500 million offshore bond in December, it was rescued after Shanghai authorities told local state-owned enterprises (SOEs) to step in and buy new Greenland debt, sources told Reuters.

Greenland's financial straits and subsequent bailout, details of which are previously unreported, mark the first known example where Chinese SOEs have been directly ordered to participate in a property sector bond offering - highlighting more active and targeted action being taken by authorities as they seek to limit risks posed by the industry.

© Reuters/TINGSHU WANG People walk past a building of Greenland Holdings Corp. Ltd. in Beijing

Here is what happened.

Greenland, China's No. 7 property developer and highly leveraged, became swept up in a sector-wide debt crisis that roiled international markets last year amid fears that a large-scale developer collapse could derail the world's second-largest economy.

Like many of its peers, it was reeling from tighter caps on debt ratios introduced in January 2021 that resulted in a liquidity squeeze across the sector.

By October, some long-term lenders such as CITIC Bank were reducing their lending, two people with direct knowledge of Greenland's financial situation said, adding the state of affairs was not helped by downgrades to its debt ratings from credit rating agencies.

It had sought fresh financing from trust firms and leasing companies but a sharp rise in interest rates was proving to be a stumbling block, they said.

In the fourth quarter, Greenland embarked on more drastic steps - slashing real estate-related headcount by 30% and placing more strategic emphasis on infrastructure construction projects that accounted for half of its revenues, they added.

Even so, it did not have sufficient funds to cover the likely event that many holders of the $500 million puttable bond would seek to exercise their right to redeem it roughly a year early on Dec. 16, they said.

Sources for this article were not authorised to speak to media and spoke on condition of anonymity.

Greenland said in a statement to Reuters it has always repaid its domestic and overseas debts in full and kept financing costs low, adding that its liabilities reduction plan was progressing smoothly. CITIC Bank did not respond to requests for comment.

WHITE KNIGHTS

Concerned about Greenland's financial situation, Shanghai municipal authorities had sometime during the fourth quarter asked its lenders to be flexible with repayment extensions and to maintain rather than drop existing relationships, said one person with knowledge of the matter.

Then in early December, the Shanghai government's state asset administrator held a meeting with representatives of seven SOEs, ordering them to buy new dollar bonds issued by Greenland, according to four people briefed about the gathering.

Shanghai Municipal Investment Group, Bank of Shanghai, Shanghai Land (Group) Co and Lujiazui International Trust Co were among the SOEs, said two of the four sources.

On Dec. 14, Greenland announced it had raised $350 million in a dollar bond issue. Due August 2022 and carrying a 7.974% coupon, it was a rare developer bond deal at a time when concerns about the sector had dried up new note issuance. The only purchasers were the seven SOES, two sources said.

Three days later, Greenland said it had redeemed 85.9% of the $500 million bond after put options were exercised.

The Shanghai government's state asset administrator, the Shanghai municipal government and the four SOEs named above did not respond to requests for comment.

China's property sector crisis has posed a high-stakes quandary for President Xi Jinping, who is seeking to secure an unprecedented third term this year.

On one hand, the government wants to impose financial discipline on an industry known for unbridled borrowing and which by some metrics accounts for a quarter of China's economy. But it also can't afford to derail growth or fuel social unrest.

Bond defaults by China Evergrande Group, the world's most indebted developer with some $300 billion in liabilities, as well as by other developers, have seen authorities soften their initial stance that market forces would hold sway.

Rules relating to M&A and capital raising in the sector have been relaxed and developers have been given easier access to pre-sale funds held in escrow accounts. At last week's annual meeting of parliament, Premier Li Keqiang signalled more easing was in the works.

Local authorities have also encouraged SOEs to purchase developer assets, sources have previously said, although it is unclear if any SOEs have been ordered per se into an acquisition.

SHIMAO TOO

Shimao Group Holdings, a developer which has put all its property up for sale to repay debt, has also had a helping hand from Shanghai municipal authorities.

Twenty-seven of Shimao's creditors were asked to maintain lending positions and to not publicly undermine Shimao's creditworthiness, said a separate person who attended a creditor meeting. "Everyone was stony-faced, no one had any reaction," said the person.

Shimao did not respond to requests for comment.

Greenland, however, appears to have had more government intervention than most other developers. The sources who spoke with Reuters were not sure why but noted Greenland is state-backed and has high-profile projects.

It recently built Sydney's tallest residential tower and has billions of dollars worth of projects in London, New York, Los Angeles and Paris. At home, its projects include construction of the tallest building in northwest China and it is heavily involved in building subways, highways and bridges.

The use of government-backed credit support rather than the purchase of fire-sale assets is becoming the preferred policy option for reducing risk in the sector, one government policy advisor told Reuters.

There is also a growing consensus that when deciding which firms will gain government support, it will be size rather than whether a firm is government-backed or private that will be the key factor, the person said, adding the bottom line is to prevent a financial crisis.

Just how far the government will support Greenland remains to be seen. Its financial difficulties are not over. It has $190 billion in total liabilities, and according to Refinitiv data, outstanding bonds worth $7.1 billion, of which $3.7 billion is due to mature this year.

The order to SOEs to support Greenland only pertained to the $350 million purchase of new debt, the sources said.

At one SOE at least, there is fear that Greenland might fall further into financial strife and of the potential fallout if that happens.

The written instructions with a Shanghai SASAC letterhead that ordered the purchase of Greenland's bonds are being kept in a safe place in case Greenland defaults and SOE officials are called to account for their actions, said one person with knowledge of the matter.

(Reporting by Engen Tham, Xie Yu, Zhang Yan, Julie Zhu and Clare Jim; Additional reporting by Andrew Galbraith; Editing by Sumeet Chatterjee and Edwina Gibbs)

Distant Supernova Discovered by Homeless Amateur Astronomer

Robert Lea 

A self-taught astronomer who is currently homeless has discovered a hitherto unknown exploding star, or supernova. Filipp Romanov from Moscow, Russia, discovered the supernova which has been designated SN 2022bsi located in the galaxy NGC 5902 in the Bootes constellation in early February this year.

The 24-year-old amateur astronomer is no stranger to discovering astronomical objects and events, with 80 variable stars, 10 planetary nebulas, four pairs of binary stars, and more to his name. But, this marks the first time he has spotted a supernova.

Romanov told Newsweek: "For the first time in my life I discovered a supernova which was later confirmed by the spectrum [the light it emits].

"On February 9, 2022, I found a supernova candidate in the images from the CRTS (Catalina Real-Time Transient Survey), in The Great Supernova Hunt project. It was added by the project administrator to the Transient Name Server (TNS) of the International Astronomical Union on the same date."

© Filipp Romanov An image of the new supernova discovered by Filipp Romanov as seen by iTelescope T24 Filipp Romanov

Romanov discovered the supernova when he requested pictures of NGC 5902, collected using remote telescope 21 located at the New Mexico Skies Observatory in Mayhill, New Mexico, and stacked the images.

Romanov explained: "This astronomical transient was clearly visible in the stacked image, indicating that it really exists. On February 28, 2022, it was confirmed as a supernova and its type has been classified using analysis of the spectrum

that was obtained at the Palomar 60-inch (1.5m) telescope."

SN 2022bsi has been classified as an SN Ia-91bg-like supernova, a sub-class of Type Ia supernovae, that is located at a redshift of 0.0369 which gives it an estimated distance of approximately 508 million light-years from Earth.

Romanov, who said he began his self-education in astronomy in 2009, told Newsweek that he had hoped to study the science at a university, but this is not possible as since 2017 he and his mother have been homeless.

The astronomer explains: "I don't have a place to prepare for entrance examinations, because along with my mother Larisa and our 16-year-old cat Fanya, I have been homeless for more than five years."

Romanov explained that this predicament, which stemmed from trouble in the communal apartment where he lived in Moscow that he said left him and his mother in danger, has also led to him being separated from his beloved telescopes.

In 2021 Romanov, who suffers from bronchial asthma and a heart defect, was granted complimentary two-year membership of the American Association of Variable Star Observers.

On November 13, 2020, Romanov was able to give his presentation "Discoveries of Variable Stars by Amateur Astronomers Using Data Mining: On the Example of Eclipsing Binary Romanov V20" to the AAVSO's 109th Annual Meeting.

The lack of formal education and his difficult personal circumstances has not hampered Romanov publishing his work in academic journals, with his latest paper appearing in The Astrophysical Journal.

Romanov told Newsweek of his commitment to educating the public in astronomy and spreading his love of the subject. He concluded: "I really love to study the science of astronomy and I am glad to tell people about astronomy, which I have been popularizing for free for many years."

UK

SoftBank's Arm plans to cut up to 1,000 jobs after collapse of $40 billion Nvidia deal

Widely regarded as the jewel in the crown of the U.K. tech sector, Arm employs around 6,400 people worldwide and roughly half of those are in the U.K.

While it is headquartered in Cambridge, England, the company has been owned by Japanese tech giant SoftBank.

Former Arm CEO Simon Segars told The Telegraph last July that the company may need to cut jobs if the Nvidia deal was blocked

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Sam Shead 

CNBC

LONDON — British chip designer Arm is planning to cut up to 1,000 jobs, or 15% of its workforce, just weeks after its $40 billion deal with Nvidia collapsed.

Widely regarded as the jewel in the crown of the U.K. tech sector, Arm employs employs around 6,400 people worldwide and roughly half of those are in the U.K.

"Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline," an Arm spokesperson told CNBC Tuesday.

"Unfortunately, this process includes proposed redundancies across Arm's global workforce."

They added: "If the proposals go ahead, we anticipate that around 12-15% percent of people in Arm would be affected globally."

While Arm is headquartered in Cambridge, England, the company has been owned by Japanese tech giant SoftBank, which paid around $32 billion for the firm in 2016.

SoftBank announced in Sept. 2020 that it planned to sell Arm to U.S. chip giant Nvidia for $40 billion but the deal was scrapped in February following a period of intense scrutiny from competition regulators in the U.S., EU, China, and the U.K.

Opponents had several gripes, but the main issue with the deal was around access to Arm's innovative chip designs.

Arm licenses its "architecture" to hundreds of companies around the world. Apple uses them in iPhones and iPads, Amazon uses them in Kindles, and car manufacturers use them in vehicles. If Nvidia stopped other companies using Arm's chip designs in their semiconductors then analysts said the implications could have been huge.

Critics of the deal also suggested that Nvidia may cut jobs at Arm once it took ownership of the company. However, Nvidia repeatedly stressed that it wanted to invest in Arm.

Former Arm CEO Simon Segars told The Telegraph last July that the company may need to cut jobs if the Nvidia deal was blocked.

SoftBank is now planning to take Arm public with the Nvidia deal off the table. Masayoshi Son, SoftBank's CEO, said in February that the company will most likely be listed on New York's Nasdaq stock exchange.

However, pressure is mounting on SoftBank to dual-list the company.

Julian Rowe, general partner at tech investment firm Latitude, told CNBC that the U.K. government should be doing all it can to make sure homegrown successful tech businesses like Arm are not being sold too early and too cheaply to international acquirers, or choosing to take their valued listings overseas.

"History will tell you that Nasdaq or NYSE might be a more natural home for a chip designer like Arm, but that underestimates the degree to which Arm is arguably the least known success story in U.K. tech and the special position it can occupy through a London listing," Rowe said.

"It has the potential to become a standard bearer in the U.K. high growth tech scene."

VW and Goldman Sachs-backed Northvolt plans German gigafactory

Anmar Frangoul 

Construction of facilities focused on EV batteries come at a time when some major economies are looking to move away from vehicles based on gasoline and diesel.
Northvolt says Northvolt Drei — "drei" is three in German — will be its third gigafactory.
The European Commission, the EU's executive arm, is targeting a 100% reduction in CO2 emissions from cars and vans by 2035.

© Provided by CNBC A lithium-ion prismatic cell battery from Northvolt, photographed on Feb. 17, 2022.

Northvolt said Tuesday it would look to build a gigafactory in Germany, with the firm hoping the facility's first batteries will be produced in 2025.

In a statement, the Stockholm-headquartered battery maker said the Northvolt Drei plant would be located in Heide, northern Germany, and provide lithium-ion batteries for the European market.

Northvolt said the plant's "potential production capacity" was slated to be 60 gigawatt hours per year, which would be "sufficient for some one million electric vehicles."

The firm said Northvolt Drei — "drei" is three in German — would be its third gigafactory. Gigafactories are facilities that produce batteries for electric vehicles on a large scale. Tesla CEO Elon Musk has been widely credited as coining the term.

Northvolt said the location of the factory in the state of Schleswig-Holstein would enable it to tap into the area's energy grid.

It described the grid as being "characterized by a surplus of electricity generated by onshore and offshore wind power and reinforced by clean energy provided through grid interconnections to Denmark and Norway."

Northvolt was founded in 2016 and has attracted investment from Goldman Sachs and Volkswagen, among others.

"It matters how we produce a battery cell," Peter Carlsson, Northvolt's CEO, said Tuesday. "If you use coal in your production, you embed a fair amount of CO2 into your battery, but if we use clean energy, we can build a very sustainable product," Carlsson said.

"Our philosophy is that new energy-intensive industries, such as battery manufacturing, should be established in actual geographical proximity to where the clean energy is produced."

Northvolt is not alone in looking to establish a gigafactory in Germany, an industrial and economic powerhouse that's home to a highly skilled labor force. Tesla is working on its Gigafactory Berlin-Brandenburg, for example.

Elsewhere, VW — which in Dec. 2021 said it had a stake of roughly 20% in Northvolt — wants to develop a number of its own gigafactories in Europe, including one in the German state of Lower Saxony.

Further afield, on Monday Ford said it had signed a non-binding memorandum of understanding with South Korea's SK On Co. and Turkey's Koç Holding.

The MOU relates to the establishment of a joint venture centered around the development of a commercial EV battery facility near the Turkish capital of Ankara. If all goes to plan, it's hoped production at the plant could begin by the middle of this decade.

Ford said the JV had support from the Turkish government and would have a capacity ranging between 30 to 45 gigawatt hours per year.

Efforts to establish facilities focused on EV batteries come at a time when major economies are looking to reduce the environmental footprint of road-based transportation and move away from vehicles based on gasoline and diesel.

The European Commission, the EU's executive arm, is targeting a 100% reduction in CO2 emissions from cars and vans by 2035. Turkey, where the Ford-backed battery facility would be located, is not part of the EU.

The U.K., which left the EU at the end of January 2020, wants to stop the sale of new diesel and gasoline cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero-tailpipe emissions.