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Josef Newgarden completed a daring pass to the outside of Pato O’Ward on the final lap to win the rain-delayed Indianapolis 500 on Sunday. As Newgarden and O’Ward sped down the frontstretch taking the white flag, O’Ward completed a slingshot pass of Newgarden, who then attempted his own slingshot pass as they raced into Turn 3. Josef Newgarden and Pato O’Ward battled to the end in the 108th running of the #Indy500. AdvertisementAnd Newgarden certainly earned the win Sunday, completing a bold pass that will go down in racing lore. The race had 48 lead changes, which is the fourth-most in Indianapolis 500 history (out of 108 races).
Persons: Josef Newgarden, Pato O’Ward, Newgarden, Hélio Castroneves, O’Ward, Scott Dixon, Alexander Rossi, Alex Palou, 0QqbcbnfYl, “ Pato, Pato, , Arrow McLaren, Wilbur Shaw, Mauri Rose, Bill Vukovich, Al Unser Sr, Kyle Larson, Ryan Hunter, Reay, Larson, Borg, — Jordan Bianchi, Indy, Newgarden’s elation, Jeff Gluck, Justin Casterline Organizations: Borg, Warner, INDYCAR, NBC, Indianapolis, Castroneves, NASCAR, Team Penske, Penske, Indy, Drivers Locations: Mexican, O’Ward, Charlotte, Indianapolis
Red Lobster filed for bankruptcy Sunday, and the bankruptcy filing sheds new light on Thai Union’s role in the endless shrimp mishap. Red Lobster said it is investigating the circumstances of that promotion, which Red Lobster management opposed. Michael Nagle/Bloomberg/Getty Images“This decision created both operational and financial issues for [Red Lobster]… saddling the company with burdensome supply obligations” to Thai Union, Red Lobster said in the filing. “Certain operational decisions by former management have harmed [Red Lobster’s] financial situation in recent years,” Red Lobster said in its bankruptcy filing. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden.
Persons: Michael Nagle, , Alex Susskind, Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Mills, Cyrus McCrimmon, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Anthony Behar, SIPPL, AP Darden, they’ve, John Gordon, , Patrick T, Fallon, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Union became Red, Thai Union, Red Lobster, Bloomberg, Getty, Cornell University, CNN, Baby Boomers, General, Howard, Restaurant Business, Darden, Lobster, Denver Post, Harvard Business School, Longhorn, AP, Gate, , Thai, Getty Images Thai Union, ” Thai Locations: New York, Thai Union, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Square , New York, Sale, Torrance , California, AFP
The threat to their peaceful existence arrives in the form of an army on the horizon. “The Garden of Time” is a fitting but ironic choice as a theme for the year’s most lavish celebration. The sympathies of “The Garden of Time” seem to lie with the count and countess. And yet the author slips in hints that their lovely existence may be empty. When Count Axel puts his arm around his wife’s waist, he realizes that “he had not embraced her for several years.”
Persons: Count Axel, , Ballard, Thom Browne,
While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.
Persons: Lobster, , , John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, , Thai, , ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand
Hong Kong CNN —Troubled housing giant Country Garden announced late Thursday that it would delay the publication of its annual results, in the latest sign of the turmoil still coursing through China’s huge property sector. The move is likely to cause its share trading to be suspended from Tuesday, as is required by Hong Kong’s listing rules. Country Garden, once the China’s largest property developer, is reeling under about $194 billion worth of debt. Last month, it received a liquidation petition in Hong Kong from a creditor for non-payment of a loan worth 1.6 billion Hong Kong dollars ($204 million), according to the company. Country Garden’s woes echo that of another huge, and now insolvent, Chinese property giant Evergrande.
Persons: Hong Kong’s, Evergrande Organizations: Hong Kong CNN, Garden, Hong Kong Locations: Hong Kong, China’s
“I’m both a night and morning person,” says the Swedish-born executive head chef of Nordic-Asian fusion restaurant Villa Frantzen, one of only two Nordic restaurants in Thailand’s capital. Courtesy Villa Frantzén Restaurant & Bar“The broad spectrum you gain from exploring cuisines from all over the world is what lends every chef a unique skill set and better fundament for creation. Courtesy Villa Frantzén Restaurant & BarA dish of grilled duck and endive. Courtesy Villa Frantzén Restaurant & Bar“And I can go a long time with few hours of sleep a night. Villa Frantzén – Restaurant & Bar, 7 Soi Yen Akat 3, Chong Nonsi, Bangkok; +66 (0)87 344 8222.
Persons: , , Corneliussen, ” Corneliussen, didn’t, Villa, Copenhagen –, Björn Frantzen, he’s, It’s, Chong Nonsi Organizations: Bangkok CNN, Villa, Nordic, Muay, CNN, Villa Frantzen, Michelin, Frantzen Locations: Bangkok, Swedish, Thailand’s, , Thailand, Thai, Muay Thai, Sweden, Europe, Bangkok's Sathorn, Stockholm, Copenhagen, Asia, Thai Kingdom, Bangkok’s Sathorn, Bangkok’s
Country Garden, China’s largest real estate developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate its operations and pay off lenders, in the latest sign that China’s housing crisis continues unabated. Ever Credit Ltd., a Hong Kong lender, is petitioning the city’s High Court to shut down Country Garden. Ever Credit’s petition, known as a winding up petition, is meant to force Country Garden to close its doors and sell its assets to make money it can use to pay back its creditors. Country Garden dethroned Evergrande as China’s largest developer in 2021 when Evergrande endured a financial collapse. Country Garden said it would fight the court petition “vigorously,” and that the first hearing on the petition had been scheduled for May 17.
Persons: Evergrande, Organizations: Hong Locations: Hong Kong, China
Shimane, Japan CNN —In Japan, gardening isn’t just a hobby – it’s an art form with spiritual significance. The US-based Sukiya Living magazine (formerly Journal of Japanese Gardening) has awarded the Adachi Museum its highest honor – most beautiful traditional garden – for more than 20 years running. Despite accolades coming from outside of Japan, the museum and gardens remain relatively unknown compared to those in Kyoto and Tokyo. Many Western visitors to Japan are confused when they visit a Japanese garden, only to not see a single flower. “Before looking at Japanese paintings, you can look at these Japanese gardens and understand them in this sequence.
Persons: , Sophie Walker, Robert Gilhooly, Takodori Adachi, Zenko Adachi, Adachi, Adachi's, thanyarat07, Lafcadio Hearn, genji maki Organizations: CNN, Japan CNN —, Adachi Museum of Art, Adachi Museum, , Art, Mount Fuji, UNESCO, Museum of Art Locations: Japan, Shimane, Osaka, The, Kyoto, Tokyo, Tottori, San’in, Okayama, Honshu, Matsue, Adachi, Yasugi
[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.
Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, , Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln
Country Garden has defaulted on its debt. What’s next?
  + stars: | 2023-10-27 | by ( Laura He | ) edition.cnn.com   time to read: +4 min
Hong Kong CNN —China’s giant property developer Country Garden has been declared in default on its debt after failing to make a bond repayment by a final deadline of October 18. It’s similar to an insurance product in that it can protect buyers against losses arising from debt default by a company or government. Country Garden, formerly China’s largest homebuilder, missed the payment on a $500 million bond as it battles a liquidity crisis. “Country Garden was once considered a safe name, even as peers like Evergrande and Sunac China went bankrupt around them. What’s next for Country Garden?
Persons: JP Morgan, Goldman Sachs, Jeff Zhang, , John Bringardner, What’s, , ” Zhang, Bringardner Organizations: Hong Kong CNN, CDS, Citadel Americas, Morningstar, Country Garden, Sunac Locations: Hong Kong, Sunac China, New York, China
There is a new poster child of China’s protracted real estate crisis — Country Garden. Country Garden has not responded to requests for comment by phone or email. Here’s what to know about the rise and fall of Country Garden, and the future of China’s once red-hot property sector. Until last year, Country Garden was China’s biggest real estate developer, specializing in residential property. While confidence in China’s real estate sector has been shaky since the collapse of Evergrande, Country Garden reignited fears in August when its liquidity crisis burst into public view.
Persons: Evergrande, Yang Huiyan, Krishna Srinivasan, Organizations: Hong Kong CNN, Bloomberg News, Financial Times, Citigroup, Hong Kong, Country Garden, Seng, International Monetary Fund, National Bureau of Statistics, Pacific Department Locations: Hong Kong, Foshan, Guangdong province, China, United States, Evergrande, Beijing, Asia
China Risks Property Debt
  + stars: | 2023-09-26 | by ( ) www.reuters.com   time to read: +8 min
Source: China Real Estate Information Corp. (CRIC)The physical size of Country Garden’s real estate portfolio is enormous. The Weight of Debt The ballooning debt crisis could delay the prospect of a recovery of both the property market and the broader Chinese economy, in which real estate is a core pillar. China property sector slump China’s property sales, investment and funds raised by property developers slid in January - August 2023 after a sharp fall in 2022. China's property sector accounts for more than half of global new home sales and home building, according to Nomura. Any contraction in the property sector will affect China’s growth, thus sending ripple effects around the globe as the world’s factory slows.
Persons: Evergrande, homebuyers, Nomura, David Stanway, Jason Lee, , Moody's, Yawen Chen, Amr Alfiky Organizations: Country, Garden, Estate Information Corp, CIFI Holdings, Sunac, National Bureau of Statistics, China, Investment, REUTERS, International Monetary Fund, Nomura, JPMorgan, Dubai, National Bureau of Economic Research Locations: China, Burj, Burj Khalifa, Sunac China, Kunming, Yunnan province, Beijing, Xuchang, Henan province, United Arab Emirates
But British photographer Siân Davey wanted to make something different. Davey's garden, the backdrop for the series, became a sanctuary during coronavirus lockdown mandates in the UK. Courtesy Siân Davey Davey/Michael Hoppen Gallery London“The Garden” is currently shortlisted for the Prix Pictet — an international photography prize highlighting work on themes connected to sustainability. Courtesy Siân Davey Davey/Michael Hoppen Gallery LondonFor Davey and her son, the project was as much about intention and process as it was about making the photographs. Courtesy Siân Davey Davey/Michael Hoppen Gallery LondonCreating the garden then, has been a way to create a deeper relationship between the people photographed and the earth.
Persons: Siân Davey, “ I’m, , “ It’s, Sian Davey, Michael Hoppen Galler, ” Davey, Luke, Davey, Siân Davey Davey, Michael Hoppen, , Alice ”, Down’s, Martha ”, Roland, Davey’s, Organizations: CNN, London, Prix, Michael Hoppen Gallery, Dartington Hall, Victoria, Albert Museum Locations: Devon, England, Michael Hoppen Gallery London, London
CNN —Chinese property giant Country Garden has twice narrowly avoided defaulting on its debt in a matter of days. Here’s what to know about Country Garden, and the future it faces. That was down significantly from revenue of about 523 billion yuan ($71.6 billion) and net profit of approximately 41 billion yuan ($5.6 billion) in 2021. Investors have since been bracing for a potential default by Country Garden, which has openly admitted this could happen soon. Country Garden shares in Hong Kong have plunged 55% so far this year as investors dumped the stock.
Persons: it’s, , Evergrande, Yang Huiyan, Yang, , Fitch Organizations: CNN, Getty, Garden, Hong Kong Locations: China, Hong Kong, Foshan, Guangdong, Zhenjiang, China's, Jiangsu, United States, Evergrande, Beijing, Fuyang, Anhui
The deal was significant, as it was the first debt extension the firm has secured since its liquidity crisis became public last month. According to the agreement with creditors, which was reported by multiple state-owned media outlets on Saturday, Country Garden will now be able to stretch its payment of the outstanding principal of $540 million into 2026. This particular bond had the largest outstanding balance that the company needed to pay out among its onshore debt in the coming year, they added. Country Garden, which was China’s largest residential developer by sales last year, is battling a cash crunch. It has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody’s.
Persons: hasn’t, , Yeap Jun Rong Organizations: Hong Kong CNN — Investors, CNN, China Overseas, Southern Media Group, Huatai Securities, IG Locations: China, Hong Kong
Hong Kong CNN —Country Garden is raising funds to avoid default, as the troubled real estate giant battles a liquidity crisis which some fear could spread to China’s wider economy and even spill over abroad. The total value of the shares would be $270 million ($34.4 million.) Country Garden won’t receive any cash from the transaction, the filing said. It forecast a loss of $6.2 billion to $7.6 billion for the first six months of this year. Chinese state media reported at the time that the developer was expected to start a debt restructuring soon.
Organizations: Hong Kong CNN, HK, Kingboard Holdings, Country Garden Locations: Hong Kong, Foshan, Guandong, China, Malaysia, Beijing
But a drop in sales over the past six months has pushed it to the edge and in August, it threw up its hands. Country Garden skipped two small interest payments on bonds, something that has pushed it to the edge of default. If it fails to make those payments by early September, when a grace period for the interest payments ends, it will join a long list of private companies that have defaulted. “Such apartments have run out; we can’t get them,” said Han Tao, a manager at a landscaping company that is owed $1.4 million from property developers. For Mr. Han, apartments wouldn’t have been that useful anyway; no one is buying them right now.
Persons: China Evergrande, , Han Tao, Han Organizations: Garden, behemoth Locations: China
Earth, wind and fire
  + stars: | 2023-08-21 | by ( ) www.reuters.com   time to read: +9 min
Earth, wind and fire The wildfire that ripped through Lahaina last week, reducing what had once been the jewel of the historic Hawaiian kingdom to rubble, was decades in the making, scientists say. Illustration of smoke rising above mountains How wind spreads fire As wind cascades over mountains, sinking air compresses, heats up and loses moisture. Over Aug. 7 to 9, gale-force wind gusts reached 67 miles per hour (108 kilometres per hour) in Maui County, according to the National Weather Service. Hot and dry air, colored in orange, moves over Hawaii throughout the timelapse. Today, over 90% of Hawaii’s native dry forests have disappeared, and non-native grasses cover roughly a quarter of the state, according to scientists.
Persons: didn’t, , Abby Frazier, Dora —, John Bravender, Dora, Hurricane Dora, “ Dora, Bravender, climatologist Frazier, Thomas Smith, Jennifer Balch, Mike Opgenorth, ” Smith, Matthew A, Foster, Handout Organizations: U.S . Drought Monitor, Clark University, National Weather Service, National Oceanic, Pacific Hurricane Center, North Pacific, London School of Economics, Political, University of Colorado Boulder, Pacific Fire Exchange, University of Hawaii, U.S . Army National Guard, Staff Locations: Lahaina, Lahaina —, West Maui, Lahaina simmered, Maui, Massachusetts, Hawaii, Maui County, Honolulu, Canada, India, South America, Caribbean, Lahaina , Hawaii, U.S
Country Garden, a Chinese real estate giant, has lost billions of dollars and racked up $200 billion in unpaid bills. It’s on the hook to deliver, by one estimate, nearly one million apartments across hundreds of cities in China. In China’s housing market, there are plenty of deadbeat developers no longer paying their bills. The possible collapse of Country Garden is one to pay attention to. “One shall pick himself up from where he has fallen,” Mo Bin, Country Garden’s president, said last week, pledging to “spare no effort.”
Persons: ” Mo, Locations: China
Country Garden warned investors in a Hong Kong stock exchange filing Thursday that it would likely record a loss of 45 billion to 55 billion Chinese yuan (about $6.2 billion to $7.6 billion) for the six months through June. The disclosure lays bare the financial woes currently facing Country Garden, a massive builder of hundreds of thousands of homes annually across China. Country Garden did not immediately respond to a request for comment. As of early afternoon in Hong Kong Friday, its stock had reached a record low of 95 Hong Kong cents, below its previous low of 98 Hong Kong cents reached in October 2008. Cash crunchEarlier this week, Country Garden stoked concerns by missing two bond payments, according to analysts.
Persons: ” Morningstar, Jeff Zhang, Kaven Tsang, , Zhang, Morningstar, Yang Huiyan, Yang, won’t, Moody’s, Fang xing, ICHPL, Alfredo Montufar, Organizations: Hong Kong CNN, Garden, CNN, Hong, China’s, , Hong Kong, Bloomberg Locations: Hong Kong, China, Foshan, Guangdong province, Real
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. China’s property sector, which accounts for a quarter of the economy, has already seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group, the world’s most indebted property developer, at the centre of the crisis. Contagion fears in the market re-surfaced last month when four high-profile developers signalled liquidity stress amid slumping home sales nation-wide. Country Garden declined to comment on the investment bank reports. JP Morgan noted that if Country Garden still defaulted after policies aiming at boosting liquidity for developers, it would show that “there is no guarantee of survival”.
Persons: Aly, Dalian Wanda, Garden’s, , , JP Morgan, Evergrande, ” JP Morgan, ” Morgan Stanley, Stephen Cheung Organizations: Reuters, Shanghai Country Garden, REUTERS, Garden, China Evergrande Group, Group, Greenland Holdings, Dalian Wanda Group, Dalian, HSBC, Communist Party Locations: HONG KONG, Shanghai, China, Greenland
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. China’s property sector, which accounts for a quarter of the economy, has already seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group, the world’s most indebted property developer, at the centre of the crisis. Contagion fears in the market re-surfaced last month when four high-profile developers signalled liquidity stress amid slumping home sales nation-wide. Country Garden declined to comment on the investment bank reports. JP Morgan noted that if Country Garden still defaulted after policies aiming at boosting liquidity for developers, it would show that “there is no guarantee of survival”.
Persons: Aly, Dalian Wanda, Garden’s, , , JP Morgan, Evergrande, ” JP Morgan, ” Morgan Stanley, Stephen Cheung Organizations: Reuters, Shanghai Country Garden, REUTERS, Garden, China Evergrande Group, Group, Greenland Holdings, Dalian Wanda Group, Dalian, HSBC, Communist Party Locations: HONG KONG, Shanghai, China, Greenland
The latest major industry player to get into trouble is Country Garden, once China’s largest developer. Several of Country Garden’s yuan-denominated bonds were suspended from trading in Shanghai and Shenzhen on Tuesday after they dropped by more than 20%. Country Garden did not respond to a request from CNN for comment. An aerial view of a residential project developed by Country Garden Holdings is seen in Zhenjiang, Jiangsu province on October 31, 2021. Property crisis deepensChina’s property industry has been mired in a historic downturn in the past two years.
Persons: , Fang Dongxu, , Edward Moya, Moody’s, Kaven Tsang, Li Qiang Organizations: Hong Kong CNN —, Reuters, CNN, Country Garden Holdings, China Index Academy, Oanda, China’s, People’s Bank of Locations: Hong Kong, Shanghai, Shenzhen, Zhenjiang, Jiangsu province, China, Moody’s, Beijing, People’s Bank of China
That this is happening to Country Garden is alarming investors. It had largely benefited from measures to bolster the property market last year that included more financial support. But recent events have led Country Garden to a point of distress that was unthinkable a year ago, when it was making nearly $50 billion in sales. The worry now is that even as Beijing has pledged more support to the property market, the measures may not be enough. But if Country Garden doesn’t make the payments it will trigger a default, scaring those who have lent it money in the past.
Persons: Sandra Chow Organizations: Pacific Research Locations: Beijing, China, Shenzhen, Shanghai, Asia, Pacific, CreditSights
Mauricio Diazgranados Is a Botanist in a Hurry
  + stars: | 2023-07-31 | by ( Jennie Erin Smith | ) www.nytimes.com   time to read: +2 min
A decade ago, when Dr. Diazgranados was head of Bogotá’s botanical garden, he took on the construction of a new herbarium and the largest greenhouse in the Americas, before a change in mayoral administrations swept out its leadership and he packed his bags for London. He published a world checklist of useful plants, a virtually boundless, searchable database of species that supply food, medicine, fiber and fuel, or help mitigate the effects of climate change. “What I need to do now is figure out how this institution can respond better to these challenges.”Dr. Diazgranados’s offices are in the garden’s glass-walled plant research laboratory, nestled in an old-growth oak forest. Here, researchers draw on collections of resins, seeds and plants preserved in spirits or in silica powder, along with vast banks of DNA samples and plant chemicals. The bridge between the botanical garden as a public attraction and a research facility is its living collection, whose plants are routinely sampled to help answer questions in plant genetics, structure and evolution.
Persons: Diazgranados, , ” Dr Organizations: Royal Botanic, New Locations: Americas, London, Kew, Colombia, Peru
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