China: Two senior Evergrande officials step down after loan-diverting probe

WION on Youtube shows that China Evergrande Group said that its chief executive officer and finance head have resigned after a preliminary probe found their involvement in diverting loans.

The China Evergrande Group is the second largest property developer in China by sales. It is ranked 122nd on the Fortune Global 500. It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China. It was founded in 1996 by Xu Jiayin. It sells apartments mostly to upper- and middle-income dwellers. In 2018, it became the most valuable real estate company in the whole world.

In 2021, the payments Evergrande had to make on its debt started the 2020-2022 Chinese property sector crisis; Evergrande's total debts were estimated in the hundreds of billions of dollars. This was one of the reasons for a drop in many stock market indices on September 20, 2021. At the end of 2021, the Chinese government was reportedly working to restructure Evergrande in order to resolve the crisis. The group also sought a moratorium on the early repayment option on one of its yuan-denominated bonds from its bondholders on 7 January 2022.

In April 2022, Reuters reported that construction had been started again at many projects and that the company still had liabilities of US$300 billion.

The company's operations and business interests are interesting in the field of real estate.

Evergrande Group owns 565 million square meters (6,080 million square feet) of development land and real estate projects in 22 cities, including Guangzhou, Tianjin, Shenyang, Wuhan, Kunming, Chengdu, Chongqing, Nanjing, Zhengzhou, Luoyang, Changsha, Nanning, Xian, Taiyuan and Guiyang in Mainland China. Notable projects by the company include Ocean Flower Island in Hainan.

Evergrande Real Estate is the second-largest real estate developer in Mainland China. It is known as so-called "Wan Heng Bi" with the other two top three real estate companies: Vanke (Wanke) and Country Garden (Biguiyuan). The firm has developed projects in over 170 cities in Mainland China.

The beautiful Evergrande Plaza (in Chengdu) was certainly designed by Aedas. It was completed in 2014.

The so-called 2020-2022 Chinese property sector crisis is a current financial crisis sparked by the financial difficulties of Evergrande Group and other Chinese property developers, in the wake of new Chinese regulations on these companies' debt limits. The crisis spread beyond Evergrande in 2021, however, and also affected such major important property developers as Kaisa Group, Fantasia Holdings, Sunac, Sinic Holdings, and Modern Land.

Intense heatwave grips parts of USA; millions of Americans under heat warning

WION on Youtube shows that the United States is also witnessing sweltering heat that has now reached record levels. From southern plains to country's north east,  the heatwave has now engulfed key regions.

Sakurajima volcano erupts in Japan, dozens ordered to evacuate after eruption

WION shows Japan's Sakurajima volcano, located on the island of Kyushu, erupted on Sunday, prompting evacuations in the region.

Sakurajima (Japanese: 桜島, literally "Cherry Blossom Island") is a so-called active stratovolcano, formerly an island and now a peninsula, in Kagoshima Prefecture in Kyushu, Japan. The lava flows of the 1914 eruption connected it with the Ōsumi Peninsula. It is certainly the most active volcano in Japan.

As of April 2021, the volcanic activity still continues, dropping volcanic ash on the surroundings. Earlier eruptions built the white sand highlands in the region. On September 13, 2016, a team of experts from Bristol University and the Sakurajima Volcano Research Centre in Japan suggested that the volcano could have a major eruption within 30 years; since then two eruptions have occurred.

Sakurajima is a stratovolcano. Its summit has three peaks, Kita-dake (northern peak), Naka-dake (central peak) and Minami-dake (southern peak) which is active now.

Kita-dake is Sakurajima's highest peak, rising to 1,117 m (3,665 ft) above sea level. The mountain is in a part of Kagoshima Bay known as Kinkō-wan. The former island is part of the city of Kagoshima. The surface of this volcanic peninsula is about 77 km2 (30 sq mi).

The geological history of the fascinating volcano is interesting.

There is a map of Sakurajima from 1902 that shows it as a distinct island.

Sakurajima is in the 25 km (15 mi)-wide Aira caldera, which formed in an enormous "blow-out-and-cave-in" eruption around 22,000 years ago. Several hundred cubic kilometres of ash and pumice were ejected, causing the magma chamber underneath the erupting vents to collapse. The resulting caldera is over 20 km (12 mi) across. Tephra fell as far as 1,000 km (620 mi) from the volcano. Sakurajima is a modern active vent of the same Aira caldera volcano.

Sakurajima was formed by later activity within the caldera, beginning about 13,000 years ago. It is about 8 km (5 mi) south of the centre of the caldera. Its first eruption in recorded history was in 963 AD. Most of its eruptions are strombolian, affecting only the summit areas, but larger plinian eruptions have occurred in 1471-1476, 1779-1782 and 1914.

Volcanic activity at Kita-dake ended around 4,900 years ago: later eruptions have been centered on Minami-dake. Since 2006, activity has centred on Showa crater, to the east of the summit of Minami-dake.

Overall prices in Japan rose 2.4% in June; Inflation shows early signs of hitting a peak

WION on Youtube shows that global inflation appears to be slowly having an impact on Japan, a country that is considered as one of the strongest economies in the world. Weak Yen and volatile oil prices continue to make situation shaky.

Amid rising consumer prices, it sure seems that some Japanese companies in Japan have begun providing "inflation allowances" to workers.

Certain companies in Japan are starting to provide "inflation allowance" to employees, in a bid to alleviate workers’ concerns about rising food, electricity and gasoline prices and allow them to focus on important productive work.

Computer software developer Cybozu has decided to make special lump-sum payments to employees in Japan and abroad in July and August. The amount will range from ¥60,000 to ¥150,000 for workers in Japan, depending on the number of hours worked.

At Jul 27, 2022:

1 United States Dollar equals 136.58 Japanese Yen

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I can't believe we actually got hold of the Legendary Galaxy Note 7 🔥

Samsung suspended sales of the Galaxy Note 7 and announced an informal recall on 2 September 2016 after it was found that a manufacturing defect in the phones' batteries caused some of them to generate excessive heat, resulting in fires. After a formal USA recall was announced on 15 September 2016, Samsung exchanged the affected phones for a new revision which utilized batteries sourced from a different supplier. However, after reports emerged of incidents where the replacement phones also caught fire, Samsung recalled the Galaxy Note 7 worldwide on 10 October 2016, and permanently ceased production of the device a day later. As a safety precaution, they distributed multi-layer fireproof boxes with packing instructions. Due to the recalls, Samsung issued software updates in some markets that were intended to "eliminate their ability to work as mobile devices", including restricting battery capacity and blocking their ability to connect to wireless networks. Samsung stated that it intends to recycle reusable silicon and components from the recalled models, and release refurbished models "where applicable".