Genting Hong Kong information for liquidation amid German lawsuit

Hong Kong skyline aboard Genting Cruise Lines Genting Dream while berthed in Hong Kong on Wednesday 28th July 2021.

Lam Yik | Bloomberg | Getty Images

Cruise Provider Genting Hong Kong said on Wednesday it had requested the company’s dissolution as the cash was expected to run out by the end of January.

It comes on the heels Warnings last week from the company that it could face potential cross-defaults on funding deals worth $2.8 billion as a result of the bankruptcy of its German shipbuilding subsidiary MV Werften.

In a filing on the Hong Kong Stock Exchange on Wednesday, Genting said the company will be “immediately unable to pay its debt as it falls due” as liquidity dries up.

The embattled cruise operator said it petitioned the Bermuda Supreme Court to have the company wound up after the company “made all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements.”

However, the company said in its Wednesday filing that certain businesses — including but not limited to Dream Cruises’ cruise line operations — are expected to continue.

Genting Hong Kong owns Star Cruises and Dream Cruises, which operate in the Asia region, and Resorts World theme park in Manila. It also owns the Crystal Cruises line, which offers a range of round trips from Miami, Antarctica and Barcelona.

“However, it is expected that the majority of the group’s existing operations will cease operations,” it said.

Genting Hong Kong is part of a larger conglomerate that also includes Genting Malaysia and Genting Singapore. Among its assets, the conglomerate owns the Resorts World theme park chain, which includes parks in Singapore, New York City and the UK. It also has 30 casinos across the UK

The company, controlled by Malaysian tycoon Lim Kok Thay, has been hit hard by the Covid-19 pandemic as travel has ground to a halt.

Trading in Genting Hong Kong shares was suspended on Tuesday and will remain so until further notice, the company said.

Genting shares in Malaysia and Singapore were still trading on Wednesday. Genting Singapore Shares rose 0.64%, and Stocks in Malaysia were down 1.72%

litigation in Germany

Genting Hong Kong was in the midst of a court case with a regional government in Germany to claim an $88 million backstop facility — or backup funding for a secondary source of repayment — linked to MV Werften.

But in a ruling this week, the German state of Mecklenburg-West Pomerania denied Genting’s request for access to the $88 million, according to Genting’s filing earlier this week.

“The company and the group have no access to further liquidity under the group’s debt documents and the company’s available cash is expected to be depleted by the end of January 2022, according to the company’s cash flow projections,” Genting said on Wednesday.

It said it has petitioned the court to appoint interim liquidators and has also sought to authorize the liquidators to handle the company’s debt restructuring.

The company reported a net loss of US$238 million for the period ended June 2021, compared to a loss of US$742.6 million for the same period in 2020. Genting Hong Kong suspended payment of nearly $3.4 billion in 2020. according to news reports.

Merkel push for German lockdown blocked as dying toll passes 100,000

BERLIN, GERMANY – SEPTEMBER 22: German Chancellor Angela Merkel (L) speaks with Vice Chancellor and Federal Finance Minister Olaf Scholz.

Swimming pool | Getty Images News | Getty Images

Germany’s Covid-19 crisis continues to rock the nation with dire news on Thursday that the total number of deaths has now surpassed 100,000.

However, the country’s new coalition government is initially resisting a lockdown.

Germany reported massive new Covid cases on Thursday. with over 75,000 new infections in the last 24 hours (and up from 66,884 on Wednesday), while the death toll has now reached 100,119 after 351 more people died from the virus the previous day.

Government officials have been watching the rising cases with alarm for weeks, and the country’s outgoing Chancellor Angela Merkel is said to have pushed for a two-week lockdown at a meeting on Tuesday with the country’s new coalition government.

According to the Bild newspaper, the new government alliance of the left-wing Social Democrats and Greens as well as the business-friendly Free Democrats resisted the idea and preferred to wait to see whether the stricter Covid restrictions announced last week would help reduce infections.

While Merkel had proposed a lockdown starting Thursday that would have closed shops, bars and restaurants, the idea was rejected by the new government, which said it had been interpreted as a “bad political ploy” by the public, both old and new government, Picture reported Wednesday.

CNBC contacted the federal government for further comments on the picture report and learned that “the German government does not comment on the media coverage.

“However, the government referred to statements made by Merkel’s chief spokesman Steffen Seibert on Wednesday, in which he neither denied nor confirmed whether Merkel had pushed for a lockdown, and stated that the conversation between Merkel and the coalition leaders was confidential, but he said she” had discussed the gravity of the situation.

“At this meeting yesterday, the Chancellor made it clear to the heads of the traffic light coalition that, from her point of view, the situation is extremely serious. The drama is obvious in this country: the hospitals are filling rapidly. Free intensive care beds and available intensive care staff are becoming increasingly scarce, “said Seibert.

“Now we have to do what is necessary to slow down and break this fourth wave as quickly as possible. As I said, the Chancellor has made it clear to the heads of the future coalition that the situation is serious.”

Compulsory vaccination

(from left to right) Christian Lindner from the FDP, Olaf Scholz from the SPD and Annalene Baerbock and Robert Habeck from the Greens pose after they presented their amicable coalition agreement to the media on November 24, 2021 in Berlin, Germany.

Sean Gallup | Getty Images News | Getty Images

After the deal and the coalition’s political ambitions were announced on Wednesday, Scholz signaled that the Covid crisis was an immediate priority for the government. He started a press conference announcing the coalition agreement by saying the virus situation in Germany is serious and the country will expand its vaccination campaign, including mandating vaccines for some people.

“Vaccination is the way out of this pandemic. In facilities in which endangered groups of people are cared for, we should make vaccination compulsory,” said Scholz, without giving any details.

Meanwhile, the new finance minister Christian Lindner declared that the Germans should avoid any unnecessary contact this winter “in order to preserve our whole health in this pandemic”.

Germany already tightened the Covid rules during the last fourth wave of cases in the country.

Many federal states in Germany have already restricted access to public spaces such as bars, restaurants, cinemas and museums according to “2G rules” and restricted access only to those who have been vaccinated – “vaccinated” in German – or recovered, “recovered” . Some large German Christmas markets that were not canceled this year have also adopted 2G rules.

On Wednesday, new measures came into effect imposing “3G” rules on public transport and anyone entering a workplace, which means that more public spaces are open to vaccinated, recent genesis or people with a negative test (“tested”) .

If Germany decides to be vaccinated in some settings, it will not be the first. The UK, France and Italy are among the countries that have introduced (or are introducing) compulsory vaccination for some sectors such as healthcare or homeworkers.

Still, compulsory vaccinations are a sensitive issue and have many ethical issues, and Germany, like other countries, could face a backlash against the switch.

Continue reading: Are Covid Vaccine Regulations Ethical? That’s what doctors say

Germany has tried to encourage the voluntary uptake of Covid vaccination in its population, but at 68.1% of the population it has one of the lower Covid vaccination rates in Western Europe.

Vaccine hesitation, the upcoming winter season, and the spread of the highly infectious Delta-Covid variant, which is far more virulent than previous strains, are making it difficult to contain the virus this time around for Germany, a country widely praised for its initial handling of the pandemic .

Carlos Ghosn says German automakers greatest poised to tackle Tesla

International refugee auto manager Carlos Ghosn said he believes German automakers are best positioned to challenge the electric vehicle leader Tesla.

Ghosn, speaking from Lebanon, where the former Nissan Chairman fled to evade the Japanese authorities, mentioned Mercedes-Benz and Volkswagen specifically during a Friday interview with CNBC’s Phil LeBeau during “The exchange.”

“In my opinion it will be a German company,” said Ghosn. “The Germans are the first who, after heavily criticizing and mocking the electric car in 2008, suddenly realized that they have to move and do it quickly.”

Ghosn, who is promoting a new book called “Broken Alliances: Inside the Rise and Fall of a Global Automotive Empire,” said Japanese automakers were slowly switching to electric vehicles and that it was going to hurt them. He didn’t mention it General Motors or Ford enginewho are both investing billions in technology.

Volkswagen has been particularly aggressive in expanding its worldwide sales of electric vehicles. The German automaker expects more than 70% of European sales of its Volkswagen brand Electric cars by 2030. In the US and China, the company expects half of its sales to come from electric vehicles by then.

Carlos Ghosn, former CEO of Nissan Motor Co. and Renault SA, gestures as he speaks to the media at the Lebanese Press Syndicate in Beirut, Lebanon on Wednesday, January 8, 2020.

Hasan Shaaban | Bloomberg | Getty Images

Speaking of the recent surge in electric vehicle startups, Ghosn said he believes that many companies “will prosper as long as they pull together their actions.” He did not name any, but the most famous companies include Rivian, Clear, Fisker and Lordstown Motors.

“I’m very optimistic that some of the startups will turn electric cars and autonomous cars around,” said Ghosn.

Ghosn, who protests his innocence, said he fled Japan because he had “no chance” of a fair trial. On December 29, 2019, he secretly escaped with the help of a former US Army Green Beret and his son who are both Serving prison sentences in Japan. Michael Taylor and his son Peter Taylor were arrested by US authorities in Massachusetts in spring 2020 and extradited to Japan in March.

When asked about the Taylors, Ghosn echoed concerns about the Japanese legal system and its high conviction rates.

“I feel bad for them. I feel bad for all of the people who go through the system, especially if you are a foreigner,” he said.

Ghosn was initially arrested in Japan in November 2018 on charges of financial misconduct and misuse of company resources.

Ghosn reiterated on Friday that he hopes to be able to leave Lebanon one day.

7-year-old’s lemonade raises cash for German Valley firefighters

GERMAN VALLEY – German Valley Firefighters recently held their annual fundraiser, but it was a small donation that warmed their hearts and made the most of the smiles.

As firefighters were preparing for their annual fundraiser for the pork chop dinner at the German Valley Days festival, 7-year-old Taylor Geddes strolled up with a simple request.

“We were preparing for our dinner and she just went over to us and asked for one of our boots because she said she was going to set up a lemonade stand,” said German Valley Fire Chief Eric Bruning.

Taylor didn’t know any of the firefighters, but she took it upon herself to do something to help. Bruning gave her a firefighter boot and she set off to set up her stand.

Seeing an opportunity with a lot going on, she got to work.

“She has an entrepreneurial spirit, I think,” said her father, Kip.

More:She worked hard to be a role model for her daughter. Now she owns this Freeport boutique

Taylor found a lot of thirsty people that day, or maybe just a few people who wanted to support her ambition, because a little later she returned to the fire department with a trunk full of $ 31.

She said she had a plan when she and her father and mother loaded Annie into their car from their home in Ridott and headed for German Valley Days. But the plan was just to set up a lemonade stand on the spur of the moment. What she would do with the collected money had not yet been decided. When she had done her business for the day, she went to the fire department.

“I just decided to donate the money to them,” said Taylor.

More:“Now is my time”: women entrepreneurs are strengthening the retail scene in downtown Freeport

Bruning said all members of the fire department were touched by such a generous action and although they sold 1,700 pork chop sandwiches that day, it was Taylor’s $ 31 that got the most attention.

“She did it all by herself. We had a good audience for our fundraiser, but that was another $ 31 and we didn’t have to work for it,” he laughed.

He said the firefighters were more than grateful to Taylor for her desire to raise additional money for the department. Bruning said all of the money raised through the pork chop dinner – and Taylor’s lemonade stand – will be used to buy supplies needed for the department.

“The tax money we get is only for normal fire-fighting operations,” he said. “All of our fundraisers are for the extra equipment we need.”

Todd McKenna is a freelance correspondent

German police raids tied to cash laundering, crime gangs

BERLIN — Special police units searched around 30 buildings Tuesday in connection with money laundering and organized crime in the western German state of North Rhine-Westphalia.

Investigators raided homes, offices and stores in Duisburg, Leverkusen, Gelsenkirchen and other cities in the Rhineland and Ruhr Valley, the German news agency dpa reported.

They confiscated possessions and executed arrest warrants, dpa reported without elaborating. Investigators were to release further details on the raids later in the day.

In a different raid, almost 300 Berlin investigators searched a hotel in the German capital on suspicion of illegal gambling there. The police officers searched 160 rooms on 10 floors and the basement of the hotel in the western Charlottenburg district late Monday, dpa reported.

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Deutsche Tage returns to Summit Avenue with German meals, beer and leisure – Twin Cities

The German Days will return to the Germanic-American Institute on Summit Avenue in St. Paul on June 12th and 13th.

The event, which was canceled last year due to COVID-19, is one of GAI’s oldest traditions and features German food, beer and live entertainment. According to GAI, it is the oldest ethnic festival in St. Paul.

Music and entertainment throughout the weekend include the Bavarian music masters and Alpensterne, Ron Machel and the master concert player Josh Eidsor, along with the Turkish music ensemble Makam Baklava and the Rivers Ballet, as well as a special performance by the MN Opera soprano Karin Wolverton.

Admission is free, food, drinks and merchandise are for sale. Adults 21 and older can purchase wristbands for $ 5 to purchase beer and wine. The proceeds will benefit the GAI programs, including German lessons for adults and children, the German Immersion Preschool nursery and the cultural program.

GAI is located at 301 Summit Avenue. There is food at the Schwarzwaldgasthof and Ruhland’s Strudel Haus and there are four beers on tap. For more information, visit gaimn.org.

German radio station apologies for remarks about Okay-pop’s BTS | Leisure

BERLIN (AP) – A Bavarian radio station apologized on Friday for comments from a host comparing popular South Korean K-pop band BTS to the coronavirus. His choice of words went too far, but was in no way intended as “hurtful or racist”. ”

The explanation came after legions of fans had accused the broadcaster Matthias Matuschik of racism because of his comments on the cover of the band of Coldplays “Fix You”, which was tagged with the hashtags # Bayern3Racist, # Bayern3Apologize and # RassenBeiBayern3, which translates as “Racism at Bayern3” means posted on social media. ”

“Racism is not an option,” wrote one user, @ Vroseeeee1, in a blunt tweet in English, German, Korean and Spanish.

The uproar came after a live show on Wednesday where Matuschik ridiculed BTS’s version of “Fix You” as “blasphemy”, comparing the band to COVID-19 and describing them as “some shitty virus” that hopefully will soon be one Giving the vaccine will be fine. “

Then he dug his hole deeper as he tried to push the comment back a little. He said, “I have nothing against South Korea, you can’t accuse me of xenophobia just because this boy band is from South Korea … I have a car from South Korea Korea. I have the coolest car. “

He then went on to say that as a penance for the cover, BTS “will be vacationing in North Korea for the next 20 years”.

BTS, which debuted in 2013, became the largest boy band in the world, selling stadiums around the world, and broadcasting a video message at the UN General Assembly this year.

Her songs, filled with intimate, socially conscious lyrics, are recognized for their success. Unlike other K-pop bands who carefully maintain the personas created by their labels, BTS is known for its active engagement with fans – known as ARMY – through social media. BTS has over 33.1 million Followers on Twitter.

The insulting of the comments did not only come from South Korea, but was immediately condemned by many social media users in Germany and elsewhere.

“I know which radio station I won’t listen to anymore, bye @ Bayern3,” wrote user @fairesvmns in a German-language post that contained audio from Matuschik’s comments. “I really don’t need racism of this kind in 2021.”

Many South Koreans living abroad voiced concerns that the statements could lead to anti-Asian violence, which is already increasing in many places.

“It’s not just about #BTS, it’s about so many Asians who are dealing with extreme racism, especially due to a pandemic,” tweeted Hansl Chang, a South Korean living in Germany.

The station’s apology stated that while Matuschik “presented his opinion in an ironic, exaggerated manner, and with exaggerated excitement, his words went too far and hurt the feelings of BTS fans.

“But he – and he has assured us – did not intend this in any way. He just wanted to express his displeasure with the cover version mentioned above. “

It was found that Matuschik was involved in the gathering of aid for refugees and carried out a “permanent campaign against right-wing extremism”. He has shown that he is against xenophobia or racism in any form.

“That does not change the fact that many of you found his statements hurtful or racist,” said Bayern3. “We apologize in all respects. We will be working on it again in detail with Matthias and the team in the next few days. “

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Juwon Park in Seoul, South Korea contributed to this report.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed in any way without permission.

Ford invests $1 billion in German electrical car plant

GEORGES GOBET | AFP | Getty Images

ford invests 1 billion US dollars in a production facility for electric vehicles in Cologne. The European branch of the automotive giant is committed to going all-in for electric vehicles in the coming years.

In plans announced Wednesday morning, Ford said its entire range of passenger cars in Europe will be “zero emissions, all-electric or plug-in hybrid” by mid-2026, with an “all-electric” offering by 2030.

By investing in Cologne, the company is updating an existing assembly plant and converting it into a facility that focuses on the production of electric vehicles.

“Our announcement today that we will rebuild our plant in Cologne, where we have been operating in Germany for 90 years, is one of the most significant that Ford has made in over a generation,” said Stuart Rowley, President of Ford of Europe Explanation.

“It underscores our commitment to Europe and a modern future, with electric vehicles at the heart of our growth strategy,” added Rowley.

The company also wants its commercial vehicle segment in Europe to be emission-free, plug-in hybrid or fully electric by 2024.

A “transformative” decade

With governments around the world announcing plans to move away from diesel and gasoline vehicles, Ford, along with several other major automakers, is looking to expand its electric offering and challenge companies like Elon Musk’s Tesla.

Jaguar Land Rover announced its Jaguar brand earlier this week would become fully electric by 2025. The company owned by Tata MotorsThe Land Rover segment will introduce six “all-electric variants” over the next five years.

Elsewhere, South Korean automaker The will launch its first dedicated electric vehicle this year while that in Germany Volkswagen Group invests around 35 billion euros in battery electric vehicles and aims to bring around 70 fully electric models onto the market by 2030.

Last month the CEO of Daimler told CNBC that the auto industry was up “in the middle of a transformation.”

“In addition to the things that we know well – to be honest, building the most coveted cars in the world – there are two technological trends on which we are doubling down: electrification and digitization,” Ola Källenius told CNBC’s Annette Weisbach.

The Stuttgart-based company has “invested billions in these new technologies,” he added, explaining that they would “drive our path to carbon-free driving.” This decade, he continued, was “transformative”.