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HNA In Talks With Cinda As It Extends $43 Billion Asset Sales

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HNA In Talks With Cinda As It Extends $43 Billion Asset Sales

Chinese conglomerate HNA Group has reportedly turned to state-owned China Cinda Asset Management Co, among the country’s largest bad debt managers, for advice on asset disposals.

HNA Group’s vice president, Dennis Chen, the nephew of its chairman Chen Feng, met with Cinda President Chen Xiaozhou on Tuesday to discuss cooperation, according to the people, who declined to be named as the information is confidential.

It was not immediately clear what role Beijing-based Cinda is playing in HNA’s asset disposals, but at the meeting, Cinda told HNA it stood ready to help, according to an internal memo sent to HNA staff and reviewed by Reuters.

“Cinda will continue to support HNA’s strategic transformation and its asset disposals in core and auxiliary businesses,” Cinda’s president said, according to the memo.

“Especially when HNA is in a relatively difficult time, there is all the more reason for us to increase our support,” the president added.

HNA has attracted much scrutiny for its $50 billion worth of deals in recent years that included hotels in the United States and left it the largest shareholder in Deutsche Bank.

Faced with soaring debts and China’s crackdown on aggressive dealmaking firms, the airlines-to-finance conglomerate has been pushing ahead with a series of asset sales that have so far included real estate and stakes in hotel groups.

It has also offered up its much-hyped luxury $300-milliom-plus corporate “Dream Jet”.

This week, HNA-controlled Hainan Airlines announced the sale of a 40 percent stake in Urumqi Air to a local government entity for an undisclosed amount.

The conglomerate has also offloaded a 25 percent holding in asset manager BrightSphere, worth about $343 million, to U.S. hedge fund manager John Paulson.

Last week, chairman Chen told domestic business magazine Caijing that HNA had sold almost 300 billion yuan ($43 billion) in assets this year and would continue the disposals.

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Time Magazine Names Jamal Khashoggi, Other Journalists As “Person Of The Year”

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Time Magazine Names Jamal Khashoggi, Other Journalists As "Person Of The Year"

This year’s time magazine “Person Of The Year” has been bestowed on a group of journalists that includes murdered Saudi writer, Jamal Khashoggi and two Reuters reporters imprisoned by Myanmar’s government.  The magazine says it named the group of journalists as “person of the year” because the idea of truth as critical to democracy is under assault.

Also honored is the founder of a Philippines news website that has been vocal in criticizing that country’s authoritarian government. A Maryland, USA, newspaper is also among the honored.

This is the first time in its ninety-five year history that time magazine has honored people in its own profession.

The annual distinction is intended to recognize the person, group or idea that had the greatest influence on world events that year. It has been given to a wide range of influencers, from u.s. Civil rights activist Martin Luther King Jr. And Queen Elizabeth to Adolf Hitler, the leader of Nazi Germany, who was honored before the start of world war two.

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Syrian Government Using Anti-terrorism Law To Seize Properties From Dissidents

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Syrian Government Using Anti-terrorism Law To Seize Properties From Dissidents

Rights groups and some of the affected Syrian people say the government has been using a little-known anti-terrorism law to seize property from dissidents and their families as it takes back control of areas that were held by rebel groups.

Now that Syria’s conflict has stabilized, and president Bashar al-Assad again controls the biggest cities, it is left to be seen how he will handle the areas where the 2011 uprising against him flared.

International attention has focused on policies, such as legislation known as law 10, that could eventually enable the government to dispossess people in the opposition strongholds worst damaged in the war.

But human rights groups say, while law 10 has not yet been put into effect, the separate anti-terrorism law has already been used to seize property, including from people who had no hand in violence.

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Theresa May Faces Confidence Vote

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Theresa May Faces Confidence Vote

British prime minister, Theresa May faces a confidence vote in her leadership by MPs in her own conservative party, after chaos began to roil her European union exit deal.

So much now plagues the deal that has opened up the prospect of a messy no-deal Brexit or a referendum that could reverse Brexit.  Britain is due to exit on March the twenty-ninth next year.

Graham Brady, the chairman of the party’s so-called 1922 committee, said the threshold of 15 percent of the parliamentary conservative party seeking a confidence vote had been reached.  A vote will be taken at the house of Commons later this evening.

May could lose her position as prime minister if a hundred fifty-eight of her three hundred fifteen MPs vote against her, but a mutiny could also help sustain her through the crisis.

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