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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.

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“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.

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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.

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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.

World News

Israel Hits Targets Across Gaza After Rocket Attack

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Israel Hits Targets Across Gaza After Rocket Attack

Israeli forces have struck targets across the Gaza strip through Tuesday, including the offices of Hamas supreme leader, in response to a surprise rocket attack from the Palestinian territory.  The military has bolstered its troops and rocket-defense systems in anticipation of a new round of heavy fighting with the Islamic militant group.

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Israel opened public bomb shelters in most major cities and civil defense authorities canceled sports events and public transportation in southern Israel.

Prime Minister Benjamin Netanyahu, who had hurried back to Israel from Washington because of the rocket attack, said Israel will not tolerate this, and that he, personally, would not tolerate it. He said Israel will respond forcefully to the rocket attack he called wanton aggression.

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Israeli military said it had retaliated to the latest rocket attacks with fifteen airstrikes.  It also said Hamas military sites and those for smaller jihad group had been hit.

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Hamas has been leading weekly protests along the Israeli border for the past year in hopes of easing an Israeli-Egyptian blockade, but the demonstrations in which nearly two hundred persons have been killed by Israeli fire, have done little to improve conditions.

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World News

Theresa May Loses Control Of Brexit Negotiations, Parliament Takes Over

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Theresa May Loses Control Of Brexit Negotiations, Parliament Takes Over

British Prime Minister, Theresa May, could not be said to have had a good day on Tuesday as she lost control of the Brexit negotiations.  The Prime Minister says parliament’s decision to take control of the stalled process of leaving the European Union underscores the need for lawmakers to approve her twice-defeated deal.

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The House of Commons voted on Monday to take control of the parliamentary timetable on Wednesday so lawmakers can vote on alternatives to the withdrawal agreement the prime minister negotiated with the EU.

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Health secretary, Matt Hancock said on BBC news on Tuesday the government won’t “pre-commit” to accepting the option backed by lawmakers.  He wants lawmakers to support the prime minister’s agreement because, as he put it, the best way through the impasse is the one deal the prime minister has already negotiated with the EU.

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Tuesday’s events are sure to further complicate the process of Britain leaving the bloc.

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African News

UN Says Around 1.85 Million People Affected By Cyclone In Mozambique

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UN Says Around 1.85 million People Affected By Cyclone In Mozambique

The United Nations’ humanitarian agency OCHA has on Tuesday disclosed that close to 1.85 million people have now been affected by Cyclone Idai and its aftermath in Mozambique alone.

“Some will be in critical, life threatening situations. Some will sadly have lost their livelihoods, which whilst an appalling tragedy is not immediately life threatening,” OCHA coordinator Sebastian Rhodes Stampa said.

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Relief organizations, including the international federation of the red cross and red crescent societies, say some cases of cholera had already been reported. Meanwhile, in Zimbabwe the country’s entertainment stars have organized a concert to raise funds to help victims.  There is growing fear of starvation in communities that have been cut off by smashed bridges or destroyed roads.

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The United Nations is also making an emergency appeal for $282 million for the next three months to help Mozambique start recovering.

The UN funding will be used to provide water, sanitation, education and restoring the livelihoods of the hundreds of thousands of displaced people, UN humanitarian chief Mark Lowcock said Monday.

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