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Posts tagged as Asia

Big brother’s bailout doesn’t mean Anil Ambani is out of the dumps

An eleventh-hour bailout from elder brother Mukesh Ambani may have helped him stave off a jail term, but Anil Ambani has many more battles to fight,(86 crore) to the Swedish telecom equipment maker Ericsson, a day before a supreme court deadline ended.
In a statement, RCom chairman Anil Ambani thanked his brother, India’s richest person and chairman of the oil-to-retail conglomerate Reliance Industries, for stepping in.My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to their strong family values by extending this timely support.I and my family are grateful and deeply touched with their gesture.In 2014, Ericsson’s India subsidiary had signed a seven-year deal with RCom to manage and operate its network.
Last year, it sued Anil Ambani’s firm over the unpaid dues. In January, the bench at the top court took a strict view saying there seemed to be a case of “willful disobedience” on the part of the younger Ambani.The failure to pay up yesterday would have meant three months behind bars for him. Rs46,000 crore overall debt.
RCom still needs to pay other creditors, including 40 domestic and foreign banks, the government, and a public relations firm. Next month, a payment of Rs 281 crore is due to the government while it has already defaulted on a Rs21 crore payment to India’s department of telecom (DoT).And no solutions have appeared on the horizon.Last December, a silver lining emerged when Anil Ambani was on the verge of selling RCom’s tower, fibre, and airwaves assets to Reliance Jio Infocomm, his brother’s telecom business.However, the deal failed to take off following DoT’s objections citing the money RCom owed it; Jio refused to take over the debt.Soon after the payment to Ericsson was announced, RCom announced the termination of the deal with Reliance Jio.
The pact would have had helped Anil Ambani raise $2.4 billion and kept his empire afloat for some more time.Besides RCom, the Reliance Group’s power firm (RPower), defence venture (Reliance Naval and Engineering), and infrastructure firm (Reliance Infrastructure) are all in a tight spot.In August 2018, rating agency Crisil had downgraded RInfra’s non-convertible debentures (NCD), a type of fixed-income asset, to default after it failed to pay interest on it.
Last August, Reliance Infrastructure had to sell its Mumbai power business to Adani Transmission.The fallAnil Ambani parted ways with his brother in 2005, three years after the demise of their father Dhirubhai Ambani, who founded the Reliance empire.While Mukesh Ambani took charge of the flagship oil and petrochemical business, Anil Ambani got telecom, power generation, and financial services. A non-compete agreement ensured the siblings wouldn’t step on each other’s toes.These newer-age businesses under Anil Ambani had a promising growth plan and, in order to expand, he borrowed aggressively—and, in hindsight, recklessly.Rs23,950 crore.

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Filmart: Sun Entertainment Culture invests in international content (exclusive)

Entitled Shiseishi: The Tattoo Master, Shya’s neo-noir series is being produced in collaboration with the team behind popular Japanese drama Midnight Diner.
Each episode will follow the tattoo master as he works with a different client.One of Asia’s leading photographers, who also co-directed Fox-backed 2010 hit Hot Summer Nights, Shya said he plans to bring sci-fi and supernatural elements to the story.“In each episode, the tattoo master is transported to other dimensions where he finds inspiration for his designs,” Shya told Screen.SUNEC is in talks with other investors and platforms on the series, which is scheduled to start shooting in Japan in November for release in the second half of next year.
Further seasons are planned to shoot in other parts of Asia including Thailand, Cambodia, Vietnam and Hong Kong.SUNEC is also investing in A Perfect Family and Inversion as part of its new strategy to “provide high-quality entertainment contents for worldwide audiences”, in addition to its existing production slate of China-focused films.Scheduled to start shooting in the US state of Georgia in May, A Perfect Family is a US-Hong Kong collaboration produced by Belle Avery (The Meg), Shaun Redick (Get Out) and Randy Greenberg (The Meg). The film follows two FBI agents assigned to investigate the disappearance of a priest.Produced by Markus Barmettler and Philip Lee, Inversion was first announced in 2016, before Sun was involved, and now has Mark Waters (Mean Girls, Mr Popper’s Penguins) on board to direct. Production is scheduled to start this summer in the US, UK, India, China and Hong Kong.Scripted by Li Wei (Shadow), the film follows a young Chinese physicist and US conman as they race to save the world from an inversion of gravity. Chinese actress Yang Cai Yu (Youth) is set to star.Suncity CEO Alvin Chau and SUNEC CEO Alex Dong and managing director Paco Wong will unveil the three projects at a press conference at Filmart today (March 18).

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Travel: Books

Online shopping for Books from a great selection of Europe, United States, Asia, Specialty Travel, Travel Writing, Reference & more at everyday low …

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Night market to celebrate culture and cuisine

While spreads of authentic bubble tea, butter mochi, dumplings, turon, samosas and taiyak are normally anomalous to find at Notre Dame,
The Notre Dame Taiwanese Student Association along with Multicultural Student Programs and Services and the Liu Institute for Asia and Asian Studies will cosponsor the event, transforming the Dahnke Ballroom in Duncan Student Center to imitate the bright and bustling street markets of Taiwan for the Notre Dame Night Market.While the event initially began four years ago as a collaboration between the Taiwanese Student Association (TSA) and the Japan Club, the Night Market has grown to include more than 10 clubs and organizations beyond the Asian-American community. “We actually have four new clubs joining us this year: Hawaii Club, Hong Kong Student Association, South Asian Student Association (SASA) and Chinese Culture Society (CCS),” senior Isabel Chan, co-president of TSA, said.
“Its just gotten bigger and better every year.”Each club will have its own booth to serve authentic food, and some of the clubs will set up traditional games for the regions they represent.The Night Market will also feature performances by Ballet Folklorico, Azul y Oro, Chinese Culture Society and Project Fresh. Senior Jonny Xu, co-president of TSA, said the Night Market brings the University’s cultural clubs together to celebrate their differences.“This is one of the only events where you can go and see all of the diversity and the different cultures represented at Notre Dame,” he said.Students will receive two free tickets at the door that can be used to redeem food and play games at the 11 booths.Additional tickets will cost $5 for five tickets and $8 for 10 tickets. The games also give students chances to earn raffle tickets to win various prizes including an Amazon Echo, Asian food baskets and more.
The Night Market drew around 300 people last year, said Chris Moy, junior and vice president of TSA, and they are hoping for an even bigger turnout this year because of the addition of a few organizations not present in past years.Chan said TSA allocates funds to the different clubs that participate in the event to spend on the food and games they will present at the Night Market.Moy also discussed how the Night Market benefits the clubs involved.“The Night Market empowers other cultural clubs to go out and do events and connect with the people that they meet through our event,” Moy said.Open to all members of the Notre Dame community, Chan and Moy said they encourage anyone who is interested to attend.Tags: Asian American Culture, Chinese Culture Society, Hawaii club, Hong Kong Student Association, Japan Club, Liu Institute for Asia and Asian Studies.
Notre Dame Night Market, Notre Dame Taiwanese Student Association, South Asian Student AssociationAbout Serena ZachariasContact SerenaRelated StoriesStudent groups prepare to host Notre Dame Night MarketStudents looking for a study break Thursday night can visit the Dahnke Family Ballroom.Students participate in Lunar New Year CelebrationHawaii club to host luauAsian Allure show combines Asian culture, showmanshipHide SidebarTrending Stories1When both sides balk: A conversation on abortion1Mid-semester ranks1Response to ‘The devil wears a MAGA hat’1Just one question, Crossroads team Feed IconPhotostreamV.J. Beachem got up to throw down earlier tonight in Philadelphia.Beachem posted 11 in the first half, but the Irish trail North Carolina at the break, 43-38.

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