Latest news with #DiscoveryBay
South China Morning Post
27-06-2025
- Entertainment
- South China Morning Post
Your perfect week: what to do in Hong Kong, June 29-July 5
Do this Next Wave Beach Festival Soak up the tunes at the Next Wave Beach Festival in Hong Kong's Discovery Bay. Photo: Next Wave Beach Festival Looking to cool off this summer? The Next Wave Beach Festival is returning to Discovery Bay's Tai Pak Beach on July 5 and 6. K-pop girl group Itzy and rising Korean talent Chung Ha lead the roster, while local singer Joey Hung Ka-ho is expected to deliver a set of crowd-pleasers. Attendees can get up close to the main stage or lounge about on a floating jetty in the sea to soak it all in. Tai Pak Beach, Discovery Bay; See this Vox Luminis Vox Luminis is a Belgian ensemble led by Lionel Meunier. Photo: Leslie Artamonow Founded in 2004 by bass vocalist Lionel Meunier, the Belgian ensemble is set to debut in Hong Kong on July 2. Specialising in 17th and early-18th century English, Italian and German repertoires, Vox Luminis – which won the 2012 Gramophone Recording of the Year – has nearly 20 recordings and more than 70 annual concerts under its belt. St John's Cathedral, Central, on July 2, and Tsuen Wan Town Hall, on July 5; Eat this Mott 32 The Celebration Peking duck at Mott 32. Photo: Mott 32 A new à la carte menu has been unveiled at this ever-stylish Chinese restaurant in Central. Created by head chef Lee Man-sing, the Celebration Menu fuses traditional techniques with contemporary flair in dishes such as the Celebration Peking duck, roasted with applewood and topped with caviar. Also roasted with applewood is the pluma Ibérico pork with Yellow Mountain honey, presented tableside in a tailor-made box. Advertisement Basement, Standard Chartered Bank Building, 4–4A Des Voeux Road Central Drink this Hennessy Mart Hennessy Mart features collaborative cocktails with Draft Land. Photo: Hennessy Mart One of the world's leading cognac brands is teaming up with local tap-cocktail bar Draft Land to launch a grocery store-themed pop-up at Central Market. Cognac lovers can expect refreshing summer tipples such as the Hennessy ginger and oolong, while those who buy a bottle can win merch from the Hennessy x NBA collectible series. Until July 4, Central Market, 93 Queen's Road Central
CBS News
26-06-2025
- CBS News
Suspect in alleged Discovery Bay "boat rage" incident arrested
Discovery Bay boater seen on video crashing into person on jet ski, other boats Discovery Bay boater seen on video crashing into person on jet ski, other boats Discovery Bay boater seen on video crashing into person on jet ski, other boats The owner of a powerboat caught on video in an alleged "boat rage" incident in Discovery Bay on Sunday has been arrested and charged with multiple felonies, according to authorities. Video posted on social media shows a dark-colored wakeboard boat near the Discovery Bay Marina docks chasing after someone on a personal watercraft, creating waves that rocked other boats at nearby docks. Another video shows the boat crashing into boats docked at the marina after hitting the jet skier. The Contra Costa Fire Department said one person was taken to the hospital with minor injuries. The Contra Costa County Sheriff's Office jail records show that the registered owner of the boat, identified as 57-year-old Erick Garcia, was arrested on Wednesday at noon and was being held at the Martinez Detention Facility on $95,000 bail. He is being charged with assault with a deadly weapon, criminal threats, and vandalism resulting in damage of $400 or more. The Sheriff's Office said more information on the arrest would be provided later.
CBS News
25-06-2025
- CBS News
Discovery Bay boater seen on video crashing into jet skier, docked boats
Discovery Bay boater seen on video crashing into person on jet ski, other boats Discovery Bay boater seen on video crashing into person on jet ski, other boats Discovery Bay boater seen on video crashing into person on jet ski, other boats A boater at Discovery Bay was caught on video crashing into someone on a jet ski and then hitting other docked boats. Katie Hernandez said she heard the boat speeding into the harbor, and she was shocked at what she saw when she came outside. "It was insane. It was like out of a movie," said Hernandez. She said she saw a dark-colored wakeboard boat inside the small harbor area near the Discovery Bay Marina docks chasing after a person on a jet ski. They were going around in circles, creating waves and wakes which rocked the boats at nearby docks. After a few minutes, the jet skier headed back toward the marina, and that's when it happened. The wakeboard boat ran over one of the people on the jet ski. The wakeboard boat immediately crashed into other boats docked at the marina. As the boat driver rushed to turn around and leave, the boat crashed into the boats on the opposite side of the dock, video shows. "The boat just sped off, full speed, out of here. High tailed it," said Hernandez. She said she lived in the area since she was a little, and recently, she said she has noticed a lot more problems on the water, especially with those who don't live in Discovery Bay but instead bring their boats in and launch them from the nearby marinas. "They want to go to ski beach and have fun, and it's just amateur hour, unfortunately happens out here. It's just not, it's not safe," says Hernandez. The Contra Costa Fire Department said one person was taken to the hospital with minor injuries. Katie said she's amazed no one was seriously hurt. "I thought somebody was going to die that night. I really did," she said. Now, she's questioning whether people are safe in their own backyard, the area right off the end of their docks. "I do want to have friends over, and have them come float and BBQ, but it's kind of uneasy now. Do I want to invite anybody over? It's just, it's terrible," said Hernandez. The Contra Costa Sheriff's Department said the case is still under investigation, but so far they haven't made any arrests in the case. Friends of the jet skier said he's pretty shaken up and banged up after the accident, but is expected to be OK.
Forbes
31-05-2025
- Business
- Forbes
Privatizing Fannie And Freddie: Rationales And Credit Impacts
An American flag at a residential home in Discovery Bay, California, US, on Thursday, Nov. 7, 2024. ... More Mortgage rates in the US increased to the highest level since July. Photographer: David Paul Morris/Bloomberg All week, markets and politicians been dissecting the President Trump's proposal to privatize Fannie and Freddie. As they support 70% of the U.S. mortgage market, it is important to consider the credit markets impacts and risks for the U.S. These are still hard to work out until the rationale becomes clear, beyond removing the FHFA as conservator. Since their creation, the two main GSEs have been quintessential mixed-ownership corporations. In 1938, FNMA was established as a standalone company in the New Deal. It was acquired in 1950 by the entity that became the U.S. Department of Housing and Urban Development with two classes of shares: preferred, held by the U.S. Treasury, and common, non-voting, held by a network of mortgage lenders. In 1968, Fannie was reorganized and split into a successor FNMA and Ginnie Mae. The successor FNMA was listed on the New York Stock Exchange and chartered to purchase, bundle and sell residential mortgages as securities (RMBS). GNMA became part of HUD. Its function: to guarantee payments on securitizations backed by mortgages issued under programs by U.S. government departments like HUD, Veterans Affairs and Agriculture. FHLMC was created in 1970 along lines similar to FNMA—publicly traded, earning guarantee fees on loan portfolios, with HUD oversight—but its client network is smaller banks and credit unions rather than large banks. Originally, FHLMC was owned by the Federal Home Loan Banks, but under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 it became independent. In 1995, FHLMC diversified into making markets in subprime mortgage collateral. In 2008, Fannie and Freddie suffered material losses on their combined mortgage portfolio of USD 1.5 TN. They were bailed out, delisted from the NYSE on July 7, 2010, placed under FHFA's conservatorship, and began trading on OTC markets the next day. The stock of both institutions remains publicly investible alongside their residential mortgage-backed securities and corporate bonds. So there must be more to the current proposal than giving American investors access. The Big Beautiful Bill will shrink the U.S. tax base if it passes the Senate. Could privatizing these mortgage giants fill the gap with new, incremental tax revenues? It is hard to say without a concrete deal structure in place. However, the mortgage giants already pay taxes on operating income, as well as paying federal, state and local taxes on securities' earned interest. So the motivation to privatize is not obviously tax-related. It may have more to do with the U.S. Treasury currently owning the GSE preferreds as well as warrants on 80% of common stock. If pricing on a future IPO were to hit or exceed the target, the U.S. government could reap a one-time, massive windfall. Arranging banks would profit handsomely as well. A USD Trillion IPO (Chairman Pulte's estimate) could generate fees in the range of USD 40 to 70 Billion. That's plenty of incentive for a successful initial offering. But for most Americans, what matters more is what happens in the aftermarket. First, what would be the go-forward impact on rates for homebuyers? The more common theory is that the replacement entities, being purely profit-driven and maybe facing higher funding costs, would drive up rates—and up again as supply shrinks. A minority viewpoint says rates will go down as privatization drives innovation. The reality is—we can predict given a concrete exit plan, but without one, we just can't know. Second, and intimately linked, is the status of the U.S. guarantee. This decision would impact the entire credit market ecosystem starting with borrowers, whose numbers would shrink as government support goes away. If the new entities were to retain U.S. support in some form, the impacts on bank market microstructure and the competitive playing field are less clear; but don't expect the status quo to continue. Would a distributed ecosystem form anew, or would intense, uneven competition transform the U.S. bank market where only giants survive? Related to the status of the guarantee is how potential backlash could impact the U.S. government rating, which Moody's just downgraded to Aa1. Would global bond investors view sudden withdrawal as a default, regardless of the legal definition? And in this same point, will GNMA and its guarantee continue? The answer directly impacts home affordability for veterans, rural homeowners and disadvantaged groups. Third, are the potential changes to the GSE's current information disclosure regime. This question is not yet debated in the media but it should be. The go-forward disclosure package could have the greatest impact on aftermarket performance. Bonds are most active in the capital structure of GSEs today. Their required bond disclosures comply with the very best practices in the world that were created in the U.S. public securitization markets. Will the disclosures continue? Will the public have access to them after the IPO? Or will the financial position of the new players become more opaque as information disclosures lag changes in financial performance? We have seen this movie before in the GFC. It did not end well. Fourth, the operational impacts of privatization are unclear. Will the 30-year fixed rate model made in the 1930s continue or gradually be replaced by loan structures benefitting borrowers less and lenders more—floating rate indices, shorter and longer maturities, different funding formulas? Will a forward-settled market replace the To Be Announced market that FNMA and FHLMC currently use? The TBA market today allows sellers to fund their origination pipelines and buyers to lock in prices before transaction specifics are settled because the guarantee equalizes the potential risk between offerings. The cost benefits, which can be quite substantial, may disappear if the guarantee goes away. Fifth are what Donald Rumsfeld called unknown-unknowns. If the first four categories of unknowns are known (with the possible exception of #3), news unfolding daily shines a light on impacts we have not yet thought of. Was Moody's downgrade of FNMA a reflection of recent past performance, or does it also anticipate future shocks to the organization? Does the introduction of an anti-crime unit with AI fraud detection technology materially impact how ? WASHINGTON, DC - FEBRUARY 27: William Pulte, nominee for Director of the Federal Housing Finance ... More Agency testifies at a hearing of the Senate Banking Committee on February 27, 2025 at the Dirksen Senate Building in Washington, DC. When FHFA Director Bill Pulte says, 'what we're trying to do…is take cost out of the system and get homes so they can be affordable again,' is he referring to the current interest rate levels or foreshadowing a collapse in prices? These scenarios have drastically different economic consequences. Finally, when President Trump says, 'the U.S. will keep its implicit GUARANTEES,' the key word seems to me to be the one in small caps: implicit. Equities are story paper, but bonds are based on contracts; and it is hard to assign a financial value, positive or negative, to implicit support.
CBS News
27-05-2025
- General
- CBS News
Discovery Bay man honors fallen son nearly 20 years after fateful door knock; "Your world falls apart"
Discovery Bay man honors fallen son nearly 20 years he was killed in Iraq Discovery Bay man honors fallen son nearly 20 years he was killed in Iraq Discovery Bay man honors fallen son nearly 20 years he was killed in Iraq Pictures and tributes to his son, Joseph Anthony Graves, hang from walls and are displayed on shelves at Kevin Graves' home. There's a picture on his computer, too, that he'll always keep. "This was the last physical contact I had with him, and I'm so blessed to have this horribly grainy picture of my son and I together," said Graves. The photo of father and son embracing for the last time was taken on November 7, 2005. Less than nine months later, Graves got a knock on his door. "She said, 'Kevin, there's two soldiers. There's two soldiers on the front porch," said Graves. Kevin raised Joey in Discovery Bay as a single dad. He signed the papers for his then-17-year-old to enlist in the Army in 2003. The high school senior wanted to serve in the military in the aftermath of 9/11. Joey was just 21 years old when he was killed in Baghdad, Iraq, on July 25, 2006. "That's the day that your world falls apart," said Graves. Nearly 20 years have passed. But the tears and heartache for a child's life cut short never go away. "I just stared out at the water. I just stood at that window right there and stared out at the water," said Graves. Graves remembers Joey looking out for the ones who weren't always embraced, the underdogs. "Those are the people that Joey liked to help," said Graves. "He was a leader from behind. He wasn't necessarily a leader from in front." As Graves honors his fallen soldier, remembering times of laughter and joy embracing his child, and standing next to his best man, he hopes the rest of the country will also take a moment to remember. "I want everybody to take a moment and think about why they have those freedoms that they have," said Graves. "That's because of the sacrifices that have been paid by hundreds of hundreds of thousands of service members throughout the centuries who have given their lives so we can live in this freedom." A freedom that comes with a cost, on this Memorial Day. Graves also joined the military when he was 53 years old, serving as a chaplain. He runs the foundation, Some Gave All - the Joey Graves Foundation, with a mission to honor the fallen, support those who fight, and serve their families.
