Latest news with #NewWorld
Bloomberg
an hour ago
- Entertainment
- Bloomberg
Hong Kong Is Becoming a Key Part of Xi's Ambitions to Counter US
Save In this week's Hong Kong Edition, we look at what the flurry of activity among Beijing officials in the city means, dive into New World's woes and review Manchester United's performance against a local side. We also interview one of the two teachers who created a 100-kilometer summer trail and check out a Michelin-starred Japanese restaurant. To subscribe to this weekly newsletter for free, click here.
Yahoo
an hour ago
- Business
- Yahoo
New World's distress worsens after shock delay on bond interest
New World, which is grappling with HK$210.9 billion of liabilities, said in a filing late Friday that it's planning the deferment for coupons on four perpetual notes. Hong Kong developer New World Development is sliding deeper into distress after jolting investors by delaying interest payments on some bonds, marking the latest flashpoint in a years-long crisis in China's property market. New World, which is grappling with HK$210.9 billion ($34.67 billion) of liabilities, said in a filing late Friday that it's planning the deferment for coupons on four perpetual notes. In total, that means it's postponing US$77.2 million of debt obligations, according to Bloomberg calculations. The bonds concerned slid to record lows. Its 6.15% perpetual notes dropped about 3 US cents to 23 US cents on the dollar after tumbling more than 30 US cents on Friday, on pace for its lowest level since issuance. Its 4.8% perpetual securities fell 10 US cents to 15.5 US cents, also on track for a record low and the biggest daily decline since October 2022. Its shares slid as much as 11%, the biggest intra-day drop in about two months. 'While this will not trigger a default, the total amount to be repaid will pile up so the headwind should remain in the long run,' said Jeff Zhang, an analyst at Morningstar. A company spokesperson said Friday that the company was continuing 'to manage its overall financial indebtedness whilst taking into account the current market volatility and continues to comply with its existing financial obligations'. While the market moves on Monday underscore how investor unease is worsening, there have also been some more positive developments for the builder, which is controlled by the family empire of tycoon Henry Cheng. Bloomberg reported earlier Monday morning that as of May 30 the company had received written commitments from banks for 60% of HK$87.5 billion of loan refinancing that it's seeking by the end of June, according to people familiar with the matter. New World didn't immediately respond to a request for comment Monday morning. The company also said Friday that total contracted sales year-to-date amount to about HK$24.8 billion, representing over 95% of the annual sales target, according to its monthly business update. But markets clearly need more certainty on debt repayment plans after a years-long property slump in the city and mainland China has left New World with one of the highest debt burdens of any Hong Kong developer. Investors have also become increasingly sceptical after New World reported its first loss in 20 years for the financial year ended last June. The company's stock is trading at a price-to-book ratio of just 0.06x, with a market capitalisation of US$1.4 billion versus about US$17 billion at its peak in 2019. See Also: Click here to stay updated with the Latest Business & Investment News in Singapore New World Development defers perpetual bond coupon payments Hong Kong bankers sweat US$11 billion New World refinancing New World Development's billionaire Cheng family in talks with Louis Vuitton on mega Hong Kong store Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
RNZ News
a day ago
- Business
- RNZ News
Privacy commissioner inquiry finds supermarket facial recognition tech's use is justified
Privacy Commissioner Michael Webster says any business using facial recognition technology must ensure the system is set up correctly to stay within the law. Photo: VNP / Phil Smith The Privacy Commissioner says facial recognition technology in supermarkets has potential safety benefits, despite raising significant privacy concerns. An inquiry from the Office of the Privacy Commissioner into facial recognition trialled by Foodstuffs in the North Island found any business using facial recognition tech, or considering doing so, must ensure the system is set up correctly to stay within the law. Commissioner Michael Webster says the system raised privacy concerns, like the unnecessary or unfair collection of a customer's information, misidentification, technical bias and its ability to be used for surveillance. The commissioner found the live technology model used in the trial was complaint with the Privacy Act. "These issues become particularly critical when people need to access essential services such as supermarkets. FRT (facial recognition technology) will only be acceptable if the use is necessary and the privacy risks are successfully managed," Webster said. Foodstuffs owns the PAK'nSAVE, New World and Four Square brands. Photo: Supplied The Foodstuffs trial ended last September, and ran in 25 supermarkets. About 226 million faces were scanned during the trial, including multiple scans of the same person, and 99.999 percent of those were deleted within one minute. The trial raised 1742 alerts, 1208 were confirmed matches to store watchlists - databases made from images of people of interest to a store. In December 2024, a woman took her case to the Human Rights Review Tribunal after she was wrongly kicked out of a Rotorua supermarket , claiming the technology was discriminatory. There were nine instances of someone being approached by staff, but misidentified as the wrong person during the trial. In two cases, the shopper was asked to leave. All nine instances were attributable to human error, and were outweighed by the benefits of using facial recognition , justifying its use. The inquiry found while the level of intrusion to customers privacy was high because every visitor's face was collected, the safeguards used in the trial reduced the intrusion to an acceptable level. Webster said there was still work needed to improve the safety and efficiency of facial recognition software for New Zealand, as it had been developed overseas and not trained on a local population. He said the commission could not be completely confident the technology had addressed issues on technical bias, and that it had the potential to negatively impact Māori and Pacific people. "This means the technology must only be used with the right processes in place, including human checks that an alert is accurate before acting on it. "I also expect that Foodstuffs North Island will put in place monitoring and review to allow it to evaluate the impact of skin tone on identification accuracy and store response, and to provide confidence to the regulator and customers that key privacy safeguards remain in place," Webster said. The safeguards included immediately deleting images that did not match with a store's watchlist, setting up the system to only identify those whose behaviour was seriously harmful, like violent offending, not allowing staff to add images of people under 18 or those thought to be vulnerable to the watchlist and not sharing watchlist information between stores. Match alerts were verified by two trained staff members to make sure a human decision was part of the process, the inquiry report said, and access to the facial recognition system and its information was restricted to authorised staff. Images collected were not permitted to be used for training data purposes, the report said. General counsel for Foodstuffs North Island Julian Benefield said the goal behind the FRT trail was to understand whether it could reduce harm while respecting people's privacy, saying it had succeeded in doing so. "Retail crime remains a serious and complex problem across New Zealand," he said. "Our people continue to be assaulted, threatened and verbally abused, and we're committed to doing all we can to create safer retail environments." Benefield said privacy was at the heart of the trial. He said an independent evaluator found the trial prevented more than 100 cases of serious harm, including assaults. "We have worked closely with the Office of the Privacy Commissioner and listened to their feedback. "We welcome the OPC's feedback on areas for improvement and will carefully consider their recommendations, including the need to monitor accuracy, before we make any decisions about future permanent use." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Agriland
a day ago
- Business
- Agriland
Rabobank: Uncertainty for global beef markets
Global cattle markets have all been trending higher in the first half of 2025, according to a recent RaboResearch report. However, since US President Donald Trump took office in January 2025, uncertainty and unpredictability have reverberated through the global beef market. With beef as one of the largest agricultural commodities traded by the US, any change to US trading arrangements has the potential to affect the beef market at a national and, in turn, a global level. With the global supply and demand situation, RaboResearch expects trade flows to be maintained. Source: RaboResearch However, this is likely to change if major trading blocs such as Europe and China become involved in a trade war with the US. Contracting supplies driving up cattle prices Global cattle markets have been trending higher in the first half of 2025, according to RaboResearch. European prices experienced an especially strong rise in the first quarter of 2025, as domestic supplies contracted while demand remained strong. Senior analyst – Animal Protein for RaboResearch, Angus Gidley-Baird said: 'The rise in European prices now puts them in line with the strong North American cattle prices, which continue to rise slowly. 'In both Europe and the US, disease and pests are affecting cattle supplies. In Europe, and now in the UK, bluetongue continues to affect the herd. 'Meanwhile, New World screwworm in Mexico has caused US authorities to close the border to Mexican cattle imports, and the risk of potential infestation in the US is increasing.' These health threats are challenging production in markets where cattle supplies are already historically low, likely further supporting already elevated cattle prices. Production declines Global beef production is expected to contract through the remainder of the year, with an overall contraction of 2% projected for the year, according to researchers at Rabobank. The largest contractions are expected to happen in Brazil (down 5%) and New Zealand (down 4%), with contractions also expected in Europe, the US, and China. Australia is one of the few regions expected to see a production increase. Global trade managing disruptions On April 5, tariffs were introduced for many countries exporting beef into the US. Additional, so-called reciprocal tariffs for identified countries are on hold until early July, and the US-China tariff escalation has also been put on hold until early August. While negotiations are ongoing, some redistribution of beef trade volumes around the world is becoming apparent. Reports are emerging that Chinese buyers are looking more toward Australian, New Zealand, and South American suppliers as US beef becomes more expensive. Global beef demand to remain stable Although the full extent of the trade war remains uncertain, RaboResearch has stated that it remains cautiously optimistic about beef demand and trade flows. 'Beef isn't being singled out as a targeted commodity, and most major exporters are only facing baseline tariffs,' Gidley-Baird continued. 'So early indications suggest that competitive positions will be maintained, albeit with added costs to the system. 'The global supply and demand situation should maintain current trade flows. But if the US-China tariff war escalates and Europe becomes more involved, this is likely to change. 'Much of the media attention has been on the imposition of tariffs, but this may only be the opener to the main event,' he added. However, RaboResearch said that while tariffs may have grabbed headlines, the real story will be the implications of shifting global trade dynamics.
Yahoo
2 days ago
- Business
- Yahoo
New World Screwworm Threatens Texas Agriculture
Texas Agriculture Commissioner Sid Miller is calling for quick intervention to fight the growing threat of the New World screwworm. This flesh-eating bug has cattle ranchers and agricultural leaders across the state on edge. In a statement published last week, Miller celebrated the Department of Agriculture's recent $21 million investment to expand sterile fly production in Metapa, Mexico—a big step in the fight against the screwworm flies that devastated livestock throughout the country in the 1960s. 'The New World Screwworm cannot be eliminated with half-hearted efforts,' Miller said. 'Actual eradication requires the strategic release of millions of sterile flies. I was skeptical of the Biden Administration's approach, but this collaborative effort led by Secretary Brooke Rollins at the United States Department of Agriculture, coupled with strong leadership from Texas Congressional members, will expand North American sterile fly production, marking a crucial step forward.' Miller's support follows recent reports from southern Mexico that screwworm infestations are creeping north, raising alarms for ranchers in the Lone Star State. According to a study by the World Organization for Animal Health, the parasite's larvae are known to burrow into the wounds of living mammals, including livestock, pets, and even humans, causing extensive tissue damage and potentially death. Miller said the USDA's new investment showcases international cooperation in the battle against the pest. 'This reinforces our defenses and strengthens our international partnership. Secretary Rollins recognizes the seriousness of this threat and is utilizing appropriate tools with necessary urgency to protect American agriculture,' Miller added. Miller also endorsed the STOP Screwworms Act, which was recently introduced by Rep. Tony Gonzales and Senators John Cornyn and Ted Cruz. The legislation would create a domestic 'sterile fly production facility' in Texas to boost the USDA's efforts and secure a steady supply of sterile flies for quick 'deployment' across the state. Apparently, as experts previously noted, sterile flies are one of the best solutions to fight the northern migration of the New World screwworm. Meanwhile, Texas A&M University is ramping up its own efforts to protect the cattle industry from the looming screwworm threat. Last week, the university announced a $5 million donation from the Rosenthal family to support a new Meat Science and Technology Center at its campus in Bryan, Texas. State officials, outside of Miller's efforts, continue to urge ranchers to remain vigilant for signs of the parasite and to report any cases immediately to the Texas Animal Health Commission or the USDA. Experts warn that the 'reintroduction 'of the New World screwworm could have devastating economic impacts in certain areas, not just for ranchers but also for consumers already facing high beef and overall grocery prices. As The Dallas Express previously reported, Americans are still reeling from the pressures of skyrocketing grocery prices, which the Biden Administration unleashed before he left office.
