Authorities in Thailand are unspooling a “phantom birth’’ racket involving possibly hundreds of babies – mainly Chinese – falsely registered as Thais by corrupt officials so that their parents can gain land and company ownership rights. Scores of birth certificates have come under scrutiny, with several officials arrested for suspected bribery in a scam that first came to light in northern Chiang ...
Authorities in Thailand are unspooling a “phantom birth’’ racket involving possibly hundreds of babies – mainly Chinese – falsely registered as Thais by corrupt officials so that their parents can gain land and company ownership rights. Scores of birth certificates have come under scrutiny, with several officials arrested for suspected bribery in a scam that first came to light in northern Chiang Mai, but has now clustered around a Bangkok suburb and northeastern Nakhon Ratchasima...
Indonesia’s central bank intervened in the foreign-exchange markets as the rupiah set a new record low. Bank Indonesia intervened through offshore and domestic non-deliverable forwards, spot transactions and government bonds in the secondary market, Erwin Hutapea , executive director of monetary and securities management, said in a mobile-phone message on Tuesday. The rupiah dropped 0.2% to 17,422...
Indonesia’s central bank intervened in the foreign-exchange markets as the rupiah set a new record low. Bank Indonesia intervened through offshore and domestic non-deliverable forwards, spot transactions and government bonds in the secondary market, Erwin Hutapea , executive director of monetary and securities management, said in a mobile-phone message on Tuesday. The rupiah dropped 0.2% to 17,422 per dollar on the day, marking an all-time low. Investors are dumping assets of nations which are most impacted by the surge in oil prices following the Iran war, with the Indian rupee also falling to a new record low. The Philippine peso also weakened and is very close to an all-time low. The central bank will continue to be present in the market to ensure market mechanisms function properly and to stabilize the rupiah in line with its fundamental value, Hutapea said. One by One, Asian Currencies Are Faltering as Oil Worries Worsen Indian Rupee Drops to Record as Crude Surges on Iran Tensions Philippine Peso Edges Lower After April CPI Beat Estimates
The US and Iran exchanged fire in the Persian Gulf in a flareup of violence on Monday that also drew in the United Arab Emirates. Bloomberg's Joumanna Bercetche reports. (Source: Bloomberg)
The US and Iran exchanged fire in the Persian Gulf in a flareup of violence on Monday that also drew in the United Arab Emirates. Bloomberg's Joumanna Bercetche reports. (Source: Bloomberg)
Wyoming lawmakers say tight new restrictions on abortion are needed to grow the state's population. Demographers and others say economic conditions are more to blame for an exodus of young people. (Image credit: Jamie Schwaberow)
Wyoming lawmakers say tight new restrictions on abortion are needed to grow the state's population. Demographers and others say economic conditions are more to blame for an exodus of young people. (Image credit: Jamie Schwaberow)
Disruptions caused by artificial intelligence are threatening private credit firms’ potential recovery rates in the software sector, according to Davidson Kempner Capital Management LP chief investment officer Tony Yoseloff . “My real concern is in recovery value in these assets,” Yoseloff said at the Milken Institute Global Conference on Monday, adding that the average recovery in first-lien debt...
Disruptions caused by artificial intelligence are threatening private credit firms’ potential recovery rates in the software sector, according to Davidson Kempner Capital Management LP chief investment officer Tony Yoseloff . “My real concern is in recovery value in these assets,” Yoseloff said at the Milken Institute Global Conference on Monday, adding that the average recovery in first-lien debt over the past five years was already below 40 cents. Software businesses are likely to fare even worse because they lack hard assets to support valuations once performance deteriorates, he said. Private equity sponsors — the mainstay of private credit lending — are heavily exposed to the sector, with roughly 41% of capital invested by buyout firms in the US last year directed to software companies, he added. Software has been a particular pain point for direct lenders, as recent advances in AI have sparked concerns that many in the industry could be displaced. Software businesses make up an outsize portion of business-development companies’ loan portfolios, which have been beset by a wave of investor redemptions in recent months. Anne Walsh , chief investment officer at Guggenheim Partners , said the boom in AI and technology is still in its infancy. “It is absolutely investible, but also comes with creative destruction and a substantial amount of change,” she said. Walsh emphasized the scale of investment required to build infrastructure for rising demand, estimating $3 trillion to $4 trillion in AI-related spending over the next five years. Financing will rely heavily on private credit, alongside corporate and securitized debt, she added. Gemcorp Hires From Oaktree, Deepening Push Into Private Credit Thoma Bravo Is Combing Every BDC Book for Software Loan Bargains Khosla Warns Software Pain Will ‘Taint Everything’ Across Credit Fortress Investment Group ’s focus in the software sector has been in the “picks and shovels” segment of the supply chain, said co-chief executiv...
Ferocity of women’s sport juxtaposed with cosy homes and pretty snow scenes in TV series gaining wider recognition The concept of sisu – used to refer to guts or inner strength – is often talked about as the source of Finnish happiness. And Guts, a hit Finnish TV series about top female cross-country skiers, makes it clear from the beginning that any happiness in this psychodrama is going to be ex...
Ferocity of women’s sport juxtaposed with cosy homes and pretty snow scenes in TV series gaining wider recognition The concept of sisu – used to refer to guts or inner strength – is often talked about as the source of Finnish happiness. And Guts, a hit Finnish TV series about top female cross-country skiers, makes it clear from the beginning that any happiness in this psychodrama is going to be exceptionally hard-won. Continue reading...
The transition towards renewable energy received a boost last week when representatives from 57 countries met in Santa Marta, Colombia, for a world-first climate meeting aimed at bringing the fossil fuels era to an end. Madeleine Finlay hears from the Guardian’s global environment editor, Jon Watts, about how the landmark conference came about, who was missing, and whether the optimism can transla...
The transition towards renewable energy received a boost last week when representatives from 57 countries met in Santa Marta, Colombia, for a world-first climate meeting aimed at bringing the fossil fuels era to an end. Madeleine Finlay hears from the Guardian’s global environment editor, Jon Watts, about how the landmark conference came about, who was missing, and whether the optimism can translate into real world action Could Santa Marta climate talks mark ground zero in push to ditch fossil fuels? Support the Guardian: theguardian.com/sciencepod Continue reading...