Jump to content

Laxtonto

Burnt Ends
  • Posts

    5819
  • Joined

  • Last visited

  • Days Won

    2

Posts posted by Laxtonto

  1. I am somewhat jaded in my viewpoints in this area because I am an Associate Editor of a reputable journal. Also, I do most of my research either in Business or Industrial Engineering journals.  

     

    When it comes to journals, there are no rules about journals only rules about if the journal counts as "quality" for the tenure process.

    Is it backed by a major publisher (Elsevier, Emerald, Wiley. etc)? no...

    Is it backed by a major society (CCSMP, OR Society, etc)? no...

    Since its title supply chain, is it listed in the ABDC list?  no...

    Is it Cablles listed at all? no....

    In this case it would not be considered a viable journal for most business schools in Texas for tenure.

     

    So now is it considered a predatory journal or is it just a bullshit journal housed by the university? Looking through it and checking on the various journal ranking groups, it isn't cosidered predatory (ie pay for play) so it is obvious just a small inhouse journal that is used to help push recognition for the college or program.

    What is funnier to me in their call for papers is this:

    Quote

    Dr. Erick Jones Jr., University of texas at Austin, United States of America

    If you cant get UT right in the boilerplate...

     

    • Hook 'Em 4
    • Like 1
  2. Here's what to know about the collapse of China's Evergrande property developer

    Spoiler

    A Hong Kong court has ordered the liquidation of the Evergrande Group, China's giant and massively indebted real estate developer, after the company was unable to restructure the $300 billion it owed investors.

    Just six years ago, Evergrande was riding high, preselling apartments to middle- and upper-income Chinese. In 2018, it was listed as the world's most valuable real estate company. But just three years later, it was on the financial ropes. Massively overleveraged and unable to complete some existing projects, Evergrande has become symbolic of a Chinese economy that faces some major near-term obstacles: slowing growth, increasing debt and a shrinking workforce.

     

    Evergrande had been seeking a $23 billion debt restructuring plan, but that fell apart last year when the company's billionaire CEO, Hui Ka Yan, also known as Xu Jiayin — once one of Asia's richest people — came under investigation for unspecified criminal behavior.

    China invests roughly 20% to 30% of gross domestic product annually in the economy's property and infrastructure sectors.

    Although Evergrande's demise is unlikely to have an immediate impact on U.S. consumers, it is yet another indicator that China's economy — which makes up about 20% of the world's GDP — is undergoing a painful period of slowdown, and that could result in slower global growth down the road.

    Here are some things to know:

    Evergrande's collapse is a big deal, but it's not another Lehman Brothers

    Some are already comparing Evergrande's likely demise to the 2008 collapse of Lehman Brothers, which presaged the Great Recession. The financial giant Lehman filed for bankruptcy on Sept. 15, 2008, with $613 billion in debt, triggering a banking meltdown that sent the already recessionary U.S. economy into a tailspin.

    The dramatic fall of Lehman was due in large part to millions of risky mortgages propping up an unstable financial system. Homebuyers with mortgage payments they couldn't afford defaulted on their loans, sending shock waves through Wall Street and leaving those borrowers vulnerable to foreclosure.

     

    But the experts who spoke with NPR don't think the global economy is exposed to that extent.

    Evergrande has been on a slow burn to insolvency since at least 2020, when the Chinese government launched a program, known as the "three red lines," aimed at deleveraging the real estate market. Recognizing that this sector was overheated, Beijing placed restrictions on how much it could borrow.

    "It worked," says Dexter Roberts, director of China affairs at the Mansfield Center at the University of Montana. "Evergrande has been the biggest victim of that policy."

    But parallels with the collapse of Lehman, which was carrying $613 billion in debt (in 2008 dollars), are "a bit of an overstatement," says Roberts, who is also a senior fellow at the Atlantic Council's Global China Hub and the author of The Myth of Chinese Capitalism: The Worker, the Factory, and the Future of the World.

    He calls the company's demise "a controlled implosion."

    "China has known for a long time that their economy was imbalanced and too reliant on debt, with the real estate sector the most indebted industry of all and Evergrande the poster child for the most indebted company in that sector."

    Scott Kennedy, senior adviser and trustee chair in Chinese business and economics at the Center for Strategic and International Studies, agrees that Evergrande's collapse should come as no surprise to its investors or to the rest of the world.

    He says that Evergrande's business model, like that of other real estate developers in China, is pre-sold housing — an inherently risky strategy. It has led hundreds of thousands of Chinese to buy homes that now have no timeline — and perhaps no hope — of ever being completed.

    "At some point, you may not be able to actually complete all of that housing. ... Eventually projects get bogged down and your financing situation gets worse," Kennedy says.

     

    Many ordinary Chinese are seeing their real estate investments evaporate

    Chinese households have 70% or more of their asset wealth in their apartments. Evergrande's collapse, although long anticipated, comes as a blow to some, says Roberts.

    Another smaller Chinese property developer, Country Garden, also recently got in trouble.

    "They're very worried. They're seeing their one big asset depreciating," he says.

    "They own their apartment, and in some cases more than one," he says. "When the property market is doing as badly as it's doing in China ... there's sort of a negative wealth effect for consumers and they don't want to spend."

    The drawn-out liquidation of Evergrande means ordinary investors who just wanted to buy an apartment and larger institutional investors "are going to need to stand in line, and the courts are going to have to figure out who is going to be at the head of that line and get paid," Kennedy says.

    It's unlikely to have much immediate impact on U.S. consumers

    Diana Choyleva, a senior fellow on China's economy at the Asia Society, says Evergrande's investors — both foreign and domestic — will see the biggest impact from Monday's ruling in Hong Kong.

    "This is more of an outside investor focus," she says.

    So U.S. consumers are unlikely to see much impact, at least in the short term. The time horizon to wind down Evergrande could take a while too, further mitigating its impact, she says.

    While the Evergrande case was brought in Hong Kong because that's where the company's shares are listed, Choyleva says that Guangzhou, where Evergrande is based, "is not one of the three Chinese cities that mutually recognize liquidation orders," she says.

    "So the liquidator could find it hard to take control of Evergrande subsidiaries in mainland China," she says. The process of liquidating the company "will be protracted."

     

    Evergrande indicates a broader concern about China's economy that may be far-reaching

    Beijing has come to recognize that an export-led economy on the scale that China has built in recent decades cannot go on forever, and it has tried to promote more domestic consumption to take up some of the slack.

    However, the implosion of Evergrande could prove a blow to confidence both inside and outside China, Kennedy says. "There is the confidence about the company itself and the financial problems that it's gotten into and what that means for the real estate sector," he says.

    "The next is what is people's confidence in the Chinese government's ability to manage this process in a fair, dispassionate, objective way," he says.

    Choyleva and others see the potential for deflation ahead as the Chinese economy struggles with a number of issues going forward. In November, consumer prices in China fell at their fastest rate in three years.

    China "should be on American's radar because, first of all, China is a huge economy," she says. "If China is having severe deflation at home, pretty much the only choice left would be [for it] to export deflation."

    At first glance, that would seem to benefit consumers buying Chinese-made goods. Instead, it's more likely to mean that U.S.-based competitors will need to lower their prices to compete with a flood of ever-cheaper Chinese products.

    "That translates into businesses closing, jobs being lost and consumers being worse off," Choyleva says.

    Roberts sees similar concerns. The U.S. and China, he says, "are deeply entwined," and most top U.S. multinationals "secure a significant portion of their revenues and profits from the China market or their supply chains start there."

    Meanwhile, China is pumping money into manufacturing to try to offset its slowing economy.

    "Ultimately, [China] is going to be producing a lot of goods that they need to sell somewhere, and they're going to be selling them on the cheap. So I would imagine [that] could be a deflationary force."

     

    https://www.npr.org/2024/01/30/1227554424/evergrande-china-real-estate-economy-property-collapse

    • Hook 'Em 1
  3. HK court orders China Evergrande to liquidate with debts of $300 bln

    Spoiler

    HONG KONG, Jan 29 (Reuters) - A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group (3333.HK)

    , opens new tabA move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain a deepening crisis.
    Justice Linda Chan decided to liquidate the world's most indebted developer, with more than $300 billion of total liabilities, after noting Evergrande had been unable to offer a concrete restructuring plan more than two years after defaulting on a bond repayment and after several court hearings.
     
    "It is time for the court to say enough is enough," said Chan, who will give her detailed reasoning later on Monday.
    Evergrande chief executive Siu Shawn told Chinese media the company will ensure home building projects will still be delivered despite the liquidation order. The order would not affect the operations of Evergrande's onshore and offshore units, he added.
    The decision sets the stage for what is expected to be drawn-out and complicated process with potential political considerations, given the many authorities involved. Offshore investors will be focused on how Chinese authorities treat foreign creditors when a company fails.
     
    "It is not an end but the beginning of the prolonged process of liquidation, which will make Evergrande's daily operations even harder," said Gary Ng, senior economist at Natixis. "As most of Evergrande's assets are in mainland China, there are uncertainties about how the creditors can seize the assets and the repayment rank of offshore bondholders, and situation can be even worse for shareholders."
     
    Evergrande's shares were trading down as much as 20% before the hearing. Trading was halted in China Evergrande and its listed subsidiaries China Evergrande New Energy Vehicle Group (0708.HK)

    , opens new tab and Evergrande Property Services (6666.HK), opens new tab after the verdict.

    COMPLICATED PROCESS

    Evergrande, which has $240 billion of assets, sent a struggling property sector into a tailspin when it defaulted on its debt in 2021 and the liquidation ruling will likely further jolt already fragile Chinese capital and property markets.
     
    Beijing is grappling with an underperforming economy, its worst property market in nine years and a stock market wallowing near five-year lows, so any fresh jolt to investor confidence could further undermine policymakers' efforts to rejuvenate growth.
    Evergrande applied for another adjournment on Monday as its lawyer said it had made "some progress" on the restructuring proposal. In the latest offer, the developer proposed creditors swap their debts into all the shares the company holds in its two Hong Kong units, compared to stakes of about 30% in the subsidiaries ahead of the last hearing in December.
    Evergrande's lawyer argued liquidation could harm the operations of the company, and its property management and electric vehicle units, which would in turn hurt the group's ability to repay all creditors.
    Evergrande had been working on a $23 billion debt revamp plan with a group of creditors known as the ad hoc bondholder group for almost two years.
    "We're not surprised by the outcome and it's a product of the company failing to engage with the ad hoc group," said Fergus Saurin, a Kirkland & Ellis partner who had advised the offshore bondholders. "There has been a history of last minute engagement which has gone nowhere. And in the circumstances, the company only has itself to blame for being wound up."
    Evergrande cited a Deloitte analysis during a Hong Kong court hearing in July that estimated a recovery rate of 3.4% if the developer were liquidated. After Evergrande said in September its flagship unit and its chairman Hui Ka Yan were being investigated by the authorities for unspecified crimes, creditors now expect a recovery rate of less than 3%.
    The ruling is expected to have little impact on the company's operations including home construction projects in the near term, as it could take months or years for the offshore liquidator appointed by the creditors to take control of subsidiaries across mainland China - a different jurisdiction from Hong Kong.
    The liquidation petition was first filed in June 2022 by Top Shine, an investor in Evergrande unit Fangchebao which said the developer had failed to honour an agreement to repurchase shares it had bought in the subsidiary.
    Before Monday, at least three Chinese developers have been ordered by a Hong Kong court to liquidate since the current debt crisis unfolded in mid-2021.

    https://www.reuters.com/business/embattled-china-evergrande-back-court-liquidation-hearing-2024-01-28/

    • Hook 'Em 2
    • Haha 1
    • Prepare your anus 1
  4. More than anything I am real curious about the language that gets put in Sherrone Moore contract, from both sides...

    How much leeway does he get regarding the NCAA? How much protection is he given regarding team performance if the NCAA provides sanctions, even if he was on the staff at the time? What does Michigan do regarding any form of NCAA investigations and do they require Moore to gut most of the underlying support staff machine and coaches even tangentially tied to this?

    So most likely Moore is going to get the job where the DC, supposedly the Strength coach, and most likely many others on the D side of the ball are leaving, most of the support staff with familiarity is going to be gone to CYA for the NCAA, and he is supposed to heave the contacts to rebuild all of that post Harbaugh? While the specter of potential NCAA penalties hanging over their head?

    This is going to be a train wreck to watch unfold...

    image.gif.1b4951f84c9f7d8dca5dc439a7ac6155.gifshame.gif.dbc3f2cf9fcc3799c4cbbbbcbea0f3aa.gif

    • Like 1
  5. 18 minutes ago, longhornmatt said:

    Charlie, what would you say you do here?

    Well, Kurt, I was in charge of teaching the center how to snap.

    That’s what I thought.  Um, I think we’re going to go in a different direction next year.  Leave your forwarding address with the staff and we will make sure the severance checks are sent.

    What if I don’t know my address?

    You … you mean you’re going to be looking for a new job, so you don’t know where you’ll be, right?

    No.  I’m still going to be at the same house.  It’s just all about zip codes being crazy and you look over there and it’s like you have to remember these 5 numbers or else people can’t send you mail, and you got so many numbers in your head already ..

    Ok, just get the fuck out.

    1877363982_dontspeaklilbitch.gif.ed01b378476f04772d74f54338ad07db.gif

    • Hook 'Em 1
  6. So Bjork tried to save aggy from themselves by trying to force them to hire Stoops and guarantee that they could keep Robinson as the DC and be a solid 8 or 9 or 10 win team for near future. Instead the aggy booster media complex killed the deal and Bjork said fuck it, Im out...

    • Like 1
    • Haha 1
×
×
  • Create New...