After the arrest of the urban artist bankruptcy by simple threat during an inspection in Providencia, his lawyer, Antonio Guzmanpointed out to the media from the outskirts of the 19th Providencia Police Station that “Pailita did not encourage any type of threat or insult of any kind, these are facts that are flatly denied“.
The interpreter of Ultra Solo will go to stop control this Monday.
2023-05-15 17:01:00
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On its own website, which has now largely disappeared, the company described itself until recently as an energy supplier that has grown enormously in a relatively short period of time. “We are the market leader in the Netherlands in the supply of energy to municipalities and schools.” Now, six years later, DVEP reports that it has been ‘loss-making’ for years.
The space launch vehicle ‘Launcher One’ is hanging from a large aircraft of Virgin Orbit. Provided by Virgin Orbit
Satellite launcher Virgin Orbit, which suffered from financial difficulties, has entered bankruptcy protection proceedings. Virgin Orbit is a company founded by British billionaire Richard Branson, chairman of the Virgin Group, and uses an aircraft to launch a rocket into the air as a business model.
According to CNBC on the 4th (local time), Virgin Orbit filed for bankruptcy protection under Article 11 of the Federal Bankruptcy Act with the Delaware bankruptcy court on the same day. Article 11 Bankruptcy protection is the process of temporarily suspending the performance of debts of an enterprise and normalizing the enterprise through the sale of assets. Unlike court receivership in Korea, the CEO of the company can retain management rights.
“We have been working hard to improve our financial position and secure additional funding, but in the end we are doing what is best for our business,” Virgin Orbit CEO Dan Hart said in a statement. The technology will be enough to attract the attention of buyers.” This means maximizing the value of the sale of the company.
Virgin Orbit is a private company that provides space launch vehicle services. Virgin Orbit’s space launch vehicle, ‘Launcher One’, is a space launch vehicle with a length of about 21 m and is designed to carry a payload of up to 500 kg in a low orbit 230 km above the ground. Unlike the Korean launch vehicle ‘Nuriho’ or the ‘Falcon 9’ of the US aerospace company SpaceX, the rocket is launched in the air using an aircraft.
The biggest advantage of air launch is that it is not limited by launch azimuth. Usually, when launching a rocket from the ground, the launch azimuth is calculated according to the latitude of the launch site, with 0 degrees north, east 90 degrees, and south 180 degrees. In addition, Virgin Orbit explained that any airport in the world can be used as a launch site to launch rockets as long as an airplane can take off.
However, Virgin Orbit failed to launch several times. Launches started in 2020, but only six times. The second time failed. In January this year, it failed to launch nine small satellites in Cornwall, England. As a result of this failure, it failed to raise additional funds, and the company’s situation became difficult. Virgin Orbit has already suspended operations on the 16th of last month and notified its employees of unpaid leave.
Virgin Orbit has announced that it will start space launch vehicle service in Korea in 2024. J Space Holdings signed an agreement with a domestic company for satellite launch service and has been promoting the start of the service. However, as Virgin Orbit goes into bankruptcy, it seems that this will also fail.
Another high-tech industry in Japan has been hit hard JOLED went bankrupt: it can no longer compete with China and South Korea
Japan used to be the world’s leading display panel powerhouse. However, in recent years, not only has it been losing ground in LCD panels, but now the OLED panel field has also suffered heavy losses. JOLED has started bankruptcy and reorganization. In the future, only the panel R&D business will be retained, and the manufacturing part will be closed. stop.
JOLED was established in 2015 from the merger of the OLED panel divisions of Sony and Panasonic.Similar to the previous JDI, the merger of the LCD panel business of several Japanese companies is Japan’s hope for the revitalization of OLED panels.
In terms of OLED technology, JOLED has its own uniqueness. Unlike other companies that mainly promote the evaporation process, JOLED focuses on printed OLED technology, which is more advanced in technology. In 2019, it also operated the world’s first printed OLED production line. It mainly produces high-end OLED panels, and also has businesses such as flexible and foldable OLED panels.
However, JOLED has been facing difficulties in stable production, resulting in cost and time exceeding expectations, coupled with the current weakening demand for high-performance OLED panels, and fierce competition from manufacturers in China and South Korea, JOLED has been operating at a loss due to various factors.
JOLED’s current debt is about 33.7 billion yen, and the RMB is only 1.8 billion yuan, which is not high.But this amount of money is also difficult for the company, and Japan’s semi-official INCJ industry innovation agency has also injected funds to rescue JOLED before, with a total of 138 billion yen, which still has not improved the company’s operating conditions.
In the end, it announced bankruptcy and reorganization today. The company’s R&D department will be retained, and this part will receive help from JDI, but the manufacturing department with heavy losses will give up, and no taker is found. About 380 employees will be laid off.
Finally, there is a procedure. The person in charge of JOLED apologized for the troubles caused by the bankruptcy to related customers and personnel.INCJ president Katsumata Kane also expressed “heartbroken pain” for JOLED’s final bankruptcy.
The successive crises related to banks that the world has witnessed in the past years, the most recent of which is the collapse of Credit Suisse and Silicon Valley banks, with the required government intervention, raises questions about the way banks work, which sometimes poses grave risks to the economy.
The giant Swiss bank and the local American bank faced severe criticism for their mismanagement as a factor exacerbating their problems.
The collapse of the two banks sparked panic in the banking sector and financial markets, and fears that the consequences would be reflected on the global economy at a time when it suffers from severe inflation and slow growth.
Two weeks after the first turmoil, US Federal Reserve Chairman Jerome Powell on Wednesday acknowledged the risks of “tightening lending conditions to households and companies” at a time when the central bank raised interest rates by a wide margin to tackle inflation, causing a slowdown in the economy.
labor market and inflation
Powell warned that this could “weaken demand, the labor market and inflation”, while European Central Bank President Christine Lagarde warned on the same day of “new downside risks” in light of an already fragile economy.
However, the situation is still far from the storm that followed the collapse of the US giant Lehman Brothers 15 years ago.
But ratings agency Moody’s warned in a note on Wednesday of “the risk that (the leaders) will not be able to stop the current turmoil without having lasting and potentially severe repercussions on the banking sector and beyond.”
But the agency is betting on calming the situation.
“Confidence in the banking sector as a whole has not been shaken,” Zsolt Darvas, an economist at the Bruegel Institute in Brussels and a former researcher at the Hungarian Central Bank, told AFP, explaining that he did not see major risks.
The authorities harnessed great means as soon as the signs of the problem appeared, so the US administration gave implicit guarantees to all bank depositors, while the Swiss government provided several guarantees to UBS in order to acquire Credit Suisse.
If this intervention was not a rescue, it raised questions. Eric Dorr, director of economic studies at the IESEG Trade Institute, said that “the demand for the intervention of public authorities is increasing” due to fears that a new banking crisis could turn into an economic crisis.
This also raises a broader question about the legitimacy of public support measures when banking crises are often caused by administrative problems.
“boring and ironic”
“We wish we didn’t have banks, those ironic and boring bodies that are neither really public institutions nor really private companies,” Nicolas Ferron, a researcher at the Peterson Institute for Studies in Washington, told AFP.
He continued, “The reality is that we have not found a better system. We are still in a middle ground, between the nationalization of the banking system and a system that does not enjoy any guarantee from the state that we know with certainty leads to completely destructive instability on the social level.”
This has sparked many calls in the past few days to tighten controls on banks, whether from Jerome Powell or Joseph Stiglitz, who won the Nobel Prize in Economics, or even the influential commentator in the Financial Times Martin Wolf, who called for considering banks as “public services.”
“If we look at it like this, then it doesn’t need to be very profitable,” he said in a podcast by the newspaper. “It should … be capitalized to allow it to survive the tough times, because that’s the best it can do.”
A parallel debate revolves around the possibility of keeping the funds of depositors from families and companies directly with central banks.
Then the banks will no longer be able to access the deposits of individuals and companies, which dispels the risks of depositors rushing to withdraw their money, as happened in the recent crisis.
The British Treasury confirmed on Saturday that the problems of the “Silicon Valley Bank”, which closed as a result of its bankruptcy, “are specific” and “have no implications for other banks operating in the United Kingdom.”
The closing of Silicon Valley Bank (SVB), in the largest US bankruptcy since the 2008 financial crisis, led to a minor panic in the markets.
And the US authorities closed the Californian bank on Friday, and the US Deposit Insurance Agency imposed its supervision on the institution, which is expected to reopen on Monday under a new name.
The British Treasury said in a statement that “the British banking system”, one of the most important banking systems in the world, “remains strong and resilient”.
The Treasury indicated that British Finance Minister Jeremy Hunt “spoke to the Governor of the Bank of England on Saturday morning” about the British branch of this American bank, to ensure that “its bankruptcy was dealt with smoothly and any disruption was minimized.”
The American bank is no longer able to deal with the huge withdrawals of its customers, especially technology companies, and its recent attempts to raise new funds were not successful.
And US Treasury Secretary Janet Yellen summoned a number of financial sector regulators on Friday to discuss the situation, assuring them that she had “full confidence” in their ability to take appropriate measures and believed that the banking sector remained “resilient”.
In the markets, the wave of panic began Thursday, after the bank “Silicon Valley” announced that it is seeking to raise capital quickly to face the huge withdrawals made by its clients of their money, in addition to the loss of $ 1.8 billion from the sale of securities.
The announcement surprised investors and revived concerns about the strength of the banking sector as a whole, especially with the rapid rise in interest rates leading to a decline in the value of bonds in their portfolios.
The four largest US banks lost $52 billion on stock exchanges on Thursday, followed by Asian and then European banks.
In Paris, Societe Generale lost 4.49%, BNP Paribas 3.82% and Credit Agricole 2.48%. Elsewhere in Europe, Germany’s Deutsche Bank lost 7.35%, Britain’s Barclays 4.09% and Swiss UBS 4.53%.
On Wall Street, major banks rebounded on Friday after falling the previous day. Shares of JP Morgan Chase rose 2.3% in the middle of trading, while Bank of Amica and Citigroup approached balance.
On the other hand, local banks such as First Republic and Signature Bank witnessed more strikes, with their shares declining 23% each.
In a note, Christian Parisot of the Oriel BGC brokerage group confirmed that investors “also saw in the bank’s difficulties the effect of an inversion of the interest rate curve”, that is, when short-term rates are higher than long-term rates.
Banks usually borrow at short-term rates to offer loans at medium or long-term rates.
Another American group faces challenges. The parent company of Silvergate Bank, which operates in cryptocurrencies, announced Wednesday that the institution will be liquidated.
Stephen Innes, an analyst at SBI Management Group, said in a note that he wanted to be reassured that the possibility of a “capital or liquidity related incident between major banks” was “minimal”.
Since the financial crisis of 2008-2009 and the bankruptcy of the US “Lehman Brothers” bank, banks have to provide strong guarantees of the authority to control the national and European markets.
The European Banking Authority is subjecting fifty major banks on the continent to solvency tests.
The results of the last such test at the end of July 2021 revealed that financial institutions are able to withstand a serious economic crisis without serious damage.
For analysts at Morgan Stanley, “the funding pressures facing SVB are very specific and should not be taken as the norm for other domestic banks.”
“We do not believe that the banking sector is facing a liquidity shortage,” they added in a note.
