Distressed sales made up more than a fifth of Chinese commercial real estate deals in 2023, underscoring the severity of the property crisis in Asia's largest economy. Overall sales of offices, factories, stores, hotels, apartments, senior housing and other commercial properties in China totaled $38.6 billion last year, down from $60.3 billion as recently as 2021, according to MSCI Real Assets. Distressed sales, those involving properties put into receivership, accounted for more than 20% of commercial real estate deals in 2023, the highest proportion since MSCI began tracking such data in 2019. Distressed deals accounted for 11% of transactions in 2022 and 9% in 2019. Benjamin Chow, head of real estate research in Asia for MSCI, said the 20% figure "is quite a significant proportion," noting that some non-distressed deals were made by stressed developers in need of liquidity. Nearly 50% of the distressed deals in 2023 were in the industrial sector. Distressed deals also have made up a high proportion of Chinese commercial real estate sales this year. Of 9.8 billion yuan ($1.4 billion) in total transactions, 3 billion yuan came from distressed sales in the first two months, according to MSCI. Most of the sales were smaller deals of $50 million and under. Some investors have been encouraged by the growing percentage of distressed deals, reckoning that such activity could be a sign the commercial real estate market is beginning to bottom out. Developers who generate cash through disposals could improve their capital structure and their creditworthiness, boosting the confidence of fixed-income investors, said Jenny Zeng, chief investment officer for Asia fixed income at Allianz Global Investors. Government-backed entities and insurers were active buyers of Chinese commercial real estate last year. In the first quarter of 2023, a science park in Tianjin owned by defaulted developer Wanhe Technology was sold for 2.8 billion yuan to Tianjin Hongda Technology Innovation Industry Development, a government-owned entity. The biggest distressed commercial property deal by value last year was the sale of the Sheraton Shanghai Hongkou Hotel for 1.6 billion yuan to Jinfeng Group, a cement producer based in Jiangsu province, adjacent to Shanghai.

The United States has once again raised questions over Bangladesh’s election, this time condemning the violence surrounding the polls. The country has urged all political parties to refrain from violence. Earlier in the statement, the US State Department said that the country will maintain its partnership with Bangladesh on various issues, including trade. BNP chose the path of violence to prevent the election of Bangladesh. Common people lost their lives in the fire set on public buses and trains. The United States once again condemned and expressed concerns over such violence. In a briefing, US State Department spokesman Matthew Miller urged all parties to refrain from violence.   He said, “We are now encouraging the Government of Bangladesh to credibly and transparently investigate the reports of violence, to hold perpetrators accountable, and we all urge all parties to reject political violence.”   In response to a question from Begum Khaleda Zia's former assistant press secretary, Mushfiqul Fazal Ansari, Miller spoke about election transparency.   He said, “We share the view with other observers that these elections were not free and fair. We regret that not all parties participated.”   While citing ‘other observers’ in his comments, Miller could not name a specific country.   Earlier in a post-election statement, the US said that the country will maintain its partnership with Bangladesh to keep the Indo-Pacific region free and open. The statement also expressed a commitment to deepen commercial relations with Bangladesh.

Virgin Galactic hopes the inaugural commercial flight could see them operate such flights on a monthly basis, after almost 20 years getting the project off the ground. The crew reached a height of roughly 85 kilometers. Virgin Galactic's rocket-powered plane, VSS Unity, succesfully took three customers and three crew to the edge of space on Thursday, almost 20 years after British billionaire Richard Branson founded the venture in 2004.  The vessel takes off strapped to a support plane, called Eve, then separates in mid-air and fires its rocket to climb almost vertically towards the edge of space.  On Thursday, the plane peaked at an altitude of 279,000 feet (roughly 85 kilometers or 53 miles). That's just a short distance clear of what US authorities consider to be the start of space for the purposes of aircraft (50 miles), although it's quite a way shy of another commonly used benchmark, the Karman line (at about 62 miles). At the apex of the flight, with the rocket shut down, the crew then experienced a few minutes of weightlessness before the Unity shifted into re-entry mode and began its gliding descent back to Earth. The entire flight lasted some 75 minutes. Unity touched down safely at Spaceport America in New Mexico, part of which Virgin Galactic leases. First non-test flight with third party passengers Two Italian air force officers and an aerospace engineer joined as the customers on the flight, along with three Virgin Galactic crew members, two of them piloting the vehicle. Italy's Air Force and National Research Council had paid for a spot on the plane, partly to provide Colonel Walter Villadei with part of his training prior to departure for a stint aboard the International Space Station. Villadei could be seen on the company's livestream of the flight unveiling an Italian flag as the passengers experienced weightlessness. The crew were nevertheless billed as a scientific one rather than a fully commercial one, given the guests' professional connection to space flight and their plans to conduct various experiments on board.  But it was still Virgin Galactic's first flight that also carried third-party passengers, an important milestone for the delayed project.  Billionaire Branson has a waiting list of some 800 customers who have paid between $250,000 (roughly €235,000) and $450,000 for such a trip.  Branson himself made such a flight in July 2021 and had been planning to launch regular commercial flights by the start of 2022. But various setbacks, including the project being temporarily grounded for deviating from its flight plan in Branson's flight, delayed the process.  The company now hopes to carry out one more test flight next month, and to then commence monthly commercial launches. It says it is working on a new aircraft that would be able to make the trip on a weekly basis.  Bezos, Musk and Branson trying to bring fellow billionaires the stars Amazon's Jeff Bezos and SpaceX's Elon Musk are both also trying to monetize providing a nascent taste of 21st century spaceflight to the super rich. Bezos has criticized Virgin Galactic for falling short of the mark, arguing that his vehicle, Blue Origin, does hit the 62-mile Karman line marker that's internationally seen as the start of space. Blue Origin has also already flown several passenger flights, including publicity stunts like taking actor William Shatner, or Captain Kirk in the Star Trek television series, into orbit. Elon Musk, meanwhile, plans to usher the world's first ever "space tourist" back into orbit soon.  US engineer-turned-investment banker Dennis Tito paid a reported $20 million back in 2001 for a seat on a Russian Soyuz capsule with two cosmonauts. Last October, Tito said he had signed up to be one of the first passengers on board Musk's "Starship" vessel — which is yet to go into space and is still under development — which intends to take people around the moon. Such tickets are likely to make the cost of entry for Blue Origin and Virgin Galctic look comparatively cheap, though Musk has not floated any possible price range. Thursday's successful flight comes a week after the risks and rewards of so-called "adventure tourism" were thrown into sharp relief by the fatal implosion of the Titan submersible, which was taking wealthy customers to the seabed of the Atlantic Ocean to look at the wreck of the Titanic. 

India and Canada have agreed to enhance momentum in commercial ties, and strengthen cooperation in science and technology, energy, education, consular issues, counter-terrorism, and streamlined mobility, according to Ministry of External Affairs. The India-Canada Foreign Office Consultations (FOC) on April 11 in Ottawa during which both sides discussed contemporary regional issues including the Indo-Pacific region and cooperation in multilateral organizations a statement by the MEA read. The Indian delegation was led by Saurabh Kumar, Secretary (East) in the MEA while the Canadian side was headed by David Morrison, Deputy Minister of Foreign Affairs, Global Affairs Canada. "They welcomed regular dialogue and meetings of bilateral mechanisms, including upcoming Ministerial visits which would help broaden the bilateral agenda," the MEA said. "In the context of India's ongoing G20 Presidency, Canada expressed support for India's leadership. Both sides will work together to ensure G20's success," it added. The last FOCs were held in March 2022 and according to the official statement, the next FOC will take place in India. Before that the FOCs were held in March 2021 in a virtual mode. India and Canada share warm relations. In February, Canada's External Affairs Minister Melanie Joly visited India and met her Indian counterpart, S Jaishankar. During the India-Canada Strategic Dialogue, both ministers expressed interest in deepening collaboration across domains and looking forward to the Early Progress Trade Agreement (EPTA). Canada and India have deep ties built on shared democratic values and a long-standing friendship. The wide-ranging bilateral cooperation between Canada and India spans the fields of science and technology, finance, education, defence, and security. The deep people-to-people connections between Canada and India are at the heart of our relationship. There are 1.8 million Canadians of Indian origin in Canada, and India is the primary source of new immigrants to Canada, the release said. India and Canada are engaged in technical negotiations for a Comprehensive Economic Partnership Agreement (CEPA) including trade in goods, services, investment, trade facilitation etc. Separate MOUs exist with implementation mechanisms to advance relations in the fields of energy, mining, agriculture etc.

Commercial Floriculture in Indian administrated Jammu and Kashmir is helping the farmers to multiply their profits with the help of government-sponsored schemes and other related interventions. Commercial Floriculture, a specialized form of Horticulture aimed at augmenting the income of Growers and generating employment opportunities involves setting up of ornamental nurseries, aromatic oil crop farming like lavender, cut flower production of rose, carnation, gerbera, lilium, among others as well as bulb production of iris, daffodils, dahlia, lilium, gladiolus, peonia, cyclamen, ranunculus, etc. According to an official statement, Centrally Sponsored Schemes (CSS) like MIDH, RKVY, and ATMA are being implemented for the promotion of the commercial Floriculture Sector in Jammu and Kashmir. "The department is organizing regular sessions of training within and outside Jammu and Kashmir for farmers/growers in order to make them aware of modern trends in the floriculture sector," the statement said. "Unemployed youths and farmers register themselves under these schemes and start their own businesses in loose and cut flower production, aromatic plant cultivation, ornamental nursery and use of integrated farming for their employment and revenue generation," it added. Floriculture products mainly consist of cut flowers, pot plants, cut foliage, seeds bulbs, tubers, rooted cuttings and dried flowers or leaves. The important floricultural crops in the international cut flower trade are Rose, Carnation, Chrysanthemum, Gargera, Gladiolus, Gypsophila, Liatris, Nerine, Orchids, Archilea, Anthurium, Tulip, and Lilies. Notably, the cultivation of lavender as part of commercial Floriculture has changed the fortunes of farmers in Jammu and Kashmir under the 'Aroma Mission or Purple Revolution', an initiative of the Central government towards transforming the lives of UT's farmer community. "As per official data, Purple or Lavender revolution was launched in 2016 by the Union Ministry of Science and Technology through the Council of Scientific and Industrial Research's (CSIR) Aroma Mission. The aim of the mission is to support domestic aromatic crop-based agro-economy by moving from imported aromatic oils to home-grown varieties," it said. Lavender cultivation is practiced in almost all 20 districts of Jammu and Kashmir. Under the mission, first-time farmers were given free lavender saplings while those who had cultivated lavender before were charged Rs. 5-6 per sapling. "Farmers are happy with the farming of unconventional aromatic plants under Aroma Mission. The mission promotes the cultivation of aromatic crops for essential oils that are in great demand by the aroma industry," it added. Rubbena Tabassum from Yarikalan Chadoora, Budgam has became an inspiration for many youth particularly women due to her dedication and passion which eventually helped her to set up Nursery of Flowers. Rubeena said that she started her venture titled as United Floritech with cut flowers. "I started a variety of flowers in my Nursery by adding flowers like Lilium, Glidulous and other flowers. Due to huge public demand, I had to hire additional manpower, says Rubeena. Now I am not only self-employed, but I provide employment to other workers," Rubeena said. "Department of Floriculture also contributed a lot by providing 50 per cent financial assistance to erect structure and assistance in procuring high value variety flowers which eventually resulted into flourishing of My Nursery of Flowers," she added. Bharat Bhushan, a resident of village Lehrote, Block Bhalla Doda felt proud of his decision to adopt lavender farming as his income has gradually increased beyond expectations. "Seeing my success all my fellow villagers have switched from maize to lavender farming," he said.  Source: ANI

India has decided to resume commercial international passenger flights on December 15, the Civil Aviation Ministry said Friday. “The matter has been reviewed and the competent authority has decided to resume the scheduled commercial international passenger services to/from India with effect from 15th December 2021,” it said in a statement this evening. According to the ministry statement, the decision would imply reversion to bilaterally agreed capacity entitlements and termination of air-bubble arrangements with some countries. It said 14 countries designated by the Indian ministry of health affairs as 'at risk', and with whom there is an existing 'air bubble' agreement, would be allowed to resume 75 percent of pre-Covid operations (or a minimum of seven frequencies per week). These 14 countries are - Bangladesh, the United Kingdom, Singapore, China, Brazil, Mauritius, Zimbabwe, and New Zealand. The list also includes South Africa, Botswana, Israel, and Hong Kong - which have confirmed cases of the new B.1.1.529 variant of the Coronavirus. Countries designated as 'at risk' but without 'air bubble' agreements with India would be allowed to resume 50 percent of bilateral capacity entitlements, the Aviation Ministry said. Against the backdrop of the spread of Covid-19, the scheduled international commercial passenger services to and from India were suspended from March 23 last year. The suspension has been extended from time to time and is still in force till November 30, 2021, the statement added. Source: BSS AH

Prime Minister Sheikh Hasina on Sunday hoped that Bangladesh Navy will be able to be a commercial manufacturer of warships in the future and thus earn foreign currencies alongside creating jobs. “Bangladesh Navy will be able to be a commercial manufacturer of warships in the days to come. This, in turn, will flourish the home-grown technologies by which we may earn foreign currencies. This will eventually create jobs and establish Bangladesh as a self-reliant nation in the world,” she said. The Prime Minister said this while addressing the President Parade-2019 marking the passing out of the Midshipman-2017/A Batch and the Direct Entry Officers (DEO) 2019/Bravo Batches of Bangladesh Naval Academy (BNA) at the academy parade ground in Chattogram in the morning. With support from the government, Khulna Shipyard Limited has set a milestone in warship-building through manufacturing five patrol and two large patrol crafts under the expert management of Bangladesh Navy, she said adding that the now work on building more five patrol crafts is underway. The Prime Minister said decision has already been taken to build six more well-equipped large frigates at BN-administered Chattogram Dry Dock Limited. Navy is also making IFF (Identification of Friend and Foe) systems for the three forces, she said. Talking about blue economy, she said, “Our Sea is a source of vast resources. We’ll have to utilize our marine resources for our economic development.” The Prime Minister urged the newly-commissioned officers of Bangladesh Navy to discharge their responsibilities with honesty, sincerity and devotion as they are oath-bound to do so. Sheikh Hasina also asked them to brighten the country’s image performing their duties with proper leadership and sacrifice. Greeting the newly-commissioned officers, she said, “You’ll be the future leaders of this Navy to safeguard our motherland.” The Prime Minister said Father of the Nation Bangabandhu Sheikh Mujibur Rahman developed Bangladesh Navy soon after the country’s independence as its official journey started with two patrol crafts procured on Bangabandhu’s personal initiative. The Father of the Nation commissioned all the major bases of the Navy in 1974. Bangabandhu formulated the ‘Territorial Waters and Maritime Zones Act, 1974’ to establish the country’s rights in the vast sea area, said Sheikh Hasina, the eldest daughter of Bangabandhu. She said her government, assuming office in 2009, formulated ‘Forces Goal 2030’ in light with Bangabandhu’s "Defense Policy" and started implementation accordingly as the government's goal is to develop the armed forces as a modern and time-befitting force having the knowledge of technology. She said her government added a total of 27 warships to Bangladesh Navy, established the Navy’s special commando wing named ‘Special Warfare, Diving and Salvage Command’ and the Navy’s aviation wing named ‘Naval Aviation’. Inclusion of the long-cherished two submarines in 2017 has truly transformed Bangladesh Navy into a full-fledged three-dimensional force, she added. To cope up with the challenges of 21st century, she said the government is taking various measures to strengthen Navy into a technology-based efficient force considering the regional and geo-political realities. “So, the Navy is getting strengthened gradually.” She said a new base named BNS Sheikh Mujib has recently been commissioned at Khilkhet in Dhaka. The construction of two large bases -- BNS Sher-e-Bangla and submarine base ‘BNS Sheikh Hasina’-- is progressing fast, she said. With a view to developing training facilities and living standard, 22 multi-storey buildings in different naval areas and a Navy township project in Savar have been inaugurated, she added. Out of the military sphere, the Navy is also working in a wide-range of sectors like women empowerment, construction of structures for accommodating forcibly-displaced Myanmar nationals, and expansion of blue economy which plays important role in country’s security and economic development, she said. Sheikh Hasina extended her sincere thanks to the Navy for standing beside people during any natural disaster and other tough time. Earlier, the Prime Minister inspected the smartly turned-out parade from on an open jeep. She distributed various prizes among 72 promising young officers, including 61 midshipmen and 11 direct entry officers, who are stepping out of the Academy and entering naval career upon successful completion of their courses. Among them, seven are women and two midshipmen from the Maldives. Midshipman Raiyan Rahman was awarded ‘Sword of Honour’ as he has achieved the highest standard at all sectors. Besides, Midshipman Md Saidis Sacline Miran has got the second highest award ‘Navy Chief Gold Medal’ and acting sub-lieutenant Md Kamruzzaman (from batch of direct entry officers) got the third highest award ‘Bir Shrestha Ruhul Amin Gold Medal’ for their outstanding performances. Ministers, parliament members, the chiefs of the three services, senior military and civil officials and guardians of the newly-commissioned midshipmen were, among others, present on the occasion. Source: UNB AH

Health and Family Welfare Minister Zahid Maleque said, in our country 70 percent mothers are given birth to their babies through surgical operations. It is greater than the WHO’s ideological standard. The rate of operation is more in the private hospitals. Surgery is not needed all the time. In the private clinics and hospitals unnecessary operations are performed to the mothers due to commercial reasons. The minister said these at a program organized by Proshika Manabik Unnayan Kendra at Koitta area under Saturia upazila in Manikganj district on Saturday. The Health Minister said, relatives of the mother think that round the clock treatment is not available in government hospitals. Then private clinics take the chance. So presence of physicians and nurses has to be ensured in government hospitals. Otherwise strict action will be taken against them. He said, by this time maternal and child death rate has reduced in the country. Earlier 150 children’s death occurred in per thousand but the rate has come down to 40. Besides the maternal death rate was 600 per lakh which has come down to 150 at the moment. Zahid Maleque said, health ministry has taken many plans to ensure health service for the people. There is a plan to construct eight cancer hospitals. A kidney hospital is under construction. The infrastructure of community clinics will be developed afresh to improve quality of health service. 10 thousand physicians will be appointed in this year. Besides, nurse, third and fourth class manpower will be appointed. High level government health officials were present in the program. AH  

State Minister for Power, Energy and Mineral Resources Nasrul Hamid said, gas price may increase for industrial and commercial sectors. The ministry has proposed for price hike. Decision will be taken after public hearing. He said these after taking part at a ‘Meet the Reporters’ program organized by Energy Reporters Forum on Saturday. The State Minister said, the materials that are needed to ensure uninterrupted and quality power supply, to accumulate the price of those it may take three years more time. Electricity price may reduce after 2023.   In response to a question Nasrul Hamid said, we have to reach a quick decision over coal in north Bengal. If we import coal keeping our coal mines aside then the expense will rise. But here the matter of environment should be considered. He said, while using the gas cylinder for cooking and during transportation the subscribers should be more conscious. People are being more benefitted for free flow of information regarding power sector, observed the State Minister. Presided over by Energy Reporters Forum president Arun Karmakar where Executive Director of the organization Sadrul Hasan also delivered speeches. AH   

Bangladesh Bank has removed Managing Director (MD) of NRB Commercial Bank Dewan Mujibur Rahman. He was removed from his post following loan related irregularities and failure in discharging duty. Spokesman of Bangladesh Bank Shuvankar Saha confirmed the matter to the news media.  He said, Bangladesh Bank removed Mujibur Rahman under section 46 (1) of the Bank Company Law. Information of major irregularities over 701 crore taka loan disbursements was unearthed following Bangladesh Bank investigation in 2016. Under the circumstance Bangladesh Bank appointed Observer in the bank. In two separate notices on 20th March to the Chairman and MD of the bank Bangladesh Bank said, the board of directors led by Farashat Ali failed to run the NRB Commercial Bank for protecting the depositors and peoples interest. And the MD failed to ensure proper management in the bank. AH