HNA Group chairman barred from flying, vacationing on firm’s failure to pay court-ordered $5,300

BEIJING (Reuters) – The chairman of cash-strapped HNA Group has been barred from taking flights and high-speed trains and going on vacations due to the Chinese conglomerate’s failure to pay a court-ordered $5,300 in a lawsuit, a court document showed.

The once high-flying company, which owns Hainan Airlines <600221.SS>, is in the midst of a restructuring led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad.

The group and its affiliates have delayed payments on a few bond products this year.

HNA chairman and legal representative Chen Feng has also been barred from spending at star-rated hotels, nightclubs and golf clubs, and buying properties and high-premium insurance products, an order from the People’s Court in Xi’an city’s Beilin district showed on Tuesday. The order also disallows his children from attending private schools.

The conglomerate declined to comment on the order.

While such court-ordered

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Forget Failure of Negative-Fee ETF LSLT, Fee War is On

The battle for low-cost ETFs intensified globally in the past few years. The race to launch the cheapest exchange-traded fund in a specific segment had reached such a level that Social Finance Inc., an online lender also known as SoFi, made headlines in early 2019 by proposing two ETFs that waived off managed fees for at least the first year of operation (read: Zero-Fee ETFs to Hit the Market Finally?).

Not only zero-fee ETF, the early-2019 witnessed the launch of negative fee ETFs too. Salt Financial’s new ETF Salt Low truBeta US Market Fund LSLT had plans to pay 0.05% of assets to investors till April 2020 or till the fund crosses the $100 million level, whichever comes earlier. Upon reaching that threshold, the fund would charge 29 bps in fees. The fundhouse already had a product in circulation then called Salt High truBeta US Market ETF SLT.


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Trump’s Reckless Push To Reopen Schools Is An Admission Of Failure

By pushing to reopen schools this fall regardless of whether the coronavirus is still spreading wildly, President Donald Trump is giving up on his own plan to contain the virus. 

In April, the White House unveiled ”Guidelines for Opening Up America Again,” which call for business and other activities to resume in staggered phases, depending on local progress in containing the virus. 

The guidelines, which are influential but not binding, say states can enter the first phase of reopening if they have a “downward trajectory” of documented cases over 14 days or a lower percentage of positive tests over that time period. Schools should only reopen in the second phase ― after an additional two weeks with cases going down. 

Now, though, as the president insists against all evidence that the virus is under control ahead of the November election, those guidelines have gone out the window.

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