Vermont Adaptive Ski and Sports receives $1,000 from Chittenden Bank

first_imgSource: KILLINGTON, WARREN and BOLTON, Vt. (Oct. 20, 2009) –### Vermont Adaptive Ski and Sports recently received a donation from Chittenden Bank in the amount of $1,000 to support year round recreational programming for adults with disabilities.”We believe sports and recreation provide a physical, mental and social experience that is immeasurable in promoting self-confidence and independence in an individual,” said Erin Fernandez, executive director. “We extend an enormous thanks to Chittenden for this donation that will help us to underwrite some of the costs of our adaptive programs and allow more people with disabilities to participate.”The cost of an outing with Vermont Adaptive for the consumer can range from a $15 for a two hour canoeing session to $90 for a full day ski lesson, including instructors, ticket and adaptive equipment. All of the school and advocacy groups that the organization works with are also subsidized by Vermont Adaptive; school groups are charged a reduced rate starting at 50% off, and participants receive the same one on one experience as any individual who participates.The average true expense of a lesson or outing to the organization is approximately $120.00 per individual per outing per activity. Yet, it receives only $60,000 in program fees each year. This year Vermont Adaptive has set a goal of raising an additional $60,000 in underwriting support on an annual basis. Chittenbank is just one example of local businesses giving back to their community.”We are proud to provide funding to bring sports and recreation activities to more individuals with disabilities,” said Kathy Schirling, director of marketing and community services.Vermont Adaptive Ski and Sport works with individuals who have a wide range of physical, mental and developmental disabilities. Both volunteers and staff provide instruction and assistance to these individuals to ensure maximum enjoyment and satisfaction from their experience. About Chittenden BankChittenden Bank, which has proudly served individuals and businesses statewide since 1906 is a division of People’s United Bank, a federally-chartered savings bank with $20 billion in assets. People’s United Bank provides consumer and commercial banking services through a network of more than 300 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New York. Through additional subsidiaries, People’s United Bank provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.  For more information please call 800-545-2236 or visit www.chittenden.com(link is external).Vermont Adaptive Ski and Sports is the only year-round disabled sports program with daily programming in the state, which is committed to empowering individuals with disabilities. The organization promotes independence and further equality through access and instruction to sports and recreational opportunities including alpine skiing, snowboarding, and other winter sports; kayaking, canoeing, sailing, rock climbing, horseback riding, and more. More than 400 volunteers serve clients from all over the world in three locations in Vermont – Pico Mountain at Killington; Sugarbush Resort in Warren; and Bolton Valley Resort in Bolton. For more information, visit www.vermontadaptive.org(link is external).last_img read more

2015 Dodge Challenger: Power, Style & Comfort, Supercharged

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Sponsored Content Brought To You By NY Auto GiantThe new 2015 Dodge Challenger takes one of the toughest, most stylish, dependable and beloved muscle cars on the market and supercharges it, revamping its aesthetics and power, and consequently creating a whole new level of ultimate driving satisfaction.This car makes a bold statement, indeed. The Challenger’s exterior has undergone a transformation, with new headlights, tail, grille and nose. Kelley Blue Book praises the changes, declaring: “The new headlights are nestled in a revised vertically split grille, reminiscent of the classic 1971 Challenger. The taillights are now LEDs, and are also styled after that 1971 classic.”The Challenger has always been eye candy, and its newest incarnation furthers that, with the 2015 models available in an array of striking colors: Billet Silver Metallic, Redline Red, Jazz Blue, Pitch Black and Bright White are just a few of the options.The 2015 Dodge Challenger builds upon its legendary beauty and power, with new upgrades and features that will leave you floored. Visit NY Auto Giant and drive one home today!Although the Challenger’s new look may appear a little retro, that doesn’t mean it is short of any must-have, modern amenities. Standard features include UConnect touchscreen display, keyless entry, start/stop button, Bluetooth, SiriusXM® Satellite Radio and USB inputs. Optional features include the Technology Group and Driver Convenience Group. Both of these upgrades help ensure a safer driving experience, with forward-collision warning and backup sensors, respectively.There is a great deal of room in the 2015 Challenger as well, with the backseat fitting three passengers comfortably. Car and Driver points out that the Challenger “offers more rear-seat legroom” than its competitors.The Challenger has always been renowned for its sheer power, and the new updates double-down on that characteristic, pumping up this muscle machine till its flexing at the seams. The all-new 2015 Dodge Challenger SRT Hellcat exemplifies this.This puppy boasts a supercharged 6.2-liter HEMI producing an “unprecedented” 707 horsepower and 650 lb.-ft. of torque, “making it the most powerful and fastest muscle car ever,” states its schematics on dodge.com. Challenger’s engine, with its new, eight-speed, automatic transmission, is also catching people’s attention. Kelley Blue Book has especially positive things to say about the Hellcat model, echoing the manufacturer’s boasts and declaring it’s the car’s horsepower that makes it stand out from the rest: “The 2015 Dodge Challenger SRT Hellcat debuts with a supercharged 6.2-liter Hemi V8 capable of an incredible 707 horsepower. That not only out-muscles the Chevrolet Camaro and Ford Mustang, it makes the Hellcat the most powerful American production car ever.”Click Here To Learn More About NY Auto GiantA blend of retro and modern, beauty and power, the 2015 Dodge Challenger will be sure to stop traffic.To get into your Dodge Challenger, stop by Atlantic Dodge Chrysler Jeep RAM and ask for Brendan Miller.last_img read more

5 ways to make budgeting easy and painless

first_img 47SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Whoever first joked about having champagne taste on a beer budget made a pretty big assumption about human nature. They assumed people budget when in reality, they typically don’t.Philip Olson, a certified financial planner based in Austin, Texas, has a theory about why so many people are averse to budgeting: “Budgeting makes you look at the ugly truth,” he says. “It’s kind of like looking at the back yard you’ve neglected for the past 10 years—it’s not going to be super pretty at first, and it’s going to be something that requires some work or change on your part.”As trying as that work may be, it’s essential because having a budget is the first step to achieving financial success. “It’s the backbone of everything else that you do financially,” says David Weliver, founder of financial blog MoneyUnder30. “It all comes down to that golden rule of spending less than you earn. A budget is how you control that.”Here’s how to get started budgeting: continue reading »last_img read more

Put a ‘time machine’ in members’ hands

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Credit union members live their lives on their mobile devices. Doing so saves them time and—in this on-the-go world—that’s important. Belonging to a credit union with a strong mobile application is like having a time machine in their hands—it gives them back lost seconds, minutes, even hours they would have once spent traveling to and from a branch to handle simple transactions.Remote deposit – A simple click on a camera phone means not needing to go to an ATM or branch to deposit checksATM locator – so they don’t have to drive around looking for cash when they need it.Branch locations and hours – There’s nothing more frustrating than rushing to a branch to find out its closed, or there’s been one closer all along.Think about your members’ needs. In addition to the items listed above, how could an app make their lives easier? Members expect quick answers, often outside of standard business hours. That means more than just being able to check their balance or transfer funds between accounts. Would your members like these features? continue reading »last_img read more

Avian flu prevention puzzle: linking knowledge, action

first_imgJan 11, 2007 (CIDRAP News) – An uptick in human cases of H5N1 avian influenza is focusing attention on the unsolved problem of crafting influenza-prevention messages that developing-world farmers—the group at highest risk for the disease—will trust and follow.New research into avian flu prevention in Cambodia, one of the virus’s past hot spots, underlines the difficulty, reporting that villagers did not take preventive action even when they knew what to do to protect themselves.The persistent mismatch between knowledge and action has researchers wondering whether blanket bans on handling and slaughtering sick poultry are impractical—and whether the effort to keep the disease out of humans should instead adopt a “risk-reduction” model that applauds small positive steps.This week the World Health Organization (WHO) announced two new human cases of H5N1 flu in Indonesia, the country’s first in six weeks. On Dec 27, the WHO reported a cluster of three deaths—a 15-year-old girl, a 26-year-old man, and a 30-year-old woman—in a family in Egypt, 8 weeks after the last previous case there. (Yesterday the WHO also reported a case in a Chinese farmer, China’s first case since July.)Health officials in Indonesia and Egypt said the latest victims were probably infected by sick poultry or ducks. Both countries have run public education campaigns about the risk of acquiring bird flu. The victims were aware of the education efforts, the ministries said; they first denied, and then admitted, handling or slaughtering the birds.The oldest of the three Egyptian victims “was frightened of admitting she had been rearing ducks at home,” Hamdi Abdul Wahad of Egypt’s Health Ministry said in remarks carried by IRIN News, a United Nations agency. “This indicates she knew of the risk, but did not appreciate the extent of the danger.”Cambodian study shows paradoxThe gap between knowing what to do and doing it is spotlighted by a dispatch in the January edition of Emerging Infectious Diseases, a journal published by the US Centers for Disease Control and Prevention. The paper—written by scientists from the Pasteur Institute in Phnom Penh, Cambodia, the London School of Hygiene and Tropical Medicine, and Cambodian and UN agencies—reports the results of a “knowledge, attitudes and practices” survey of 460 Cambodian villagers in two provinces judged to be at high risk for H5N1 flu.Cambodia recorded its first H5N1 outbreaks in poultry in 2004. It had four human cases in 2005 and two last year; all six victims died.Ninety-seven percent of the 269 households where the villagers lived kept chickens, while 39 percent also raised ducks. And 81% of the households had learned about avian flu and flu prevention from announcements on television; 78% had heard similar messages on the radio.Those messages had penetrated: 72% of the participants understood that avian flu is a fatal disease that can be transmitted to humans, 67% thought it was unsafe to touch sick or dead poultry with their bare hands, and 70% knew it was not safe to eat wild birds. Those risks were not theoretical: Poultry had died in 62% of the households in the previous 6 months.Nevertheless, large proportions of the villagers admitted doing things they had been cautioned against. Seventy-five percent acknowledged touching sick or dead poultry bare-handed; 45% ate poultry that had died from illness; 33% ate wild birds; and 8% collected and ate dead wild birds.In addition, though half of the participants agreed on the importance of reporting poultry deaths to authorities, many did not report—41% because they did not know how, 31% because they had not done so in the past, and 18% because they believed it would hurt sales of their surviving birds.”These findings provide evidence that high awareness does not necessarily lead to behavior change,” the researchers said with significant understatement.Several factors contributed to the mismatch between message and execution, they added. Villagers who did not follow safe practices nevertheless had not gotten sick, leading others—including family members of H5N1 patients—to conclude that eating sick and dead poultry was worth the risk. Equipment that could protect them during handling and slaughtering (rubber gloves and masks, and also soap) is hard to obtain. And farmers whose flocks are culled as a protective measure receive no compensation from the government, unlike what is done in neighboring Thailand and Vietnam.”Intervention programs must include feasible options for resource-poor settings . . . and must offer farmers alternative methods to safely work with poultry on a daily basis,” the authors conclude.Alternative persuasion tacticsThe divide between developing-world villagers’ avian-flu beliefs and practices is familiar and frustrating territory to groups that work on flu control.”It is not enough just to tell people what to do; we have known that for a long time,” said Silvio Waisbord, senior program officer at the nonprofit Academy for Educational Development (AED), based in Washington, DC, which conducts avian-flu programs in Southeast Asia and Africa.”Even though people are told not to do something, if they see people around them not complying with that message, and there are no damaging consequences, it is unlikely they will go along with the promoted behavior,” he added.Some avian-flu prevention programs, including AED’s, improve their success when they choose locally trusted sources, such as Vietnam and Laos’s powerful Women’s Unions, to deliver flu-control messages. In addition, “We try to ask what the motivation is—why people will do this,” Waisbord said. “Technical messages may not work, but ‘Do it for your family,’ or ‘Protect your birds so you will have them for religious festivals,’ those messages resonate with people’s existing concerns.”Economic incentives such as payments in exchange for preventively slaughtered birds can be a powerful persuader—so important that the World Bank, in a report on compensation issued in early December, recommended that it be paid directly to farmers in cash within 24 hours of a cull.”Reporting, not selling and eating sick poultry, fencing birds, all have economic disincentives that have not been adequately addressed yet,” said Whitney Pyles, avian influenza coordinator for CARE International, which is conducting community-based flu control programs in Southeast Asia.Lessons from HIV preventionRecently, staff at some nonprofit organizations that work on avian flu have been comparing efforts against the disease to campaigns against HIV/AIDS. Early on it became clear that blanket prohibitions on behaviors that transmit HIV would never conquer human nature, but campaigns that encouraged incremental protective steps had a chance of success. (One, the ABC campaign—from its slogan”Be Abstinent, Be faithful, use a Condom”—is credited with contributing to a sharp drop in AIDS incidence in Uganda, previously one of the hardest-hit countries in the world.)That risk-reduction model, advocates argue, may have a better chance of controlling avian flu than broad prohibitions that effectively order villagers to sacrifice important sources of protein and income.CARE has seen some openness to a step-wise approach among villagers in its programs, Pyles said: “Recent findings from our studies in Vietnam and Cambodia demonstrated that people were more likely to change behaviors around hand-washing and handling dead birds, rather than activities that had an economic disincentive, such as building a cage or fence or reporting outbreaks.”She added: “We don’t have to achieve a perfect record of individual behavior change in order to prevent or stall a pandemic. What you do need is a critical mass of behavior change that results in reduced human cases.”The essential component, she said, is turning out to be community participation. Protective behaviors that are discussed and agreed to by a community have better adherence than solutions imposed from above by national health authorities. In a CARE program in central Vietnam, those behaviors include agreements to improve rates of hand-washing and safe food preparation.”There has to be mechanism for communities to weigh in on and make decisions about what will happen to them,” she said. “Participation gets better results than draconian enforcement. I think we will find local participation in decision-making will end up being the gold standard in controlling avian influenza.”See also:Emerging Infectious Diseases report on study in Cambodiahttp://www.cdc.gov/ncidod/eid/13/1/130.htmWorld Bank report on compensation of farmers for culled poultryhttp://siteresources.worldbank.org/INTARD/Resources/HPAI_Compensation_Final.pdflast_img read more

Teacher confirmed as first French coronavirus victim

first_imgThe latest victim, who worked at a junior-high school in the town of Crepy-en-Valois, about 80 kilometres (50 miles) northeast of Paris, is not believed to have travelled to an area affected by the global coronavirus outbreak, the education ministry said.Le Parisien newspaper quoted the mayor of the teacher’s hometown of Vaumoise as saying he had “begun to feel ill at the start of the (mid-term) holidays and had been quickly hospitalised.”Classes are due to resume in northern France on Monday.France has reported four other new cases of COVID-19 in the past 24 hours — two in people returning from hard-hit Italy — bringing the total number of infections to 17. A 60-year-old teacher has become the first French casualty of the coronavirus, the health ministry announced on Wednesday.The man died overnight in a Paris hospital, bringing the coronavirus death toll in the country to two, said the ministry’s deputy head Jerome Salomon.The first victim was an 80-year-old Chinese tourist who died in hospital in mid-February. Eleven other people have recovered in France from the disease which has killed more than 2,600 people worldwide and infected almost 80,000 others, mainly in China.One of the four people still being treated in hospital, a 55-year-old man, is in a critical condition in the northern city of Amiens.Two of the four had recently returned from the Lombardy region of Italy, which is at the centre of Europe’s biggest outbreak of the disease, the health ministry said.The French government has asked citizens returning from Lombardy and the neighbouring Veneto region to avoid “all non-essential outings” and keep their children home from school.The same recommendations have been issued for people returning from mainland China, Hong Kong, Macau, Singapore and South Korea.Death of Hong Kong tourist probed Meanwhile, 30 tourists have been confined to their hotel in the Burgundy town of Beaune after the as-yet unexplained death of a tourist from Hong Kong, the regional health department said.The department said a tour group, which had been due to travel to Paris Wednesday, was being kept at the Ibis hotel while tests are carried out “to banish all suspicion of a case of coronavirus”.The agency did not say where the other members of the group were from. The Beaune town hall said the dead man had a heart condition.Other guests who had not been in contact with the group were allowed to leave.Topics :last_img read more

To buy it or not: Retail investors are torn amid volatile stock market

first_imgTopics : Read also: Indonesia prepares additional measures to stabilize markets, halt tax payments amid virus risksArief did not stop there. He admitted that he was too affected by the panicked atmosphere spreading among market players, prompting him to sell stocks in his portfolio to seek cover from further losses.However, the JCI rebounded after the US Federal Reserve delivered an emergency 50-basis-points rate cut on March 3, blowing a soothing wind for Arief to calm himself down.“I’m still in a wait-and-see mode as I observe the latest virus developments and until the situation improves,” he said, adding that he believed the market rout would remain until the virus could eventually be contained. The Indonesia Stock Exchange (IDX) data showed that its main gauge, the JCI, fell 17.12 percent so far this year with foreign investors dumping out Rp 7.12 trillion (US$497.37 million) worth of stocks more than they bought. The local bourse’ market capitalization has dropped to Rp 6 quadrillion from Rp 7.26 quadrillion at the end of last year.The index rebounded 1.64 percent to 5,220.83 on Tuesday, after crashing 6.58 percent in the previous session. Stocks of private-owned Bank Central Asia (BCA) and state-owned Bank Rakyat Indonesia (BRI) and Bank Mandiri became the index movers.Read also: Bourse announces new trading suspension policy on brink of bear marketThe uncertainties stemmed from the COVID-19 spread around the globe that has hit stock markets worldwide from New York and London to Shanghai and Tokyo. The pneumonia-like illness infected more than 114,000 people globally, including 19 in Indonesia, and killed around 4,000, disrupting business activity in various countries, including economic giants China, Japan and Germany.Fathia Haq, a 29-year-old expectant mother, stood on the opposite side of Arief as she planned to use the less-than-favorable market conditions to her advantage: accumulating cheaper stocks into her portfolio. She, however, did that with a careful and calculated strategy.“I only buy stocks of companies that produce products that I know and have good fundamentals,” the Bali-based writer told the Post, referring to the companies’ financial state and profitability ratios.Fathia, who planned to use the gains from her investment to pay for her unborn child’s school tuition fee, said the fundamental conditions had become the most important thing for her to pick which stocks are worth to be included into her portfolio.Although she sometimes felt a pinch of worry from the stocks sharp decline, she tried to remind herself that buying stocks during a rout could help her gain big profits in the next five to seven years, enough to pay for the school tuition fee.“I try not to panic and just think of the stock market is having a big sale right now,” she said.The JCI gained almost two folds in its value in the last 10 years with the number of retail investors surging forward at 30 percent to 1.1 million people last year, the bourse data showed.Domestic investors are the biggest traders at the local bourse so far this year with a 60 percent contribution versus foreign investors.Read also: Disappearing act: Market braces for volatile March after $2.4b vanishes in a weekSucor Sekuritas head of business development Bernadus Setya Ananda Wijaya was one of the market players that suggested investors to benefit from the weak market.“Investors are slowly building up their portfolios while many stocks are at their cheapest price,” he said during a seminar in Jakarta on Feb. 29.Mandiri Investasi deputy chief investment officer Aldo Perkasa explained on Thursday that such a strategy would be best fit for mid-to-long term investors as he expected the JCI would still move with high volatility in the short term.“Investors should also be able to manage their fears [during the coronavirus outbreak] and watch out for other investment assets’ movement, like the government bond, that would influence the stock market’s movements and help them make a profit,” Bahana TCW chief economist and investment strategist Budi Hikmat said in a statement on last Tuesday.He, however, reminded investors to stay prudent in investing during times of volatility like today, suggesting investors to closely watch other economic indicators, such as the rupiah value against the US dollar and global bourse indices. (ydp)center_img Retail investors have found themselves facing two difficult decisions amid a volatile Indonesian stock market that has wiped out trillions of rupiah in less than three months: to buy more shares or not.Arief Hendarwan, a 28-year-old employee in Jakarta, admitted that he had been holding off from buying more stock for the past month as the Jakarta Composite Index (JCI) plummeted deep into the red.“I’ve pulled out of buying more stocks to keep myself from losing more money because the share prices are tanking due to the fear of the coronavirus outbreak,” he told The Jakarta Post.last_img read more

Bernd Leno tips Arsenal star Gabriel Martinelli to become ‘world class’ under Mikel Arteta

first_img Metro Sport ReporterSunday 10 May 2020 10:35 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link4.7kShares Advertisement Comment Advertisement Bernd Leno tips Arsenal star Gabriel Martinelli to become ‘world class’ under Mikel Arteta Gabriel Martinelli has prospered at Arsenal (Picture: Getty)Arsenal goalkeeper Bernd Leno believes Gabriel Martinelli has the potential to become a ‘world class’ player at the Emirates.The Brazilian’s been one of the few positive aspects of Arsenal’s season and the 18-year-old has scored ten goals in just 26 appearances for the Gunners.Martinelli spent time at both Manchester United and Barcelona on trial earlier in his career but it was Arsenal that pounced to sign him for £6million last summer from Ituano.That decision is already looking a shrewd one and Leno feels Martinelli can become of the best players in the world if he continues on his current path.ADVERTISEMENT Leno is tipping Martinelli to continue his progression (Picture: Getty)‘He can become a world class player. World class 100 per cent because he has talent, he has quality.AdvertisementAdvertisement‘But I think his biggest strength is his mentality. He is working unbelievably (hard).‘I remember in our bad time when we struggled a lot, he was working so hard, he was one of the leaders and at 18 years old he came from nowhere, nobody knew him before and to play like this, to behave like this, is very good to see‘I think if he keeps going like this he will be an unbelievable player.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityArsenal were the first Premier League club to allow players back into the training ground to undergo personal training sessions.The Gunners enforced strict social distancing measures but other clubs have now followed their lead as clubs prepare for the return of the Premier League.Clubs are set to meet this week and are hopeful that the government will give a tentative agreement to a return date of June 8th.MORE: Ryan Giggs reveals the one time he came close to leaving Manchester Unitedlast_img read more

A renovated home with plenty of personality is on the market in Annerley

first_imgThe home at 18 Laurier St, Annerley is on the market for $770,000THIS lovingly renovated home is in a sought after section of Annerley. Irene and Peter Unicomb were renting the two-storey home at 18 Laurie St when the previous owners began renovating. “We took it upon ourselves to help,” Mrs Unicomb said. “The bathrooms and kitchen were renovated and the home was painted inside and out.“All the old carpets were ripped up to expose the floorboards.” Once the home was spruced up, the previous owners put the property on the market. “By that stage we’d fallen in love with the place, so we decided to buy it off them,” Mrs Unicomb said. “We loved its quirkiness. It’s roughly 60 years old and it’s not your average brick and tile home.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020“Once it was ours, we took out all the casement windows and replaced them with cedar double hung windows with Crimsafe security screens. We also changed some of the doors for cedar doors.” The home has an open plan kitchen and living area, three bedrooms, a study and two bathrooms. Mrs Unicomb said the back veranda was her favourite part of the property. “We’ve had many barbecues there and in the afternoons we let out our five chooks and sit and watch them,” she said. Mrs Unicomb said she and her husband were selling to retire to their hometown of Port Macquarie. “We decided we wanted to go back to a smaller town. Don’t get me wrong, we love Brisbane and we love the house but it’s time for a change,” she said. Mrs Unicomb said the home would suit young professionals because it was so well located. “It’s such a great position. I can leave my front door and be at a bus stop in less than a minute and in town quicker than calling a cab.” The property is being marketed by Russel Matthew from Matthews Real Estate for $770,000.“Quietly situated in a prime Annerley location often referred to as The Golden Triangle, this well maintained home has room to move,” Mr Matthews said.last_img read more

Law firm Jones Day prepares for emerging market debt defaults

first_imgGlobal law firm Jones Day has set up an internal working group to address legal issues arising from upcoming defaults in emerging market corporate debt securities held by institutional investors.Jones Day has been engaged by an unnamed large global bank with significant exposure to Indian corporate debt, according to Ferdinand Mason, a partner at the firm.The bank asked the firm to analyse the legal landscape and “look for ways to avoid the Indian jurisdiction if necessary” when recouping potential losses from corporate defaults.The law firm warns that a wave of defaults in emerging market corporate debt is likely to hit investors in the asset class. This is signalled by the high leverage multiples seen within emerging market corporates, particularly in Asia.“We’re looking at anything between $15trn (€13.5trn) and $18trn of emerging market corporate debt, half of which is held by local banks and the other half by bondholders, primarily based in the US and UK,” Mason said.“If you look at M&A activity at the moment, you have Chinese companies buying mega US, UK or EU corporates with leverage levels several times higher than their targets. The debt levels are just incredible, and it’s all funded by the Chinese banks.”Mason explained that some emerging countries were engaging in what could be seen as state aid, by allowing local state-owned banks to roll over maturities of corporate debt.If that is the case, such countries could be in violation of trading treaties with Western economies.“That debt is vulnerable. It could be nullified, or it could be void, becoming a disaster at the end of the road for the ultimate investors, all the way up to the bondholders,” Mason said.“When the credit of local banks becomes vulnerable, the first thing governments will do is take care of its banks. There will be less concern about issuing vehicles outside its jurisdictions.”The firm is advising institutional investor clients to “get ready now”.“It’s time now to start getting compliance teams and risk management groups together to understand the issue and have a road map to make sure everybody understands what the best angle is in terms of enforcement,” Mason said. According to Jones Day, many issuers of hard currency emerging market corporate debt have structured vehicles based in jurisdictions outside their countries of origin, such as Luxembourg, the Cayman Islands or the British Virgin Islands.That is where legal advisers may be able to negotiate terms to recoup assets in cases of defaults.“The world of distressed debt in 2016,” says Mason, “has become very multi-jurisdictional.”last_img read more