Friday, July 27, 2012
U.S. home loan giants Fannie, Freddie post losses in Q4 | Tumblr | Newsvine | Blogger
http://dallyrustan.blogspot.de/2012/07/us-home-loan-giants-fannie-freddie-post.htm
Two U.S. housing finance giants Fannie Mae and Freddie Mac Thursday announced huge losses in the fourth quarter of last year, fresh evidence of the still struggling U.S. property market.
Fannie Mae registered a net loss of 2.1 billion U.S. dollars in the fourth quarter last year, and requested an additional 2.6 billion dollars in federal aid, the Washington-based company said Thursday in a statement.
Freddie Mac posted a net loss of more than 1.7 billion dollars in the same period, and asked for an additional 500 million dollars in federal aid, according to a statement released by the company on Thursday.
The Obama administration earlier this month unveiled a report to Congress on reforming the U.S. housing finance market, aiming to wind down the two government-sponsored enterprises, while giving the private sector a bigger say on the multi-trillion-dollar market.
The two companies played a major role in the run-up to the severe financial crisis. The U.S. government stepped in to take over Fannie and Freddie in September 2008 and cost U.S. taxpayers multi-billion dollars, which has drawn criticism from various sectors.
South Korea Springhill Group - Insurance fraud | Tumblr | Newsvine | Blogger
http://dallyrustan.blogspot.co.uk/2012/07/south-korea-springhill-group-insurance.html
The insurance fraud in Changwon uncovered by the Financial Supervisory Service is both shocking and disturbing. It involved as many as 1,361 people, mostly residents of the South Gyeongsang Province city, who either posed as fake patients or exaggerated their illnesses. Collectively, they claimed 9.5 billion won from 33 insurance companies between 2007 and 2011.
At the center of the scam ― the largest ever in terms of the number of people involved ― were three unconscionable hospitals in the city, which recruited fake patients systematically in cahoots with insurance brokers and solicitors. They did this to increase revenue and ease their financial distress.
The main ploy used by the hospitals was to share a patient, meaning they would arrange for a patient to check in the three hospitals alternately for a different disease. For this, they faked his illnesses and prepared false documents. For close cooperation, they shared patient information among themselves.
This scheme helped patients pocket more insurance money. They all purchased multiple private health insurance policies before hospitalization. On average they received some 7 million won per person. In one example, a man in his 50s was hospitalized for a total of 564 days over three years, collecting 95 million won in insurance.
The Changwon case followed a similar one that took place in Taebaek last November, involving more than 400 people in the declining mining town in Gangwon Province. They got a total of 14 billion won in insurance payments. As with the Changwon scam, three financially distressed hospitals in the city played a central role.
The two cases suggest that insurance fraud is a fairly common occurrence in Korea. According to the FSS, the number of insurance-related crimes has surged in recent years. Last year alone, more than 70,000 people were caught for insurance scams, with the amount of false claims they filed reaching 423 billion won.
Yet the figure represented just the tip of the iceberg. A study by the Korea Insurance Research Institute estimated that domestic insurance companies paid a total of 3.4 trillion won to fraudsters in 2010, up 53 percent from 2006.
The figure accounts for 12.5 percent of the entire sum insurance companies paid to their customers in that year. According to the institute, these false claims had the effect of increasing annual insurance premiums by 70,000 won per person or 200,000 won per household on average.
Health insurance scams inflict damage not only on private insurers but on the National Health Insurance, which is jointly funded by taxpayers, corporations and the government. As insurance fraud increases health care costs, the government needs to crack down on fraudsters.
Yet the problem is that fraud rings employ increasingly sophisticated schemes to beat insurance companies and regulators. For instance, people involved in the Changwon case limited their hospital stay to less than two weeks as a longer one would be scrutinized by the National Health Insurance Corp.
To fight insurance fraud, insurance companies need to be more aggressive in handling suspicious claims. When they encounter questionable claims, they should investigate them. But they often choose to pay the claims and transfer the costs to customers as doing so is cheaper and more convenient.
The NHIC and the FSS are also required to enhance their skills to analyze suspicious claims and beef up their investigation manpower. But these measures alone would not be enough to curb the rising trend of insurance scams.
A more fundamental solution would be to enact a special law, as in many other countries, to deal with insurance fraud differently from fraud of other types. In fact, the FSS has already submitted a bill to toughen punishment for insurance fraud. But lawmakers have not acted on it for years.
The bill calls for canceling the licenses of insurance agents and slapping doctors and hospitals with heavier penalties when they are found to have been involved in a scam. It also proposes to grant insurance companies a limited right to investigate suspicious claims.
Along with these steps, the government will have to find measures to ease the financial hardship of many hospitals in provincial cities. These hospitals are in trouble as patients in their cities prefer big, well-known hospitals in Seoul. If local hospitals put up the shutters, the nation’s entire health care delivery system would be crippled.
Wednesday, July 25, 2012
Mortgage Fraud - Blogger
http://melissarocks98.blogspot.de/2012/07/mortgage-fraud-dropjack.html
Mortgage fraud is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth.
In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering, with penalties of up to thirty years imprisonment.As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud.
Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud.
Types
Occupancy fraud: This occurs where the borrower wishes to obtain a mortgage to acquire an investment property, but states on the loan application that the borrower will occupy the property as the primary residence or as a second home. If undetected, the borrower typically obtains a lower interest rate than was warranted. Because lenders typically charge a higher interest rate for non-owner-occupied properties, which historically have higher delinquency rates, the lender receives insufficient return on capital and is over-exposed to loss relative to what was expected in the transaction. In addition, lenders allow larger loans on owner-occupied homes compared to loans for investment properties. When occupancy fraud occurs, it is likely that taxes on gains are not paid, resulting in additional fraud. It is considered fraud because the borrower has materially misprepresented the risk to the lender to obtain more favorable loan terms.
Income fraud: This occurs when a borrower overstates his/her income to qualify for a mortgage or for a larger loan amount. This was most often seen with so-called "stated income" mortgage loans (popularly referred to as "liar loans"), where the borrower, or a loan officer acting for a borrower with or without the borrower's knowledge, stated without verification the income needed to qualify for the loan. Because mortgage lenders have begun to tighten underwriting standards and "stated income" loans are less available, income fraud is increasingly seen in traditional full-documentation loans where the borrower forges or alters an employer-issued Form W-2, tax returns and/or bank account records to provide support for the inflated income. It is considered fraud because in most cases the borrower would not have qualified for the loan had the true income been disclosed. The "mortgage meltdown" was caused, in part, when large numbers of borrowers in areas of rapidly increasing home prices lied about their income, acquired homes they could not afford, and then defaulted.
Employment fraud: This occurs when a borrower claims self-employment in a non-existent company or claims a higher position (e.g., manager) in a real company, to provide justification for a fraudulent representation of the borrower's income.
Failure to disclose liabilities: Borrowers may conceal obligations, such as mortgage loans on other properties or newly acquired credit card debt, to reduce the amount of monthly debt declared on the loan application. This omission of liabilities artificially lowers the debt-to-income ratio, which is a key underwriting criterion used to determine eligibility for most mortgage loans. It is considered fraud because it allows the borrower to qualify for a loan which otherwise would not have been granted, or to qualify for a bigger loan than what would have been granted had the borrower's true debt been disclosed.
Fraud for profit: A complex scheme involving multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. Fraud for profit schemes frequently include a straw borrower whose credit report is used, a dishonest appraiser who intentionally and significantly overstates the value of the subject property, a dishonest settlement agent who might prepare two sets of HUD settlement statements or makes disbursements from loan proceeds which are not disclosed on the settlement statement, and a property owner, all in a coordinated attempt to obtain an inappropriately large loan. The parties involved share the ill-gotten gains and the mortgage eventually goes into default. In other cases, naive "investors" are lured into the scheme with the organizer's promise that the home will be repaired, repairs and/or renovations will be made, tenants will located, rents will be collected, mortgage payments made and profits will be split upon sale of the property, all without the active participation of the straw buyer. Once the loan is closed, the organizer disappears, no repairs are made nor renters found, and the "investor" is liable for paying the mortgage on a property that is not worth what is owed, leaving the "investor" financially ruined. If undetected, a bank may lend hundreds of thousands of dollars against a property that is actually worth far less and in large schemes with multiple transactions, banks may lend millions more than the properties are worth. The Robert Douglas Hartmann case is a notable example of this type of scheme.
Appraisal fraud: Occurs when a home's appraised value is deliberately overstated or understated. When overstated, more money can be obtained by the borrower in the form of a cash-out refinance, by the seller in a purchase transaction, or by the organizers of a for-profit mortgage fraud scheme. Appraisal fraud also includes cases where the home's value is deliberately understated to get a lower price on a foreclosed home, or in a fraudulent attempt to induce a lender to decrease the amount owed on the mortgage in a loan modification. A dishonest appraiser may be involved in the preparation of the fraudulent appraisal, or an existing and accurate appraisal may be altered by someone with knowledge of graphic editing tools such as Adobe Photoshop.
Cash-back schemes: Occur where the true price of a property is illegally inflated to provide cash-back to transaction participants, most often the borrowers, who receive a "rebate" which is not disclosed to the lender. As a result the lender lends too much, and the buyer pockets the overage or splits it with other participants, including the seller or the real estate agent. This scheme requires appraisal fraud to deceive the lender. "Get Rich Quick" real-estate gurus' courses frequently rely heavily on this mechanism for profitability.
Shotgunning: Occurs when multiple loans for the same home are obtained simultaneously for a total amount greatly in excess of the actual value of the property. These schemes leave lenders exposed to large losses because the subsequent mortgages are junior to the first mortgage to be recorded and the property value is insufficient for the subsequent lenders to collect against the property in foreclosure. The Matthew Cox and Robert Douglas Hartmann cases are the most notable example of this type of scheme.
Working the gap: A technique which entails the excessive lien stacking knowingly executed on a specific property within an inordinately narrow timeframe, via the serial recording of multiple Deeds of Trust or Assignments of Note. When recording a legal document in the United States of America, a time gap exists between when the Deed of Trust is submitted to the Recorder of Deeds & when it actually shows up in the data. The precision timing technique of "working the gap" between the recording of a deed & its subsequent appearance in the recorder of deeds database is instrumental in propagating the perpetrator's deception. A title search done by any lender immediately prior to the respective loan, promissory note, & deed recording would thus erroneously fail to show the alternate liens concurrently in the queue. The goal of the perpetrator is the theft of funds from each lender by deceit, with all lenders simultaneously & erroneously believing their respective Deeds of Trust to be senior in position, when in actuality there can be only one. White-collar criminals who utilize this technique will frequently claim innocence based on clerical errors, bad record keeping, or other smokescreen excuses in an attempt to obfuscate the true coordination & intent inherent in this version of mortgage fraud. This "gaming" or exploitation of a structural weakness in the US legal system is a critical precursor to "shotgunning" and considered white-collar crime when implemented in a systemic fashion.
Identity theft: Occurs when a person assumes the identity of another and uses that identity to obtain a mortgage without the knowledge or consent of the victim. In these schemes, the thieves disappear without making payments on the mortgage. The schemes are usually not discovered until the lender tries to collect from the victim, who may incur substantial costs trying to prove the theft of his/her identity.
Falsification of loan applications without the knowledge of the borrower : The loan applications are falsified with out the knowledge of the borrower when the borrower actually will not qualify for a loan for various reasons. for example parties involved will make a commission out of the transaction. The business happens only if the loan application is falsified. For example borrower applies for a loan stating monthly income of $2000 (but with this income $2000 per month the borrower will not qualify), however the broker or loan officer falsified the income documents and loan application that borrower earns a monthly income of $15,000. The loan gets approved the broker/loan officer etc. gets their commission. But the borrower struggles to repay the loan and defaults the loan eventually.
Other background
Mortgage fraud by borrowers from US Department of the Treasury
Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above. Dishonest and unreputable stakeholders may encourage and assist borrowers in committing fraud because most participants are typically compensated only when a transaction closes.
During 2003 The Money Programme of the BBC in the UK uncovered systemic mortgage fraud throughout HBOS. The Money Programme found that during the investigation brokers advised the undercover researchers to lie on applications for self-certified mortgages from, among others, The Royal Bank of Scotland, The Mortgage Business and Birmingham Midshires Building Society.
In 2004, the FBI warned that mortgage fraud was becoming so rampant that the resulting "epidemic" of crimes could trigger a massive financial crisis. According to a December 2005 press release from the FBI, "mortgage fraud is one of the fastest growing white collar crimes in the United States".
The number of FBI agents assigned to mortgage-related crimes increased by 50 percent between 2007 and 2008.[8] In June 2008, The FBI stated that its mortgage fraud caseload has doubled in the past three years to more than 1,400 pending cases.Between 1 March and 18 June 2008, 406 people were arrested for mortgage fraud in an FBI sting across the country. People arrested include buyers, sellers and others across the wide-ranging mortgage industry.
Fraud Enforcement and Recovery Act of 2009
In May 2009, the Fraud Enforcement and Recovery Act of 2009, or FERA, Pub.L. 111-21, 123 Stat. 1617, S. 386, public law in the United States, was enacted. The law takes a number of steps ([1]) to enhance criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud.
Significant to note, Section 3 of the Act authorized additional funding to detect and prosecute fraud at various federal agencies, specifically:
$165,000,000 to the Department of Justice,
$30,000,000 each to the Postal Inspection Service and the Office of the Inspector General at the United States Department of Housing and Urban Development (HUD/OIG)
$20,000,000 to the Secret Service
$21,000,000 to the Securities and Exchange Commission
These authorizations were made for the federal fiscal years beginning October 1, 2009 and 2010, after which point they expire, and are in addition to the previously authorized budgets for these agencies.
You can also visit us @ http://springhillgrouphome.com/
Sunday, July 22, 2012
Top 5 Home Loan Scams - TravelBlog
http://www.travelblog.org/Asia/blog-731949.html
Recent headlines about the troubled subprime lending industry are making Americans more aware of the consequences of risky lending practices. But unscrupulous lenders and scam artists continue to prey on unsuspecting loan shoppers and homeowners.
Unfortunately, loan-related scams aren’t restricted to tricking consumers into loans with outrageously high interest rates. Today’s sophisticated scammers are using loans as a vehicle to do everything from stealing sensitive personal information to virtually stealing a credit-challenged homeowner’s own home. The mortgage experts at Loan.com have identified five top scams that all consumers - mortgage shoppers and homeowners alike - should be on the look-out for.
1. Unsolicited phone calls
Americans across the country have reported receiving phone calls from telemarketers posing as representatives from well-known organizations such as Fannie Mae offering to refinance loans at low rates. These “representatives” often ask for personal information, claiming they need it to qualify a victim for a loan. This information is then used to steal a victim’s identity.
Loan.com’s Advice: Be wary of any phone call offering remarkably low interest rates on loans, especially if you have registered your phone number with the Do Not Call Registry. Most major nationwide lenders do not solicit business over the phone. Never give out personal information over the phone unless you are absolutely sure who you are speaking with.
2. “Helpful” contractors
Many homeowners have reported contractors – often roofing or remodel professionals – approaching them with an offer to perform upgrades on their home at a reasonable price. These contractors offer financing through low-interest loans. It’s not until after signing numerous forms that too many homeowners realize they have signed off on a high-interest home equity loan, and that the contractor has been hired by unscrupulous lenders to sell loans, not improve homes.
Loan.com’s Advice: It’s fine to make improvements to your home, but do so on your own terms. A contractor appearing on your doorstep out of the blue should be a red flag, as should high-pressure sales pitches that focus on “easy” financing options.
3. Unexpected change of lenders
With the lending industry constantly evolving, it’s not uncommon for a mortgage to get transferred to a different lending agency more than once over a period of years. But some homeowners have received official-sounding but fraudulent letters informing them that their mortgage has changed hands and instructing them to mail payments made out to a new organization to a new address.
Loan.com’s Advice: Always confirm any major mortgage payment changes with your current lender. Many organizations will notify you of upcoming changes months in advance, and will provide contact phone numbers and Web resources for more information. Be skeptical of any unexpected letter telling you to immediately mail payments to a different location or organization.
4. “Rescue” agencies
Scam artists are using public records to identify homeowners facing foreclosure. They then approach desperate homeowners with an offer to help them out of their financial situation by signing deeds transferring the title of the home to an “interested buyer” for a short period of time. In reality, the transfer is permanent and the “buyer” is fraudulent, often created out of a stolen identify. The “buyer” takes out a second loan for the current value of the home and pays off the original mortgage, keeping the difference. The “buyer” then disappears and stops making payments on the second loan, throwing the home into foreclosure and leaving the original homeowner with nothing.
Loan.com’s Advice: If you’re facing foreclosure, contact your lender to review all of your options. Be extremely wary of any unsolicited individual or agency that appears with promises to help you out of your situation – especially if it involves transferring titles.
5. “We finance anyone!”
The classic predatory loan, mostly targeted at people who don’t yet own a home. Often advertised in newspaper ads, on fliers posted on telephone poles, and online through banner ads and spam e-mail, these lenders provide loans to credit-challenged consumers at extremely high rates. Many of these lenders expect homeowners to eventually be unable to make payments, allowing lenders to seize homes or refer homeowners to an affiliated second predatory lender.
Loan.com’s Advice: Though unethical, these predatory loans are legal. Be absolutely sure you are financially prepared to purchase a home. When you’re ready, check with agencies such as the FDIC, the Federal Reserve Board of Governors, and use resources like the ones on this site andBestRate.com to find a verified lender.
California - States - Prevent Loan Scams - TravelBlog
http://www.travelblog.org/Asia/blog-731948.html
July 22nd 2012
http://www.preventloanscams.org/states?id=0005
Statewide
California Indian Legal Services
Assistance: Foreclosure to all Native Americans living in California and other Residents of select Counties
Location: Escondido, Bishop, Eureka, and Sacramento
Website: http://www.calindian.org/
Phone: Escondido: (760) 746-8941 or (800) 743-8941
Bishop: (760) 873-3581 or (800) 736-3582
Eureka: (707) 443-8397 or (800) 347-2402
Sacramento: (916) 978-0960 or (800) 829-0284
Services:
The various offices provides free and low-cost legal services to Native Americans and Native American tribes and residents of the Counties of Alpine, Inyo, Kern, Mono, Tuolumne, Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, Ventura, Del Norte, Humboldt, Lassen, Modoc, Shasta, Siskiyou, Trinity , Alameda, Amador, Butte, Calaveras, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Kings, Lake, Madera, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Nevada, Placer, Plumas, Sacramento, San Benito, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Clara, Santa Cruz, Sierra, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Yolo, Yuba.
California Rural Legal Assistance (CRLA)
Assistance: Foreclosure and Loan Modification Scams for California Residents in Rural Areas in English and Spanish
Location: Coachella, Delano, El Centro, Fresno, Gilroy, Lamont, Madera, Marysville, Modesto, Monterey, Oceanside, Oxnard, Paso Robles, Salinas, San Luis Obispo, Santa Barbara, Santa Cruz, Santa Maria, Santa Rosa, Stockton, Watsonville
Website: http://www.crla.org/
Phone: To find the contact information for the office closest to you, please visithttp://www.crla.org/index.php?page=office-locations-amp-staff
Services:
CRLA provides free legal services to low-income residents in various rural counties. The organization assists with foreclosure and loan modification scam issues. In particular, CRLA operates free foreclosure intervention workshops out of the Marysville office. Please note that the offices can differ in the services they provide and the service areas in which they practice. Contact your local CRLA office for more information about services available in your area.
Housing and Economic Rights Advocates (HERA)
Assistance: Foreclosure and Loan Modification Scams in English, Spanish, and French
Location: Oakland
Website: http://www.heraca.org/
Phone: (510) 271-8443
Email: inquiries@heraca.org
Services:
HERA focuses on the needs of vulnerable populations, including lower-income people, the elderly, immigrants, people of color, and people with disabilities. Its core practice areas include unfair mortgage lending, foreclosure prevention and fair housing. Direct legal representation services are available primarily in Northern California, while legal advice and referrals are available statewide.
Legal Services of Northern California - Senior Legal Hotline (SLH)
Assistance: Foreclosure and Loan Modification Scams to California Residents Age 60 and Older in English, Farsi, Hmong, Hebrew, Punjabi and Spanish. Assistance in additional languages is also offered when possible.
Location: Sacramento
Website: http://www.seniorlegalhotline.org/
Phone: (800) 222-1753 or (916) 551-2140
M-F 9:00 a.m. - 12:00 p.m. and 1:00 p.m. - 4:00 p.m.
Th 9:00 a.m. - 12:00 p.m. and 1:00 p.m. - 7:00 p.m.
Services:
SLH offers free legal advice by phone on any subject to California residents age 60 and over. Written materials and some additional advocacy may be provided, and clients who need more extensive assistance are referred to an appropriate legal services program, or other source. A mediation program can help resolve some disputes. Depending on call volume, callers during those hours may receive immediate service or get in queue for a same-day callback. Callback appointments may also be made. Seniors can also submit questions to the website and receive a phone appointment with a SLH advocate.
Central California
Central California Legal Services, Inc.
Assistance: Foreclosure and Loan Scams in English, Spanish, Khmer, Laotian, Hmong
Location: Offices in Fresno, Merced, and Visalia
Website: www.centralcallegal.org
Phone: Fresno (559) 570-1200 or (800) 675-8001
Merced (209) 723-5466 or (800) 464-3111
Visalia (559) 733-8770 or (800) 350-3654
Email: fresno@centralcallegal.org
Services:
Central California Legal Services provides free legal assistance to low-income families and individuals in the Counties of Fresno, Kings, Mariposa, Merced, Tulare, and Tuolumne. The attorneys provide services related to foreclosure prevention and consumer issues.
Council on Aging Silicon Valley
Assistance: Foreclosure and Loan Scams
Location: Santa Clara County
Website: www.coasiliconvalley.com/site/
Phone: (408) 296-8290
Services:
The Council’s Fair Lending Project for Seniors provides legal and social work services to seniors seeking to protect themselves against harmful mortgage lending practices. The Project also gives outreach presentations covering a wide range of issues, including predatory lending, smart refinancing, reverse mortgage alternatives, foreclosure prevention, and how to spot a loan modification scam. Seniors wanting more information should call the phone number above.
Greater Bakersfield Legal Assistance, Inc. (GBLA)
Assistance: Foreclosure and Loan Scams in English and Spanish
Location: Bakersfield
Website: www.gbla.org
Phone: (661) 325-5943 or (888) 292-GBLA
Email: gbla@lightspeed.net
Services:
GBLA is a non-profit legal services program providing free legal assistance in civil matters to low-income and seniors residing in Kern County. The organization handles foreclosure and consumer issues, including unfair and unjust business practices for low-income consumers.
Monday, July 16, 2012
Springhill Group South Korea - Dropjack
http://www.dropjack.com/Business/springhill-group-south-korea--tumblr-2/
From its sprawling manufacturing base deep in China’s southwestern Hunan province, some 100 kilometers from where Mao was born, construction-machinery maker Sany Group plans to take on the world. While workers in blue overalls and yellow hard hats crawl over huge mobile hydraulic cranes and cement mixer trucks in a gleaming factory, Sany President Tang Xiuguo sits in his expansive office nearby, discussing the opening of Sany factories in Brazil, India, and Alabama, as well as the soon-to-be-completed $475 million acquisition of Germany’s Putzmeister, the world’s largest maker of cement pumps. The bespectacled Tang, one of four founders of the 22-year-old company, aims to lift overseas sales, now some 5 percent of its $16 billion revenue, to up to one-fifth of revenues within five years.
Springhill Group: DPRK jams GPS of ROK Airlines - Dropjack
http://www.dropjack.com/Business/springhill-group-south-korea--tumblr-2/
From its sprawling manufacturing base deep in China’s southwestern Hunan province, some 100 kilometers from where Mao was born, construction-machinery maker Sany Group plans to take on the world. While workers in blue overalls and yellow hard hats crawl over huge mobile hydraulic cranes and cement mixer trucks in a gleaming factory, Sany President Tang Xiuguo sits in his expansive office nearby, discussing the opening of Sany factories in Brazil, India, and Alabama, as well as the soon-to-be-completed $475 million acquisition of Germany’s Putzmeister, the world’s largest maker of cement pumps. The bespectacled Tang, one of four founders of the 22-year-old company, aims to lift overseas sales, now some 5 percent of its $16 billion revenue, to up to one-fifth of revenues within five years.
Springhill Group: DPRK jams GPS of ROK Airlines - Dropjack
http://www.dropjack.com/Business/springhill-group-dprk-jams-gps-of-rok-airlines-1/
GPS jamming signals coming from North Korea has forced South Korea to order its military and civilian air transports to switch on alternative navigational devices to avoid disruption.
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