EB5 Capital Celebrates Opening of New Hilton Home2 Suites in Temecula, CA

WASHINGTON, April 02, 2019 (GLOBE NEWSWIRE) — EB5 Capital joins Huntington Hotels Group in celebrating the grand opening of Temecula Hilton Home2 Suites located in Temecula, California. The property is a 120–room Hilton hotel in the heart of Southern California’s wine country. It is situated between Los Angeles and Santa Barbara counties, and is a ten–minute drive from 5,000 acres of award–winning vineyards and the Pechanga Resort and Casino, the largest gaming establishment in the state of California.

“We’re thrilled about seeing our fourth EB–5 funded project open in the Golden State,” said Brian Ostar, EB5 Capital’s Senior Vice President of Global Operations. “With a total of six projects delivered or under construction in California, this project is one of the four deals we structured in partnership with Huntington Hotel Group. The opening of Temecula Hilton Home2 Suites represents another milestone in our company’s extending portfolio of completed EB–5 projects across the country.”

EB5 Capital funded $8.5 million in the project as a preferred equity investment. The hotel includes a business center, dining room, outdoor swimming pool, fitness room, and entertainment space. The project will contribute to addressing strong demand for additional hotels in Temecula driven by tourists and the Rancho California Business Park, where several leading pharmaceutical and technology firms are located. The Home2 Suites Hilton brand targets corporate and leisure travelers and is specifically designed for families visiting for several days.  

“It is always rewarding to see EB–5 projects complete their full construction cycle, from groundbreaking ceremony to grand opening,” said David Slavit, Director of Asset Management. “We are looking forward to providing official site tours to our investors who have plans to visit this area of California.”

About EB5 Capital

EB5 Capital is a leader in the EB–5 immigrant investor industry, raising foreign capital from investors in more than 55 countries for investment in job–creating real estate projects across the United States. EB5 Capital owns and operates six USCIS–authorized Regional Centers that serve 15 states and the District of Columbia. With a portfolio of 25 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.

Contact: 

Ben Carter
(202) 652–2437
media@eb5capital.com 

Has Privatization Benefitted the Public?

To ensure public acceptability, some benefits accrue to many in the early stages of privatization in order to minimize public resistance. However, in the longer term, privatization tends to enrich a few but typically fails to deliver on its ostensible aims.

By Jomo Kwame Sundaram
KUALA LUMPUR, Malaysia, Apr 2 2019 – In most cases of privatization, some outcomes benefit some, which serves to legitimize the change. Nevertheless, overall net welfare improvements are the exception, not the rule.

Never is everyone better off. Rather, some are better off, while others are not, and typically, many are even worse off. The partial gains are typically high, or even negated by overall costs, which may be diffuse, and less directly felt by losers.

Jomo Kwame Sundaram

Privatized monopoly powers
Since many SOEs are public monopolies, privatization has typically transformed them into private monopolies. In turn, abuse of such market monopoly power enables more rents and corporate profits.

As corporate profits are the private sector’s yardstick of success, privatized monopolies are likely to abuse their market power to maximize rents for themselves. Thus, privatization tends to burden the public, e.g., if charges are raised.

In most cases, privatization has not closed the governments’ fiscal deficits, and may even worsen budgetary problems. Privatization may worsen the fiscal situation due to loss of revenue from privatized SOEs, or tax evasion by the new privatized entity.

Options for cross-subsidization, e.g., to broaden coverage are reduced as the government is usually left with unprofitable activities while the potentially profitable is acquired by the private sector. Thus, governments are often forced to cut essential public services.

In most cases, profitable SOEs were privatized as prospective private owners are driven to maximize profits. Fiscal deficits have often been exacerbated as new private owners use creative accounting to avoid tax, secure tax credits and subsidies, and maximize retained earnings.

Meanwhile, governments lose vital revenue sources due to privatization if SOEs are profitable, and are often obliged to subsidize privatized monopolies to ensure the poor and underserved still have access to the privatized utilities or services.

Privatization burdens many
Privatization burdens the public when charges or fees are not reduced, or when the services provided are significantly reduced. Thus, privatization often burdens the public in different ways, depending on how market power is exercised or abused.

Often, instead of trying to provide a public good to all, many are excluded because it is not considered commercially viable or economic to serve them. Consequently, privatization may worsen overall enterprise performance. ‘Value for money’ may go down despite ostensible improvements used to justify higher user charges.

SOEs are widely presumed to be more likely to be inefficient. The most profitable and potentially profitable are typically the first and most likely to be privatized. This leaves the rest of the public sector even less profitable, and thus considered more inefficient, in turn justifying further privatizations.

Efficiency elusive
It is often argued that privatization is needed as the government is inherently inefficient and does not know how to run enterprises well. Incredibly, the government is expected to subsidize privatized SOEs, which are presumed to be more efficient, in order to fulfil its obligations to the citizenry.

Such obligations may not involve direct payments or transfers, but rather, lucrative concessions to the privatized SOE. Thus, they may well make far more from these additional concessions than the actual cost of fulfilling government obligations.

Thus, privatization of profitable enterprises or segments not only perpetuates exclusion of the deserving, but also worsens overall public sector performance now encumbered with remaining unprofitable obligations.

One consequence is poorer public sector performance, contributing to what appears to be a self-fulfilling prophecy. To make matters worse, the public sector is then stuck with financing the unprofitable, thus seemingly supporting to the privatization prophecy.

Benefits accrue to relatively few
Privatization typically enriches the politically connected few who secure lucrative rents by sacrificing the national or public interest for private profit, even when privatization may not seem to benefit them.

Privatization in many developing and transition economies has primarily enriched these few as the public interest is sacrificed to such powerful private business interests. This has, in turn, exacerbated corruption, patronage and other related problems.

For example, following Russian voucher privatization and other Western recommended reforms, for which there was a limited domestic constituency then, within three years (1992-1994), the Russian economy had collapsed by half, and adult male life expectancy fell by six years. It was the greatest such recorded catastrophe in the last six millennia of recorded human history.

Soon, a couple of dozen young Russian oligarchs had taken over the commanding heights of the Russian economy; many then monetized their gains and invested abroad, migrating to follow their new wealth. Much of this was celebrated by the Western media as economic progress.

Grassroots Organising Points the way in Fight Against Rising Repression

This article is part of a series on the current state of civil society organisations (CSOs), which will be the focus of International Civil Society Week (ICSW), sponsored by CIVICUS, and scheduled to take place in Belgrade, April 8-12.

 
Lysa John is the secretary-general of CIVICUS, a global alliance of more than 7,000 activists and civil society organisations across 175 countries.

By Lysa John
JOHANNESBURG, Apr 2 2019 – “I never thought it would get so big and I think it is amazing.”

The words of a 16-year-old Swedish teenager who skipped school to protest outside her government’s inaction on climate change. Greta Thunberg is marvelling at how, in just a few short months, her solitary protests outside Sweden’s parliament, have inspired and united hundreds of thousands of young people and others across the globe into a powerful, growing grassroots movement for climate change action.

And growing.

Thunberg’s school climate strike has inspired more than 1,500 climate strike events in more than 100 countries across the globe, from Argentina to New Zealand.

Lysa John – Credit: CIVICUS

For those of us fighting what can often feel like a losing battle against a rising tide of rights repression, Thunberg’s words should offer a profoundly insightful message – a lightbulb moment – about the way forward for our struggle for a just, inclusive and sustainable world. About mobilizing for amazing results.

It is fair to say that the traditional civil society sector is at a crossroads. Public trust in and support for aid organisations and NGOs has faded, thanks in part to recent high-profile abuse scandals, dwindling resources and frustration with a lack of real structural societal change in spite of our efforts.

The old approaches of working with governments, who are failing to serve their people’s interests, for incremental change, is not working anymore.

This watershed moment for organized civil society comes amid a serious, global crisis in democracy. A staggering 96 percent of the world’s population – some seven billion people in 111 nations – live in countries where fundamental freedoms of expression, association and peaceful assembly are not properly respected, according to The CIVICUS Monitor, an online platform that tracks threats to civic freedoms worldwide.

In this environment, citizen action is increasingly being organized into grassroots, social movements – mass-based, non-hierarchical groupings driven by people power, that are starting to prove successful in the fight for human rights and social justice.

The global #MeToo gender rights movement and the March for Our Lives American gun reform movement led by high school students – both still growing campaigns – provide encouraging lessons for the Climate School Strike movement on the power of this dynamic approach to activism.

So, how does civil society engage social movements in a way to harness the power of dynamic, new ways to tackling the world’s most pressing challenges?

That’s a key question that more than 700 civil society leaders, activists and international organization representatives will be trying to answer when they meet for the global International Civil Society Week (ICSW) gathering in Belgrade next week, from April 8-12.

Hosted by CIVICUS, a global alliance of civil society organisations in partnership with Civic Initiatives, a Serbian association of NGOs, the conference’s theme, “The Power of Togetherness”, explores how people and organisations around the world can, and are, working together to enable and defend spaces for civic action in a world where global transformations are reshaping how civil society functions.

In order to build stronger, more resilient and effective civil society we need to re-connect with citizens. Across the world, we are seeing the emergence of diverse civic movements aimed at calling out injustices or achieving improvements in governance in local and national contexts.

Many of these are spontaneous, self-organised expressions of change – led by ordinary people who feel strongly about universal values of justice, integrity and solidarity. For formal civil society organisations (CSOs), there could not be a better time to lean into and strengthen approaches to community leadership for ‘glo-cal’ change.

We have the passion and intellect to connect the action on the streets with the spaces where decisions must be taken; and to channel the local energies for change into strategies for long-term, globally-connected transformation.

At the International Civil Society Week (ICSW), a primary goal is for delegates to work together to understand and connect with people’s movements on the streets around the world, to build bridges that strengthen alliances and create solidarity and to identify steps to build and sustain collective impact.

On every continent, forces seek to undo the advances made in our societies and communities. But around the world, brave citizens continue to risk their lives to stand up against repression and persecution.

The ICSW is all the more significant this year as civil society leaders, activists and innovators are gathering in a country in which a growing social movement has been demonstrating some of these very goals.

For weeks now, there have been ongoing mass protests in the capital, Belgrade, calling for democratic reforms under the banner of a campaign known as “#OneinFiveMillion. The campaign is a live example of how civil society plays an instrumental role in fighting to protect and expand civic freedoms and democratic values in the Balkans and globally. The toppling of Macedonia’s government in 2017 by unprecedented civic action is another example of that fight back.

Serbian civil society played a crucial role in the country’s transition to democracy. But not all parts of the country’s society are equally protected, with gay-rights activists and women human rights defenders, in particular, targets of attacks and threats.

By hosting ICSW 2019 in Serbia, we will shine a spotlight on the region’s communities, help address their challenges and find ways to support them.

We will also examine the opportunities we have to forge new alliances and increase our collective impact by coming together to fight for common issues. Across the past year, we have civil society get better at transferring strategies and lessons for change across countries.

India’s legal win for the lesbian, gay, bisexual, transgender and queer community has, for instance, boosted efforts to repeal discriminatory laws in other countries, including Costa Rica and Portugal. In Argentina, Kenya and Ireland, we saw ordinary people take action to defend and advance abortion rights.

Last, but not in the least, we will spend time reviewing the changes we need within civil society and the way we operate. We need greater accountability for our own actions and the way we engage those we are meant to serve and represent.

Revelations of scandals around sexual and other misconduct by NGO officials in recent years have done much to erode public trust in the integrity of our organisations and our mission. Urgent solutions – new ways of operating – will continue to be sought through our deliberations at the International Civil Society Week.

As in previous years, this week of dialogue will enable us to emerge stronger in our individual and collective inspirations for change. The ICSW is that much needed space for us to step back from the overwhelming urgency of ‘doing’ and spend time instead thinking deeply about questions of our relevance and legitimacy as a sector.

It will be a time for us to go beyond individual mandates and limitations, and work instead on developing pathways for our future relevance, including in relation to investments we need to make in order nurture the next generation of civic leaders.

This includes decisive and innovative ways to expand the tent of ‘civil society’ beyond traditional limits and enabling more people than ever before to share our values and speak out for the changes needed to ensure a just, inclusive and sustainable world.

Building a new generation of champions for social justice – in the way that Greta Thunberg has inspired millions of children and youth to take action for the climate – is the future we need to design together; our time in Belgrade offers us the opportunity to commit to doing this better and more actively together.

Chaineum acts as STO Advisor for Carthagea

Chaineum, a France–based corporate finance advisory firm and a pioneering Initial Coin Offering (“ICO”) advisor, accompanies the first French law governed “Security Token Offering” (“STO”) on behalf of its client Carthagea.

A STO is a new fundraising trend consisting in the issuance of financial securities to be registered and eventually, in the future, exchanged on a blockchain. The STO of Carthagea will be carried out in compliance with the French ordinance No. 2017–1674 of December 8, 2017, and Decree No. 2018–1226 of December 24, 2018.

As part of this transaction, Carthagea intends to raise funds for a total amount of up to €100 million. It will be carried out through a private placement of ordinary shares to qualified investors individually investing at least €100,000, under the exemption on requirement to publish a prospectus provided by the Prospectus Directive, as transposed under French law in Articles L. 411–2 I 2° of the Monetary and Financial Code and 211–2 I 3 of the General Regulations of the French Financial Markets Authority(AMF).

“This is a unique opportunity for Carthagea to consolidate its position as a key player in the field of operating nursing homes for the elderly in Tunisia. Strengthening this geographical position will allow us to pursue the transformation of luxury hotels in the country to the benefit of dependent elderly persons who sometimes suffer from neurodegenerative diseases” said Alexandre Canabal, CEO of Carthagea.


About Chaineum

Founded in 2015, Chaineum is a leading corporate finance advisory firm with a strong expertise in ICOs and STOs, and a strategic focus on both its clients' business and blockchain technology.

https://www.chaineum.com

About Carthagea

Carthagea is a French operator of nursing homes in Tunisia. Its geographical positioning has allowed the rapid growth of its innovative concept that aimed at partially converting luxury hotels into residential facilities for dependent elderly persons, sometimes suffering from neurodegenerative diseases (Alzheimer, Parkinson, multiple sclerosis, etc.).

https://www.carthagea.fr/sto.php

Legal advisors:

Carthagea and its founders are advised by Mr. Stéphane Daniel and Mr. Daniel Arroche, Lawyers at the Paris Bar.

Investor Relations

Laurent LELOUP

Chaineum

e–mail: ll@chaineum.com

WARNING

This press release is for information purposes only and does not constitute an offer to sell or acquire financial securities or a solicitation in relation to such an offer in any country, including France.

Financial Hurdles to Eliminating Leprosy in Micronesia

By Stella Paul
PALIKIR , Apr 2 2019 (IPS)

Maylene Ekiek has been working with the Department of Health in the Federated States of Micronesia (FSM) for 12 years now. She is the head of the National Leprosy Programme in the Pacific island nation, which still remains one of three, along with the Marshall Islands and Kiribati, that is yet to eliminate leprosy.

Ekiek is responsible for ensuring the smooth running of the leprosy programme, as well as its success.

However, as Ekiek reveals in this interview, the absence of funding at a national level is one of the many roadblocks that she faces. In what seems to be a growing trend across the Micronesia region, FSM also has combined diseases to provide an integrated healthcare service. In this nation the treatment of both tuberculosis and leprosy is combined. However, while there are regular budgetary allocations for TB, there are none for leprosy, otherwise known as Hansen’s disease.

Despite the lack of funding, Ekiek has managed to keep the programme alive because of her sheer grit and passion for seeing a Leprosy-free Micronesia.

During a recent visit of the Sasakawa Health Memorial Foundation/Nippon Foundation team to Micronesia’s Health Ministry, Ekiek was on sick leave thanks to a fractured her leg. But to everyone’s surprise, Ekiek attended the meeting as she viewed it as a vital opportunity to seek the resources she needs for the leprosy programme. In the following interview, Ekiek talks about the financial and technical support needed achieve the programme’s goal of eliminating leprosy.