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HONG KONG (Reuters) - CWT International Ltd, a unit of China’s indebted HNA Group Co Ltd, said on Tuesday it defaulted on a HK$1.4 billion ($179 million) loan, and that it has less than 24 hours to pay funds due or lose assets pledged as collateral. CWT, in a filing to the Hong Kong stock exchange, said it has not paid accrued interest and fees worth HK$63 million to lenders, who will take possession of the assets if the amount due is not paid by 9 AM (0100 GMT) on Wednesday. Among assets pledged is wholly owned CWT Pte Ltd, a holding firm for HNA’s commodity marketing, engineering, finance and logistics services. Other assets pledged include properties in Britain and the United States and golf courses in China.

One property, 17 Columbus Courtyard in London’s Canary Wharf development - with tenants including Credit Suisse Group AG - was bought in July 2016 for 131 million pounds ($172 million), In 2018, it was on sale with a value of HK$1.3 billion ($166 million), CWT International, which operates in 90 countries, also owns a portfolio of golf courses in the U.S, city of Seattle, stock exchange filings showed, Aviation-to-financial services conglomerate HNA bought the Singapore-based firm for $1 billion in December 2017 cool unique cufflinks via wholly owned subsidiary HNA Belt and Road Investments Singapore, It then merged the firm with one of its Hong Kong-listed units and named the resulting entity CWT International..

Since late last year, HNA has been in talks with banks to find a buyer for CWT, as it divests assets to pay off debt. HNA said in a statement Wednesday it is monitoring the situation closely and remains committed to meeting financial obligations at the group level as well as supporting operational and restructuring initiatives of its portfolio. The group said it remains confident in the financial and business operations of CWT and does not anticipate the default will result in any disruption to business or wider impact on CWT or elsewhere in the group.

CWT has not made any new filing about the default since Tuesday, If it has not yet repaid the outstanding amounts, its assets should have gone into creditors’ hands by now, The company could not be immediately reached for comment, A spokesman for HNA said he has no update regarding the asset seizure, CWT’s assets were worth HK$24.6 billion at the end of 2018, when it posted a loss of HK$557.3 million, Late last month, it said it would be unable to repay the borrowed HK$1.4 billion in full as scheduled in October unless it sells assets - which it said has cool unique cufflinks been challenging - or refinances the loan..

SAN DIEGO, Calif. (Reuters) - Apple Inc and Qualcomm Inc on Tuesday opened a complex trial with the iPhone maker using a fried chicken analogy to illustrate its claim the chip company is abusing its market power while Qualcomm alleged a years-long plan by Apple to deprive it of billions in revenue, $13 at a time. The fate of Qualcomm’s business model, which involves licensing more than 130,000 patents in addition to selling chips, is at stake in the case, which consolidates related lawsuits and countersuits. Apple alleges that Qualcomm’s patent practices were an illegal move to maintain a monopoly on the market for premium modem chips that connect smart phones to wireless data networks.

Qualcomm in turn says Apple used its heft in the electronics business cool unique cufflinks to wrongly order contract factories such as Hon Hai Precision Co Ltd’s Foxconn to withhold royalty payments from Qualcomm that Apple had historically reimbursed to the factories, A jury of three women and six men will hear the case over five weeks in the San Diego federal courtroom of Judge Gonzalo Curiel, On Tuesday, attorneys sought to cut through the technological complexity and frame key elements of the case in terms the jury could understand..

Apple has objected to a practice that it calls “no license, no chips” under which Qualcomm will not sell chips to a company that has not signed a patent license agreement. Apple attorney Ruffin Cordell likened Qualcomm’s policy to a Kentucky Fried Chicken restaurant that refuses to sell a bucket of chicken to customers. “You first have to go over to this different counter, KFL - Kentucky Fried Licensing,” Cordell said. “You have to go pay that ‘eating license’ fee before they’ll sell you any chicken.”.

For its part, Qualcomm alleged that Apple bullied its contract manufacturers into choking off royalty payments to Qualcomm, Qualcomm had been doing business with those factories long before the iPhone, Qualcomm said, “The idea that Qualcomm can bully Apple is absolutely remarkable,” said Evan Chesler, Qualcomm’s attorney, Apple “dwarf us in size, but they cut off that money.”, Qualcomm portrayed the move as part of a years-long Apple plan to weaken Qualcomm’s patent licensing business, showing jurors internal slides from Apple cool unique cufflinks presentations where Apple talked of wanting to “hurt Qualcomm financially.”..



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