financial

Two Okanagan families left in financial hole after contractor allegedly skips town

Two Okanagan families are in a financial and literal hole after a pool contractor allegedly took their money and skipped town.

“We hired a contractor back in late May, he came in and did all the excavation work,” said Steve Croxford, a Kelowna resident.

“He told us he had all the permits in place to get going.”

However, the contractor had no permits, according to the city.

Read more:
Tree removal, replacement underway at popular park in downtown Kelowna

It’s a case of buyer beware after Stephana Johnson and her neighbour Steve Croxford found what they thought was ‘a great deal’ after finding a pool contractor on Facebook.

Story continues below advertisement

They decided to hire the same contractor to build both of their pools in neighbouring yards.

What happened soon after construction began was a shock.

“That’s where he’s abandoned it basically, we paid him approximately half of the money for the pool,” said Croxford.

Read more:
Outdoor overnight shelter site in Kelowna relocated

The two families said they hired a man who calls himself Jared or J-Hay and his company Pyramid Pools.

The pool contractor promised them two finished underground pools within four weeks — it’s now been almost four months.

Global News talked to multiple pool companies in Kelowna who say they’ve heard of this fly-by-night pool contractor who’s left multiple people high and dry.

Read more:
Long-vacant McDonald’s restaurant in Kelowna to be levelled this fall, city says

Shortly after the alleged fraudster skipped out on the job, the city sent an inspector to their properties.

They issued a cease work order on Aug. 1st and the property owners say the city demanded a 71,000 dollar bond and ordered them to remove the massive dirt pile that was left on city property.

Story continues below advertisement

Continue Reading

Warren Buffett phoned Treasury Secretary Hank Paulson with a stimulus idea when the 2008 financial crisis erupted. It may have saved the US economy

warren buffett hank paulson
U.S. Treasury Secretary Henry Paulson (L) shares a laugh with financier Warren Buffett, Chairman and CEO of Berkshire Hathaway, at the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007.

  • Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
  • The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
  • Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
  • The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
  • Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
  • Visit Business Insider’s homepage for more stories.

Warren Buffett made a late-night call on Saturday, 11 October 2008 that likely spared the US from an even more devastating financial crisis.

The billionaire investor and Berkshire Hathaway CEO dialed then-Treasury Secretary Hank Paulson, the pair said in “Panic: The Untold Story of the 2008 Financial Crisis,” a documentary released in 2018.

“Hank, this is Warren,” Buffett said. A tired and groggy Paulson’s first thought was, “My mom has a handyman named Warren, why is he calling me?”

Buffett was calling about the Troubled Asset Relief Program (TARP), which authorized the Treasury to spend $700 billion purchasing distressed assets from banks. Lawmakers passed it in a desperate effort to shore up the financial system after the collapse of Wachovia and Washington Mutual — two of the greatest bank failures in American history.

Read more: GOLDMAN SACHS: Buy these 15 stocks set to

Continue Reading

China Ceramics Announces First Half 2020 Financial Results

JINJIANG, China, Sept. 29, 2020 /PRNewswire/ — China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the six months ended June 30, 2020.

First Half 2020 Summary

  • Revenue was RMB 39.8 million (US$ 5.6 million) as compared to RMB 177.4 million (US$ 26.2 million) for the same period of 2019.
  • Gross profit was RMB 0.9 million (US$ 0.1 million) as compared to a gross profit of RMB 15.3 million (US$ 2.3 million) for the same period of 2019.
  • Operating results were affected by bad debt expense of RMB 101.8 million (US$ 14.4 million) for the six months ended June 30, 2020, as compared to bad debt expense of RMB 193.9 million (US$ 28.6 million) for the same period of 2019.
  • Net loss was RMB 111.5 million (US$ 15.8 million) for the six months ended June 30, 2020, as compared to a net loss of RMB 193.2 million (US$ 28.5 million) for the same period of 2019.
  • Loss per share both on a basic and fully diluted basis were RMB 40.82(US$ 5.77) for the six months ended June 30, 2020, as compared to loss per share on a basic and fully diluted basis of RMB 96.69(US$ 14.25) for the six months ended June 30, 2019, with these figures retroactively presented for the 3:1 reverse stock split effective on September 3, 2020.

Ms. Meishuang Huang, Chief Executive Officer of China Ceramics, commented, “For the first half of 2020, the impact of the COVID-19 pandemic outbreak had

Continue Reading

China Ceramics Announces First Half 2020 Financial Results | News

JINJIANG, China, Sept. 29, 2020 /PRNewswire/ — China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the six months ended June 30, 2020.

First Half 2020 Summary

  • Revenue was RMB 39.8 million (US$ 5.6 million) as compared to RMB 177.4 million (US$ 26.2 million) for the same period of 2019.
  • Gross profit was RMB 0.9 million (US$ 0.1 million) as compared to a gross profit of RMB 15.3 million (US$ 2.3 million) for the same period of 2019.
  • Operating results were affected by bad debt expense of RMB 101.8 million (US$ 14.4 million) for the six months ended June 30, 2020, as compared to bad debt expense of RMB 193.9 million (US$ 28.6 million) for the same period of 2019.
  • Net loss was RMB 111.5 million (US$ 15.8 million) for the six months ended June 30, 2020, as compared to a net loss of RMB 193.2 million (US$ 28.5 million) for the same period of 2019.
  • Loss per share both on a basic and fully diluted basis were RMB 40.82 (US$ 5.77) for the six months ended June 30, 2020, as compared to loss per share on a basic and fully diluted basis of RMB 96.69 (US$ 14.25) for the six months ended June 30, 2019, with these figures retroactively presented for the 3:1 reverse stock split effective on September 3, 2020.

Ms. Meishuang Huang, Chief Executive Officer of China Ceramics, commented, “For the first half of 2020, the impact of the COVID-19 pandemic outbreak had

Continue Reading