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August 2021

Nightclubs

Nightclub bodyguards kill 33-year-old man in Alaçatı

ZMİR

Alaçatı, a tourism hotspot in the Aegean province of Izmir, is back on the country’s agenda again, but this time not for its gorgeous beaches meant to promote tourism, but for a series of publicly called events. “Terror of the bodyguards” that has shadowed the neighborhood for almost a year now.

In the recent chain of events, two bodyguards from a nightclub killed a 33-year-old man.

According to police reports, Alpay Kalyon went to a nightclub in the Alacati district on August 21 with his ex-wife and two friends.

On the way out, Kalyon and a friend of his saw a man beating a woman in front of the club.

He immediately made a move to end the fight, but the club’s bodyguards clashed with the man hard.

It wasn’t long when the fight turned sour, and before we knew it, one of the bodyguards stabbed Kalyon in the chest with a knife.

Police arrested seven people, including the club’s general manager. After the interrogations, two bodyguards were arrested: one for “first degree murder”, the other for “intentional injury”.

One of the bodyguards defended himself during the police interrogation, saying, “He shouted and cursed at us. I couldn’t take it anymore and walked into the club to get a knife. I am regretful.”

In a puzzling statement, the club owner said: “I don’t know the bodyguards.”

“He went there to end a fight, not to start a new one,” Kalyon’s friends said.

Alaçatı, which is a district of Çeşme district, is one of the most famous tourist resorts in Turkey after Bodrum, a district in the southwestern province of Muğla.

The first ‘bodyguard terror’ in Alaçatı that shook the public occurred in the summer of 2020, when Daria Kyryliuk, a Ukrainian model, accused bodyguards at a famous beach club in the having beaten in front of her boyfriend.

In another incident, a shootout broke out between bodyguards at some clubs in June in which a 23-year-old man leaving a club was accidentally shot and killed.

“This is not an organized crime, but a sudden event,” Ünal Çakıcı, governor of Çeşme district, told the daily Hürriyet on August 26 of Kalyon’s murder.

He went on to say, “Since the start of the summer we have been monitoring the nightclub area for guns or drug trafficking with our police units. There is no way that organized criminal groups can roam freely in Çeşme. “

The district governor also stressed that a series of operations had been carried out since the summer of 2020 against certain groups in the region.

“We will not let anyone ruin Çeşme’s elite and luxury image,” he added.

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Bars

Hawaii to Deploy COVID Vaccine Passport to Gyms, Bars, and Other Businesses

HONOLULU (KHON2) – The state is set to deploy a COVID vaccine passport to enter gyms, bars and restaurants. The governor says he hopes it will be up and running by Labor Day.

Companies would not be required to implement the vaccination passport. Some say it would actually be a lot simpler if the state simply mandated it.

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Other cities like New York and San Francisco have already started requiring vaccine passports. But there, it is obligatory. So, although there have been negative reactions, most of them are not directed against the companies themselves. Hawaii business owners find themselves in a difficult situation and must make a choice.

“It’s a complicated decision, and so as a business owner there are many factors to consider. If the state demands it, it withdraws this decision from us, ”said Greg Waibel, President and CEO of the YMCA of Honolulu.

The state calls it a digital smart health card and says it would work the same as the Safe Travels vaccine exception, where people would have to download a copy of the immunization card from a secure website.

Waibel says gyms like the YMCA already have a similar system in place, so the transition would be easy.

“We would make it fairly simple. You show it, especially if you are vaccinated, once we mark you as a vaccinated person, so you don’t have to keep showing the pass, ”he said.

Waibel adds that those who are not vaccinated will need to show proof of a negative COVID test. However, many other companies are concerned with how this is supposed to work.

“Liability issue, how to enforce this and how employers and employees will have to handle this, because they are the ones who should verify the passport,” said Sherry Menor-McNamara, president of the Hawaii Chamber of Commerce.

She says businesses will need more guidance from the state before they consider implementing it.

Find more COVID-19 news: cases, vaccinations on our Coronavirus News page

The state said it was still in the early stages of its development and sent a statement saying, “The details of the smart health card will constantly evolve until the project is made public.”


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Restaurants

Italian restaurant owner Boardman reveals secrets that won 4 of 5 categories in weekend competition

BOARDMAN, Ohio (WKBN) – This region prides itself on its Italian cuisine, so it’s impressive that a restaurant wins four of five categories in an Italian sauce competition. It happened last weekend at the Southern Park Mall.

On Thursday, First News learned the secrets of the sauces at Papa GeGe’s Italian villa in Boardman.

Papa GeGe is Eugène Razzano.

“I make fettuccine Alfredo. It was one of the dishes the judges enjoyed, ”said Razzano.

First News presenter / reporter Stan Boney was among the judges for the Sunday Sauce Showdown at the Southern Park Mall where Papa GeGe’s Italian villa took on nine other top Italian restaurants and took home top prize in four of five categories: Traditional, alfredo, bolognese and vodka.

The Italian Restaurant is located on Route 224 across from the Boardman Park Shops.

“It was actually just overwhelming. I just started giving my staff a high five. I just said, ‘This is great,’ ”said Razzano.

Razzano is the owner and chef of the most decorated Italian sauces in the Mahoning Valley. For 20 years, he owned Sghetti’s Italian restaurant in New Castle before moving to Boardman eight years ago.

“I like being in the kitchen. I loved watching my grandmother cook. I used to love watching my mom cook, and I just have a thing for it. I like to do it, ”he said.

Razzano is so in touch with his Italian roots that the restaurant’s dining room is covered in vintage photos of his family.

“Well, that’s my great-uncle Ludovic and my great-uncle Frank – they’re my maternal grandmother’s brothers,” he said.

But the food is the reason people come to Papa GeGe’s Italian Villa – whose secrets begin with quality ingredients.

“We use extra virgin olive oil, Roman Pecorino cheese. We get big wheels, 60 pound wheels, every week and we grind it fresh. We use imported pasta. We use one of the best tomato products on the market, ”Rozzano said.

Once the basic sauces are done, the rest falls into place. The vodka sauce is half alfredo and half marinara.

“The same with our Bolognese. We use the base sauce from our marinara, and we put our meat mixture in it and that’s how we have our bolognese, ”Rozzano said.

On the Sunday Sauce Showdown, the judges were given the sauces by number, not by restaurant, so they had no idea what sauce they were eating.

Papa GeGe’s Italian villa is also planning to open a second location in October in New Middletown.

It was previously known as the Italian village, but the name was changed about a year ago.


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Cafes

Cafe owner accused of not wearing a mask not allowed to appear in court for refusing to wear a mask

South East Queensland cafe owner arrested after she and her staff allegedly refused police instructions to wear masks, was unable to attend her hearing in person because she did not want to put on a mask .

Sarah Parsons, 38, was scheduled to appear in Maroochydore Magistrates’ Court this morning for a ticket, but appeared by phone after security refused to let her into the courthouse.

Ms Parsons told the court it was not her decision not to attend in person.

Magistrate Haydn Sjernqvist adjourned the case to September 13 and told the court her reluctance to wear a mask would not be accepted as an excuse.

“You won’t get anything on the 13th if you don’t go up to the first floor and talk to the prosecutor.

“And that may require you to wear a mask like everyone else, when entering the building. Do you understand?

New Earth Cafe owner Sarah Parsons has been charged after allegedly saying that neither she nor her staff would wear masks despite instructions from police.(

Instagram: New Earth Café

)

Ms Parsons told the court she was seeking legal advice and would ask the prosecution for the full record of evidence, including “copies of all camera footage worn on the body,” as well as additional time for them. examine.

How the owner of the cafe ended up in court

Police said officers went to the New Earth Cafe in Coolum three times to ask Ms Parsons and her staff to wear masks.

It was alleged that Ninderry’s wife refused every request and became verbally abusive towards the officers.

In a video released shortly after her arrest, Ms Parsons said she and all staff at her cafe had health issues and were exempt from wearing masks.

The exterior of a cafe
The owner and staff of the New Earth Cafe in Coolum have reportedly refused to wear face masks.(

ABC Sunshine Coast: Jessica Lamb

)

The business owner was fined $ 1,378 at the time for failing to comply with a COVID-19 health directive and a 34-year-old staff member was fined $ 206 for not wearing a mask.

In footage released by Queensland Police, officers at the cafe can be heard saying the compliance visits were prompted by public complaints.

“I understand you all have exemptions here?” The officer can be heard saying.

The officer can also be heard saying on the video that “under the Health Act, staff are not allowed to serve customers unless they wear a mask.”

The maximum penalty for summoning directives is $ 5,514.

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Nightclubs

Here are 10 of Edinburgh’s best nightclubs that reopened after the lockdown – as rated on TripAdvisor

Earlier this month, nightclubs across Scotland were given the green light from the Scottish government to welcome revelers to their dance floors.

It ended a scorching spell for the industry, which was forced to shut down in March 2020 due to Covid restrictions.

Some clubs are yet to reopen, but here are 10 clubs in the capital that have done so and are recommended by the Tripadvisor review site.

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Bars

Bellwether Bar has fallen fully formed into the Portland pub scene

The climb from Southeast Stark to 60th Avenue is steep. But in some ways, that makes the little hilltop pub all the more tasty for the effort.

Bellwether Bar opened in early August and honestly feels like it has completely fallen into this world. At the golden hour on a weekday, he does not feel completely of this world either.

While there was no wildfire smoke in the air, Bellwether’s back patio had a misty, romantic light. Diners ate at picnic tables shaded by hanging white umbrellas, surrounded by freshly planted flowering bushes and string lights.

Inside, huge dark-wood pub booths provided a level of seclusion despite the expected din from the high ceilings of the main room. No specific conversation stands out from its neighbors, but with such ceilings you have to expect a semi-constant roar. The front door that Bellwether left open for Stark probably didn’t help with the acoustics, but the breeze path from the entrance to the patio was well past the reclaimed oak bar.

The regal-looking bar takes up about a quarter of the front room and seems to draw people into its gravity, although the bar itself has no seats. This is the perfect place to order and prepare cocktails, so there is always energy behind, cocktails at Bellwether being one of the main goals of the bar.

Bellwether’s cocktails are equally named, numbered 1 through 8. The 1 is a perfect summer cocktail: rye whiskey, vermouth, grenadine cranberry and salt, served with a lemon twist. Not too sweet, the tangy little number is like a strong, talkative friend whose cheerful energy you can’t help but find.

Craft beers and a selection of wines from the menu are also on the menu: Ex Novo Eliot IPA and Rosenstadt Kölsch, both on tap during our visit, among others. Where Bellwether’s cocktails shy away from smart titles, their wines take over. The selection includes an orange wine for beginners and an orange wine for the brave. For our needs, we enjoyed the adventurous red, which was earthy and juicy without overpowering any of our snacks.

Snacks are where Bellwether really maintains its food menu. For starters, there are only three options: a bacon cheeseburger, seared chicken thighs, and a completely lush vandouvan curry, served with a spicy crème fraîche.

The portions are not overwhelming and we recommend dividing and sharing them with items on the small plate menu. Considering that Bellwether brought in Olympia Provisions Chef Alex Yoder to plan their menu, we shouldn’t have been surprised that the meat platter was a delight of oily, pickled and mustard flavors that were easy to eat. mix and match. The chicory salad was light and robust, but the blue cheese dressing imparted rich notes throughout. It was like being haunted by something tasty in a bright forest.

If this review sounds like praise, it’s because it is. I don’t remember the last pub I liked as much as Bellwether. What it brings is on top of what a casual meal can be and flirts with the breakthrough into something more refined.

TO DRINK: Bellwether, 6031 SE Stark St., instagram.com/bellwetherbarco. 4 pm-11pm every day.



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Cafes

Palestinian twins open cafe in converted West Bank jet

RAMALLAH, West Bank (AP) – Few Palestinians in the occupied West Bank can board a plane these days. The territory does not have a civilian airport and those who can afford a plane ticket must fly to neighboring Jordan. But just outside the northern city of Nablus, a pair of twins are giving people the next best thing.

Khamis al-Sairafi and his brother Ata have converted an old Boeing 707 into a cafe and restaurant where customers can board.

“Ninety-nine percent of Palestinians have never used an airplane. Only our ambassadors, diplomats, ministers and mayors use them. Now they see a plane and it is something for them, ”said Khamis al-Sairafi.

After a quarter of a century of efforts, the brothers opened on July 21 “The restaurant and cafe of the Palestinian-Jordanian airline al-Sairafi”.

Families, friends and couples showed up for a drink in the cafe located under the body of the plane. Many more came to take photos inside at the cost of five shekels (around $ 1.50) per person.

Customers said they were motivated to visit after seeing photos of the refurbished plane circulating online. “I’ve wanted to see this place for a long time. I would have liked to see this place before it was turned into a cafe, ”said client Majdi Khalid.

For years, the airliner has sat along a major highway in the northern West Bank, providing endless talk to passers-by bewildered by its towering presence.

The identically dressed 60-year-old twins dream of turning the plane into a cafe and restaurant was born in the late 1990s when Khamis saw the abandoned Boeing plane near the northern town of Safed. from Israel.

At the time, the plane already had an illustrious history. The plane was used by the Israeli government from 1961 to 1993 and carried then Prime Minister Menachem Begin to the United States in 1978 to sign Israel’s historic peace agreement with Egypt, according to Channel 12.

It was later bought by three Israeli business partners who dreamed of turning it into a restaurant, but the project was scrapped due to disagreements with local authorities, the station said.

After finding one of the owners, the brothers agreed to buy it for $ 100,000 in 1999. They spent an additional $ 50,000 on licenses, permits and transporting it to the West Bank.

Khamis said the mayor of Nablus, Ghassan Shakaa, quickly approved the transport and refurbishment of the plane.

The plane’s trip to Nablus took 13 hours, requiring the dismantling of the wings and the temporary closure of roads in Israel and the West Bank. At the time, Israel and the Palestinians were engaged in peace talks, and going back and forth was relatively easy.

The al-Sairafi brothers were successful traders and scrap dealers. They traveled regularly to and from Israel to buy pieces of metal which they sold and then smelt in the West Bank. They also owned a successful waste disposal business and used their income to build an amusement park – including a swimming pool and concert hall – on the same land where the plane was placed.

But they said their project was put on hold after the outbreak of the second Palestinian uprising in late 2000.

An Israeli military checkpoint was built nearby, they said, preventing customers from the nearby city of Nablus from reaching the site. The checkpoint remained for three years and the IDF took over the site. The project collapsed.

“They even built tents under the wings of the plane,” said Ata al-Sairafi.

The Israeli military did not respond to a request for comment.

For nearly 20 years, the aircraft and the site were abandoned. After the uprising disappeared in the mid-2000s, the brothers got rid of their waste disposal business and the small Nablus amusement park they opened in 2007.

After more than a decade of savings, they decided in 2020 to start rebuilding what they lost, this time starting with the refurbishment of the aircraft. The coronavirus crisis, which included multiple lockdowns, hit the Palestinian economy hard and caused further delays.

After months of work, the aircraft is almost ready for full service. The interior is freshly painted, fitted with electricity and nine tables, and the doors are connected to two old gangways allowing guests to board safely. The nose of the plane was painted in the colors of the Palestinian flag and the tail in the Jordanian colors.

The cafe is already open and the brothers hope to open the restaurant next month. They plan to install a kitchen under the body of the plane to serve food to customers on board.

However, their long-term goal of rebuilding the amusement park and swimming pool remains a long way off. The couple said they were disappointed they had not received financial support from the municipality and were looking for investors.

“God willing, I hope the project will work and become the best it can be,” said Ata al-Sairafi.

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Eatery Business

Equinix, Inc. — Moody’s assigns Baa3 rating to Equinix’s proposed senior unsecured notes

Equinix, Inc. — Moody’s assigns Baa3 rating to Equinix’s proposed senior unsecured notes

Rating Action: Moody’s assigns Baa3 rating to Equinix’s proposed senior unsecured notesGlobal Credit Research – 24 Feb 2021New York, February 24, 2021 — Moody’s Investors Service (Moody’s) has assigned a Baa3 rating to Equinix, Inc.’s (Equinix) proposed Eurodollar senior unsecured notes expected to be issued in two separate maturity tranches. Net proceeds from the offering will be allocated to a portfolio of eligible green projects including green buildings, renewable energy, energy efficiency and sustainable water and wastewater management investments. Pending the full allocation of proceeds towards eligible green projects, a portion of the net proceeds is expected to be used to retire existing senior unsecured debt. The Baa3 rating is in line with the existing rating for Equinix’s unsecured debt class. The company’s bank facilities (unrated) are unsecured obligations and rank pari passu with the unsecured notes. All other ratings, including Equinix’s Baa3 rating on the company’s existing senior unsecured notes, are unaffected by the proposed transaction. The outlook is stable.Assignments:..Issuer: Equinix, Inc…..Senior Unsecured Regular Bond/Debenture, Assigned Baa3RATINGS RATIONALEEquinix’s Baa3 senior unsecured rating is supported by Equinix’s position as the leading global independent data center operator offering carrier-neutral data center and interconnection services to large enterprises, content distributors and global internet companies. Equinix benefits from its global competitive position, increasing asset coverage, and more disciplined and balanced debt and equity funding strategy to support organic and M&A-driven business growth and to fund annual cash flow deficits due to high capital spending and steadily rising dividend payments associated with its real estate investment trust (REIT) tax status. Moody’s notes that Equinix’s dividend payout ratio as a percentage of adjusted funds from operations (AFFO), a non-GAAP financial measure commonly used in the REIT industry, has historically been in the mid 40% range which is more conservative relative to many other REITS.The company’s credit profile also incorporates still favorable near-term growth trends for data center services across the world, the company’s stable base of contracted recurring revenue, low churn, scale and strategic real estate holdings in key communications hubs. Equinix’s substantial asset portfolio and qualitative business strengths are supportive of higher leverage tolerance for its rating. These positive factors are offset by significant industry risks as data center business models continue to evolve, intense competition from strategic and financial operators, relatively high capital intensity and a history of opportunistic M&A which could delay more significant deleveraging if primarily debt funded.Equinix has good liquidity for the next 12-18 months. As of December 30, 2020, the company has approximately $1.6 billion of cash on hand and approximately $1.9 billion available under its $2 billion revolver. Moody’s estimates that Equinix will pay around $1 billion in cash dividends during 2021, growing in future periods. Moody’s expects dividends will exceed internally generated cash and capital spending for at least the next two years, and that the company will continue to rely upon a balanced mix of debt and equity capital to finance these annual deficits. Equinix has a $1.5 billion at-the-market (ATM) equity offering program currently available to optimized equity capital raises. Although unlikely, Equinix also has the option of sale leasebacks of its facilities to generate additional liquidity.The stable outlook reflects Moody’s belief that net leverage will fall towards 4.5x (Moody’s adjusted) over the next 12 to 18 months. Moody’s expects Equinix will continue to fund growth and cash flow deficits with a prudent and balanced mix of debt and equity capital.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSMoody’s could upgrade Equinix’s ratings if net leverage is expected to be sustained below 4.5x (Moody’s adjusted), the company continues to use a meaningful amount of equity to fund its annual cash deficits and operating performance is expected to remain strong.Moody’s could downgrade Equinix’s ratings if net leverage is sustained above 5.0x (Moody’s adjusted) for an extended time frame, if liquidity deteriorates or if the company’s operating environment sustainably deteriorates due to competitive or other factors.The principal methodology used in these ratings was Communications Infrastructure Industry published in September 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1076924. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Headquartered in Redwood City, CA, Equinix, Inc. is the largest publicly traded carrier-neutral data center provider in the world with 227 data centers operating in 63 metro markets across the Americas, EMEA and Asia-Pacific. With the most networks, clouds and IT services companies on one platform, Equinix connects its more than 9,500 customers to their customers and partners utilizing over 1,800 networks.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Neil Mack, CFA Vice President – Senior Analyst Corporate Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Lenny J. Ajzenman Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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Vedanta Resources Finance II Plc — Moody’s downgrades Vedanta Resources’ CFR to B2, senior unsecured notes to Caa1; all ratings remain under review for downgrade

Vedanta Resources Finance II Plc — Moody’s downgrades Vedanta Resources’ CFR to B2, senior unsecured notes to Caa1; all ratings remain under review for downgrade

Rating Action: Moody’s downgrades Vedanta Resources’ CFR to B2, senior unsecured notes to Caa1; all ratings remain under review for downgrade

Global Credit Research – 03 Dec 2020

Singapore, December 03, 2020 — Moody’s Investors Service has downgraded the corporate family rating (CFR) of Vedanta Resources Limited (VRL) to B2 from B1. Moody’s has also downgraded the ratings on the senior unsecured bonds issued by VRL and those issued by Vedanta Resources Finance II Plc (VRF) and guaranteed by VRL to Caa1 from B3.

All ratings remain under review for further downgrade.

“The downgrade primarily reflects the holding company VRL’s persistently weak liquidity and high refinancing needs amid growing signs of an aggressive risk appetite, with implications for the company’s financial strategy and risk management, a key component of our governance risk assessment framework,” says Kaustubh Chaubal a Moody’s Vice President and Senior Credit Officer.

Today’s rating action also considers the impact of the company’s governance practices on its credit profile, which Moody’s regard as credit negative.

RATINGS RATIONALE

Holdco VRL’s liquidity is severely challenged with $2.8 billion of its debt maturing from January 2021 through June 2022, including intercompany debt maturities of $507 million and a $325 million debt maturity at VRL’s sole shareholder Volcan Investments, which Moody’s expects to be serviced out of VRL group cash flows. Further weakening the holdco’s liquidity is an estimated $470 million of annual interest expense. And following the upstreaming of the intercompany loan from Cairn India Holdings Limited (CIHL) earlier this fiscal year and VDL’s commitment to investors that no further intercompany loans will be extended without approval from the VDL board, cash movement options from operating subsidiaries to the holdcos may be restricted to dividends and a nominal management/branding fee from its operating subsidiaries. However, Moody’s cautions that the group’s complex structure with less than 100% shareholding in key operating and cash rich subsidiaries, restricts the amounts of such dividends.

“VRL’s funding access had been underpinned by continued support from Indian and multinational banks not only at the operating entities, but also at various holding companies,” adds Chaubal, who is also Moody’s Lead Analyst for VRL. “However, VRL had to repay its $425 million debt maturity from one of its relationship banks, as opposed to rolling it over or refinancing it with other long-term debt, a sign of reduced bank support.”

On 20 November, VRL announced it had appointed a top-15 accountancy firm, MHA Maclntyre Hudson as its statutory auditors for the fiscal year ending 31 March 2021 (fiscal 2021) following Ernst & Young’s — the company’s former statutory auditors — decision not to be reappointed as auditors. Ernst & Young were statutory auditors of VRL for the fiscal years 2017 through 2020 and had issued a qualified audit report for fiscal 2020. However, the exiting auditor has confirmed that there were no reasons or matters that need to be brought to the attention of the members/creditors of the company in connection with them ceasing to hold office.

S R Batliboi & Co and other Ernst and Young member firms continue as statutory auditors of VRL’s 50.1% owned subsidiary Vedanta Limited (VDL) and its subsidiaries. However, VDL’s unaudited interim financial statements for fiscal 2021 also contain a qualified conclusion from the auditors pertaining to the $956 million intercompany loan from VDL’s wholly owned subsidiary CIHL to holdco VRL.

Earlier in November, VDL announced that one of its independent directors resigned for personal reasons, marking the fourth senior departure in 2020. Departures in the senior management/board at such frequent intervals can be alarming, especially at a time when the company’s liquidity is weak, statutory auditors opt not to be reelected and are providing qualified reports and qualified conclusions.

Further adding pressure to VRL’s credit profile is an accident in November at one of its mines in Gamsberg, South Africa, where mining activity remains suspended due to a geotechnical failure. The geotechnical failure trapped 10 of the company’s employees, killing two. With 108,000 tons of zinc production in fiscal 2020, the Gamsberg mine is relatively small and the suspension in its mining is unlikely to meaningfully dent VRL’s consolidated earnings or cash flow generation. Even so, the accident underscores social risks, with plausible implications for the company’s globally diversified mining operations.

Meanwhile, VDL’s operations continued to improve steadily with performance in the second quarter of the fiscal year ending March 2021 (Q2 fiscal 2021) significantly higher than Q1 fiscal 2021. More importantly, against consolidated revenues and operating EBITDA of $4.9 billion and $1.6 billion respectively in H1 fiscal 2021, Moody’s expects VDL to achieve consolidated revenues of $9.5 billion – $10.0 billion and consolidated EBITDA of $3.5 billion – $3.6 billion in full year fiscal 2021. With these operating metrics, Moody’s expects VRL’s consolidated adjusted debt/EBITDA leverage at March 2021 to marginally improve to less than 5.0x from around 5.5x in September 2020 and 5.3x in March 2020.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody’s expects to conclude the review within 90 days. The ratings review will focus on VRL’s ability to refinance its upcoming debt maturities in a timely manner with long-term debt.

An upgrade is unlikely, given the review for downgrade. However, Moody’s could conclude its review for downgrade and confirm all ratings if VRL successfully simplifies its complex group structure and refinances its upcoming debt maturities, in particular its bank loans, with long-term debt and also addresses the $670 million maturity of the June 2021 notes.

The ratings could be downgraded if the company fails to secure a firm refinancing plan, if there are further signs of reduced bank support, or if the company undertakes a large debt-financed acquisition without any immediate and meaningful impact on earnings.

The principal methodology used in these ratings was Mining published in September 2018 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1089739. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Vedanta Resources Limited, headquartered in London, is a diversified resources company with interests mainly in India. Its main operations are held by Vedanta Ltd, a 50.1%-owned subsidiary. Through Vedanta Resources’ various operating subsidiaries, the group produces oil and gas, zinc, lead, silver, aluminum, iron ore and power.

Delisted from the London Stock Exchange in October 2018, Vedanta Resources is now wholly owned by Volcan Investments Ltd. Founder chairman of Vedanta Resources, Anil Agarwal, and his family, are the key shareholders of Volcan.

For the fiscal year ending 31 March 2020, Vedanta Resources generated revenues of USD11.8 billion and adjusted EBITDA of USD3.4 billion.

REGULATORY DISCLOSURES

For further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Kaustubh Chaubal VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Ian Lewis Associate Managing Director Corporate Finance Group JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Releasing Office: Moody's Investors Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077

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Bars

Modern Meat Partners with Real Vison to Produce Performance Bars and Plant-Based Meal Kits for High Performance Cognitive Athletes, Students and High Tension Mental Activities

Modern Meat Partners with Real Vison to Produce Performance Bars and Plant-Based Meal Kits for High Performance Cognitive Athletes, Students and High Tension Mental Activities

VANCOUVER, BC, August 25, 2021 / CNW / – Modern Plant-Based Foods Inc., (CSE: MEAT) (“Modern Plant-Based Foods”) or (the “Company”), an award-winning plant-based food company, is pleased to announce that its meat alternatives brand, Modern Meat, has entered into a partnership agreement with Real Vision Foods, LLC (“Real Vision”), a natural food manufacturer capable of producing and distributing high volumes of Modern Meat’s proprietary herbal bars and meals for high performance cognitive athletes.

Modern Plant Based Foods Inc. (CNW Group / Modern Plant Based Foods Inc.)

Real Vision creates products with exceptional taste and nutritional density through a selective supply of biodiverse ingredients, which has a positive social, economic and environmental impact throughout the supply chain. Its management team has over 100 years of experience working with companies such as General Mills, Pepsi and Yum Restaurants. Managers have supplied over 250 different storage units to the retail, mass merchandise and club store supply chain, with branded and private label applications in United States and Canada.

“Currently on the market, there are many food and supplement choices available for athletes involved in physical activities that promote muscle growth, recovery and endurance. However, we have identified a gap in the market. We recognize that the diet of high performance cognitive athletes should be similar to that of other competitive athletes, but they also require additional nutrients, which will increase circulation to the brain. by maintaining the blood sugar level of the body ”, explains Tara Haddad, Founder and CEO of Modern Plant-Based Foods.

A recent study has shown that the amount of cortisol produced by a cognitive athlete is about the same as that of a racing car driver, this combined with a high pulse sometimes as high as 160 to 180 beats per minute, which is equivalent to what happens in a very fast race, almost a marathon. In turn, opinion has shown that contemporary sports are just as demanding as most other types of sports, if not more demanding.

“We are committing to a time when herbal alternatives are a priority for many consumers. The size of the global dietary supplements market has been estimated to be $ 140.36 billion in 2020 and should reach $ 151.85 billion in 2021 with sustained growth trends leading to herbal alternatives. We have already identified suitors and potential customers for these nutritious plant-based bars and meals and discussions are underway to ensure scalability and wide distribution. This joint venture with Real Vision will be effective immediately and plans to roll out products through e-commerce and retail by the end of the year, ”Tara said.

About modern plant-based foods

Modern Plant-Based Foods is a Canadian food company based in Vancouver, British Columbia, which offers a portfolio of plant-based products, including meat and dairy-free alternatives, soups and vegan snacks. Our products are available in select restaurants and retailers across Canada including our own modern wellness bars located in Vancouver. We take a holistic approach to plant-based life and understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. We want people to feel good about the food they eat, which is why we deliberately choose ingredients that are soy, gluten, nut and GMO free.

Our mission is to change the way food is produced and consumed for the benefit of people, animals and the environment by using natural, plant-based ingredients.

Caution regarding forward-looking information

This press release includes certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding: the Company and the business and prospects of the Company; the objectives, goals or future plans of the Company; the Company’s sales growth, planned expansion, brand awareness of the Company, increased market penetration and distribution, as well as the Company’s business, operations, management and capitalization. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to: general business, economic and social uncertainties; the local and global market and economic uncertainties arising from the COVID-19 pandemic; litigation, availability of key product ingredients, legislative, environmental and other legal, regulatory, political and competitive developments; the ability to effectively expand manufacturing and production capacity; the ability to secure retail partners to distribute the company’s products, the success of market initiatives and the ability to grow brand awareness; the ability to attract, maintain and expand relationships with key strategic restoration and restoration partners; our ability to predict consumer taste preferences; delay or failure to receive regulatory approvals; the adequacy of our cash flow to meet liquidity needs; the additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this press release. Accordingly, the forward-looking statements discussed in this press release may not occur and could differ materially due to such known and unknown risk factors and uncertainties affecting the Company. Although the Company believes that the assumptions and factors used in the preparation of forward-looking statements are reasonable, one should not place undue reliance on such statements, which speak only as of the date of this press release, and no No guarantee can be given that these events will occur within the disclosed time frame or not at all. Except as required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Modern Plant-Based Foods Inc.

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