Evergrande's crisis continues: $2 billion seized, earnings delayed
CNN
Banks have seized $2 billion in cash from Evergrande, the ailing Chinese real estate developer said Tuesday as it announced a delay to the publication of its annual earnings.
Evergrande said that it won't be able to meet the March 31 deadline for publishing audited results for 2021, a year which saw it default on its debts as prices and activity in China's vast real estate sector slumped.
One of its units — Evergrande Property Services — said some of its lenders had unexpectedly claimed around 13.4 billion yuan ($2.1 billion) of its bank deposits that were pledged as collateral for "third party guarantees."
Santa’s checking his list, elves in tow, as a model sailboat and selection of beach tees hang on the wall behind him. Strands of garlands drape across the ceiling as racks of women’s summer wear sit below.
Huawei has unveiled a new flagship phone boasting entirely homegrown software which aims to give users an alternative to Google’s Android or Apple’s iOS, in another effort by the Chinese tech giant to defend against possible further sanctions by Washington.
Walmart, the largest private employer in the United States, will curb some diversity, equity and inclusion (DEI) efforts. It’s the latest company to backtrack on diversity initiatives in the face of right-wing pressure.
Kohl’s announced its CEO Tom Kingsbury will step down on January 15, 2025, and will be replaced by the CEO of arts and crafts retailer Michaels.
Microsoft said Monday that it has identified the cause of a major Outlook and Teams outage, and is deploying a fix to the problem.
Thyssenkrupp Steel has announced plans to eliminate 11,000 jobs by the end of this decade — about 40% of its workforce — becoming the latest German industrial giant to opt for drastic action to prop up its fortunes.
Elon Musk has called MSNBC “the utter scum of the Earth.” He has said the channel “peddles puerile propaganda.” Just a few days ago he said, “MSNBC is going down.” And now he is posting memes about buying the channel.
Macy’s announced Monday that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report, which the retailer had planned to release Tuesday.
Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures.
Unless you’re lucky enough to have a defined-benefit pension on top of Social Security when you retire — which most US private-sector workers will not — figuring out how to make your money last in retirement can be nerve-wracking.
Iced coffee just isn’t the same when you make it at home. It quickly waters down, tastes bitter and simply doesn’t emulate what you pay a barista upwards of $8 for.