Hints and tips:
...Roman Kramarchuk, head of future energy analytics at S&P Global Commodity Insights, said policy changes linked to COP28 were “inherently a long-term story”....
...Shares in the group, whose chair Hui Ka Yan was once China’s richest man, have plunged 64 per cent this year as Beijing has tightened restrictions on leverage in the property market....
...This sexy bit of economic jargon was first coined by Nomura’s Richard Koo to describe Japan’s lost decade(s), but is most commonly known as “Japanification”....
...The US’s blue-chip S&P 500 index was up 0.2 per cent in mid-morning in New York. Mainland Chinese markets remained closed for a national holiday....
...London’s most expensive home ‘owned by Evergrande founder’ The 45-room mansion overlooking Hyde Park is owned by Hui Ka Yan, the head of the embattled Chinese property group and formerly China’s richest...
...From 1965’s Tragodeia, a series of Dionysian rites structured around the form of an ancient Greek choral ode, to 2012’s Moth Requiem, in which a life-long fascination with the butterfly’s ill-starred cousins...
...Liu Yan, deputy secretary-general of China Automobile Industry Association, bluntly said that reliance on imported chips “pose[s] a fatal threat to the auto industry and the national economy”....
...Rating agency S&P said late on Tuesday the payment demand would not likely constitute a default event yet. “Regardless, we believe that default looks inevitable for Evergrande,” analysts wrote....
...The potential land grabs could deal yet another blow to Evergrande chair Hui Ka Yan, China’s richest man as recently as 2017....
...S&P estimates Rmb100bn ($15.4bn) of them come due this year....
...Chair Hui Ka Yan was summoned by Chinese government officials last Friday after the property developer warned it might not be able to meet its financial obligations....
...Evergrande’s stock is down 62 per cent this year, hitting the wealth of chair Hui Ka Yan, formerly China’s richest man....
...S&P Global Ratings the same month downgraded the company’s credit rating to triple C, deeper into speculative territory....
...Pro-Beijing lawyers told Chinese state media outlet Global Times that it was now established that terrorist acts in Hong Kong were “violent act[s] done with a political agenda in mind”....
...But last week, S&P Global Ratings downgraded Evergrande deeper into speculative grade and said the company’s liquidity position was “eroding more quickly and by more than we previously expected”....
...Anticipated for years because of its vast debts, a restructuring at Evergrande would still be a striking turnround for a company whose rapid growth made its chair and founder Hui Ka Yan China’s richest man...
...The stock price tumble has been a blow to chair Hui Ka Yan, who was once China’s richest man, and has seen his fortune plunge from almost $40bn in July 2020 to $11.2bn, according to Bloomberg data....
...That marked the latest blow for Hui Ka Yan, who was once China’s richest person, thanks to Evergrande’s role in China’s sweeping waves of urbanisation....
...“We don’t really have a lot of time,” said Matthew Chow, an analyst at S&P, pointing to debts coming due in March and April....
...S&P, which expects a default, does not anticipate direct government involvement but expects Beijing will seek an “orderly restructuring”....
...And when Moody’s downgraded the world’s most indebted property developer on Tuesday, investors were reminded of two separate downgrades from the rating agencies Fitch and S&P Global Ratings, among others...
...While Evergrande’s chair, Hui Ka Yan, has sought to reassure staff the company will “walk out of its darkest moment”, many find it difficult to see how....
...There are no asylum figures yet for 2020’s fourth quarter, when many Hong Kongers are likely to have arrived....
...That’s one reason why the biggest US private capital companies have tripled in value since the lows seen during spring 2020’s Covid-induced market sell-off....
...“Tesla’s bitcoin investment does not have an impact on its ESG score,” said S&P Global....
International Edition