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☆ Glass Lewis endorses 6 of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Activist investor Ancora received a powerful endorsement in its efforts to secure a board change and to oust Norfolk Southern CEO Alan Shaw on Monday, when proxy advisor Glass Lewis recommended the railroad's shareholders vote for 6 of Ancora's board nominees. "We believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company's current leadership," Glass Lewis said in its report. Furthermore, Glass Lewis said Barber, Ancora's pick for CEO, and Jamie Boychuk, the activist's pick for COO, "have compelling credentials and track records." Ancora also seeks to install former CSX executive Boychuk as Barber's chief operating officer. Their support, coupled with Glass Lewis' endorsement, gives the activist powerful ammunition as it seeks to convince shareholders.

Persons: Ancora, Alan Shaw, Glass Lewis, Betsy Akins, Jim Barber, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, Shaw, Amy Miles, Barber, Ancora's, Jamie Boychuk, Boychuk, John Orr Organizations: Norfolk Southern, Teamster, UPS, CNBC, CSX, Canadian National, CN, NSC, Norfolk Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Exxon, Coinbase, Cava, Alphabet, Amazon, Block & more
▼ + stars: | 2024-04-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America reiterates Nvidia as buy Bank of America said it's sticking with the stock as a top pick. Mizuho reiterates Block as buy Mizuho raised its price target on the payment company to $106 per share from $99. Bank of America reiterates Coinbase as underperform. Bank of America reiterates Alphabet as buy Bank of America said "AI innovation [was] on display" at the company's Google Cloud Next event. " Deutsche Bank reiterates Amazon as buy Deutsche said the company is a top pick heading into earnings. "

Persons: Morgan Stanley, Piper Sandler, Tesla, Piper, Zillow, Jefferies, Mizuho, Goldman Sachs, Goldman, TD Cowen, Cowen, William Blair, Vital, Canaccord, Truist Organizations: NVIDIA, " Bank of America, Nvidia, Bank of America, Jefferies, Mizuho, SEC, Barclays, Google, Citi, Pharma, Chevron, Exxon, Vital, Argus, Motors, of America, Deutsche Bank, Amazon, Deutsche, E Corp, National, CN Locations: FCFS, Cava, CAVA, Albemarle, 1Q24, OW

☆ U.S. defense companies are looking at Congress for more funding for Ukraine
▼ + stars: | 2024-04-09 | by ( Emily Wilkins | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. defense companies are looking at Congress for more funding for UkraineCNBC's Emily Wilkins joins 'Power Lunch' to discuss the challenges with Ukraine funding from the U.S. for defense suppliers.CN

Persons: Emily Wilkins, suppliers.CN Organizations: U.S, Ukraine Locations: Ukraine

STR | AFP | Getty ImagesIn the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard overseas despite rising barriers to the U.S. market. Given policy uncertainty around Chinese EV exports to major markets like the U.S. and Europe, BYD is seeking to bolster overseas sales by moving production to regions perceived as more friendly. The U.S. has tried to support adoption of electric cars domestically, but sales penetration is well below that of China. EY predicts the electric car market in the region will grow exponentially to at least $80 billion a year in sales in the next decade. The rapid growth of BYD and other Chinese electric car companies has other automakers worried.

Persons: Tesla, BYD, Xiao Feng, Biden, it's, EY, Alvin Liu, Liu, BYD's, Sime Darby, Stella Li, Reuters BYD, Bill Russo, CNBC's, Li Organizations: AFP, Getty, Toyota, Counterpoint Research, Tesla, Sime, Americas, Reuters, Alliance for American Manufacturing, U.S Locations: Taicang Port, Suzhou, China's, Jiangsu, U.S, Shenzhen, Europe, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, China, Marklines, Southeast Asia, Singapore, Philippines, Malaysia, Mexico, Americas, North America, United States, Canada, Washington

☆ If the US bans TikTok, China will be getting a taste of its own medicine
▼ + stars: | 2024-03-14 | by ( Laura He | ) edition.cnn.com time to read: +7 min

But American apps have long been barred in China. “The TikTok bill appears likely to become law and China’s displeasure seems ironic, if not hypocritical, given its stance toward American social apps,” said Brock Silvers, managing director at Kaiyuan Capital. The Chinese government has said it strongly opposes a forced sale of TikTok, and it has the legal ability to do so. A man walks past the headquarters of ByteDance, the parent company of TikTok, in Beijing. “While China has completely banned [these] American apps, TikTok enjoys all the benefits of America’s free and open legal and political systems,” he said.

Persons: Hong Kong CNN — TikTok, ByteDance doesn’t, Wang Wenbin, ”, Brock Silvers, Wang, Joe Biden, TikTok, CNN Beijing’s, Trump, Greg Baker, “, Winston Ma, Silvers, Alex Capri, Craig Singleton, “ We’ve, ” Capri Organizations: Hong Kong CNN, US, Foreign Ministry, Google, Kaiyuan, Chinese Commerce Ministry, ByteDance, Trump, CNN, Commerce Ministry, Getty, New York University School of Law, Foundation, National University of Singapore Business School, Foundation for Defense of Democracies, Weibo, Twitter, Facebook Locations: China, Hong Kong, United States, Beijing, TikTok, ByteDance, AFP, Washington, Washington , DC

☆ China’s coast guard has triggered ‘panic’ in Taiwan. That’s only part of Beijing’s plan
▼ + stars: | 2024-02-21 | by ( Nectar Gan | Wayne Chang | ) edition.cnn.com time to read: +7 min

“It’s super scary,” a passenger told Taiwan’s United Daily News in a video upon returning to shore under the escort of a Taiwanese coast guard ship on Monday. “(The Chinese coast guard) chose a tourist vessel because it’s high profile – you would expect lots of people on the boat with cameras and phones,” he said. The stakes are high, as the increased presence and closer proximity of Chinese and Taiwanese coast guard vessels raise the specter of miscalculations that could potentially spiral into open conflict. Speaking to reporters about the inspection by the Chinese coast guard, Taiwan’s Defense Minister Chiu Kuo-kcheng highlighted such risks, saying the defense ministry is “very concerned” about potential miscalculations. Taiwan's coast guard inspects a vessel that capsized during a chase off the coast of Kinmen on February 14, 2024.

Persons: King Xia, ” Kuan, Taiwan’s, Ian Chong, Chong, ”, “ They’re, Chiu Kuo, Lai Ching, China’s, Nancy Pelosi’s, Tian Feilong, It’s, Tian, “, Lai Organizations: Taipei CNN, Taiwan’s United Daily News, Taiwan’s Ocean Affairs Council, Democratic Progressive Party, National University of Singapore, South China, Taiwan’s, Taiwan Coast Guard Administration Locations: Hong Kong, Taipei, Taiwanese, Kinmen, China’s, Beijing, Taiwan, Xiamen, China, East, South, Taiwan's, Nauru, Taiwan Strait

☆ Why China poses a growing threat to the U.S. auto industry
▼ + stars: | 2024-01-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Tesla CEO Elon Musk, whose company operates a large plant in China, has said Chinese automakers are the greatest competitors for his Texas-based company. "They were 26% [market share] a few years ago, up to more than 50% in 2022 and headed towards two-thirds by the end of the decade." Chinese companies have begun expanding into Mexico, Europe and elsewhere, Wakefield said. The EU believes Chinese EVs are undercutting the prices of local models by about 20% in the European market. The influx of Chinese EVs has spurred the European Union to launch into government support for the industry.

Persons: —, Carlos Tavares, Elon Musk, Tesla, Musk, BYD, Massimo Pinca, Reuters BYD, Kristin Dziczek, Mathew Vachaparampil, Bernstein, Eunice Lee, Mark Wakefield, Evelyn Cheng, hasn't, Wakefield, That's Organizations: GM, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, DETROIT, American, of, SAIC, Dongfeng, General Motors, U.S . Bureau, Analysis, America —, Chrysler, America's GM, Ford Motor, automakers, The New York Times, Economist, Reuters, Federal Reserve Bank of Chicago's, Caresoft, Overseas, Chicago, CNBC, European Union, EU, Union, Volvo, Karma, Ford, U.S, Buick, Lincoln Nautilus Locations: Shanghai, U.S, of China, Asia, Europe, China, Japan, Nio, Mexico, Korea, Germany, Beijing, Texas, Turin, Italy, Federal Reserve Bank of Chicago's Detroit, AlixPartners, Russia, America

☆ BYD beats Tesla for a second straight year after producing more than 3 million cars in 2023
▼ + stars: | 2024-01-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Arjun Kharpal | CNBCBEIJING — BYD produced more than 3 million new energy vehicles in 2023, surpassing Tesla 's production for a second straight year. Tesla said Tuesday it produced 1.84 million cars in 2023. While total production surpassed Tesla, BYD manufactured 1.6 million battery-only passenger cars and 1.4 million hybrids, putting Tesla on top for battery-only production. Stock Chart Icon Stock chart iconEven though it surpassed the 3 million mark, BYD's annual sales slightly missed CLSA's expectations for 3.05 million vehicles. BYD said it sold 3.02 million new energy vehicles in 2023.

Persons: BYD, Arjun Kharpal, Tesla, Elon, Aito, Geely, Zeekr, Nezha, Joel Ying, — CNBC's Michael Bloom Organizations: CNBC BEIJING, Elon Musk's, Monday, Overseas, CNBC, EV, China, EU Locations: Europe, Munich, Germany, China, Hong Kong, Hungary

☆ Solo passenger says it was 'downright humiliating' to give up his emergency row seat so a couple could sit together
▼ + stars: | 2023-12-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Todd Plummer wrote for Condé Nast Traveler about having to give up his exit-row seat. The agent said it was double booked, and another passenger was traveling with a woman sat across the aisle. AdvertisementA Turkish Airlines passenger said he felt humiliated after giving up his exit-row seat so a couple could sit next to each other. Writing for Condé Nast Traveler, Todd Plummer said he was "delighted" to be assigned the seat with extra legroom, especially given he's 6 feet 2 inches tall. "Something about publicly singling me out as a solo traveler who should move to an inferior seat was disappointing, irritating, and downright humiliating," he wrote.

Persons: Todd Plummer, Condé, Plummer, — Organizations: Service, Turkish Airlines Locations: Istanbul, Mount Kilimanjaro

☆ The US Air Force is training to take down Chinese warships, but China's military has built a 'wicked' problem for it to overcome
▼ + stars: | 2023-11-13 | by ( Christopher Woody | ) www.businessinsider.com time to read: +12 min

That's not a new task for the US Air Force, but it faces a 'wicked' threat from China's air defenses. AdvertisementAdvertisementThe US Air Force is working on improving its ability to sink well-defended warships, a reflection of the US military's concern about the growing size and increasing capability of China's navy. US Naval History and Heritage CommandUS pilots have trained to sink warships since the early 1920s, well before the Air Force's founding in 1947. US Air Force A-10s at Naval Air Station North Island in California for Green Flag-West in November 2022. Wilsbach said in September that training by Pacific Air Forces has emphasized "stacking effects" to bring more weapons to bear.

Persons: That's, —, Nancy Pelosi's, Pelosi, Gen, Kenneth Wilsbach, we've, Wilsbach, Sun, Brendan Mulvaney, Mulvaney, eng.chinamil.com.cn, Yang Yunxiang, that's, Mark Kelly, Kelly, hasn't, Lyle Goldstein, TENGKU BAHAR, Goldstein, they've, John Baum, Baum, Zachary Rufus, Col, Daniel Lehoski, William R, Lewis, Lockheed Martin, Lindsey Heflin Organizations: US Air Force, Service, US Pacific Air Forces, an Air and Space Forces Association, China News Service, Getty, China Aerospace Studies Institute, Department of, Air Force, United, and Space Forces Conference, Air Combat Command, Defense, Heritage Command US, Air, Navy, Mitchell Institute for Aerospace Studies, Naval Air Station, Green Flag, West, US Army, Air Force Weapons, Weapons, Flag, Nellis Air Force Base, Nevada ., Pacific, US Navy, Squadron, Force, Missiles, Ship, Lockheed, Command, Lindsey Heflin Air Force, Pacific Air Forces, Army Locations: China, Taiwan, Pacific, United States, Ukraine, Asia, Hong Kong, Liaoning, Shandong, Fujian, Iraq, Afghanistan, California, Nevada

☆ Country Garden and China's housing market struggle will weigh on global growth
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s real estate market remains a drag and will put pressure on global growth. The data comes at a time when Country Garden, once the country’s biggest homebuilder, is fighting for its life. The property slowdown will impact not just China, but also global growth, the International Monetary Fund (IMF) said on Wednesday. Global impactThe IMF said China’s property downturn will weigh on global growth prospects. Country Garden issued a statement on Thursday, threatening to pursue legal action against anyone spreading “malicious rumors” about its founder fleeing the country.

Persons: Hong Kong CNN —, ”, Krishna Srinivasan, Srinivasan, Yang Huiyan, Yang Guoqiang Organizations: Hong Kong CNN, National Bureau of Statistics, International Monetary Fund, NBS, IMF, Pacific Department Locations: China, Hong Kong, Beijing, Ukraine, Asia

☆ French retailer Casino agrees initial deal to sell stake in Exito Group
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A logo of French retailerÊCasinoÊis pictured outside aÊCasinoÊsupermarket in Nantes, France, July 27, 2023. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Oct 16 (Reuters) - Indebted French supermarket chain Casino (CASP.PA) said on Monday it had agreed an initial deal to sell its stake in Latin American retailer Almacenes Exito (IMI.CN) to Grupo Calleja. Casino's board on Friday approved a pre-agreement to sell its entire stake in Almacenes Exito to Grupo Calleja, a leading grocery retailer in El Salvador, it said. Casino is in the midst of a restructuring after years of debt-fuelled acquisitions had brought it to the verge of default. The price per share may be reduced by extraordinary dividend distributions, asset transfers or similar transactions made by Exito, Casino added in a statement.

Persons: Stephane Mahe, Almacenes, Exito, Sudip Kar, Olivier Sorgho, Jacqueline Wong, Lincoln Organizations: REUTERS, Rights, Grupo Calleja, Casino, Thomson Locations: aÊCasinoÊsupermarket, Nantes, France, El Salvador, Almacenes

☆ Travelers say Tampa International is the best large airport in North America for the second year in a row
▼ + stars: | 2023-09-26 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

Power ranked the best airports in North America for 2023. Power released its annual North America Airport Satisfaction Study, which ranks large airports based on overall customer satisfaction on a 1,000-point scale. 1 large airport in North America: Tampa International AirportFor the second year in a row, Tampa International Airport is the best large airport in North America based on customer satisfaction with a score of 832/1,000. Tampa International Airport in Florida is ranked as the best large airport in North America. Education Images | Universal Images Group | Getty Images10 best large airports in North America, 2023

Organizations: Power, North, Tampa International, CN Traveler, International, American Airlines, Delta Air Lines, JetBlue, Tampa International Airport, Getty Locations: North America, America, Florida

☆ I moved from the UK to Canada and work remotely. Tipping and sales tax are the biggest culture shocks.
▼ + stars: | 2023-09-23 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Naomi Robinson, a tech management consultant, moved from the UK to Canada. She swapped London for Toronto, where she now works remotely while on a two-year visa. She broke down the visa process, her biggest cultural shocks, and how to navigate the big changes. I reached out to people on LinkedIn, who I saw had made a similar transition, and sought advice on the visa process, job market, and other crucial aspects of the move. In Toronto, I've discovered the importance of proactivity, putting myself out there, and staying authentic to who I am.

Persons: Naomi Robinson, I've, I'm, Katrin Ray Shumakov Organizations: London, Service, LinkedIn, Canadian, International Experience Canada, CN, IEC Locations: Canada, Toronto, Wall, Silicon, London, Toronto's, Toronto . London

The zoo is run by the local government, which was said to be running out of money and therefore unable to feed its charges. These vehicles are legal entities created by Chinese cities to circumvent borrowing restrictions imposed by the central government in Beijing. “Why hurt small businesses which are the weakest?”Noodle sellers in Shanghai have been fined for adding cucumber to their dishes. Last year, Beijing issued a directive forbidding local governments from imposing “arbitrary fines” to generate income, and dispatched inspection teams to check that the policy was being followed. The scale of financial stress among China’s local governments is so big that “creative” sources of income can only cover a relatively small shortfall, he said.

Persons: hadn’t, Xi Jinping’s, ”, Willy Lam, Lam, “, Aly Song, Jiemian, Logan Wright, hasn’t, Li Qiang, Steve Tsang, Joseph Cheng, —, Martha Zhou Organizations: Hong Kong CNN, Species Fund, CNN Local, China Newsweek, ” CNN, China National Radio, Washington, Jamestown Foundation, CNN, ”, Weibo, “, SOAS China, SOAS University of London, City University of Hong Locations: China, Hong Kong, Dongshan, Liaoning, Beijing, Shanghai, Henan, Huizhou, Nanchang, Qingdao, City University of Hong Kong

REUTERS/Luisa Gonzalez/File Photo Acquire Licensing RightsCompanies Ecopetrol SA FollowBOGOTA, Sept 11 (Reuters) - Colombia's government is considering revising rules to make majority state-run energy company Ecopetrol (ECO.CN) an obligatory partner in every offshore wind project, three people familiar with the matter told Reuters. If approved, the revision would make it "mandatory for Ecopetrol to take part in each offshore project," another source told Reuters. Having Ecopetrol partner up with other companies on offshore wind farms would "minimize the risks of new projects" one of the sources said, adding that the size of any given Ecopetrol stake would be "very, very small," without hinting at possible percentages. Ecopetrol's involvement in offshore wind projects would help shore up energy self sufficiency, another of the sources said. Plans to hold the bidding round to assign maritime blocks for offshore wind farms are running behind.

Persons: Luisa Gonzalez, Gustavo Petro, Colombia's, Energy Irene Velez, Andres Camacho, Oliver Griffin, Timothy Gardner Organizations: REUTERS, Reuters, The, of Mines, Energy, Thomson Locations: Bogota, Colombia, BOGOTA, Colombia's

☆ Summit Materials to buy Cementos Argos' US unit in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would buy the U.S. operations of Columbia's Cementos Argos (CCB.CN) for about $3.2 billion in cash and stock, in a deal that would make the combined entity the largest U.S.-based cement producer. Cementos Argos, the core unit of industrial conglomerate Grupo Argos (ARG.CN), will own a 31% stake in Summit and receive $1.2 billion in cash payments, subject to certain conditions. The deal, which is expected to close in the first half of 2024, could lead to annual cost savings of more than $100 million, Summit said. Shares of Summit Materials fell 7.92% in mid-day trading.

Persons: Luisa Gonzalez, Columbia's Cementos, Argos, Summit, Anne Noonan, Morgan Stanley, Ananta Agarwal, Savio D'Souza, Maju Samuel, Shweta Agarwal Organizations: REUTERS, Grupo Argos, Summit, BofA Securities, Thomson Locations: Argos, Bogota, Colombia, U.S, Mid, Atlantic, Texas, Summit

☆ Chinese electric carmakers ramp up push overseas, setting up clash with U.S., European auto giants
▼ + stars: | 2023-09-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCMunich, GERMANY — The IAA in Munich, Germany is one of Europe's most high-profile auto shows. And it was dominated by Chinese electric car firms looking to expand their presence on the continent and challenge incumbents from BMW to Ford in the new era of battery-powered vehicles. But a slowing market at home, due to tepid consumer spending after Covid-19 restrictions were lifted, coupled with an attractive market in Europe, has seen Chinese firms launch cars abroad and expand their footprint. Many of the European carmakers have been seen lagging in their push into EVs at a time when Chinese players have launched dozens of new vehicles. watch nowThe entrance of Chinese firms into Europe is seen as a threat to big automakers who have been perceived to be moving too slow on EVs.

Persons: BYD, Arjun Kharpal, Daniel Roeska, Roeska, Zhu Jiangming, Warren Buffett, Xpeng, Brian Gu, Gu, Bernstein, Tesla, Mercedes, Xpeng's Gu Organizations: CNBC, BMW, Ford, EV, Bernstein Research, Leapmotor, Tesla, IAA Locations: Europe, Munich, Germany, CNBC Munich, GERMANY, China, Hangzhou, Norway, Sweden, Denmark, Netherlands, Guangzhou, EVs

☆ Congress is gearing up for a budget showdown. From funding for student-loan repayment to Social Security benefits, here's what's at stake.
▼ + stars: | 2023-09-05 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Already, President Joe Biden has asked for short-term funding to help keep key programs running and head off a potential federal closure. Well, the federal budget year closes out on September 30. AdvertisementAdvertisementRepublicans already have conditionsHouse Speaker Kevin McCarthy has reportedly told his party members that he believes it'll be necessary to pass some sort of short-term funding measure, according to MSNBC. Senate Majority Leader Chuck Schumer similarly told MSNBC that he has met with McCarthy and the duo agreed to try and move forward with short-term funding. While the benefits would still flow, Americans relying on those programs would likely see processing delays and limited customer service.

Persons: Joe Biden, Kevin McCarthy, it'll, Chuck Schumer, McCarthy, GOPers, Donald Trump, Trump Organizations: Service, MSNBC, Republican, Justice Department, FBI, Social Security, SNAP, Management, Department of Agriculture, Assistance, Child Nutrition, Women, Children, Congressional Locations: Wall, Silicon, pare, Ukraine, Washington

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

☆ Tiananmen musical: Broadway star quits US show during China tour
▼ + stars: | 2023-08-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +5 min

CNN —A Broadway star has withdrawn from a musical about the Tiananmen Square protests weeks before its debut in the US – while he is on a concert tour in China. “I have withdrawn from the musical Tiananmen,” Piser said in a brief signed statement on Instagram. His manager Dave Brenner told CNN “there was a creative difference” that caused the actor to back out of the Tiananmen musical. Piser’s announcement came a day after his role in the Tiananmen musical was reported by Playbill, an American magazine for theater fans. The rehearsals for the Tiananmen musical start in Phoenix on September 5, according to Rose, the lead producer.

Persons: Zachary Noah Piser, “, ” Piser, Piser, –, Dave Brenner, Wu’er, ”, Jason Rose, ” Rose, Wu'er, Nicholas Kamm, Evan Hansen, Rose, Xi Jinping, Kaixi Organizations: CNN, Tiananmen, “, The Phoenix Theatre Company, Playbill, Getty, Broadway, Communist Party Locations: China, Phoenix , Arizona, Shanghai, Beijing, Hong Kong, Phoenix, American, Washington , DC, Nanjing, Chengdu, Shaanxi, Taiwan

☆ Colombia's Grupo Aval posts 75% fall in profit as bank margins fall
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

People walk in front of the Banco de Bogota, belonging to Grupo Aval, in Bogota, Colombia, October 31, 2019. REUTERS/Luisa Gonzalez/File photo Acquire Licensing RightsAug 16 (Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a securities filing on Wednesday, despite a strong boost in interest income. In the three-month period to June, net profit reached 166.2 billion pesos ($40.6 million). The financial portfolio of Grupo Aval (GAA.CN) includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN). ($1 = 4,096.08 Colombian pesos)Reporting by Noe Torres in Mexico City, Writing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez, Noe Torres, Isabel Woodford Organizations: Banco, Bogota, Grupo Aval, REUTERS, Colombian, Grupo, Banco de Bogota, Banco Popular, Banco AV Villas, Occidente, Thomson Locations: Bogota, Colombia, Colombian, Mexico City

☆ Colombian conglomerate Grupo Aval, subsidiary settle charges of violating US law
▼ + stars: | 2023-08-10 | by ( Kanishka Singh | Thomson Reuters | Kanishka Singh Is A Breaking News Reporter For Reuters In Washington Dc | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoWASHINGTON, Aug 10 (Reuters) - Colombian conglomerate Grupo Aval (GAA.CN) and its bank subsidiary will pay over $80 million to settle charges of violating anti-corruption laws, U.S. authorities said on Thursday. After the settlement was reached, Grupo Aval said the Justice Department did not bring any enforcement action and the SEC did not make a claim against the company for bribery. Corficolombiana will pay a criminal penalty of $40.6 million, the U.S. Justice Department said in a statement. Corficolombiana had conspired with Brazilian construction firm Odebrecht to pay bribes to Colombian government officials, according to prosecutors. Corficolombiana also agreed to continue enhancing its compliance program and providing reports to the Justice Department regarding remediation and the implementation of compliance measures, the Justice Department said.

Persons: Andrew Kelly, Grupo Aval, Corficolombiana, Odebrecht, Kanishka Singh, Isabel Woodford, Leslie Adler, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Grupo Aval, U.S . Foreign, U.S . Justice Department, Securities and Exchange Commission, SEC, Grupo, Justice Department, Odebrecht, U.S, Thomson Locations: Washington ,, Colombian, disgorgement, Swiss, Peru, Mexico, Argentina, Colombia, U.S, Washington

☆ China's heading for another real estate crisis — but it's on a whole different scale than what it's seen before
▼ + stars: | 2023-08-10 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. However, it's the scale of Country Garden's projects that is a big warning signal for the Chinese real estate sector and the wider economy. Evergrande faced a liquidity crisis in 2020, prodding it to try to halve its around $100 billion debt by mid-2023. These efforts were scuppered by a slowdown in China's property sector and regulators' efforts to put brakes on property developers borrowing excessively. However, putting the brakes on borrowing started sending the property sector into a crisis.

Persons: Kristy Hung, Yang Guoqiang, Yang Huiyan, Yang, Moody's, Sandra Chow, Evergrande, Huileng Tan Organizations: Service, Bloomberg Intelligence, Hong Kong Stock Exchange, CNN, China Index Academy, Reuters, Pacific Research, New York Times, Caixa Bank Locations: Beijing, Wall, Silicon, China, Evergrande, Foshan, Asia, Pacific, CreditSights

☆ Country Garden default? China's property crisis deepens as developer misses bond payments
▼ + stars: | 2023-08-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The latest major industry player to get into trouble is Country Garden, once China’s largest developer. Several of Country Garden’s yuan-denominated bonds were suspended from trading in Shanghai and Shenzhen on Tuesday after they dropped by more than 20%. Country Garden did not respond to a request from CNN for comment. An aerial view of a residential project developed by Country Garden Holdings is seen in Zhenjiang, Jiangsu province on October 31, 2021. Property crisis deepensChina’s property industry has been mired in a historic downturn in the past two years.

Persons: “, Fang Dongxu, ”, Edward Moya, Moody’s, Kaven Tsang, Li Qiang Organizations: Hong Kong CNN —, Reuters, CNN, Country Garden Holdings, China Index Academy, Oanda, China’s, People’s Bank of Locations: Hong Kong, Shanghai, Shenzhen, Zhenjiang, Jiangsu province, China, Moody’s, Beijing, People’s Bank of China

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