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☆ What the collapse of a company owing $300 billion means for the world
▼ + stars: | 2024-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

AdvertisementImportantly, since the court order was made in Hong Kong, it's also unclear if mainland authorities will recognize and comply with the order. However, the company owes about $300 billion — a big shortfall, and there's a clear order of priority when it comes to repayments. How will the Evergrande collapse impact sentiment in China's economy and markets? Notably, the stock market sell-off came before Evergrande's liquidation order. Hong Kong's Hang Seng index ended up slightly higher the day the court order was made.

Persons: —, Kyle Rodda, Rodda, Alvarez, Marsal, Evergrande, it's, Baker McKenzie, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Hong Kong Stock Exchange, Reuters, Deloitte, CSI, Orient Capital Research Locations: Hong Kong, China, Beijing, Asia

☆ Evergrande liquidation: Here’s what may happen next
▼ + stars: | 2024-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

But there is still little clarity over how the liquidation of Evergrande will unfold. That’s because the legal systems of Hong Kong and China remain distinct, despite Beijing’s growing control over the former British colony in recent years. No Chinese company as huge as Evergrande — which was once China’s second largest developer— has been wound up by a Hong Kong court. Hui Ka Yan, chairman of property developer China Evergrande. Since then, Evergrande has been building and selling apartments in mainland China, even though it has been unable to repay its debts.

Persons: Alvarez, Marsal, —, ”, John Bringardner, Hong, Hui Ka Yan, Xu Jiayin, Hui, Xiao En, Bobby Yip, Xiao, Evergrande, Florence Lo, homebuyers, Will, Andy Wong, Diana Choyleva, Xiao Yuanqi, ” Bringardner, ” Choyleva, Choyleva, “ Evergrande Organizations: Hong Kong CNN, Shimao, Kaisa Holdings, Group, “, Real, Century Business Herald, China Index Academy, Enodo, Communist Party, China’s, Financial Regulatory Administration, Getty, People’s Bank of China, Finance Ministry, Evergrande, Marsal Locations: Hong Kong, United States, China, British, New York, China . Hong Kong, Shenzhen —, Asia, Florence, Beijing, Real, Hainan

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

The inflation rate fell to 2.3% in November. Analysts polled by Reuters had expected inflation to ease to 2.6%. Core inflation, which excludes volatile food and energy prices, fell to 3.8% in November from 4.3% the previous month. "But the inflation rate will fall to below 3% as early as the beginning of next year," Wollmershaeuser said. Economists pay close attention to German inflation data, as Germany publishes its figures one day before the euro zone inflation data release.

Persons: Fabian Bimmer, Timo Wollmershaeuser, Wollmershaeuser, Commerzbank's, Ralph Solveen, Solveen, Bert Colijn, Colijn, Miranda Murray, Maria Martinez, Linda Pasquini, Sharon Singleton, Kirsten Donovan Organizations: REUTERS, Rights, Reuters, Union, European Central Bank, Thomson Locations: Hamburg, Germany, Spanish

Gunjan BanerjiGunjan Banerji is the lead writer for The Wall Street Journal's live markets coverage. Her articles and videos have covered the biggest stories in financial markets of the past decade, spanning stocks, bonds and derivatives. Gunjan helped lead the Journal’s award-winning coverage of retail investing and the meme stock mania that swept markets in 2021. She continues to explore how individual investors are navigating the financial markets and where they are putting their money. In her spare time, Gunjan can be found practicing Classical Indian Dance or playing with her bernedoodle Todd.

Persons: Gunjan, Gerald Loeb, Todd Organizations: CNBC, New York Press, Newswomen’s, of New, GameStop, Netflix, Journal, New York University, Columbia University’s Graduate School of Journalism, NYU Locations: of New York, New York

☆ Germany's budget committee pauses 2024 budget deliberations -panel members
▼ + stars: | 2023-11-17 | by ( Maria Martinez | Thomson Reuters | Maria Martinez Is A Reuters Correspondent In Berlin Covering German Economics | ) www.reuters.com time to read: +4 min

REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Nov 17 (Reuters) - Germany's budget committee paused final deliberations on the 2024 draft budget early on Friday morning, according to the chief budget officers of the coalition government, after a constitutional court ruling threw negotiations into disarray. The contents of the ministries' budgets were finalised during the committee meeting, the budget officers said. On Wednesday, the constitutional court decision prompted the government to postpone the formal vote of the budget committee until next Thursday. Despite the court ruling, the 2024 budget is expected to be passed as planned at the end of the Bundestag's budget week on Dec. 1, according to members of the budget committee. The chief budget officers of the coalition government accused the opposition of refusing to cooperate in budget deliberations.

Persons: Liesa, Chancellor Olaf Scholz's, Joerg Kraemer, Friedrich Merz, Commerzbank's Kraemer, Maria Martinez, Holger Hansen, Clarence Fernandez, Gerry Doyle Organizations: REUTERS, Rights, Greens, Free Democrats, European Commission, dpa, Bundestag's Energy, CDU, CSU, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Ukraine

The economy and finance ministry declined immediate comment. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.

Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's

Underscoring the frustration, Economy Minister Robert Habeck, a member of the pro-spending Greens, called the verdict "a huge blow to industrial policy". Speaking to parliament, Habeck warned the court ruling put at risk support for the steel sector, which is counting on subsidies to decarbonise and stay competitive. Finance Minister Christian Lindner meanwhile said it was too early to discuss the consequences of the court ruling. "The steel industry alone can contribute to reducing a third of total industrial emissions - and thus has enormous leverage to save millions of tons of CO2 in the coming years." "The political bottom line is that many coalition disputes will reopen as serious budget constraints kick in.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, BERLIN, Wednesday's, Chancellor Olaf Scholz, Habeck, Yesenn, DBRS Morningstar, hawkish Lindner, Lindner, Bernhard Osburg, Carsten Brzeski, Eurointelligence, Maria Martinez, Christian Kraemer, Andreas Rinke, Markus Wacket, Tom Kaeckenhoff, Matthias Williams, Alexandra Hudson, Susan Fenton Organizations: Finance, Climate, Economy, Greens, CHANGE, Budget, European Central Bank, Thomson Locations: United States, Berlin, Germany

And while the local government says Berlin has sufficient space to build over 100,000 apartments, there is no sign the housing crisis gripping the city will ease. But as Europe's largest economy teeters near recession, economists warn that high rents will feed inflation and reduce household consumption. In Berlin, local opposition has frustrated plans to build, while regulation creates a two-tier rental market that is cheap for some long-term tenants and expensive for new renters. Rising property demand saw private companies develop luxury apartments that offered a higher yield - in part, Buch said, because government permissioning for more affordable housing projects was so slow. OPPOSITIONSome building projects have since faced local opposition while a recent attempt to curb rent increases backfired.

Persons: Lisi Niesner, Rolf Buch, Buch, you've, Konstantin Kholodilin, Marwa, Monika Neugebauer, Goldman Sachs, Neugebauer, Gesa Crockford, Martin Pallgen, Anna Hohnrath, Hohnrath, Matthias Inverardi, Matthias Williams, Catherine Evans Organizations: Berlin, REUTERS, Rights, Vonovia, Reuters, DIVISION, International Union of Tenants, European, West, Foreigners, Thomson Locations: Berlin, Germany, San Francisco, California, City, Tempelhof, Valencia, Spain

[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.

Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine

Bain has been interviewing investment banks to hire financial advisers that will help the private equity firm come up with a plan to cash out on its majority stake in Varsity Brands, the sources said. Varsity Brands generates more than $400 million in 12-month earnings before interest, taxes, depreciation and amortization, the sources added, asking not to be identified because the matter is confidential. Varsity Brands and Bain declined to comment. Varsity Brands consists of two main businesses, BSN SPORTS and Varsity Spirit. Varsity kept the yearbooks business when it sold Herff Jones to private equity firm Atlas Holdings earlier this year.

Persons: Kim Kyung, Bain, Varsity's Herff Jones, Herff Jones, Catterton, Abigail Summerville, Nick Zieminski Organizations: Bain Capital, REUTERS, Varsity Brands, BSN SPORTS, Spirit, Nike, Varsity, Atlas Holdings, Bain, Charlesbank Capital Partners, Partners Group, Birkenstock, ACON Investments, Kelso, Co, Equity, Thomson Locations: Tokyo, Japan, U.S, Varsity's, New York, Augusta

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Nov 7 (Reuters) - German industrial production fell more than expected in September, data showed on Tuesday, as a recent slump in incoming orders took its toll on production. There are few figures that summarise the state of the German economy as well as industrial production, Thomas Gitzel, chief economist at VP Bank, said. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," he said, noting that industrial production this year has been weak. "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession," Brzeski said.

Persons: Wolfgang Rattay, Thomas Gitzel, Carsten Brzeski, Brzeski, Maria Martinez, Miranda Murray, Rachel More Organizations: REUTERS, Rights, Reuters, VP Bank, ING, Thomson Locations: ThyssenKrupp, Duisburg, Germany

☆ What went wrong with WeWork – and what's going to happen to your WeWork office
▼ + stars: | 2023-11-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +7 min

WeWork filed for Chapter 11 bankruptcy protection on Monday. AdvertisementAdvertisementWeWork, the company synonymous with coworking that was once valued at $47 billion, filed for Chapter 11 bankruptcy on Monday night. The main thing to note about WeWork's bankruptcy filing is it's Chapter 11, rather than Chapter 7 which would involve liquidation. AdvertisementAdvertisement"They need to raise capital, and they need to rightsize their real estate portfolio — negotiating more favorable lease terms, rejecting lease terms," said Sarah Foss, global head of legal at Debtwire. It will depend on how profitable each lease is, and what renegotiating terms WeWork is offered by landlords.

Persons: WeWork, —, Adam Neumann, Tim Hynes, David Tolley, Sarah Foss, Foss, Hynes, X0GgcZMUHO, Chris Person, it's, There's, there's Organizations: Service, Colliers Locations: Manhattan

NFL football helmets are seen on display in Tampa, Florida, U.S., February 3, 2021. REUTERS/Eve Edelheit/File Photo Acquire Licensing RightsNov 6 (Reuters) - U.S. maker of football helmets and gear Riddell is exploring a sale, the company told Reuters, in a deal that could value it at around $800 million, people familiar with the matter said. Riddell was founded in 1929 by John T. Riddell who invented gear such as removable football cleats and plastic helmet shells. Fenway Partners acquired Riddell Sports Group in 2003 and combined it with Bell Sports in 2004. In 2014, Fenway again changed the company's name to BRG Sports for its core Bell, Riddell and Giro brands and sold its Easton baseball and softball business to Bauer Performance Sports.

Persons: Eve Edelheit, Riddell, Robert W, Baird, John T, Abigail Summerville, Rod Nickel Organizations: REUTERS, Reuters, National Football League, UBS Group, Co, Fenway Partners, Riddell Sports Group, Bell Sports, Easton Sports, Fenway, Sports, Bell, Giro, Easton, Bauer Performance Sports, Vista, Blackburn, BRG Sports, Marucci Sports, Fox Factory Holding, Thomson Locations: Tampa , Florida, U.S, Easton, Bell, New York

And now Ben Hammou faces another blow as the German government moves to end pandemic-era tax breaks for the hospitality industry. The fiscally hawkish FDP party, which has control of the finance ministry in the three-way ruling coalition, backs letting the tax break expire, calculating that it would cost 3.3 billion euros ($3.5 billion) to keep it going in 2024. Many restaurants operate on tight margins, which makes them quite sensitive to tax increases. In Spain, Italy and France, the VAT on restaurants is at 10%, considerably lower than the expected 19% in Germany from 2024. The question is whether German restaurants are still struggling or have recovered well enough from the pandemic to withstand having the tax break removed, according to Tomas Dvorak, senior economist at Oxford Economics.

Persons: Omar Ben Hammou, Ben Hammou, Christian Lindner, Guido Zoellick, Thijs Geijer, Ingrid Hartges, DEHOGA, Steffen Marx, Tomas Dvorak, Maria Martinez, Christian Kraemer, Tanja Daube, Ulrike Heil, Belen Carreno, Giselda Vagnoni, Thomas Leigh, Matthias Williams, Hugh Lawson Organizations: Restaurant Association, ING, Reuters, Oxford Economics, Thomson Locations: Bavaria, BERLIN, Berlin, Russia, Ukraine, COVID, Spain, Italy, France, Germany, Munich, Madrid, Rome, Paris

Alo Yoga founders Danny Harris and Marco DeGeorge have hired investment bank Moelis (MC.N) to advise on options that include selling a stake in the company, the sources said. No transaction structure has been agreed, and it is possible that Alo Yoga decides against any deal, said the sources, who requested anonymity because the matter is confidential. Spokespeople for Alo Yoga and Moelis declined to comment. Alo Yoga is part of Harris and DeGeorge's company Color Image Apparel, which also includes their Bella+Canvas brand. Kim Kardashian’s underwear brand Skims, which sells active and loungewear, also raised financing this year at a roughly $4 billion valuation.

Persons: Alo Yoga's, Alo Yoga, Danny Harris, Marco DeGeorge, Alo, Taylor Swift, Katie Holmes, Hailey Bieber, Kendall Jenner, Harris, Dealmaking, Kim, Abigail Summerville, Leslie Adler Organizations: Nike, Wall Street Journal, SoftBank Group Corp, Thomson Locations: U.S, Harris, Los Angeles, athleisure, New York

Looking ahead, the ongoing pass-through of the European Central Bank's monetary policy tightening, still no reversal of the inventory cycle and new geopolitical uncertainties will continue weighing on the German economy, Brzeski said. "The German economy looks set to remain in the twilight zone between minor contraction and stagnation not only this year but also next year," Brzeski said. The contraction in the third quarter is not seen as an outlier as Commerzbank expects the German economy to contract again in the winter half-year. Economists will pay close attention to national inflation data from Germany and Spain, as they are published one day before the euro zone inflation data release. Euro zone inflation is expected to ease to 3.2% in October from 4.3% in September, according to economists polled by Reuters.

Persons: Arnd, Carsten Brzeski, Brzeski, optimists, Joerg Kraemer, Claus Vistesen, Maria Martinez, Miranda Murray, Rachel More, Miral Fahmy, Angus MacSwan Organizations: REUTERS, Rights, Gross, Reuters, ING, European Central, Macroeconomics, Thomson Locations: Konstanz, Germany, Spain

☆ Exclusive: Law firm tied to bankruptcy judge resignation did not make conflict disclosures -data analysis
▼ + stars: | 2023-10-30 | by ( Tom Hals | Thomson Reuters | Tom Hals Is An Award-Winning Reporter With Years Of Experience Working In Asia | ) www.reuters.com time to read: +8 min

Freeman also worked as a contract lawyer for Jackson Walker after leaving the firm. Jones and Jackson Walker signed off on the arrangement without disclosing the relationship, court papers show. Until then he was the busiest bankruptcy judge in the United States, overseeing the dissolution or restructuring of corporate titans ranging from Neiman Marcus to J.C. Penney. Bankruptcy judges often serve as mediators in complex cases that are being run by other judges. In the GWG bankruptcy, Jackson Walker on Nov. 30 asked the judge overseeing the case to appoint Jones as mediator.

Persons: David Jones, Jones, Jackson Walker, Elizabeth Freeman, Freeman, Neiman Marcus, J.C, Tom Kirkendall, Jackson, Debtwire, Tehum, Bruce Markell, Tom Hals, Dietrich Knauth, Alexia Garamfalvi, Amy Stevens, Grant McCool Organizations: Reuters, REUTERS, Staff, McDermott International, Houston, GWG Holdings, Wall Street, U.S, Circuit, Appeals, U.S . Department of, Tehum Care Services, Corizon, U.S ., Thomson Locations: Houston , Texas, U.S, WILMINGTON , Delaware, Texas, Houston, United States, Penney, GWG, Wilmington , Delaware, New York

☆ Country Garden has defaulted on its debt. What’s next?
▼ + stars: | 2023-10-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s giant property developer Country Garden has been declared in default on its debt after failing to make a bond repayment by a final deadline of October 18. It’s similar to an insurance product in that it can protect buyers against losses arising from debt default by a company or government. Country Garden, formerly China’s largest homebuilder, missed the payment on a $500 million bond as it battles a liquidity crisis. “Country Garden was once considered a safe name, even as peers like Evergrande and Sunac China went bankrupt around them. What’s next for Country Garden?

Persons: JP Morgan, Goldman Sachs, Jeff Zhang, ”, John Bringardner, What’s, “, ” Zhang, Bringardner Organizations: Hong Kong CNN, CDS, Citadel Americas, Morningstar, Country Garden, Sunac Locations: Hong Kong, Sunac China, New York, China

Oct 26 (Reuters) - GOJO Industries, the maker of Purell hand sanitizer, said on Thursday it would refinance its debt after sources told Reuters that negotiations about the sale of the company to paper and building products manufacturer Georgia-Pacific fell through. The suitor that made the most progress in the sale process for GOJO was Georgia-Pacific, a company owned by Koch Industries, the sources said. Silver Point, Georgia-Pacific and Koch Industries did not immediately respond to requests for comment. The company expanded into skincare and invented Purell, an alcohol-based hand cleaner which dries on its own, in 1988. The company launched Purell in the consumer market in 1997.

Persons: GOJO, Goldie Lippman, Jerry, Clarence Cook, Abigail Summerville, Stephen Coates Organizations: GOJO Industries, Reuters, Silver, Koch Industries, Thomson Locations: Georgia, Pacific, , Georgia, New York

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - The steepest jump in interest rates in decades will spark a domino effect on corporate defaults in the years ahead, asset manager Janus Henderson Investors said in a report on Friday. Rising borrowing costs are back in stark focus following a rout in government bonds since September as investors adjust to the prospect of interest rates staying persistently high, which has also raised corporate bond yields. "The credit cycle tends to turn only if three conditions are present: high debt loads, lack of access to capital, and an exogenous shock to cash flow. These conditions ... are all present today," Janus' global head of fixed income Jim Cielinski said. But as inflation starts slowing and higher rates are here to stay, headwinds are mounting, and the risk is that the increase in borrowing costs could outpace revenue growth, it added.

Persons: Wolfgang Rattay, Janus Henderson, Janus, Jim Cielinski, ”, Chiara Elisei, Yoruk Bahceli, Mark Potter Organizations: European Central Bank, European Union, REUTERS, Janus Henderson Investors, P Global Market Intelligence, Thomson Locations: Frankfurt, Germany

U.S. Bankruptcy Judge David Jones, who oversees more major Chapter 11 cases than any other U.S. judge, is seen in a screenshot from video shot during a virtual interview with Reuters done from Houston, Texas, U.S. December 11, 2020. Jones had already stepped back from overseeing large bankruptcy cases and began reassigning them to two other judges on the court. Until December 2022, Freeman had been a partner at Jackson Walker, a local law firm that filed many cases in Jones' Houston courthouse. Ethics experts have said the undisclosed relationship casts doubt on the integrity of Jones' court. "From the time we first learned of this allegation Ms. Freeman was instructed not to work or bill on any cases before Judge Jones.

Persons: David Jones, Randy Crane, Jones, Elizabeth Freeman, Freeman, Jackson Walker, Judge Jones, Shubhendu Deshmukh, Bill Berkrot, Alexia Garamfalvi Organizations: Reuters, REUTERS, Staff, U.S . Chief U.S, District, Southern, Southern District of Texas, Circuit, McDermott International, Tehum Care Services, U.S . Trustee, Department of, Thomson Locations: Houston , Texas, U.S, Houston, Southern District, New Orleans, Jones ' Houston, Debtwire, Bengaluru

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsSummary Industrial output down 0.2% in Aug vs down 0.1% forecastEconomists expect further contraction in coming monthsBERLIN, Oct 9 (Reuters) - German industrial output shrank in August for the fourth consecutive month, the federal statistics office said on Monday, an indication that the sector remains under serious pressure, stoking recession fears. Industrial production fell slightly more than expected in August by 0.2% compared to the previous month. The further drop in German industrial production in August was better than it looked as it was driven by volatile components, said Franziska Palmas, senior Europe economist at Capital Economics. However, she continued to expect high interest rates and falling demand to lead to a further contraction in German industrial output in the coming months. "Thin order books despite last week's increase, and high inventories all indicate that German industrial production will continue moving sideways rather than gaining momentum anytime soon," ING's global head of macro Carsten Brzeski said.

Persons: Wolfgang Rattay, Franziska Palmas, Destatis, Carsten Brzeski, Brzeski, Friederike Heine, Maria Martinez, Ozan Ergenay, Gerry Doyle, Sonali Paul Organizations: REUTERS, Reuters, Capital Economics, Thomson Locations: ThyssenKrupp, Duisburg, Germany, BERLIN, Europe, Palmas

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - German industrial orders rose more than expected in August due to a strong increase in the manufacture of computer, electronic and optical products sector, data showed On Friday. Orders rose by 3.9% on the previous month on a seasonally and calendar adjusted basis, the federal statistics office said. The statistics office revised the July drop to 11.3% compared with June, from a provisional figure of -11.7%. In August, an increase of 37.9% on the month in the manufacture of computer, electronic and optical products drove the expansion in industrial orders. Foreign orders were up 3.9% on the month and domestic orders rose by 4.0%, the data showed.

Persons: Wolfgang Rattay, Rachel More, Maria Martinez, Kirsti Knolle, Christina Fincher Organizations: REUTERS, Rights, Thomson Locations: Duisburg, Germany

☆ China has reason not to let Evergrande rejig rot
▼ + stars: | 2023-10-03 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet Evergrande creditors are nonetheless in limbo. Up to 44% of Evergrande’s 558 billion yuan of interest-bearing debt is unsecured, of which a large chunk is held by offshore creditors. If the company is forced into liquidation, unsecured offshore creditors will recover less than 10 billion yuan, Evergrande has warned, with some facing a recovery rate as low as 2%. Evergrande was trying to reach an agreement with offshore creditors first before tackling issues onshore. It also cancelled meetings due to be held with creditors on Sept. 25 and Sept. 26.

Persons: Hui Ka Yan, Evergrande, ”, Sunac, Hui’s, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Guangdong International Trust and Investment Corporation, Street, China Evergrande, Thomson Locations: HONG KONG, China, Guangdong, Republic, Hong Kong

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