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☆ This family traveled for a year. Here are the biggest mistakes they made
▼ + stars: | 2024-05-02 | by ( Vivien Soo | Poonam Binayak | ) www.cnbc.com time to read: +8 min

Life-changing experiences, unforgettable memories and beautiful pictures — these are things that come to mind when people think of a year-long family trip. The Sullivan family, shown here at Machu Picchu in Peru, ran into several unforeseen circumstances throughout the year. Source: Margaret Bensfield Sullivan"We had packed every conceivable medication, and it never occurred to me that we would encounter lice," she said. After a year abroad, Sullivan, shown here in Egypt, said her family returned home with a stronger bond. Margaret Bensfield Sullivan

Persons: Margaret Bensfield Sullivan, Sullivan, Teddy Organizations: Sullivans Locations: piranhas, Brazil, Mozambique, New York, Tanzania, South America, Africa, East, Europe, Asia, Oceania, Beijing, Peru, Berlin, Machu Picchu, Germany, Sullivan, Vietnam, Cambodia, France, Japan, Egypt

☆ Tesla driver said he was using Autopilot when he fatally hit a motorcyclist
▼ + stars: | 2024-04-26 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Read previewA 56-year-old Tesla Model S driver said he was using Autopilot when he hit and killed someone on a motorcycle last week about 15 miles outside Seattle. The driver told a Washington State Patrol trooper that he was in Autopilot mode and looked at his cellphone while the Tesla was moving, according to the CNBC report. In December, Tesla recalled over two million vehicles to update the Autopilot software. It's not known whether the driver involved in the Washington accident had the software update installed in his Tesla. AdvertisementTesla's website states Autopilot mode does not make the vehicle autonomous and drivers must use additional caution and pay attention.

Persons: —, Tesla Organizations: Service, Tesla, The Washington State, CNBC, Business, Washington State Patrol, Traffic Safety Administration, NHTSA Locations: Seattle, Washington

☆ China pushes banks to speed up approvals of new loans to private developers: Reuters
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +1 min

Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders' asset quality. Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders' asset quality. The property sector in the world's second-largest economy has lurched from one crisis to another since 2021, after a regulatory crackdown on developers' high leverage led to a liquidity crisis. The sources spoke on condition of anonymity because they were not authorized to speak to the media on the subject. Developers and bank statements say banks have been reluctant to grant new loans to property projects, while mostly extending maturity and lowering interest rates of existing loans.

Organizations: Reuters, National Financial Regulatory Administration Locations: Beijing

☆ Xi Sticks to His Vision for China’s Rise Even as Growth Slows
▼ + stars: | 2024-03-09 | by ( Chris Buckley | ) www.nytimes.com time to read: +1 min

Even with growth faltering in China, Xi Jinping appears imperiously assured that he possesses the right road map to surpass Western rivals. China’s economy has lurched into a slower gear. But Mr. Xi seems unbowed in insisting that his policies, featuring extensive party control and state-led industrial investment in new sectors like electric vehicles and semiconductors, can secure China’s rise. In a mark of that confidence, his government announced last week that China’s economy was likely to grow about 5 percent this year, much the same pace as last year, according to official statistics. And Mr. Xi emphasized his ambitions for a new phase of industrial growth driven by innovation, acting as if the past year or two of setbacks were an aberration.

Persons: Xi Jinping, —, Xi Locations: China, United States, West

☆ New York Community Bank Raises $1 Billion in Emergency Cash
▼ + stars: | 2024-03-06 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

New York Community Bank, the midsize lender under pressure over its real estate loans and internal management, announced an overhaul on Wednesday that included more than $1 billion in emergency cash, the addition of former Treasury Secretary Steven Mnuchin to its board and the appointment of its third chief executive in a month. The investment of more than $1 billion includes cash from Mr. Mnuchin’s private equity firm, Liberty Strategic Capital, and Kenneth Griffin’s Citadel Global Equities, among others. The bank’s new chief executive, Joseph Otting, worked closely with Mr. Mnuchin in the past. He ran OneWest Bank, then owned by Mr. Mnuchin, for five years. He also oversaw the Office of the Comptroller of the Currency, one of the banking industry’s primary regulators, during the Trump administration.

Persons: Steven Mnuchin, Kenneth Griffin’s, Joseph Otting, Mnuchin, Trump Organizations: York Community Bank, Silicon Valley Bank, Liberty Strategic Capital, Global, OneWest Bank, Mr Locations: Washington, Silicon

☆ A Tesla owner says he's done driving his Model 3 after the car stopped randomly in the middle of a highway
▼ + stars: | 2024-01-27 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Tesla owner said his Model 3 stopped working in the middle of a highway. A Tesla service center said the incident was the result of an issue with a connector to the battery. AdvertisementTesla owner James Hanna said his Model 3 lurched to a stop without warning in the middle of a highway. He's since started leasing out the car and has stopped driving it entirely, he told BI. Last year, a Tesla blocked traffic for over 9 hours in the UK after it stopped working in the middle of a road.

Persons: Tesla, —, James Hanna, Hanna, he'd Organizations: Service, National, Traffic Safety Administration, Business, Tesla, NHTSA Locations: North Carolina, Tesla's, Charlotte

☆ When my mom's house burned down, I expected the man I was dating to leave me. Instead, the tragedy fast-tracked our relationship.
▼ + stars: | 2024-01-20 | by ( Rebecca Strong | ) www.businessinsider.com time to read: +6 min

Just as I began mentally preparing myself to face the fallout alone, Bryan began packing his things. Related storiesWhen the nurse finally ushered us into her tiny white room with no windows, my mother began weeping. One night, after my mom threw a tantrum in her hotel room, I told Bryan, "You can go back to Boston any time, you know." When she threatened to kick us out of the hotel, Bryan said, "I'll take care of it," and marched down to her office. Ultimately, the experience made our relationship strongerNot even two years into our relationship, Bryan and I began looking at houses together.

Persons: Bryan, johnny, hadn't, It's, —, we've Organizations: Service, luxe Boston, refills Locations: Connecticut, Boston

☆ China's population keeps falling — and that's more bad news for the world's 2nd-largest economy
▼ + stars: | 2024-01-17 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Read previewChina's population fell again last year – and that's a worrying sign for Beijing policymakers already grappling with deflation, a property crisis, and anemic economic growth. It's the second consecutive year that China's population has shrunk after six decades of rapid growth. Here's why dropping population numbers pose a threat to the world's second-largest economy. Worrying dataChina's population fell in 2022 for the first time since the 1960s – and Wednesday's statistics showed that the same thing happened again last year. A declining population is also bad news for real estate, which accounts for a quarter of China's economy and 70% of household wealth.

Persons: —, lockdowns, They've, they'll Organizations: Service, Business, National Bureau, Statistics, World Health Organization, Apple Locations: Beijing, China, —, Japan

☆ The Best TV Shows of 2023: Giving the Small Screen a Tweak
▼ + stars: | 2023-12-06 | by ( John Anderson | ) www.wsj.com time to read: 1 min

Illustration: Sean McCabeIt wasn’t a regular year, this 2023. Writers were on strike; actors were on strike. Martha the Medicare Lady was making people crazier than they already were. That said, I had assumed that this retrospective examination and contemplation of TV in the year ’23 was destined to be about the new. Hence the flourishing business of game shows, “unscripted” celebrity-reality series and nonfiction programming about serial murderers, which are always comforting to those of us not being murdered.

Persons: Sean McCabe, lurched, Martha

☆ Be warned: Flights are getting bumpier
▼ + stars: | 2023-11-22 | by ( Michelle Mastro | ) www.businessinsider.com time to read: +9 min

Air turbulence is becoming more common and more intense. As the jet stream buckles a bit because it's not as strong as it was in the past, now you have all this energy associated with the jet stream up 30,000 feet or so. But changes to the atmosphere mean these corridors are getting bumpier, so avoiding them could result in smoother flights. But while we can get better at avoiding air turbulence, we won't be able to avoid it altogether. That's why some companies are going back to the drawing board to design airplanes that can better adjust to turbulent air.

Persons: I'd, Isabel Smith, Smith, Paul Williams, Williams, Bill Duncan, You've, John K, didn't, Duncan, Pierre Baqué, Alyson Smith, Michelle Mastro Organizations: University of Reading, Lufthansa, Northern, The Weather Company, Denver, Airbus, National Transportation Safety Locations: Denver, Indianapolis, England, Austin , Texas, Frankfurt, Germany, Washington, Rocky, Swiss, Delta

☆ A migrant had just crossed the border when he found a scared, 9-year-old boy who needed help. The encounter changed them both
▼ + stars: | 2023-11-22 | by ( Catherine E. Shoichet | Thomas Lake | After Days Of Hiding Authorities | ) edition.cnn.com time to read: +23 min

Chris Buchleitner and his mother, Dawn Tomko, went on many camping trips together, like the one shown here. With help on the way, Manuel could have headed on for Tucson or Phoenix. The local fire chief gave him a small stuffed horse, telling Manuel he’d been a hero in the wilderness, like the Lone Ranger. An orphaned boy moves to PennsylvaniaWhen Chris Buchleitner was still a baby, his parents made a plan for the worst-case scenario. Cordova, who now has seven children and four grandchildren, says he thought of his own children when he came across Chris Buchleitner in the Arizona wilderness.

Persons: Chris Buchleitner, van, Chris, He’d, he’d, Manuel Cordova’s, Chris doesn’t, Chris’s, Dawn Tomko, Tanner, Jade, Manuel, Manny, Magdalena de Kino, Saint Francis Xavier, Father Kino, Manuel Jesus Cordova Soberanes, Norma Jean Gargasz, Magdalena, Manuel burrowed, ” Manuel, “, who’d, Manuel Cordova, Jeffry Scott, Chris hadn’t, Manuel he’d, Michael M, Foster, Dennis DeConcini Port, Alma Lidia Soberanes, Cordova, Manuel finally, ” Manuel didn’t, Manuel hadn’t, Jack Buchleitner, —, Jack, Dawn, Mary Butera, Christopher, Mary, Vinny Butera, Austin Steele, don’t, Mexico Manuel, They’d, ”, that’s, Julian Rigg, Emmanuel Macron, Raul Grijalva, he’s, hadn’t, Eythan, they’re Organizations: CNN, Patrol, Border Patrol, Jesuit, Saint, Police, Arizona Daily Star, AP, Ranger, Rico Fire, Dennis, Duquesne University, UPMC, Coopers Rock State Forest, North, Facebook Locations: Arizona, Mexican, Mexico, Tucson, Phoenix, American, Rimrock , Arizona, Magdalena, Sonora, Nogales, Nogales , Arizona, manila, Pennsylvania, Pittsburgh, UPMC Shadyside, West Virginia, Washington, North, Magdalena’s, Mexicali, United States, France, Emmanuel Macron . Arizona, America

☆ Tesla launched its own car insurance. These drivers say it's a lemon.
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +20 min

Tesla Insurance, launched in 2019 by the electric-car company, has promised policyholders “vastly better” service than rivals, as Tesla chief Elon Musk put it in April 2022. “What do they have, three people answering phone calls?”Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance.

Persons: Mark Bova, lurched, “ I’m, ” Bova, policyholders “, Elon Musk, Musk, Bova, he’s, Tesla, ”, Musk’s, Virginia –, Phil Fioresi, Tesla’s adjusters, adjusters, ” Zachary Kirkhorn, ” Kirkhorn, Teslas, InsureMyTesla, it’s, It’s, Chanda Santiago, ” Santiago, Lester F, Aponte, haven't, Understaffed, “, —, Policyholders, Jonathan Garcia, Garcia, adjuster, Scott Sawyer, Sawyer, Lauren Lee Sawyer, ” Sawyer, –, Steve Stecklow, Koh Gui Qing, Norihiko, Mike Scarcella, John Emerson, Brian Thevenot Organizations: Green, U.S . Army Special Forces, Tesla Insurance, Tesla, Reuters, Bureau, Twitter, U.S, SpaceX, Ohio Department of Insurance, California Department of Insurance, Data, AAA, The Auto Club Group, Liberty Mutual Insurance Co, Liberty Mutual, Markel, National Insurance Company, State National, State, Facebook, Better, policyholders, Better Business Bureau Locations: Maryland, That’s, California , Utah , Illinois, Virginia, South San Francisco , California, California, Draper , Utah, Texas, policyholders, InsureMyTesla, U.S, Illinois, Colorado, Ohio, Florida , Georgia, Washington, Santiago, Los Angeles, Draper, North Carolina, Riverside , California

Tester entered the Senate after selling Montana voters on his authenticity, and the former high school band teacher's message hasn’t changed much. Tester chairs the Senate Veterans’ Affairs Committee. “I take my cues directly from the veterans of this state,” Tester told the assembly at Bigfork High School. There’s been an influx of newcomers from Arizona, Washington state, California and Texas. He currently ranks second with $407,000 in contributions from lobbyists, putting him just behind Washington state Democratic Sen. Maria Cantwell, according to the research group OpenSecrets.

Persons: Jon Tester, Tester, Republican Donald Trump, hasn’t, you’ve, He's, ”, “ It’s, West Virginia Democratic Sen, Joe Manchin's, Mitch McConnell, Tim Sheehy, Matt Rosendale, Kevin McCarthy of, Trump, he’s, Israel, Noah Sohl, Lockheed Martin, Sohl, “, ” Sohl, ‘ I’m, I’m, ” Tester, Terry Baker, Baker, “ He’s, There’s, that's, Sid Daoud, Sen, Conrad Burns, ” Jack Abramoff, Abramoff, Burns, Democratic Sen, Maria Cantwell, he's, Big Sandy, Sharla Organizations: U.S . Senate, Veterans, Bigfork, Democrat, Republican, Montana, West Virginia Democratic, Montana , U.S . Navy, U.S . Rep, Democratic, Lockheed, . Census, Veterans ’ Affairs, Bigfork High, Senate, Republicans, Montana Libertarian, Washington Locations: Mont, U.S, Montana, Bigfork, Flathead, Washington, Pacific, Ky, Montana , U.S, Kevin McCarthy of California, Rosendale, Butte, Israel, Missoula, Vietnam, Kalispell, ” Montana, Arizona, California, Texas, Bozeman, Iraq, Big

When a group of international journalists arrived at the southern fringe of Gaza City early Friday morning, riding in the back of an Israeli army jeep, we struggled to orientate ourselves amid the ruins, the wreckage and the darkness. House after house was missing a wall or a roof, or both. Many had simply been flattened, their concrete floors lying atop each other like a pack of playing cards. Trying to situate myself after reaching Gaza City, I asked a senior Israeli commander where we were in relation to a fishing port where I usually stayed during visits to Gaza before the war. I could not find the fish market.

Locations: Gaza City, Israel, Israeli, Gaza

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. We want reform so that we don't end up in the same mess again as we had with Credit Suisse." Earlier this year, Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank saying it had been quick to respond, calling instead for more powers to take lenders to task. The regulator, however, has enjoyed little support among Swiss politicians, many of whom long sought to keep it weak. In the run up to the collapse of Credit Suisse, FINMA saw a string of key departures.

Persons: Ruben Sprich, Eva Herzog, Herzog, FINMA, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Credit Suisse, Swiss, UBS, International Monetary Fund, Thomson Locations: Bern, Switzerland, Europe, Swiss

☆ Powell says Fed is 'not confident' it has done enough to bring inflation down
▼ + stars: | 2023-11-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

For the second time in recent weeks, a public speech from Powell was interrupted by climate protesters. Powell said that inflation is "well above" where the Fed would like to see it. "The Fed will be true to its mandate and hike further should inflation reaccelerate." "Monetary policy is generally working the way we think it should work" Powell said during a discussion following his speech. But Powell noted that the Fed is "attentive" that stronger than expected growth could undermine the fight against inflation and "warrant a response from monetary policy."

Persons: Jerome Powell, Powell, Stocks, Jeffrey Roach, Jacques Polak Organizations: International Monetary Fund, Dow Jones, Treasury, LPL, CME Group, Traders, Gross, Research Locations: Washington ,

☆ China suffers its first foreign investment deficit as US tensions and anti-spying laws spark a western exodus
▼ + stars: | 2023-11-06 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China just posted a quarterly foreign investment deficit for the first time. Officials have released foreign direct investment figures each quarter for the past 25 years – and it's the first time the gauge has turned negative, Reuters reported. The deficit suggests that western countries and companies are shunning China with Sino-US tensions steadily rising and new anti-spying laws spooking international investors. Analysts flagged that clampdown as one factor driving the decline in foreign direct investment. The foreign direct investment deficit is far from the only economic headache that Beijing faces.

Persons: China's, —, Joe Biden, Duncan Wrigley, Mark Mobius, he'd Organizations: Service, State Administration of Foreign, Reuters, Analysts, Macroeconomics, Bloomberg, " International, Micron, Bain, Co Locations: China, Beijing, Shanghai

☆ Indian economy regains its swagger as China stumbles
▼ + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.

Persons: Narendra Modi, ”, Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, ”, ’, China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington

☆ Opinion | The Democrats Are Their Own Worst Enemy
▼ + stars: | 2023-11-02 | by ( Pamela Paul | ) www.nytimes.com time to read: +1 min

This should be the Democratic Party’s moment. Republican congressional behavior echoes that of an intemperate toddler and the party’s intellectual and ideological foundations have become completely unmoored. But far from dominant, the Democratic Party seems disconnected from the priorities, needs and values of many Americans. In a development that has baffled Democrats, a greater share of those groups voted for Republican candidates in recent elections. In 2004, Thomas Frank’s book asked, “What’s the Matter With Kansas?” Why, Frank wondered, did working- and middle-class Americans vote Republican when Democratic policies were more attuned to their needs?

Persons: Donald Trump’s, Joe Biden, Nikki Haley, Ron DeSantis, Thomas Frank’s, “, Frank Organizations: Democratic, Democratic Party, Trump, Republican Locations: Kansas

3 House Republican, dropped his bid only hours after securing the nomination. A social conservative, Mr. Johnson is a lawyer and the former chairman of the Republican Study Committee. This conference that you see, this House Republican majority, is united. Some on the right opposed to Mr. Emmer cited his vote in favor of codifying federal protections for same-sex couples. Mr. Emmer had attempted to mollify Mr. Trump by calling him over the weekend and praising him, according to the former president.

Persons: Tom Emmer, Mike Johnson, Emmer’s, Donald J, Trump, Johnson, Kevin McCarthy, Mr, rouser, Trump’s, “, ”, Virginia Foxx, Mike Johnson of, We’re, Haiyun Jiang, McCarthy, Steve Womack, I’m, ” Mr, holdouts, Emmer, MAGA, Byron Donalds of, Hakeem Jeffries, Steve Scalise, Jim Jordan, Biden, that’s, Robert Jimison Organizations: Republicans, Republican, Committee, Education, Minnesota, Credit, The New York Times, Mr, “ Republican, Trump, Caucus, Freedom Caucus, Republican Party, America First Voters Locations: Louisiana, Minnesota, North Carolina, Mike Johnson of Louisiana, Ukraine, Arkansas, American, Byron Donalds of Florida, New York, Ohio

☆ These redistricting fights could determine which party controls the House
▼ + stars: | 2023-10-22 | by ( Fredreka Schouten | ) edition.cnn.com time to read: +16 min

Before the court action, Alabama – which is 27% Black – had only one Black-majority congressional district out of seven seats. The case is expected to land before the all-Republican state Supreme Court, where DeSantis appointees hold most seats. A separate federal case in Georgia challenges the congressional map on constitutional grounds and is slated to go to trial next month. UtahThe state Supreme Court, in a case it heard in July, is considering whether it even has the authority to weigh in on map-drawing decisions by the GOP-controlled state legislature. Advocacy groups and a handful of voters are challenging a congressional map that further carved up Democratic-leaning Salt Lake County between four decidedly Republican districts.

Persons: “, ”, David Wasserman, Amy Walter, Wasserman, Adam Kincaid, Kincaid, it’s, Nick Seabrook, –, John Roberts, Brett Kavanaugh, Ron DeSantis, Al Lawson, Steve Jones, Jones preliminarily, Andy Barr, Amy McGrath, Barr, Kareem Crayton, Brennan, Gabe Vasquez –, Chris Cooper, Jeff Jackson, Wiley Nickel, Kathy Manning, Don Davis, Valerie Foushee –, Davis, Roy Cooper, Nancy Mace, Kevin McCarthy Organizations: CNN, Democratic, Republicans, The, Republican, Black, National Republican Redistricting Trust, University of North, House, US, Gov, Black Democrat, Georgia Republicans, – Democratic, Congressional, Republican –, GOP, Louisiana Republicans, Appeals, Brennan Center for Justice . New, Brennan Center for Justice . New Mexico Republicans, New, New York Republicans, North Carolina, Democrats, Western Carolina University, Foushee, North, Democratic Gov, Supreme, Republican Rep, House GOP Locations: North Carolina, New York , Louisiana, Georgia, Alabama, New York, University of North Florida, America, Louisiana, Florida, Black, North Florida, Atlanta, Peach, . Kentucky, Kentucky, Frankfort, Democratic, Brennan Center for Justice . New Mexico, New Mexico, Mexico, Empire, “, Charlotte, Raleigh, Greensboro, state’s, Carolina, Charleston, Utah, Salt Lake County, Salt, Texas, Tennessee

☆ I played video games and closed my eyes while driving a Mercedes
▼ + stars: | 2023-10-12 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

Press a button on the steering wheel rim and the lights turn turquoise blue. Then you no longer have to hold the steering wheel or watch the road. (Mercedes declined to say how many German drivers have purchased Drive Pilot, though, so it’s unclear how impressive that really is.) Drive Pilot responded the way many automated driving systems do in these sorts of situations. I had assumed that, when I turned Drive Pilot off, it would return to that semi-autonomous mode.

Persons: Mercedes, it’s, it’ll, you’re, ”, I’d, hasn’t, Mercedes ’ Organizations: Santa Monica , California CNN, Mercedes, Benz Locations: Santa Monica , California, Los Angeles, Germany, United States, Nevada, California, Stuttgart

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. "The (investigation into Hui) clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande," he said. Evergrande and China's housing authority did not immediately respond to requests for comment during the week long National Day holiday. Gavekal in its report said that at the very least, an orderly restructuring of Evergrande seemed increasingly hard to achieve. A liquidation petition filed against Evergrande is scheduled for hearing in a Hong Kong court on Oct 30.

Persons: Aly, Hui Ka Yan, Hui, Xin Sun, Evergrande, Christopher Beddor, Sandra Chow, bondholder, Antonio Fatas, Xie Yu, Clare Jim, Kane Wu, Sumeet Chatterjee, Lincoln Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, lurched, East Asian, King's College London, SOE, Evergrande, Thomson Locations: Danzhou, Hainan province, China, HONG KONG, Beijing, homebuyers, Asia, Pacific, Gavekal, Hong Kong, Evergrande

HONG KONG/BEIJING, Sept 28 (Reuters) - China Evergrande Group's (3333.HK) founder is being investigated over suspected "illegal crimes", the embattled developer said on Thursday, as creditors become increasingly concerned about the group's prospects amid an uncertain debt revamp plan and liquidation risk. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. "We believe that Evergrande's debt turmoil has had a great turmoil and negative impact on the global economy, and the things behind it are not simple."

Persons: Hui Ka Yan, Evergrande, Hui, Gary Ng, Ng, Florence Lo, They've, Christopher Beddor, Yan Yuejin, Saxo, Redmond Wong, Upasana Singh, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam, Lincoln, Miral Fahmy, Susan Fenton Organizations: HK, Trading, Asia Pacific, Reuters, REUTERS, Evergrande, China Research, Development Institution, Buyers, China Market, Thomson Locations: HONG KONG, BEIJING, China, Asia, Beijing, Evergrande, Shanghai, Bengaluru, Hong Kong, Sydney

☆ Exclusive: Some Evergrande creditors plan to join winding-up petition if no new debt plan by Oct 30
▼ + stars: | 2023-09-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations. In July, the hearing for that winding-up petition against Evergrande was adjourned to Oct. 30, in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Many of the defaulted developers have been scrambling to get their offshore creditors' approval for debt restructuring plans to avoid collapse or being forced into liquidation proceedings.

Persons: Aly, Evergrande's, Evergrande, homebuyers, Scott Murdoch, Donny Kwok, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, Rights, China Evergrande, Group, Thomson Locations: Danzhou, Hainan province, China, HK, Hong Kong, Shenzhen

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