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CNN —Shanghai-based property giant Shimao Group said on Monday that it had received a liquidation petition from a Chinese state-owned bank in yet another instance of creditors taking legal action to reclaim money from troubled developers in the world’s second-largest economy. A “winding-up petition” was filed against the company by China Construction Bank (Asia) on April 5 in Hong Kong, according to a stock exchange filing by Shimao. The company’s shares were down over 14% in Hong Kong on Monday, having fallen nearly 40% this year. In January, Evergrande, the world’s most-indebted property developer and the poster child of China’s property crisis, was ordered to liquidate by a Hong Kong court. Country Garden, another major developer that defaulted on its debt last year, received a liquidation petition in February from a creditor after not repaying a loan.
Persons: , Shimao Organizations: CNN, Shimao, China Construction Bank, HK Locations: Shanghai, Asia, Hong Kong, Evergrande
Taiwan Semiconductor is set to receive almost $12 billion in grants and loans from the US government. The Biden administration is eager to onshore production and rely less on China as tensions mount. AdvertisementThe White House is giving the world's largest chipmaker government grants and loans worth almost $12 billion to expand production in Arizona. The agreement with Taiwan Semiconductor Manufacturing Co. (TSMC) announced an initial deal in a press release on Monday. TSMC generated about $67 billion in revenue last year and and $26 billion of net income.
Persons: Biden, , They've, Warren Buffett's Berkshire Hathaway, Buffett Organizations: Taiwan Semiconductor, Service, Taiwan Semiconductor Manufacturing Co, Apple, Nvidia, Rivals, Intel, Samsung, Technology Locations: Taiwan, Phoenix , Arizona, China, Arizona, TSMC
Instead, on Friday, yet another jobs report defied expectations. “Today’s jobs report raises the possibility that rather than slowing down, job growth might be holding steady,” Nick Bunker, Indeed Hiring Lab’s economic research director for North America, said in a statement. Last month’s job growth was driven by industries such as health care (+72,300 jobs); government (+71,000 jobs); leisure and hospitality (+49,000 jobs); and construction (+39,000 jobs). President Joe Biden touted March’s jobs report Friday. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office.
Persons: Nick Bunker, Joe Biden, , ” Biden, , Greg Daco, , ” Daco, we’ve, Erica Groshen, ” Brett House, Daco, Price Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, North, , CNN Business, Cornell University, CNN, Brookings Institution, Congressional, Columbia Business School, Fed, Labor Locations: New York, North America, EY, United States
If you had the opportunity to hear activist investor Nelson Peltz, the defeated candidate for the Disney board, you did not get a definitive answer, as much as I pressed. In my CNBC interview with Peltz on Thursday, he assured us that he would be back if Iger didn't deliver on his promises. Iger talked about the board's succession committee, which former Morgan Stanley CEO James Gorman and now Disney board member, is on. They're confident that they'll pick the right person at the right time," Iger said on CNBC . I most feared the blowout in Disney stock in a fit of pique and right now I am not seeing that.
Persons: Walt Disney, Nelson Peltz, Peltz, Bob Iger, Iger, Bob, they'll, Jim, weren't, Iger's, Bob Chapek, Disney, Morgan Stanley, James Gorman, Chapek, Ike Perlmutter, it's, It's, Jim Cramer's, Jim Cramer, Joe Raedle Organizations: Walt, Disney, CNBC, Iger, Marvel Entertainment, ESPN, Fox, Warner Bros ., Club, Apple, Walt Disney World, Getty Locations: Orlando , Florida
What to expect from the March jobs report
  + stars: | 2024-04-04 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +8 min
ET, when the Bureau of Labor Statistics releases its March jobs report. February brought the unemployment rate within spitting distance of 4%, rising to 3.9% from 3.7% in January. What could come from Friday’s jobs reportFebruary’s jobs report came as yet another surprise to economists. For instance, last month January’s job gains were revised down to 229,000 from the blowout 353,000 that kicked off 2024. The unemployment rate went up by half a percentage point from the post-pandemic low of 3.4% last April.
Persons: lockdowns, it’s, Michael Strain, , February’s, Andy Challenger, , Allison Joyce, Aaron Sojourner, they’ve, Sojourner, Luke Sharrett Organizations: New, New York CNN, Bureau of Labor Statistics, American Enterprise Institute, BLS, Federal, US, Challenger, , Department of Labor, Bloomberg, . Upjohn Institute, Employment Research, CNN, Federal Reserve, Getty Locations: New York, outplacement
In a country roiled by recession worries, those at the top of New York City — for better or worse — couldn't give a single gilded shit. For New York City, a brush with death called for a time of decadence. "New York City's restaurants and bars are experiencing an uneven pandemic recovery nearly four years after COVID-19 struck our city," Andrew Rigie, the executive director of the New York City Hospitality Alliance, said. AdvertisementIf a pandemic can't defeat New York City, a little inflation certainly isn't going to do it. And what that looks like is the affluent in New York City eating caviar, and poorer Americans eating cereal.
Persons: Steve Jobs, it's, Jennifer Saesue, Saesue, Fish Cheeks, Z, bistros, James Murphy, us Carbone, Casas — Cruz, Cipriani, Jean, Georges Vongerichten, Bongo, Andrew Rigie, Corey Mintz, we're, WK Kellogg, Gary Pilnick, Gary Pilnick's Organizations: Grand Prospect Hall, New, New York City, Apple, Mastercard, Chefs, Casas, Soho House, Bangkok Supper, Village, IBA, Hospitality Alliance, Nationwide, National Restaurant Association, Nasdaq, The University of Michigan Consumer, UBS, New York Locations: New York City, New York, Rome, Xinjiang, New, Manhattan, Coqodaq, Las Vegas, York, Bangkok, Hell, TouchBistro, Brooklyn, The Bronx
Read previewZachary Timms, a project engineer in Houston, has rules around how he does happy hour with coworkers. Late-afternoon spending may have slipped in New York, per Square data, but post-work socializing seems to be going strong later in the evening for office workers. Seasoned employees warning younger colleagues about bringing out their "weekend personality" at work happy hour haven't always deterred the newest class. One TikToker shared her excitement for 5:01 p.m. this summer and the start of happy hour with colleagues. Advertisement"Just a quick reminder that you were actually more drunk and annoying at that work happy hour than you remember," TikToker Jack Lawler advised.
Persons: , Zachary Timms, Timms, Zachary Timms He's, Shadé Smith, I've, Ara, Kharazian, TikToker, TikToker Jack Lawler, Brown, Gen Zers Organizations: Service, Business Locations: Houston, New York, NYC's, Irish
To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.
Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S
Why streamers are shrinking their content libraries
  + stars: | 2024-04-02 | by ( Sarah Whitten | ) www.cnbc.com   time to read: +6 min
Last year many streaming services began shrinking their once-robust content libraries in order to pay smaller licensing fees. In the face of profit pressures and growing competition for viewers, streamers have taken to removing content to avoid the residual payments and licensing fees. On one side is Netflix , Amazon and Apple — companies that agnostically license content from other studios to bolster their streaming libraries. Disney-owned Hulu, meanwhile, has seen success with "feel good" 30-minute sitcoms and prestige dramas, Fandom's data shows. Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.
Persons: Stephanie Fried, Fried, Hey Arnold, Bell, Severance, Jacob, Jack Ryan, Bel, Universal's, Max, Peacock Organizations: NBC, Netflix, Apple, Universal, Warner Bros . Discovery, Paramount, Hollywood, Nickelodeon, Warner Bros, Disney, Amazon Prime, Hulu, HBO, CNBC Locations: auctioning, Kingstown, NBCUniversal
CNN —Eight Chinese migrants have been found dead on the coast of southern Mexico, authorities said, after their boat capsized along a popular but perilous route for illegally entering the United States. One Chinese man survived the trip, the statement said. The prosecutor’s office said it was working with federal agencies to investigate the incident and the Chinese embassy in Mexico to identify the bodies. The number of Chinese migrants illegally entering the US from Mexico has skyrocketed in recent years. The influx of Chinese migrants spotlights the urgency many now feel to leave their homeland, even amid what Chinese leader Xi Jinping has claimed is a “national rejuvenation.”Many Chinese who left the country point to a struggle to survive.
Persons: San Francisco del, Iris Wang, Wang, , , Xi Jinping, , Communist Party’s, China’s, Xi Organizations: CNN, Communist Locations: Mexico, United States, San Francisco, San Francisco del Mar, Oaxaca, Mexican, Tapachula, Chiapas, Guatemala, Venezuela, China
Morgan Owen was married to her ex-husband when she walked into the gym one day and saw Axe. My ex-husband and I were married for a while, and for a number of years, I still couldn't pin down my unhappiness. It really wasn't until I was 29 that I started to become more and more sure of myself. AdvertisementMorgan and Axe knew they wanted to be together not long after they started dating. But then, just half an hour later, Axe asked if they could see me.
Persons: Morgan Owen, , Axel, It's Morgan, I'd, Morgan, Axe, Ashleigh Haase, We've, There's Organizations: Service, Pacific Locations: Melbourne, Australia, Hawthorn
In 1970, more than two-thirds of American adults between 25 and 49 lived with a spouse and at least one kid. For a society structured around the ideal of the nuclear family, its demise has left everyone wondering: What happens now? Without one partner focused on full-time housekeeping, the amount of work required to run a nuclear family isn't really feasible. It doesn't take much of a mental leap to see why capitalism and the nuclear family make for such cozy bedfellows. Coontz, a leading historian of the American family, notes that every family structure comes with its own set of distinct weaknesses, strengths, and possibilities.
Persons: Elon Musk, Vivek Ramaswamy, O'Brien, David Brooks, Moira Weigel, Brooks, Charles E, " O'Brien, Stephanie Coontz, Kristen Ghodsee, Ghodsee, coparenting, Mark Boster, Coontz, Organizations: Pew Research, Elon, Labor, Getty, University of Pennsylvania, Brookings Institution, Pew, Los Angeles Times, Guardian Locations: The, California, Somerville , Massachusetts
A metal detectorist found what he believes is the largest gold nugget ever found in England. AdvertisementA metal detectorist in England found what might be the biggest gold nugget ever found in the country, worth an estimated £30,000 or around $38,000. Richard Brock unearthed the gold nugget, which weighs 64.8 grams, in England's Shropshire Hills — despite turning up to the search late and using faulty equipment. The most expensive metal detector can cost $15,000, but starter models are available for a few hundred dollars. While Brock celebrates his gold nugget find in England, it pales compared to one of the greatest discoveries with a metal detector.
Persons: , Richard Brock, Brock, I'd, Mullock Jones, Simon Beresford, Cortez Organizations: Service, YouTube, Guardian, Shack Locations: England, England's Shropshire, Mexico
The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report. Over the past five years, the population of millionaires in the U.S. has grown 35%, nearly twice as fast as China's. The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018. A net 13,500 Chinese millionaires left China in 2023, marking a new record. Luxury sales in the U.S. last year totaled $80 billion, to China’s $52 billion, Bain found.
Persons: Robert Frank, Dominic Volek, Henley, Bain, Volek Organizations: Henley & Partners, Henley, U.S, UBS, Art Basel, Bain, Luxury Locations: U.S, China, Asia, Europe
The Nike logo is displayed at a Nike Well Collective store on February 16, 2024 in Glendale, California. In North America, where demand has been unsteady, sales rose about 3% to $5.07 billion, compared with estimates of $4.75 billion, according to StreetAccount. In China, sales reached $2.08 billion, just below the $2.09 billion analysts had expected. In China, sales grew 5% to $2.08 billion, just below the $2.09 billion analysts had expected. Sales in Asia Pacific and Latin America rose 3% to $1.65 billion, below the $1.69 billion analysts had expected, according to StreetAccount.
Persons: Matthew Friend, Friend, Nike, Jordan, Brooks, Devin Booker, Jane Hali, Jessica Ramirez, She's, it's, They've, Ramirez Organizations: Nike, LSEG, Asia, StreetAccount, Associates, CNBC Locations: Glendale , California, China, North America, Europe, East, Africa, Asia Pacific, Latin America
NEW YORK (AP) — Garden centers enjoyed a pandemic boom, particularly with millennials, as people looked for outdoor activities during lockdowns. To regain the sales momentum, garden centers must navigate a number of challenges as another spring season kicks in. At Flowercraft Garden Center, a San Francisco garden center that is in its 50th year of operation, houseplants, vegetable starter plants and citrus trees are selling well, said general manager Lydia Patubo. That was good for an area suffering from a yearslong drought, but bad for garden center business. Even though his sales have plateaued since the pandemic, he feels the 34-year-old garden center is in a good spot.
Persons: Danny Summers, Summers, That’s, , Lydia Patubo, Patubo, San Francisco, ” Patubo, Chris Cordrey, , ” Cordray, hasn’t, Kat McGraw, ” McGraw Organizations: Survey, The Garden Center Group, Garden, , East Coast Garden, National, Administration, Co, Atlanta, Locations: U.S, San Francisco, San, California, Millsboro , Delaware, Chattanooga , Tennessee, Nashville, Tennessee
And now, Chinese authorities appear to be going after his followers in China. Li Ying spends most of his days in front of the computer running his X account. Li’s warnings sent shock waves through the small but influential Chinese X sphere. On X, Li Ying’s account provided a window into the outpouring of grief and disaffection. “The Chinese authorities are fearful of young people like Teacher Li, seeing him as a threat to its rule,” Wang said.
Persons: Lee, Xi Jinping, , Li, , ” Lee, Li Ying, Li reposts, Elon Musk, Covid lockdowns, ” Li, , Yaqiu Wang, , ’ ”, Li Keqiang, Shen Xiang, ramped, Li Keqiang’s, Xi, it’s, it’ll, ” Wang, Wang Organizations: Hong Kong CNN, Twitter, US, Facebook, Elon, Ministry of Public Security, CNN, YouTube, Future Publishing, Getty, Freedom Locations: China, Hong Kong, Beijing, Italy, Washington, Anhui province,
Joann, the arts-and-crafts retailer that has operated for more than 80 years, has filed for bankruptcy as consumers pare back on D.I.Y. Its filing listed liabilities of $1 billion to $10 billion, and assets of $500 million to $1 billion. Joann’s shares will be delisted after its bankruptcy proceedings, and the company will be owned by its lenders and other stakeholders. The private equity firm Leonard Green & Partners bought Joann for roughly $1.6 billion in 2011, and spun it off publicly in 2021. Joann owes about $12 million to Spinrite, a craft yarn supplier, its largest unsecured creditor.
Persons: Joann, pare, Ann, Leonard Green, Jones Lang LaSalle Organizations: Nasdaq, Leonard Green & Partners, FedEx Locations: D.I.Y, Hudson , Ohio
Where the Wild Things Went During the Pandemic
  + stars: | 2024-03-18 | by ( Emily Anthes | ) www.nytimes.com   time to read: +2 min
But a new global study, which used wildlife cameras to track human and animal activity during the Covid lockdowns, suggests that the story was not that simple. “We went in with a somewhat simplistic notion,” said Cole Burton, a wildlife ecologist and conservation biologist at the University of British Columbia, who led the research. “You know, humans stop, animals are going to breathe a sigh of relief and move around more naturally. And there was enormous variability in how wild mammals responded to changes in human behavior. It also highlights the nuanced ways in which humans affect the lives of wild animals, as well as the need for varied and multifaceted conservation efforts, the authors said.
Persons: , Cole Burton, , Kaitlyn Gaynor Organizations: University of British Locations: University of British Columbia
CNN —After Covid-19 lockdowns, 2022 was a year of marriages, according to new data. The number of marriages took a dive around the start of the pandemic, numbers show. But in 2020, the marriage rate was down to 5.1 per 1,000 people, the data showed. Growth in marriage rates may be due to more than just rescheduling, said Marissa Nelson, a licensed marriage and family therapist in Washington, DC. Divorce rates are going downIntentionality may also be behind declining divorce rates, she added.
Persons: Marissa Nelson, Nelson, Ian Kerner, I’ve, ” Kerner, , Monica O’Neal Organizations: CNN, US Centers for Disease Control, Prevention’s National Center for Health Statistics Locations: Washington ,, Boston
The Foreign Language That Changed My Teenage Son’s Life
  + stars: | 2024-03-17 | by ( Paul Tough | ) www.nytimes.com   time to read: +1 min
Max was always a shy kid, slow to warm up to new people and content to spend long stretches on his own. But when he got to school in the morning, it was like a curtain came down between him and the world. A new subject came along in those pandemic years to once again capture his imagination: birds. Maybe creatures that could fly and soar were an appealing notion during endless lockdowns, or maybe birds were just another vast universe for him to map. Max borrowed bird books from the library and lay in bed reading them, absorbing facts and patterns, gathering arcane knowledge.
Persons: Max, didn’t Locations: Texas
To outsiders, the Bruderhof share a passing resemblance to the Mennonites and the Amish. Like those groups, the Bruderhof see their communities as refuges from the materialism and inequities of the modern world. They live simply and share their wealth. But after the lockdowns prompted by the coronavirus pandemic, the Bruderhof were forced to revisit their longstanding mistrust of digital devices and online communication. It has proved to be a unique challenge that the Bruderhof wrestle with in their families and during community meetings: How does an enclave modeled after Christian communities of the first century engage with the modern world?
Persons: Bruderhof
Investing without owningLike real-estate investment trusts (REITs), real-estate funds provide exposure to the tangible asset class without owning and managing property. Investing directly through a private real-estate fund would take a few extra steps. The process requires an investor to identify a real-estate fund of interest. Once that's completed, funds from the retirement account are directly transferred into the real-estate fund. It's also important to read the terms of each fund; some may have added costs for repairs, expenses, and maintenance, which your IRA funds would cover.
Persons: Paul Daneshrad, Daneshrad, He's, we're, Dow, there's, Roth, that's, Gary Diamond, Fishman, Diamond, It's Organizations: Starpoint, Business, Federal, CPA
Chinese young people are using Tinder to find jobs amid high unemployment. US users are also turning to dating apps like Grindr for career networking. Related stories"By using dating apps, we can reach more people," Shanghai student Jade Liang told NBC News. AdvertisementTinder is also not keen on prospective job applicants using the app to find a job and, in fact, it's against the app's community guidelines. It's not just Chinese users who have turned to dating apps to find jobs or advance their careers.
Persons: , Jade Liang, Romy Liu, Liu, Tinder, It's, Grindr Organizations: NBC, Service, of Labor, NBC News, Business Locations: China, Covid, Shanghai
FCC cracks down on cable TV ‘junk fees’
  + stars: | 2024-03-14 | by ( Brian Fung | ) edition.cnn.com   time to read: +9 min
The new junk fees rule requires cable and satellite TV companies to list “all-in” prices to consumers in their billing and marketing materials — including any miscellaneous fees, such as those related to sports programming or local broadcast channels. Between 24% and 33% of the typical consumer’s bill can be attributed to fees, consumer advocates told the FCC. In a separate move last year, the FCC proposed banning certain cable fees altogether, including early termination fees that the agency says hinder competition and prevent customers from easily switching providers. Mending the digital divideIn addition to cable, the FCC also addressed internet availability during its Thursday meeting. Defining high-speed internetThe report also reflects newly adopted revisions in how the country defines high-speed internet, which the FCC voted to approve on Thursday.
Persons: , , Jessica Rosenworcel, ’ ”, NCTA, Dave Wallace, Amira Karaoud, Biden, Rosenworcel, you’re, Anne Neuberger, Neuberger Organizations: Washington CNN, Federal Communications Commission, FCC, Energy Star, National Institute for Standards, Technology, Logitech, LG, Samsung, Consumer, European Union Locations: Kentucky, Louisville , Kentucky, U.S, greenlight, Las Vegas, America
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