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☆ An F-35 was caught on camera for the first time carrying the stealthy long-range anti-ship missiles it could need in a fight with China
▼ + stars: | 2024-09-25 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewThe US military has published photos for the first time that show a fifth-generation F-35 fighter armed with a stealthy long-range anti-ship missile. The photo, released on Monday, shows an F-35C Lightning II carrying two AGM-158C Long-Range Anti-Ship Missiles (LRASMs) during a flight test conducted earlier this month. Efforts to integrate the missile with the carrier-based variant of the advanced F-35 stealth fighter underscore the military's push to expand its anti-ship capabilities across new platforms. The military has acknowledged an increasing need for these capabilities, particularly as rivals like China strengthen their navies. The F-35 doesn't have a dedicated anti-ship missile, making the LRASM a valuable addition.

Persons: —, Lockheed Martin Organizations: Service, Ship, Naval Air, Business, US Air Force, US Navy, Air Force, Navy, Hornets, Force, ITF, Pax ITF, Lockheed, Warfare Locations: Maryland, China, Washington, Beijing

☆ You're probably missing out on this international travel hack that saves time at the airport and costs nothing
▼ + stars: | 2024-06-28 | by ( Joey Hadden | ) www.businessinsider.com time to read: +6 min

AdvertisementMobile Passport ControlInternational travelers use Mobile Passport Control to get through customs. While it's a more useful perk than Mobile Passport Control, not every international traveler wants to pay $100 and go to the airport for an interview. Global Entry and Mobile Passport Control lanes. How to use the appOnce your flight lands in the US, open the Mobile Passport Control app. The Mobile Passport Control app presented on an iPhone.

Persons: —, Sean Cudahy, Guy, Joe Raedle, John F, Kennedy, Cudahy, It's, I've, Chris Hondros, Getty Images Cudahy, you'll, Joey Hadden Organizations: Service, US Customs, Border Protection, CBP, Business, Control, Getty, Mobile, Google, Apple, Dallas Fort, Residents, Visa, Global, TSA, Getty Images Locations: Dallas Fort Worth

☆ A US supersonic bomber dropped 500-pound bombs in its first live-fire bombing drill on the Korean peninsula in 7 years
▼ + stars: | 2024-06-05 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

Read previewA US supersonic bomber joined South Korea's Air Force for a live-fire training exercise, conducting runs with 500-pound bombs. The bomber, along with the South Korean military aircraft, "successfully released live GBU-38, 500-pound joint direct attack munitions, simultaneously striking multiple simulated targets." U.S. Air Force B-1B Lancer from the 37th Expeditionary Bomb Squadron receives a bird bath at Andersen Air Force Base, Guam, June 3, 2024, in support of a Bomber Task Force mission. At that time, North Korean weapons testing and provocations prompted US and South Korean forces to regularly fly in the area, conducting training exercises to deter North Korea. A year earlier, North Korea twice tested a nuclear weapon, and then it did so again in 2017.

Persons: —, 17uKEhOJTG, H8KoOFOKks, Guy Plopsky, Christian Hoover, Audree Campbell, Donald Trump, PACOM, 1Bs Organizations: Service, South Korea's Air Force, Business, US Air Force, 37th Expeditionary Bomb, Anderson Air Force Base, South, South Korean, ROK, US Marine Corps, KC, 7th Air Force, . Air Force, 37th Expeditionary Bomb Squadron, Andersen Air Force Base, Bomber Task Force, North, US Pacific Command, US, Korean, Lancer Locations: Guam, Republic of Korea, South Korea, North Korea, South Korean, Korean, Japan, South

☆ First direct evidence of prehistoric facial piercing in southwest Asia found in Turkey
▼ + stars: | 2024-03-11 | by ( Mindy Weisberger | ) edition.cnn.com time to read: +8 min

CNN —Archaeologists in Turkey have discovered groundbreaking evidence connecting prehistoric facial piercings to the bodies of the people who wore them. People of all ages were buried at Boncuklu Tarla, but the newly described ornaments were found only near the remains of adults. Shown here is one of the skulls from Boncuklu Tarla as it was found in the grave, with artifacts nearby. Emma L. Baysal‘Unbelievable’ quantityHunter-gatherers occupied Boncuklu Tarla from around 10,300 BC to 7100 BC, as people began to shift away from a nomadic lifestyle and form settlements. Archaeologists at Boncuklu Tarla in southeastern Turkey unearthed artifacts that were used as body piercings.

Persons: ”, Dusan Boric, Boric, Emma L, ” Baysal, “, Baysal, labrets, ” Dusan, “ It’s, Dusan, You’re, ’ ” Mindy Weisberger Organizations: CNN — Archaeologists, Sapienza Università, Roma, Tarla, Ankara University, CNN, Scientific Locations: Turkey, Asia, Boncuklu, Italy, Amazonia, Africa

☆ Casimir Funk is today's Google Doodle: What to know about the genius who created the term 'vitamins'
▼ + stars: | 2024-02-23 | by ( Renée Onque | ) www.cnbc.com time to read: +2 min

If you take a multivitamin every day or a vitamin D supplement every now and then, you have Casimir Funk to thank. Born Kazimierz Funk on Feb. 23 in 1884, the Polish-American biochemist introduced the concept of vitamins, which he called "vital amines," according to Google. "In his later research, Funk studied animal hormones and contributed to the knowledge about hormones of the pituitary and sex glands, emphasizing the importance of balance between hormones and vitamins." Funk's family describes him as someone who was a "driven and curious child," according to Google. But Funk was also a family man who valued time with his loved ones, even after becoming well-known for his discoveries, his family told Google.

Persons: Casimir Funk, Kazimierz Funk, Funk Organizations: Google, American Nutrition Association, Nutrition, of Fame, University of Bern, University of Berlin, Pasteur Institute Locations: Polish, American, Europe, Switzerland, Paris, Albany, N.Y

☆ First US Air Force wing to get operational A-10 attack aircraft nearly 50 years ago starts sending its Warthogs to the boneyard
▼ + stars: | 2024-02-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

The 355th Wing at Davis-Monthan Air Force Base has started retiring its A-10s. The base was the first to receive the A-10 Thunderbolt II aircraft nearly 50 years ago. AdvertisementThe first US Air Force wing to receive operational A-10 attack aircraft nearly 50 years ago has officially begun retiring its fleet and sending them to the Boneyard. AdvertisementThe Air Force has been moving toward retiring the plane since 2015 to free up funds for other projects, preferably platforms that, in the words of Air Force Secretary Frank Kendall, "scare China." Coleen Berryhill, 74th Fighter Squadron A-10C Thunderbolt II pilot, flies near a formation of B1-B Lancer and A-10 Thunderbolt II above the Philippine Sea, Nov. 9, 2022.

Persons: —, BRENDAN SMIALOWSKI, Davis, Scott Mills, Clarence McRae ,, Tristan Truesdell, Razvan Radoescu, Frank Kendall, Coleen Berryhill, Mills Organizations: Davis, Monthan Air Force Base, Thunderbolt, Service, US Air Force, Air Force, 355th Wing, 354th Fighter Squadron, 309th Aerospace, Regeneration, Monthan, Fairchild, Aerospace, Getty, . Air Force, 25th Fighter Squadron, Osan Air Base, Staff, 355th Operations Group, Force, Nevada, 74th Fighter Squadron, Army Locations: Arizona, Tucson , Arizona, AFP, South Korea, China, Philippine

Attacks The map shows five of the seven sites that the U.S. hit with military strikes in Syria and Iraq. The strikes hit more than 85 targets at different locations using more than 125 precision-guided munitions, according to a statement by U.S. Central Command. Two American officials said the United States also conducted cyberoperations against Iranian targets on Friday but declined to provide details. It is clear from statements from the White House, and from Tehran, that neither the United States nor Iran wants a wider war. Striking sites in the Mideast with aircraft launched from the United States and refueled midair is a muscular show of global reach and capability, the official said.

Persons: Biden, Biden’s, Mr, “, ”, John F, Kirby, Douglas, Sims, Yahya Rasool, That’s, Iran’s, Jordan, Roger Wicker of, William Jerome Rivers, Kennedy Ladon Sanders, Breonna Alexsondria Moffett, Moffett, Sanders, Sergeant Rivers Organizations: Iranian, Islamic Revolutionary Guards Corps Quds Force, U.S . Central Command, Islamic Revolutionary Guards Corps, ”, Jordan . Middle, Revolutionary Guards, National Security Council, White House, Central Command, White, Pentagon, Dyess Air Force Base, U.S, military’s Joint Staff, Air Force, Iraq’s Armed Forces, Iran’s Revolutionary Guards Corps, Revolutionary Guards Corps, Administration, Capitol, Biden, Republican, Armed Services Committee, Dover Air Force Base, Army Reserve Locations: United States, Syria, Iraq, East, Jordan, Iran, U.S, Jordan ., Tehran, Texas, Yemen, Israel, Gen, Roger Wicker of Mississippi, Delaware

☆ China’s youths throng bargain basements as economy bites: ‘The first floor is too expensive’
▼ + stars: | 2023-12-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesMin Li doesn't go to the mall often. The name of the game for Chinese youth in 2024 is trading down. Anything not in the basement floors is considered to be "in heaven," signaling it's out of reach. Citizens shopping for Mid-Autumn Festival gifts at a shopping mall in Yantai, East China's Shandong province, Sept 25, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images) Future Publishing | Future Publishing | Getty Images"The name of the game for Chinese youth in 2024 is trading down.

Persons: Min Li doesn't, Gucci, Chanel, Louis Vuitton, She's, Shaun Rein, Rein, Jia Miao, Jia, Chung Chi, Miao Organizations: Future Publishing, Getty, Apple, China Market Research Group, Starbucks, China Market Research, Weibo, Citizens, Publishing, New York University Shanghai, MyCOS Research, NYU Shanghai, Hong Kong Polytechnic University, McKinsey, China's, China News Service Locations: Yantai, East China's Shandong province, Weibo, East China's Shandong, Covid, NYU Shanghai China, Shanghai, Guangzhou

ORLANDO, Florida, Nov 16 (Reuters) - The U.S. high yield bond market is the dog that has rarely barked, never mind bitten, during the Federal Reserve's most aggressive interest rate-raising campaign in 40 years. The 'junk' bond market may also contain less junk than it used to. But changes in the composition of a leading high yield corporate bond index over recent years suggests this might be the case. "The high yield index is a higher quality index than in cycles past," reckons Bill Callahan, investment strategist at Schroders. It is now below 400 bps, and high yield bond investors are the most overweight since January, BofA's latest survey shows.

Persons: Bill Callahan, BofA's, Ashwin Krishnan, Morgan Stanley, Jamie McGeever, Marguerita Choy Organizations: U.S, ICE, Schroders, Bank of, North America, Reuters, Thomson Locations: ORLANDO, Florida

☆ Stunning video appeared to show 2 humpback whales trying to save a seal from a pod of orcas, but the seal may have been trying to hide behind the gentle giants
▼ + stars: | 2023-09-14 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

National Geographic captured humpback whales interrupting orcas that were hunting a seal in Antarctica. But then, Gregory said in the video, two humpback whales appeared out of nowhere. AdvertisementAdvertisementWhile killer whales do not pose a direct threat to adult humpback whales, which are much larger than orcas, killer whales do prey on humpback whale calves. While most people believe the humpbacks are swimming over to save the seal, the seal may actually be swimming toward the humpbacks to save itself. Sea lions and seals have been captured hopping onto boats in order to evade killer whales.

Persons: Bertie Gregory, Gregory, Leigh Hickmott, Andrew Trites, Trites, Robert Pitman, Pitman Organizations: Geographic, Service, University of St, Marine Mammal Research, University of British, Biologists, US, Oceanic, Atmospheric Administration, Hakai Magazine Locations: Antarctica, Wall, Silicon, Andrews, Scotland, University of British Columbia, Canada, British Columbia

☆ Russian tycoons haul over $50 billion of assets back home under pressure from sanctions and the Kremlin
▼ + stars: | 2023-09-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Russian billionaires are re-domiciling their assets under pressure from Western sanctions and the Kremlin's moves. Over $50 billion of Russian wealth has been repatriated since the invasion of Ukraine, per Bloomberg. On the flip side of the coin, Putin is making it harder for foreign firms to exit Russia. Europe has for decades been the preferred destination for offshore Russian companies to base their funds, but this tradition could soon come to an end as the costs of keeping capital abroad rise. A timeline of the hurdles Russia has imposed on companies looking to flee its heavily sanctioned economy can be found here.

Persons: Putin, Vladimir Putin, Alexei Kuznetsov Organizations: Bloomberg, Service, Kremlin Locations: Ukraine, Russia, Wall, Silicon, Europe, Cyprus, Malta, Moscow, Russian

☆ Country Garden restructuring fears deepen China property concerns
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The regulator also asked the property developers about their financing needs and sought suggestions, according to Cailianshe. China International Capital Corporation (CICC) has been hired as a financial adviser to Country Garden, the Yicai and Caixin reports said. Country Garden shares ended down 5.8% on Friday, having fallen as much as 14.4% during the day to a record low of HK$0.89. "It is likely to further weaken market sentiment and delay the recovery of China's property sector," it said.

Persons: Aly, Yicai, Cailianshe, CICC, John Lam, Clare Jim, Selena Li, Himani Sarkar, Jamie Freed, Raju Gopalakrishnan, Jane Merriman Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Sunac China Holdings, China's, Communist Party, China International Capital Corporation, Garden, UBS, China Aoyuan, Fantasia Holdings, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Hong Kong

☆ Country Garden shares hit record low on loss forecast, restructuring fears
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden declined to comment. Country Garden told Reuters this week that it had not been able to make $22 million of dollar coupon payments on time, though both have 30-day grace periods. The shares shed as much as 14.4% on Friday morning to a record low of HK$0.89 ($0.1139), having lost 38% of their value so far this week. Country Garden forecast the large first-half loss in filings on Thursday, and said that it would take measures to meet its debt obligations and fix operational issues to get the company back on track.

Persons: Aly, Yicai, CICC, Garden's, Clare Jim, Himani Sarkar, Jamie Freed Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, Garden, Reuters, China Evergrande, Sunac China Holdings, Communist Party, Industry, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong

☆ Country Garden stock reaches record low, Chinese property giant flags loss of up to $7.6 billion as it nears default
▼ + stars: | 2023-08-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Country Garden warned investors in a Hong Kong stock exchange filing Thursday that it would likely record a loss of 45 billion to 55 billion Chinese yuan (about $6.2 billion to $7.6 billion) for the six months through June. The disclosure lays bare the financial woes currently facing Country Garden, a massive builder of hundreds of thousands of homes annually across China. Country Garden did not immediately respond to a request for comment. As of early afternoon in Hong Kong Friday, its stock had reached a record low of 95 Hong Kong cents, below its previous low of 98 Hong Kong cents reached in October 2008. Cash crunchEarlier this week, Country Garden stoked concerns by missing two bond payments, according to analysts.

Persons: ” Morningstar, Jeff Zhang, Kaven Tsang, ”, Zhang, Morningstar, Yang Huiyan, Yang, won’t, Moody’s, Fang xing, ICHPL, Alfredo Montufar, “ Organizations: Hong Kong CNN, Garden, CNN, Hong, China’s, “, Hong Kong, Bloomberg Locations: Hong Kong, China, Foshan, Guangdong province, Real

☆ Moody's cuts ratings of Chinese developer Country Garden
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoAug 10 (Reuters) - Ratings agency Moody's on Thursday downgraded Chinese developer Country Garden's (2007.HK) corporate family rating (CFR) to Caa1 from B1, citing heightened liquidity and refinancing risk after the company missed bond payments. Country Garden expects to record a half-year loss owing to higher impairment provisions on projects, it said on Thursday. Moody's forecast a negative ratings outlook for Country Garden, citing uncertainty over China's biggest privately owned developer's ability to service its debt obligations. Country Garden said on Tuesday that it has missed two dollar bond coupon payments due on Aug. 6 totalling $22.5 million, slipping into repayment troubles.

Persons: Aly, Moody's, Akanksha, Bernadette Baum, David Evans Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Thomson Locations: Shanghai, China, Bengaluru

☆ 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

☆ German peace activists park rusty tank outside Russian embassy
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Berlin, Feb 23 (Reuters) - Activists protesting against Russia's invasion of Ukraine parked a destroyed, rusty tank directly in front of the Russian embassy in Berlin on Friday, bringing a piece of the battlefield to the centre of the German capital. The Russian embassy was not available for comment. They said it was transferred to Germany with the help of the Ukrainian Defence Ministry and the Ukrainian National Museum of Military History. The district office of Berlin's Mitte borough rejected Lenze's and Giebel's application to display the tank last year, citing concerns including road safety. The tank will subsequently tour through Europe and may end up in a German tank museum.

☆ Indians face up to 3-year wait times for U.S. tourist visas
▼ + stars: | 2022-12-22 | by ( Sakshi Venkatraman | Sakshi Venkatraman Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +6 min

Other consulates are only taking appointments for emergency tourist visas, which experts suspect have a shorter backlog of their own. NBC News reached out to the State Department and has not received a response. “The Department of State is successfully lowering visa interview wait times worldwide,” the statement said. The State Department cites staffing issues which it is trying to remedy, but Gelatt says it won't be a quick process. “The State Department says that they’re doubling their hiring and they’re training up staff,” Gelatt said.

☆ US pilots are testing the aging A-10 Warthog for a new kind of mission against more advanced enemies
▼ + stars: | 2022-12-14 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

A US Air Force crew chief prepares to launch an A-10 for Green Flag-West in California on November 9. Samara TaylorFor years, the Air Force has sought to scrap the Warthog, believing the aging plane might not survive against modern Russian and Chinese air defenses. (Congress finally relented this month, allowing the Air Force to begin retiring A-10s in the coming year.) Since 1981, the Air Force has used the exercise to train to provide air support to Army units. US Air Force Capt.

☆ How Elon Musk’s Twitter Faces Mountain of Debt, Falling Revenue and Surging Costs
▼ + stars: | 2022-11-21 | by ( Mark Maurer | ) www.wsj.com time to read: +10 min

Elon Musk says his $44 billion Twitter takeover might result in a bankruptcy filing. To make the deal work, Mr. Musk has been trying to add subscription revenue and reassure advertisers about the platform’s future. What’s more, the company’s debt stack now includes floating-rate debt, meaning that interest costs are set to rise as the Federal Reserve continues to increase interest rates. Twitter’s credit ratings, which were below investment grade before the transaction with Mr. Musk, have deteriorated further. For that, Mr. Musk would need to persuade potential investors that he has a viable long-term business plan, he said.

Musk, Twitter's new owner, said in May he would reverse Twitter's ban on Trump, whose account was suspended after last year's attack on the U.S. Capitol. Musk's decision to ask Twitter users for guidance on who should be on the platform is part of a huge restructuring of the company, including massive layoffs. Twitter told employees on Thursday that it would close its offices and cut badge access until Monday, according to two sources. In his first email to Twitter employees this month, Musk warned that Twitter may not be able to "survive the upcoming economic downturn." Amid the changes, Moody's withdrew its B1 credit rating for Twitter, saying it had insufficient information to maintain the rating.

☆ Elon Musk encourages Twitter engineers to fly in for in-person meetings
▼ + stars: | 2022-11-19 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Twitter told employees on Thursday that it would close its offices and cut badge access until Monday, according to two sources. In his first email to Twitter employees this month, Musk warned that Twitter may not be able to "survive the upcoming economic downturn." When a Twitter user asked Musk to reinstate conspiracy theorist Alex Jones, Musk replied with a curt "no." "There will be short, technical interviews that allow me to better understand the Twitter tech stack," Musk wrote in one of the emails. Musk wrote on Twitter late on Thursday that he was not worried about resignations as "the best people are staying."

☆ Fitch downgrades Telecom Italia to 'BB-'
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Ratings agency Fitch on Tuesday downgraded Telecom Italia's credit rating to 'BB-' from 'BB,' citing insufficient debt reduction in 2022. It expects the company's free cash flow to remain negative for at least three years, adding that financing of its negative free cash flow is increasingly important given financial market volatility and high interest rates. Ratings agency S&P Global in October downgraded Telecom Italia to "B+" from "BB-," citing a weak macro environment. Moody's in July downgraded Telecom Italia by one notch to 'B1,' citing expectations its leverage will remain high and free cash flow will stay negative over the next two to three years. Italy's new government wants to bring Telecom Italia's network under state control to speed up the digitalization of the economy, Industry Minister Adolfo Urso said on Monday.

BEIJING/HONG KONG, Oct 25 (Reuters) - Global credit rating agency Moody's downgraded Fosun International Ltd (0656.HK) by one notch on Tuesday and revised its outlook to "negative" from "ratings under review" amid concerns over the firm's accelerated asset sales. Fosun and its units had earlier cut stakes in firms such as New China Life Insurance (601336.SS) and Shanghai Yuyuan Tourist Mart Group (600655.SS). Fosun, controlled by billionaire entrepreneur Guo Guangchang, was once one of China's most aggressive dealmakers overseas, buying high-profile assets including resort brand Club Med. Fosun's cash on hand at the holding company level is insufficient to cover its short-term debt maturing over the next 12 months, Moody's added. Fosun also expects to gradually repay the outstanding senior notes and increase borrowings from banks, the report said.

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