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The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

☆ Real-estate investors on tight budgets are using a creative strategy to buy homes with zero money down and lock in low interest rates in high-rate environments
▼ + stars: | 2024-01-30 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

One strategy, known as buying "subject-to," allowed her to bypass a down payment and inherit a relatively low interest rate for her second property. According to Casey, subject-to deals aren't all that common, mostly because of a lack of understanding about how they work, even among real estate professionals. He can take that money from the escrow if she misses a mortgage payment. "I don't necessarily care about the purchase price; I care about your interest rate. I care about not having to put down a down payment, Casey continued.

Persons: Casey, —, She's, that's, you've, Nyasia Casey, he's, Zeona McIntyre, Zeona McIntyre McIntyre, she's Organizations: Business Locations: New York City, Baltimore, Boulder

If you’re worried you could be laid off — or if you’ve lost your job — personal finance professionals and career advisers have recommendations for how to cope. You can do this by leaving space in your resume to include keywords that are specific to the job you are applying for. IF YOU HAVE BEEN LAID OFFPRIORITIZE YOUR MENTAL HEALTHYour mental health can be heavily affected after a job loss. SHARE YOUR EXPERIENCEIt can be hard to talk about losing your job, and you should only share if you feel comfortable. “It shows that you have grit, that you’re willing to work hard and take care of your responsibilities,” she said.

Persons: you’re, you’ve, Jesse Mecham, Mecham, It’s, Scott Dobroski, “, ”, Marlo Lyons, Lyons, Dobroski, “ I’ve, ” Lyons, “ Don’t, Charles Schwab Organizations: eBay, Riot Games, Los Angeles Times, YOU, Jobs, LinkedIn, “, Labor Department, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Lafayette , Colorado, U.S

☆ New California city backed by Silicon Valley billionaires will be about 18,600 acres — less than half the size of the purchased land
▼ + stars: | 2024-01-18 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Notably, the acreage is less than half of the nearly 55,000 acres Flannery Associates purchased presumably for the project since at least 2018. Flannery Associates has spent about $800 million grabbing up land throughout the county that sits about 60 miles above San Francisco. But the group also has been in a contentious legal battle with a handful of Solano County landowners since May. In a lawsuit, Flannery Associates accused landowners of conspiring to inflate the land prices. In response, attorneys for the landowners accused Flannery Associates of using "strong-arm tactics" to pressure landowners into selling their land.

Persons: —, Flannery, Solano County —, Flannery Associates, Marc Andreessen, Laurene Powell Jobs, Reid Hoffman, Flannery overpaid, Jan Sramek, Flannery Will Ruin, Mitch Mashburn, Mashburn Organizations: Silicon, Service, Flannery Associates, Solano Homes, Jobs, Clean Energy Initiative, New York Times, LinkedIn, Local, NBC Locations: California, Solano County, Vallejo , Fairfield, Solano, San Francisco, Silicon

☆ Asia’s year in review: Who had it good — and who had it bad — in 2023
▼ + stars: | 2023-12-22 | by ( Curtis Chin | Jose B. Collazo | ) www.cnbc.com time to read: +7 min

As 2023 comes to a close, we take a look at the year that was in Asia and the Pacific region. But who had it good and who had it bad in 2023? Bad year: China's property marketWith millions of Chinese citizens still waiting for homes they put down payments on — but might never be built — 2023 was a particularly bad year for China's property market. A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won't be the last bad year they face.

Persons: Curtis, Chin, Jose B, —, Vikram, Amit Dave, Narendra Modi, Taylor Swift, Kim Ji, Jennie, Kim Jennie, Roseanne Chae, Lisa, Lalisa, King Charles, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones, Blackpink, Michelle Yeoh, Joe Biden, Xi Jinping, San Francisco —, China Evergrande, Moody's, Asia's Organizations: Asian Development Bank, RiverPeak Group, ISRO —, Indian Space Research, Orbiter, ISRO, Buckingham, Sustainable, COP26, Getty, YG Entertainment, APEC, U.S, International Monetary Fund Locations: U.S, Asia, Turkey, Syria, Maui, Hawaii, Lahaina, Pacific, India, Gujarat Science City, Ahmedabad, Korea, British, LONDON, ENGLAND, Glasgow, London, England, South Korea, Malaysian, New Zealand, Thailand, China, San Francisco, United States, Taiwan, South China, Country, Hangzhou city, Zhejiang province

Yes, you can get a mortgage in retirement, even if your only income comes from Social Security retirement benefits or other types of Social Security. How lenders view Social Security incomeMortgage lenders can't deny credit to applicants simply because their income comes from Social Security. Social Security income is viewed the same as any other type of income, with one exception that can work in recipients' favor. Additionally, if you have other sources of income aside from your Social Security income, be sure to include that in your application. Can you get a mortgage with only social security income FAQsCan I get a loan if my only income is Social Security?

Persons: —, you'll, Shashank Shekhar, Shekhar Organizations: Social Security, Service, Social, DTI, Security, Chevron Locations: Chevron

With his rental earnings and increased salary, Vij was able to buy more rental properties in southern Ontario. Investing in rental propertiesVij's first rental property was a two-story detached home with seven rentable rooms, two miles away from McMaster's main campus. Otherwise, whatever money Vij made from his job and rental property went straight into savings for more rental properties. "I want to own as many assets as possible that generate cash flow and use any extra cash to buy more assets." In 2023, Vij broke even on his rental properties.

Persons: Karun Vij, Vij, —, I'd, Karun, Jeremy Applebaum, I'm, Seema, Vij Vij, He's Organizations: CNBC, aha, McMaster University, McMaster, Fortune, Fiverr Savings, Spotify, Amazon Prime, Google, Walt Disney Locations: Hamilton , Ontario, Canada, McMaster's, Cambridge, Ontario, Chicago, Brampton , Ontario, Toronto, Mississauga, Hamilton, Milton , Ontario, Windsor , Ontario

SummaryCompanies cpurl://apps.cp./cms/?pageId=house-poll poll dataNew home prices will likely rise in 2024Property sales, investment seen continuing to slide next yearBEIJING, Nov 29 (Reuters) - Prices of new homes in China are now expected to climb 3% this year after a slew of policy measures to support the country's beleaguered property market, up from earlier expectations for prices to be flat, a Reuters poll showed. But the poll of 11 economists, conducted Nov. 20-28, also showed expectations for 1% growth in new home prices in 2024 were little changed from an August poll. According to the poll, property investment is expected to slump 10% in 2023 and then 8.4% in 2024. Regulators are drafting a list of 50 property developers eligible for a range of financing support, including Country Garden (2007.HK) and state-backed China Vanke (000002.SZ), Bloomberg reported last week. (For other stories from the Reuters quarterly housing market polls)Reporting by Liangping Gao and Ryan Woo; Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Huang Yu, Wang Xingping, Liangping Gao, Ryan Woo Organizations: China Index Academy, Fitch, Regulators, HK, Bloomberg, Thomson Locations: BEIJING, China

☆ How much the typical first-time home buyer puts toward a down payment and where they get the money
▼ + stars: | 2023-11-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The typical first-time home buyer made a down payment of 8% and relied on their savings to do so. Why has the typical down payment for first-time buyers reached an over two-decade high when the housing market is so expensive? In part, it's because wealthier first-time buyers — who can more easily afford a higher down payment — have been particularly active in the housing market. In 2023, the typical first-time homebuyer had a household income of $96,000, up from $71,000 in 2022. Last year, the share of first-time homebuyers reached 26% , the lowest level since the survey began in 1981.

Persons: —, homebuyer, Jessica Lautz, it's, homebuyers Organizations: Service, National Association of, NAR

☆ Mortgage rates fall for fourth week but stay above 7%
▼ + stars: | 2023-11-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Mortgage rates fell again in the most recent week, as inflation showed signs of slowing. It’s the fourth consecutive week of tumbling rates after rising for seven straight weeks. The average rate rose above 7% in mid-August and since then reached as high as 7.79% at the end of October. “In a few short weeks, mortgage rates have largely erased the sharp climb traversed in October,” said Danielle Hale, Realtor.com’s chief economist. Meanwhile, she added, existing home sales slid to their worst reading since 2010 as home prices rose and mortgage rates pushed the cost of buying even higher.

Persons: Freddie Mac, “, ”, Sam Khater, Freddie Mac’s, Danielle Hale, Hale, homebuyers, ” Hale Organizations: DC CNN — Locations: Washington

☆ Baby boomers got rich off real estate and they are in perfect position to do it again
▼ + stars: | 2023-11-19 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Nearly one-fourth of that was built through real estate equity. With less pressure from interest rates, they can take advantage of the current real estate market, too. They're also in the perfect position to help themselves by taking advantage of the current real estate market. However, boomers can make stronger bids on homes for sale because of their savings and real estate equity. AdvertisementMeanwhile, more than one-third of house purchases in September were all-cash, according to the real estate broker RedFin.

Persons: —, They're, Jessica Lautz, RedFin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch Organizations: Service, National Association of Realtors, NAR, Brigade, Census Bureau, Federal, Rosenberg Research, North, Federal Reserve Locations: North American

☆ Here’s how much you need to make to afford a home in America
▼ + stars: | 2023-11-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

“First-time buyers tiptoed back into the market this year with less competition and fewer multiple-offer scenarios,” said Lautz. The age of the typical repeat buyer also dropped slightly to 58 from an all-time high of 59 last year. In comparison, the typical downpayment for repeat buyers was 19%, which is the highest share since 2005, when the typical downpayment was 21%. First-time buyers increased their reliance on financial assets this year, which grew to 24% from 20% last year. Of recent homebuyers, 7% were Latino, 7% were Black, 6% were Asian or Pacific Islander and 6% identified as some other race.

Persons: ”, Jessica Lautz, today’s, homebuyers, downpayment, Homebuyers, “ Organizations: DC CNN, National Association of Realtors, Census Locations: Washington, United, United States

☆ 15 cities where U.S. homebuyers make the largest down payments—the top 5 are in California
▼ + stars: | 2023-11-12 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Homebuyers put down an average of 13.8% of the home price in 2023, according to a Realtor.com analysis of the 150 largest real estate markets for the quarter ending in September. Here's a look at the 15 most expensive real estate markets, based on the median cost for a typical down payment on a home. In Killeen, Texas, median down payment is only $2,182. This includes Fayetteville, North Carolina; Shreveport, Louisiana; and El Paso, Texas, where median down payments are $5,000 or less. U.S. Department of Agriculture loans also require no down payment, which might lead to low down payments in relatively rural areas.

Persons: Homebuyers, That's, Freddie Mac, Warren Buffett Organizations: PMI, Santa, Thousand Oaks, Seattle, Boston, Cambridge, Fort, Stamford -, U.S . Department of Veterans Affairs, U.S . Department Locations: California, U.S, San Jose, Sunnyvale, Santa Clara , California, Francisco, Oakland, Berkeley , California, Santa Maria, Santa Barbara , California, Angeles, Long, Anaheim , California, Santa Rosa, Petaluma , California, Oxnard, Ventura , California, Tacoma, Bellevue , Washington, Diego, Chula Vista, Carlsbad , California, Newton , Massachusetts, New Hampshire, Fort Collins , Colorado, Sacramento, Roseville, Folsom , California, Naples, Marco Island, Florida, York, Newark, Jersey City , New York, New Jersey, Pennsylvania, Portland, Vancouver, Hillsboro , Oregon, Washington, Bridgeport, Stamford, Stamford - Norwalk , Connecticut, U.S . California, Killeen , Texas, Killeen, Fayetteville, North Carolina, Shreveport , Louisiana, El Paso , Texas

☆ Former top Baltimore prosecutor convicted of federal perjury charges
▼ + stars: | 2023-11-10 | by ( Steve Gorman | ) www.reuters.com time to read: +3 min

Nov 9 (Reuters) - Baltimore's former top prosecutor Marilyn Mosby was found guilty of perjury on Thursday for falsely claiming financial duress to withdraw funds from a retirement plan. A U.S. District Court jury in Greenbelt, Maryland, convicted Mosby, 42, on both federal perjury counts she faced after hours of deliberation. Mosby, a Democrat, lost her bid for a third term after she was indicted on federal charges in January 2022. Mosby's defense team argued in court that she did not lie in stating financial hardship because her private travel business took a hit during the pandemic. None of the six officers charged in his death was convicted.

Persons: Marilyn Mosby, Mosby, Freddie Gray, Prosecutors, Gray, Steve Gorman, Michael Perry Organizations: Maryland, Baltimore, Democrat, Maryland U.S, Attorney's, Prosecutors, Internal Revenue Service, Thomson Locations: U.S, Greenbelt , Maryland, Maryland, COVID, Florida, Los Angeles

(AP) — A federal jury is expected to hear attorneys' closing arguments on Wednesday in the perjury trial of a former top prosecutor for the city of Baltimore. Marilyn Mosby, who served two terms as state's attorney for Baltimore, declined to testify before her attorneys rested their case on the third day of her trial. Mosby's attorneys said she legally obtained and spent the money. Mosby told the truth when she certified on paperwork that the pandemic devastated her business, said the defense attorney, Maggie Grace. U.S. District Judge Lydia Kay Griggsby agreed to move Mosby’s trial from Baltimore to Greenbelt, Maryland, a suburb of Washington, D.C.Mosby’s attorneys argued that she couldn’t get a fair trial in Baltimore after years of negative media coverage.

Persons: Marilyn Mosby, Prosecutors, Mosby, Freddie Gray, Mosby’s, Sean Delaney, Maggie Grace, “, Marilyn Mosby’s, ” Grace, Scott Bolden, Lydia Kay Griggsby, couldn’t, Lea Skene Organizations: —, Baltimore, Democratic, Prosecutors, Economic, Mahogany Elite Enterprises, U.S, Washington , D.C, Associated Press Locations: Md, Baltimore, Florida, Kissimmee , Florida, , Florida, Greenbelt , Maryland, Washington ,

☆ The CEO of UNest, a college savings app, stepped down after she said the company was 'insolvent.' Here's what customers need to know.
▼ + stars: | 2023-11-03 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

UNest is a startup that makes it easier for people to save up for major life expenses like college. Ksenia Yudina, founder & CEO, stepped down last month and warned the company was "insolvent." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As Insider previously reported, Ksenia Yudina, founder & CEO, stepped down last month and warned the company was "insolvent." "The board, remaining management, and investors are working closely together to secure additional funding for the company," he said.

Persons: Ksenia Yudina, —, Franklin Templeton, Star Baron Davis, Laura Dern, Michael Doniger, UNest, Ben Bergman, bbergman@insider.com Organizations: Service, Artemis Fund, Anthos, Northwestern Mutual, Star, Vanguard, Blackrock, Apex Clearing Locations: Anthos Capital, Apex

☆ Storylines Residential Cruise Faces Backlash From Investors, Ex-Employees
▼ + stars: | 2023-11-01 | by ( Kate Taylor | Brittany Chang | ) www.businessinsider.com time to read: +31 min

Storylines' first cruise ship was initially scheduled to launch in 2019; it's now set for December 2026. Nine former employees, consultants, and investors told Insider that they'd come to doubt the MV Narrative would ever be built. The only existing residential cruise ship is The World. Many Storylines buyers remain optimistic about the residential cruise ship. "The ball is in your court," Punton told buyers in July in a video that's since been taken down.

Persons: Alister Punton, Punton, Shannon Lee, Mike Kasperzak, Jim Holt, Holt, Angela Nuran, Paul Cosentino, Cosentino, We're, Lee, it's, Alexandre Caillol, Condé, superyachts, Sean Fremder, Weeks, Caillol —, —, Marco Polo —, PitchBook, Alexandra Zodian —, Caillol, Michael Edwards, Edwards, he'd, Martin Buggy, Melissa Edyvean, Edyvean, Paul Read, Salvatore R, Mercogliano, Pat Helmers, Helmers, Michael Perisi, Andrew Lentz, didn't, Lentz, Wrocław . Lentz, Andrew, I'm, Lee ., Dick Rosman —, Lee —, Krzysztof Kontek, Kontek's, Michal Jackiewicz, Brodosplit, Brian Martin, Read, Nuran, We've, he's, New Zealand —, Kasperzak, " Lentz Organizations: Punton, Army, West —, Industry, CNN, Brodosplit, Regent Seven Seas, Wall Street Journal, Korea's Samsung Heavy Industries, Utopia, Beverly Hills, Rock City, The Raiders, Raiders, Holland America's, Mariners, New Zealand Locations: massages, Croatian, Beverly, Punton, Queensland, Australia, Broadbeach, California, Rock, Brisbane, Netherlands, Caillol, Polynesia, French Polynesia, France, London, Australian, British, Delaware, Sweden, Tahiti, Perth, Ecuador, Poland, Wrocław, Mexico, Florida, New

☆ The CEO of UNest resigned after she said the board asked her to approve an 'illegal' takeover, according to a leaked email. The company says customer accounts are safe.
▼ + stars: | 2023-10-31 | by ( Ben Bergman | ) www.businessinsider.com time to read: +5 min

"This matter is very confidential and person who leaked the email can be subject to legal claims," Yudina wrote. UNest boasted 400,000 users that year and said it was on track to hit a million users in 2022. "I wasn't doing something that I perceived as illegal and unethical, therefore I stepped down from the position of CEO," Yudina wrote. "Tech industry is navigating a lot of headwinds and even strong startup founders get affected," Yudina wrote, before saying that people should be focused on supporting Israel. "As we navigate the hurdles of our daily lives, it's crucial to remember that there are people on another continent enduring unimaginable suffering and uncertainty," Yudina wrote in the message.

Persons: Ksenia Yudina, UNest, Yudina, I'm, Michael Doniger, Doniger, Franklin Templeton, Northwestern Mutual –, Star Baron Davis, Laura Dern, –, SVB, Ben Bergman, bbergman@insider.com Organizations: Silicon Valley Bank, LinkedIn, Apex, Capital Group, Artemis, Anthos, Northwestern Mutual, Star, Business, Tech, Israel Locations: Silicon, Anthos Capital, UNest, Silicon Valley

☆ Owning a home is within reach in these 10 cities, where buyers need less cash to achieve the American Dream
▼ + stars: | 2023-10-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Realtor.com has identified the top 10 US cities where homebuyers make the smallest down payments. "A lot of folks just don't have that extra cash," the report's author said of 20% down payments. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Realtor.com has tracked the ten cities where buyers are making the smallest down payments. These are the top 10 cities where homebuyers are making the smallest down payments, according to Realtor.com.

Persons: Realtor.com, —, Clare Trapasso, Trapasso Organizations: Service Locations: Killeen , Texas, South, Midwest

☆ What China's slow-motion real estate crisis means for the global economy
▼ + stars: | 2023-10-27 | by ( Christian Nunley | ) www.cnbc.com time to read: +1 min

China's real estate industry is collapsing in slow motion. And now the International Monetary Fund just cut its global growth forecasts for 2024 and called out China's real estate crisis as a big reason why. Youth unemployment is at record levels, gross domestic product forecasts have been lowered and the ongoing real estate crisis has been hitting consumer confidence and foreign investment in the country. "China's shrinking real estate sector over the coming years will really have a huge impact on heavy industry, on the commodity markets globally," he said. There’s going to be less cement being used — less glass, for example.

Persons: Frederic Neumann, Neumann Organizations: International Monetary Fund, HSBC, CNBC Locations: China, Asia, Beijing

☆ Real estate expert explains why 'buying a home is a liability' — and how to figure out if you should rent or buy
▼ + stars: | 2023-10-20 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

If you're financing the home, you're going to be paying a mortgage, he pointed out: "Yes, you are paying down principal." But, at the end of the day, a monthly mortgage payment is an expense. Of course, rent is a monthly expense as well, which begs the question: Do I rent or buy? "You're paying down a mortgage with rental income, not the cash out of your pocket. To achieve financial freedom, Beliveau stresses getting your first "rental asset" — not just your first rental unit.

Persons: it's, Ricky Beliveau, Beliveau Organizations: V10 Development

☆ A 36-year-old real estate investor who owns hundreds of units acquired his first property months after graduating college. He shares the strategy he used to live for free in his first home.
▼ + stars: | 2023-10-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

As a college senior in 2010, Ricky Beliveau wrote a paper about how to invest in multi-family real estate. Six months after graduating, he used his capstone project as a blueprint to actually purchase a multi-family unit himself. He quit his day job in 2015 to go all-in on real estate. Today, at 36, he runs several real-estate related businesses, including Volnay Capital and EVO Real Estate Group. Consider what real estate investor Todd Baldwin did at the beginning of his career.

Persons: Ricky Beliveau, —, she'd, Beliveau, he'd, Todd Baldwin, Baldwin, it's Organizations: Northeastern University, Volnay Capital, EVO Real Estate Group Locations: Boston, Seattle , Washington

☆ A real estate developer who owns hundreds of units says the key to financial freedom is getting over the hurdle of buying your first rental property — and shares 2 strategies for getting started
▼ + stars: | 2023-10-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

His senior year of college, he enrolled in a real estate finance class and started learning about various property-investment strategies. He was particularly interested in multi-family real estate and focused his capstone project around it. By 2015, his real estate investing business reached a point of profitability where he felt comfortable quitting his finance job. Getting into real estate in today's market is "very hard," he said matter-of-factly. To achieve financial freedom, Beliveau stresses getting your first "rental asset" — not just your first rental unit.

Persons: Ricky Beliveau didn't, Beliveau, I'd, Ricky Beliveau, it's, didn't, It's Organizations: Volnay Capital, Wellington Management, Northeastern University Locations: Connecticut, Boston, today's

☆ Bank of America sees more than 60% upside in this beaten-down payments stock
▼ + stars: | 2023-10-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

Shares of Block are too cheap relative to the payment company's high-quality fundamentals, according to Bank of America. The firm reiterated its buy rating on the stock along with its price objective at $71. That target suggests a 62% upside from Monday's closing price of $43.71. SQ YTD mountain SQ YTD chart "We believe this pullback is quite unjustified, but suspect it is due to: 1. Kupferberg also pointed toward Block's strong fundamentals as a catalyst for the firm's potential upside.

Persons: Jason Kupferberg, Kupferberg, — CNBC's Michael Bloom Organizations: Bank of America

☆ Alstom cash crunch dents management credibility
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Oct 5 (Reuters Breakingviews) - Alstom (ALSO.PA) CEO Henri Poupart-Lafarge faces an uphill struggle to shore up his credibility. The French train maker lost 35% of its market value – amounting to 3 billion euros - on Thursday after announcing that it would book negative free cash flow of 500 to 750 million euros this year. Finally, weaker than expected orders in the first half of the year generated less cash in the form of down payments. Given the potential for the group’s net debt to be 3 billion euros by year-end, 1 billion euros more than expected, Deutsche Bank analysts reckon it may soon need a capital increase. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Pierre Briancon, Aimee Donnellan, Streisand Neto Organizations: Alstom, REUTERS, Reuters, London Underground, Deutsche Bank, X, Sandoz, Brookfield, Temasek, Thomson Locations: Saint, Ouen, Paris, France

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