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A model Chinese property developer in a sector replete with risk takers is teetering on the edge of default. Short of cash, one of China’s biggest asset managers has missed payments to investors. The broader economy has been threatened, and the confidence of consumers, businesses and investors undermined. So far, China’s typically hands-on policymakers have done little to ease anxieties and seem determined to reduce the country’s economic reliance on real estate. “What is happening in the Chinese property market is really unprecedented,” said Charles Chang, who heads corporate credit ratings for Greater China at Standard & Poor’s.

Persons: ”, Charles Chang Organizations: Greater, Standard Locations: China, Greater China

☆ Why This Company’s Financial Crisis Threatens China’s Economy
▼ + stars: | 2023-08-15 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: 1 min

Country Garden, a Chinese real estate giant, has lost billions of dollars and racked up $200 billion in unpaid bills. It’s on the hook to deliver, by one estimate, nearly one million apartments across hundreds of cities in China. In China’s housing market, there are plenty of deadbeat developers no longer paying their bills. The possible collapse of Country Garden is one to pay attention to. “One shall pick himself up from where he has fallen,” Mo Bin, Country Garden’s president, said last week, pledging to “spare no effort.”

Persons: ” Mo, ” Locations: China

☆ Outrage Online as Chinese Property Giant Wobbles and Stock Dives
▼ + stars: | 2023-08-11 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

Now investors are treating Country Garden, the giant property developer, like a ticking time bomb. The company’s shares, which trade in Hong Kong, took a dive on Friday, dragging its value to new depths. The stock is trading around one Hong Kong dollar, or about 13 cents U.S. Commenters on Chinese social media expressed their shock — and anger — at the drumbeat of bad news about China’s housing market. Many invoked the memory of another property giant, China Evergrande, that landed in default two years ago, marking the start of a wave chain of property flameouts.

Persons: China’s, — Organizations: Hong Locations: Hong Kong, China

☆ Another Chinese Property Giant Teeters, Raising Worries About the Economy
▼ + stars: | 2023-08-09 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: +2 min

That this is happening to Country Garden is alarming investors. It had largely benefited from measures to bolster the property market last year that included more financial support. But recent events have led Country Garden to a point of distress that was unthinkable a year ago, when it was making nearly $50 billion in sales. The worry now is that even as Beijing has pledged more support to the property market, the measures may not be enough. But if Country Garden doesn’t make the payments it will trigger a default, scaring those who have lent it money in the past.

Persons: Sandra Chow Organizations: Pacific Research Locations: Beijing, China, Shenzhen, Shanghai, Asia, Pacific, CreditSights

☆ Invasive fruit flies have forced a 79-square-mile area of LA under quarantine. Residents are advised to not move any fruits or vegetables from their property.
▼ + stars: | 2023-08-01 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

A fruit fly invasion has led to the quarantine of a 79-square-mile region of Los Angeles County. Residents are free to come and go under the quarantine, but their produce is not. But this isn't a quarantine for people, like the COVID restrictions we're all used to — it's a quarantine of fruits and vegetables only. To prevent the flies from spreading, people living in the quarantined area cannot take any fruits or vegetables off their property, the agency advised. People are advised not to remove any produce from their property to avoid spreading the invasive Tau fruit fly.

Persons: John Coletti Organizations: Service, California Department of Food, Agriculture Locations: Los Angeles County, Wall, Silicon, Los Angeles, Asia, Stevenson, Santa Clarita, California

CNN —A 79-square-mile area of Los Angeles County is under quarantine after an invasive fruit fly was found there – the first such quarantine for the pest in the Western Hemisphere, according to California officials. The Tau fruit fly, originating in Asia, is a “serious pest for agriculture and natural resources,” according to the release. It isn’t the first time the Tau fruit fly was found in California. The state agency plans to work with the US Department of Agriculture and local authorities to eliminate the Tau fruit fly and prevent its spread. Crews will cut host fruit and vegetables on properties within 200 meters of detections to inspect for fruit fly larvae, among other measures, the state agriculture agency said.

Persons: It’s, Stevenson, Crews Organizations: CNN, California Department of Food, Agriculture, Residents, US Department of Agriculture Locations: Los Angeles County, California, Stevenson, Santa Clarita, Asia, Los Angeles, San Bernardino County

Here are the meanings of the least-found words that were used in (mostly) recent Times articles. Works by Agatha Christie, Robert Louis Stevenson and P. G. Wodehouse all featured tontine members plotting to kill one another in hope of a big payoff. — Dog Ziggity: New Jersey’s Own Hot Dogs (Sept. 24, 2013)And a bonus: arrant — total or extreme:It constitutes a dismissal of eager and innocent articulateness. And as such, it is an arrant and thoughtless injustice that must be stopped. — Opinion: A Language Test That Stigmatizes Black Children (Oct. 7, 2022)The list of the week’s easiest words:

Persons: tantara, orotund, Lorde, tontine, Agatha Christie, Robert Louis Stevenson, G, Wodehouse, today’s, Melmoth ’, Gatsby, Tom, Daisy Buchanan, Ross Douthat, —, Umberto, monocracy, Sarkozy, ” — Sarkozy, viand Organizations: Umberto Eco, Socialists, Drinks Locations: New York, Prague, Texas

☆ Here's where the jobs are for June 2023 — in one chart
▼ + stars: | 2023-07-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The biggest area for growth was health care and social assistance, with 65,200 jobs added, according to data from the Labor Department . The June jobs report showed signs that the U.S. labor market may be losing steam after surprisingly strong growth earlier this year, but some categories still saw big jumps in employment last month. The other star category was government, which added 60,000 jobs. Another strong area of the labor market was construction, which added 23,000 jobs for the second straight month. Clarification: This story has been updated to clarify that hospitals added 15,000 jobs.

Persons: Betsey Stevenson, Stevenson Organizations: Labor Department, University of Michigan, Retail

☆ A new Texas law forces vendors to rate sexual content in schoolbooks. They’re not happy about it
▼ + stars: | 2023-07-04 | by ( Nadia Bidarian | ) edition.cnn.com time to read: +10 min

But a new Texas law might require her to. The law’s primary author, Republican Texas State Rep. Jared Patterson, said its aim is simple: Get sexually explicit content out of schools. Republican Texas State Rep. Jared Patterson debates HB 900, which would ban sexually explicit materials from library books in schools. Mikala Compton/Austin American-Statesman/APBut the burden of rating these books falls on book vendors. The law also applies retroactively to books sold to schools in the past, meaning that vendors must issue recalls for “sexually explicit” books still in circulation.

Persons: Charley Rejsek, they’d, “ We’re, ” Rejsek, Jared Patterson, Mikala Compton, “ We’ve, “, ” Patterson, ”, Shirley Robinson, ” Robinson, Ben Conn, Conn, Noble, ” Conn, wasn’t, Patterson, Valerie Koehler, Mary Cate Stevenson, Noah Nofz Koehler, doesn’t, she’s, ” Koehler, Noah Nofz Richard Bailey, Greg Abbott, Bailey, ” Bailey, Lewis Parry, ” Elizabeth Jordan, ’ Patterson, ” Jordan, can’t, Jordan Organizations: CNN, Republican Texas State, Austin American, Statesman, Resources, ”, Texas Library Association, Media Association, Barnes, Penguin, Library Company, Education, Willow, Interabang, Dallas County, Lewis Parry Interabang, Nowhere, Texas Education Agency Locations: Texas, Austin, ”, Houston, Houston , Texas, Dallas, Dallas , Texas, San Antonio

☆ How ‘Nimona’ Helped Its Creator Explore His Emerging Identity
▼ + stars: | 2023-06-30 | by ( Robert Ito | ) www.nytimes.com time to read: +2 min

The film had its beginnings in 2015, the same year the book was published, and is that rarest of Hollywood literary makeovers. For Stevenson, much of the book spoke to his own upbringing and experiences. Stevenson, 31, was born and raised in Columbia, S.C., the middle child of five siblings. After years of home-schooling and two more at the local high school, he went to the Maryland Institute College of Art, where he began posting Nimona comics online in 2012, a project that became his senior thesis. “When I first started making the comic, I didn’t consider myself a writer,” he said.

Persons: Nimona, Stevenson, ”, “, Nimona ”, Eisner, ” Stevenson, Ra Organizations: Hollywood, Netflix, Maryland Institute College of Art, ”, Fox Animation, Blue Sky Studios, DreamWorks, Media Locations: Hollywood, Burbank, Sur Monterey County, Columbia

NEW YORK, June 21 (Reuters) - U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. "We're going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. Canadian crude may have been sent toward Cushing as feedstock for a restart of the Toledo refinery, which had a fire last year, said Matt Smith, lead oil analyst for the Americas at Kpler.

Persons: Phil Flynn, Hillary Stevenson, Cushing, Stevenson, Enbridge, Flanagan, John Coleman, Wood Mackenzie, Matt Smith, Stephanie Kelly, Nia Williams, Arathy, Jonathan Oatis Organizations: YORK, Cushing, Price Futures, Energy, IIR Energy, BP, Phillips, North, Americas, Kpler, Thomson Locations: Oklahoma, Canada, Cushing, U.S, Toledo, Ohio, Texas, Wood

☆ Art Basel draws surge in Asian collectors
▼ + stars: | 2023-06-15 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

[1/4] People pose in front of the sculpture "Naughtynightcap" from 2008 by artist John Chamberlain at the Art Unlimited exhibition at the Art Basel art fair in Basel, Switzerland September 21, 2021. Noah Horowitz, who became Chief Executive of Art Basel in November said that an extraordinary amount of people from Asia have travelled to this year's flagship Art Basel fair. China's art market, the third largest in the world, had reported a steep decline in sales in 2022, with lockdowns stalling activity and cancelling art auctions and events, according to the 2023 UBS Global Art Market Report. "The art market compared to the financial market is completely different – it is very opaque, it is not transparent and there are limited sources of data," she said. Art Basel is open to the public until Sunday.

Persons: John Chamberlain, Arnd, Mark Rothko, Noah Horowitz, Joost Bosland, Stevenson, Bosland, Patricia Amberg, Noele Illien, Sandra Maler Organizations: Art, REUTERS, Art Basel, Basel, UBS Global Art, UBS, Thomson Locations: Art Basel, Basel, Switzerland, ZURICH, Swiss, Asia, South Africa, Netherlands, China

☆ Juliet Stevenson Returns to ‘The Doctor,’ and the New York Stage
▼ + stars: | 2023-06-13 | by ( Roslyn Sulcas | ) www.nytimes.com time to read: +1 min

At the start of Robert Icke’s “The Doctor,” the actress Juliet Stevenson stands alone in a spotlight onstage. I’m a doctor.”As the play’s title character, a grammatically exacting neurosurgeon named Ruth Wolff, Stevenson will repeat those last two phrases many times as events unfold and Ruth’s clarity and intellectual certainties erode. Eventually they will transmute into something far more inchoate as her life unravels, and self-doubt begins to permeate her conviction that being a doctor is all that matters. In Icke’s version, the issues go beyond questions of medical ethics and religious affiliations to include identity politics and cancel culture. The play, and Stevenson, received rave reviews when “The Doctor” was first presented in 2019 at London’s Almeida Theater, where Icke was then the artistic director, and later after it transferred to the West End.

Persons: Robert Icke’s “, Juliet Stevenson, “, Ruth Wolff, Stevenson, unravels, Arthur Schnitzler’s, Bernhardi, ”, Icke, ” Michael Billington Organizations: Roman Catholic, London’s, Guardian Locations: New York, obduracy

☆ 'Kimberly Akimbo,' Tom Stoppard’s 'Leopoldstadt' among winners on writerless Tony night
▼ + stars: | 2023-06-12 | by ( Kathryn Lurie | ) www.reuters.com time to read: +3 min

[1/5] The cast of “Kimberly Akimbo” perform at the 76th Annual Tony Awards in New York City, U.S., June 11, 2023. REUTERS/Brendan McdermidJune 11 - “Kimberly Akimbo,” about a teenager who ages in reverse, and Tom Stoppard’s autobiographical “Leopoldstadt” were among the winners Sunday as the Tony Awards went on despite the Writers Guild of America strike. The three-hour telecast on CBS was hosted by Tony- and Academy Award-winner Ariana DeBose. Patrick Marber, who won best director of a play for “Leopoldstadt,” was among several winners who used their acceptance speeches to express support for the strike. The pre-show included the award for best regional theater, which went to the Pasadena Playhouse, and the Isabelle Stevenson Award, which went to director and choreographer Jerry Mitchell.

Persons: “ Kimberly Akimbo ”, Tony, Brendan Mcdermid, “ Kimberly Akimbo, Tom, Tony Awards, Ariana DeBose, Joel Grey, John Kander, Patrick Marber, “, ”, Marber, I’m, ” “ Kimberly Akimbo ”, Victoria Clark, ” Clark, Sean Hayes, Oscar Levant, Oscar, ” J, Harrison, Alex Newell, Newell, Lulu, Jodie Comer, Tessa, “ Prima, ” Michael Arden, Julianne Hough, Skyler Astin, Tonys, Isabelle Stevenson, Jerry Mitchell, Kathryn Lurie, Donna Bryson, Gerry Doyle Organizations: REUTERS, Writers Guild of America, CBS, Pasadena Playhouse, Thomson Locations: New York City, U.S, Washington Heights, Manhattan, York , New York, Piazza, London, “, “ Shucked

☆ Opinion | Guess How Much This Debt Ceiling Nonsense Is Costing Us
▼ + stars: | 2023-06-05 | by ( Betsey Stevenson | ) www.nytimes.com time to read: +2 min

A stronger economic recovery began to take hold in early 2015, but it most likely would have begun earlier without the 2011 debt standoff and resulting budget cuts. The biggest cost from the debt standoff, however, was the fact that it helped establish debt standoffs as the new normal. The real losers from the 2023 debt deal are American taxpayers, who can expect a similar debt standoff, with all of its costs, in two years if we still have a divided government then. Taxpayers should want to pay as little as possible for that debt, and that requires keeping borrowing costs low. But the debt ceiling is currently only used to provide the minority political party the leverage necessary to get their priorities passed.

Persons: —, Janet Yellen Organizations: Republicans, Taxpayers Locations: United States

☆ The 10 most prestigious private middle and high schools in New York City — and how to get in
▼ + stars: | 2023-06-01 | by ( Robin Madell | ) www.businessinsider.com time to read: +4 min

Her picks for the most prestigious in the city include The Hewitt School and Allen-Stevenson. New York City parents face an extremely challenging and competitive private-school admissions process that starts with preschool. Teacher evaluations are another critical component of New York City private-school admissions. Most schools Levey has worked with have a staff member from the math department and the language-arts department meet with the applicant. Below is Levey's ranking of the 10 most prestigious private all-girls, all-boys, and co-ed middle and high schools in New York City.

Persons: Wendy Levey, Stevenson, Levey, It's Organizations: The Hewitt School, Allen Locations: Manhattan, Stevenson . New York City, New York City

☆ This is the calamity Washington is trying to avoid with a debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

New York CNN —At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. Every day that passes without a bill to raise the debt ceiling, the probability of the United States reaching the critical date that it can no longer meet its financial obligations steadily grows. Absent a bill passed by Congress and signed by Biden, Treasury will likely do everything in its power to avoid a debt default. In contrast to debt payments, government payments like Social Security or federal worker salaries aren’t considered debt instruments, so they are less likely to come into play when the agencies rate the United States’ debt. Though prioritizing debt payments might stave off an even-greater economic collapse, the United States may not emerge unscathed.

☆ The one crucial industry where China is crushing America in the Tech Cold War
▼ + stars: | 2023-05-16 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

As of now, CATL has 13 factories worldwide that supply batteries for Tesla, Toyota, and Daimler. And thanks to its ownership of its battery supply chain, it's able to make cars cheaply. Stevenson-Yang sees parts of China's battery supply chain as the next glut it will need to dump. But the potential of a battery supply glut tomorrow doesn't help carmakers meet their needs today. "But if we're looking at evolutionary improvements, China Battery Inc. will still dominate.

☆ UK economy limps along as high inflation hits spending
▼ + stars: | 2023-05-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

“Sky-high inflation, negative real wage growth and general cost of living pressures are weighing on the consumer, and in turn the services industry which is typically a key growth engine for the UK economy,” she added in a note. The Bank of England raised interest rates for the 12th consecutive time Thursday in its battle with double-digit inflation. The central bank expects the UK economy to grow by 0.25% this year and by 0.75% in 2024 — a much more positive assessment than in February, when it forecast contractions of 0.5% and 0.25%, respectively. Inflation still highConsumer price inflation in the UK remains stubbornly high, holding above 10% in the year to March. “With inflation still in double digits, it feels depressingly like a re-run of the 1970s.”The Bank of England expects inflation to fall sharply over the coming months.

☆ Here's what the looming debt ceiling crisis means for your portfolio
▼ + stars: | 2023-05-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Enes EvrenMany investors are bracing for the economic fallout of the deadline for the U.S. to raise the debt ceiling or default on its obligations. Treasury Secretary Janet Yellen on Sunday said that failing to raise the debt ceiling will cause a "steep economic downturn" in the U.S., reiterating the country's early June deadline. Experts say the current crisis could differ from the 2011 debt standoff, which ultimately led to a U.S. credit downgrade and significant market turmoil. One of the big concerns is how the Treasury may prioritize principal and interest payments for assets like bills or bonds in an unprecedented default. Under the 2011 contingency plan, there wouldn't have been a default on Treasurys, according to an August 2011 Federal Open Market Committee conference call transcript.

☆ Former FCC Chair Newton Minow, who called 1960s TV 'vast wasteland', dies at 97
▼ + stars: | 2023-05-07 | by ( Bill Trott | ) www.reuters.com time to read: +4 min

On May 9, 1961, he addressed the National Association of Broadcasters convention and had some stark criticism for television executives. "When television is good, nothing - not the theater, not the magazines or newspapers - nothing is better," Minow said. "I can assure you that what you will observe is a vast wasteland," he said. The speech draft had referred to a "vast wasteland of junk" but Minow excised "of junk" so as not to offend his audience too deeply. Minow headed the FCC for two years and in 1965 became a partner at the Chicago law firm of Sidley Austin.

☆ The president of Nationwide's $175 billion retirement business shares his top tips for saving 'a couple hundred thousand dollars' by 30 — and 3 blunders to avoid
▼ + stars: | 2023-05-05 | by ( Laila Maidan | Akin Oyedele | ) www.businessinsider.com time to read: +5 min

One of the biggest blunders people make is racking up credit card debt that rolls over every month. In the fourth quarter of 2022, the average credit card APR was 20.40%, according to data from the Federal Reserve. Saving for retirementOnce you've hit the basics, it's time to look at a longer time horizon: saving for retirement, Stevenson said. And the longer you wait to start saving for retirement, the more you'll need to increase your monthly allocation to catch up. Depending on the type of account you have, it could also be set up for your retirement contributions to automatically increase with a raise.

☆ Webb telescope detects mysterious water vapor in a nearby star system
▼ + stars: | 2023-05-02 | by ( Ashley Strickland | ) edition.cnn.com time to read: +5 min

CNN —The James Webb Space Telescope has detected water vapor around a rocky exoplanet that orbits a star located 26 light-years away from Earth. The presence of water vapor could suggest that GJ 486 b somehow has an atmosphere, despite its heat and proximity to the star. “Water vapor in an atmosphere on a hot rocky planet would represent a major breakthrough for exoplanet science. The results from the Webb data analysis pointed to water vapor being present around GJ 486 b. Future observations of the planet using different instruments on the Webb telescope could reveal additional details about the source of the water vapor.

☆ Barack and Michelle Obama spotted enjoying a special date night at Bruce Springsteen's concert in Barcelona
▼ + stars: | 2023-04-30 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

The Obamas were spotted enjoying a date night at a Bruce Springsteen concert in Barcelona. Barack and Michelle Obama were seen dancing together at the side of the stage. Michelle Obama surprised the crowd with an appearance onstage as a part-time backing singer for "The Boss." Former US President Barack Obama, film director Steven Spielberg and singer Bruce Springsteen pose for a picture with Amar restaurant staff in Barcelona, Spain April 27, 2023. Pol Perello Franch via REUTERSJust days before, the couple surprised staff at the Palace Hotel's Amar fish food restaurant with a last-minute booking, dining with Bruce Springsteen and Steven Spielberg, The Guardian reports.

☆ Carol Burnett's birthday special' is an elegant (and hilarious) event
▼ + stars: | 2023-04-26 | by ( Marianne Garvey | ) edition.cnn.com time to read: +9 min

Hulton Archive/Getty Images Burnett peeks at a portrait of herself that was being painted by artist Dmitri Vails in 1963. CBS/Getty Images Burnett interacts with the audience of her new variety show, "The Carol Burnett Show," in 1967. CBS/Getty Images Burnett, left, and Cher perform a skit on "The Sonny & Cher Comedy Hour" in 1972. CBS/Getty Images Burnett poses with her memoir "One More Time" at a book signing in Beverly Hills, California, in 1986. Will Hart/NBC/Getty Images Carol Burnett Square was unveiled in Los Angeles in front of her alma mater, Hollywood High School, in 2013.

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