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☆ Analysis: Wall Street's 'Magnificent Seven' face moment of truth as earnings season arrives
▼ + stars: | 2023-10-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Valuations have swelled, with the Magnificent Seven trading at an average forward price-to-earnings ratio of 33.5, compared with the S&P 500's P/E of 18.3. “Everybody knows these guys are going to make money," said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute (WFII), referring to the Magnificent Seven. "The reallocation of funds going forward is going to suggest lower returns and more difficulty for the Magnificent Seven to maintain their leadership." The seven companies' combined market capitalization topped 30% of the S&P 500's overall market value earlier this month, according to LSEG Datastream. Some investors are also drawing distinctions among the seven stocks.

Persons: Aly, Tesla, Sameer Samana, Tajinder Dhillon, Tim Pagliara, CapWealth, Pagliara, Elon Musk, LSEG Datastream, Torsten Slok, Patrick Kaser, Kaser, Lewis Krauskopf, Ira Iosebashvili, Jonathan Oatis Organizations: Apple, REUTERS, Microsoft, Nvidia, U.S, Tesla, Wells, Investment Institute, Google, Facebook, Federal, Treasury, “, Global, Apollo Global Management, Brandywine Global, Thomson Locations: Shanghai, China, Apple

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The company last week warned of its inability to meet offshore debt obligations. Country Garden did not immediately respond to a request for comment from Reuters on Wednesday. With nearly $11 billion of offshore bonds and $6 billion of onshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings. Country Garden has also missed other offshore payments in the past few weeks, though those payments still have not seen their 30-day grace periods lapse.

Persons: Aly, Scott Murdoch, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, Rights, Garden Holdings, HK, Reuters, Thomson Locations: Shanghai, China, New York, China's, Sydney

Wadea was stabbed 26 times at his home by his family’s landlord on Saturday, the Will County Sheriff’s Office said. Wadea Al-Fayoume's father speaks at a vigil service at the Prairie Activity & Recreation Center in Plainfield, Illinois, on Tuesday. The boy’s family lived in the house for two years without “previous notable issues” with Czuba, the Council on American-Islamic Relations said. In his final moments, Wadea offered words of comfort to his mother, the man who called himself something of a grandfather said Monday. He is in a better place.”The boy’s mother could not attend his funeral services Monday as she remained in the hospital, Rehab said.

Persons: Oday Al, “, Wadea, Hanaan Shahin, Juhie Faheem, Jim Vondruska, Cynthia Glass, Wadea’s, Dexter, ”, Imam Hassan Aly, ” Aly, Biden, Dilawar Syed, ” Syed, Fayoume, Scott Olson, Joseph M, Czuba, Czuba “, Shahin, “ Shahin, ‘, ’ Shahin, Hanan, Wadea Al, Rehab Organizations: CNN, Department of Justice, West Bank, Islamic, ’, Mental Health, Recreation Center, US Small Business Administration, Aqsa Community Center, Community, Czuba, Islamic Relations, Reuters Locations: Plainfield , Illinois, Will, United States, ’ Chicago, Gaza, America, Al, Shahin, Jerusalem

☆ Vanguard sells stake in joint venture with China's Ant
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. mutual fund issuer Vanguard Group said on Tuesday it had sold its stake in a joint venture with Chinese fintech giant Ant Group, hastening its retreat from the world's second-biggest economy. Vanguard said it will prioritize regions where it offers its own investment products and services. Its 49% stake in the venture, a digital investment advisory service, has been sold to Ant. A Reuters report in March said Vanguard was mulling a retreat from China after a six-year presence in the country.

Persons: Aly, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, BlackRock, Fidelity, Reuters, Bloomberg News, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, Washington, Beijing, Taiwan, Bengaluru

☆ Explainer: Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.

Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing

☆ Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ Vanguard sells stake in joint venture with Ant - Bloomberg News
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter. An increase in geopolitical tensions recently, however, has prompted some investing giants to split off their China arms. Vanguard did not immediately respond to a Reuters request for comment. Ant did not respond to a request for comment outside business hours.

Persons: Aly, Jack Ma, Ant, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, Bloomberg, BlackRock, Fidelity, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, U.S, Bengaluru

☆ How to Get a 401(k) Match for Your Student Loan Payments
▼ + stars: | 2023-10-16 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

By Aly J. YaleAfter a three-year reprieve, federal student loan payments resumed in October for more than 40 million Americans. In fact, in a recent survey 22% of student loan borrowers said they would need to reduce their retirement savings to make room for their renewed payments. Thanks to a provision in the Secure 2.0 Act, legislation aimed at improving retirement benefits nationwide, in 2024 employers will be able to start counting student loan payments as qualifying contributions toward retirement matching programs. That means if your employer offers to match your 401(k) contributions, you could get that matched money without ever depositing funds in your retirement account. However, if staying on top of your student loan payments has stopped you from leveraging your employer’s matching program—or contributing to your retirement account entirely—a student loan matching benefit can help you start saving.

Persons: Aly J, ”, Joelle, Jesse Moore, Sara Vipond, Mercer, ” Vipond, —, You’ll Organizations: Yale, Financial, Fidelity Investments, “, Treasury Department, Secure Locations: Framingham, Mass

☆ IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Under the Xi administration, China probably shifted its attention away from economics," he told Reuters. "What's fast emerging is the risk of China slipping into deflation, or the 'Japanization' of its economy," Bank of Japan (BOJ) board member Asahi Noguchi said on Thursday. In its World Economic Outlook, the IMF cut China's growth forecast for this year to 5.0% from 5.2% in April, and warned that its property sector crisis could deepen with global spillovers. To be sure, there are differences between what is happening in China and the experience of Japan. "Overall, we believe that China can avoid a prolonged period of sub-par growth with the right policies," Srinivasan said, when asked about the chance of "Japanization" in China.

Persons: Aly, Hiroshi Watanabe's, Hiroshi Watanabe, Japan's, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

The exception among major commodities was copper, where imports of the unwrought metal were up in September from August, but down from the year earlier month. Copper imports were 480,426 metric tons in September, up from August's 473,330, but down 5.8% from 509,954 in September last year. For the first nine months of 2023, unwrought copper imports were down 9.5% to 3.99 million metric tons. Crude oil imports were 11.13 million barrels per day (bpd) in September, down from August's 12.4 million bpd, although it's worth noting that August was third strongest month on record. IRON ORE, COALIron ore imports dropped to 101.18 million metric tons in October, down 4.9% from August's 106.42 million, but it's worth noting that August was the strongest month since October 2020.

Persons: Aly, China's, Lincoln Organizations: REUTERS, Rights, Reuters, Thomson Locations: Port, Shanghai, China, Rights LAUNCESTON, Australia, August's

NAIROBI, Kenya (AP) — Kenya’s President William Ruto sought $1 billion more in loans from China Monday, despite rising public debt that has now reached $70 billion in the Eastern African country, according to National Treasury figures for 2022/2023. President Ruto was was one of a number of global leaders in Beijing to attend the tenth anniversary meeting of China’s Belt and Road Initiative, the ambitious plan that aims to connect Africa, Asia and Europe through massive infrastructure and energy projects. Kenya has been struggling with ballooning public debt, with $6 billion owed to Chinese creditors, according to national data. However, it’s not clear if President Ruto and his delegation will be granted a restructuring or extension of the interest payments. Last week, legislators tabled a motion asking the government to reveal details of all the loans it had accumulated since President Ruto came into power in September 2022.

Persons: — Kenya’s, William Ruto, Ruto, Hussein Mohammed, “, ”, SGR, Rigathi Gachagua, Kenya SGR, Aly Khan Satchu, it’s, ” Satchu Organizations: National Treasury, Initiative, Kampala, Kenyan Locations: NAIROBI, Kenya, China, Beijing, Africa, Asia, Europe, Mombasa, Nairobi, Uganda, Central Africa, Turkish, Congo, Satchu

☆ What Is the Mortgage Interest Deduction?
▼ + stars: | 2023-10-15 | by ( Aly J. Yale | ) www.wsj.com time to read: +11 min

That’s thanks to the Home Mortgage Interest Deduction, which lets you write off the interest you pay on your mortgage loan throughout the year. What is the mortgage interest deduction? The mortgage interest deduction is a type of itemized tax deduction that has been around in some form since a federal income tax was introduced in 1913. Mortgage pointsMortgage points—an upfront fee you can pay at closing to lower your interest rate—are another form of mortgage interest, just prepaid. Whether you should take the mortgage interest deduction comes down to the age-old question of itemizing vs. using the standard deduction.

Persons: Aly J, you’re, won’t, ”, Paul T, Joseph, Joseph & Joseph, We’ll, “, Aaron Cirksena, “ You’re, ” Cirksena, Jan Organizations: Yale, Home, Joseph &, Joseph & Joseph Tax, MDRN, IRS, — Locations: Williamston, Mich, California, Annapolis, Md, “

☆ Hurkacz wins thriller with Rublev to take Shanghai title
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

I had a match point and Andrey hit an amazing serve and then he had a match point and then I had some match points." Rublev broke Hurkacz's serve early in the second set but it was in the final set where the match really came to life. Rublev steadied himself to save match point and hold serve, and in the tiebreak he snatched early control to take a 3-0 lead. Two aces from the Polish player kept him in touch and at 5-6 down he served another ace to save match point. Both players broke serve again in quick succession to level the tiebreak at 8-8, but it was Hurkacz who had the last word and broke Rublev's serve again to win the title.

Persons: Poland's Hubert Hurkacz, China's Zhang Zhizhen, Aly, Hubert Hurkacz, Andrey Rublev, Hurkacz, Rublev, Andrey, Hurkacz's, Rublev steadied, Rublev's, Trevor Stynes, Christian Radnedge Organizations: Shanghai, Sports City Arena, Rights, Shanghai Masters, ATP, Miami, Thomson Locations: Shanghai, China, Russian

☆ IMF says Asian economies under cosh as China's property woes bite
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's post-lockdown economic boost lost momentum earlier than expected, the IMF said. "On the downside, a more protracted real estate crisis and limited policy response in China would deepen the regional slowdown." A sudden tightening of global financial conditions could lead to capital outflows and weaken exchange rates in Asia, the blog added. "While Asia is still set to contribute about two-thirds of all global growth this year, it is important to note that growth is significantly lower than what was projected before the pandemic," the IMF said. The Bank of Japan (BOJ) had maintained a cap on the country's 10-year bond yield at around zero, to support a fragile economy.

Persons: Aly, Leika, John Stonestreet Organizations: China Evergrande Group, REUTERS, China, International Monetary Fund, IMF, Bank of Japan, Thomson Locations: Danzhou, Hainan province, China, Asia, MARRAKECH, Morroco, U.S, outflows, Marrakech, Japan

☆ Country Garden founding family provides $300 mln loan, selling jet - report
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 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 Photo Acquire Licensing RightsHONG KONG, Oct 13 (Reuters) - The founding family of Country Garden (2007.HK) recently loaned the embattled Chinese property developer $300 million interest free, and the family was also trying to sell its private jet, a Chinese online news outlet, The Paper, reported on Friday. Another online news outlet, Cailianshe, reported earlier that founder Yeung Kwok Keung had already sold a new jet and was trying to sell another. Country Garden declined to comment. Country Garden's 30-day grace periods to make the missed coupon payments will start expiring next week.

Persons: Aly, Yeung Kwok Keung, Yeung, Mo Bin, Yang Huiyan, Clare Jim, Simon Cameron, Moore Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, HONG KONG, Shunde, Guangdong province

☆ Analysis: IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Persons: Aly, Hiroshi Wanatabe, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

☆ Honda, Mitsubishi Corp sign pact to optimise use of EV batteries
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] Honda's electric vehicle (EV) e:NP2 is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsTOKYO, Oct 12 (Reuters) - Japanese automaker Honda Motor (7267.T) and trading house Mitsubishi Corp (8058.T) have signed a pact to explore new businesses using electric vehicle (EV) batteries, the companies said on Thursday. "Honda will not only sell EVs, but take a proactive approach to energy management, where EV batteries will be utilised as an energy source," its chief executive, Toshihiro Mibe, said in a statement. Honda will begin sales of the EV model in Japan in 2024. The deal would eventually pay off in lower electricity bills for customers and better use of battery material, the companies said.

Persons: Aly, Honda, Toshihiro Mibe, Satoshi Sugiyama, Clarence Fernandez Organizations: Auto, REUTERS, Rights, Honda, Mitsubishi Corp, EV, Thomson Locations: Auto Shanghai, Shanghai, China, Japan, EVs

[1/2] A man check his phone near an Apple logo outside its store in Shanghai, China September 13, 2023. Pasadena, California-based Caltech sued Apple and Broadcom in 2016, alleging that millions of iPhones, iPads, Apple Watches and other Apple devices using Broadcom chips infringed its wireless-communication patents. Caltech said in the Wednesday filing that it would dismiss the billion-dollar case with prejudice, which means that it cannot be refiled. Representatives for Caltech, Apple and Broadcom did not immediately respond to requests for comment on Thursday. A jury ordered Apple to pay $837.8 million and Broadcom to pay $270.2 million in patent-infringement damages in 2020.

Persons: Aly, Apple, Blake Brittain, David Bario, Josie Kao Organizations: Apple, REUTERS, California Institute of Technology, Broadcom, Caltech, Samsung, Microsoft, Dell, HP, Thomson Locations: Shanghai, China, California, Pasadena , California, U.S, Washington

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Reuters' analysis of China's savings on oil purchases from the three sanctioned countries compares what Chinese importers would have paid by purchasing similar grades from non-sanctioned producers. For imports of Venezuelan oil, mostly heavy grade Merey, China saved an average of $10 a barrel versus comparable Colombian Castilla crude, the calculations based on the trader data showed. With January-September inflows of Venezuelan oil at around 430,000 bpd, according to the average of the Vortexa and Kpler data, China's savings from buying Venezuelan oil was $1.17 billion. TEAPOT MARGINSWith state refiners Sinopec and PetroChina refraining entirely from buying Iranian and Venezuelan crude, teapots have feasted on discounted oil from the two suppliers.

Persons: Aly, Kang Wu, Brent, Viktor Katona, Chen Aizhu, Muyu Xu, Tony Munroe Organizations: REUTERS, refiners, Reuters, P, Administration, Customs, Vortexa, Russia's, Castilla, Brent, U.S . State Department, U.S ., Thomson Locations: Zhuhai, China, Russia, Iran, Venezuela, SINGAPORE, United States, Moscow, Tehran, Caracas, East, West Africa, South America, Beijing, Kpler, Kozmino, Baltic, Ukraine, Europe, India, Brazil, Urals, Oman, U.S, Venezuelan, teapots, Shandong, Israel

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday. Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17. "The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

Persons: Aly, Houlihan Lokey, Sidley Austin, Morningstar, Jeff Zhang, Sandra Chow, CreditSight's, Gary Ng, Scott Murdoch, Xie Yu, Rishav Chatterjee, Rashmi Aich, Lincoln, Jamie Freed 私 Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Hong Kong Stock Exchange, China International Capital Corporation, Asia, Natixis Corporate, Investment Bank Locations: Shanghai, China, HONG KONG, Hong Kong, Sydney, Bengaluru

☆ China funds look to Mideast cash as US investments wane
▼ + stars: | 2023-10-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion in combined assets, told Reuters they visited the Middle East this year to raise money, three of them for the first time. The search for new capital could affect Asia's hedge fund scene, where China firms account for more than half the market. "In the past perhaps the holy grail of capital raising was the U.S.," said Effie Vasilopoulos, co-Leader of law firm Sidley Austin's Asia-Pacific investment funds group. So that dynamic is leading many of our clients to the Middle East." However, sovereign funds in the Middle East have been large buyers.

Persons: Aly, Effie Vasilopoulos, Sidley, Steven Luk, Erin Wu, Wong Kok Hoi, Wong, Summer Zhen, Tom Westbrook, Jacqueline Wong Organizations: REUTERS, Seven, Reuters, FountainCap Research & Investment, OP Investment Management, POLITICO, Big U.S, ' Pension, California State Teachers, APS, Thomson Locations: Shanghai, Shenzhen, China, HONG KONG, Seven China, U.S, Asia, Pacific, Europe, Australia, Hong Kong, Texas, Singapore, Middle Eastern

☆ China to hold nationwide survey on population changes in November
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

[1/3] A little girl sits with her dad in a park in Shanghai, China, April 2, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Oct 10 (Reuters) - China's National Bureau of Statistics will conduct a nationwide sample survey in November to help better plan population policies, in an unexpected poll as authorities struggle to boost the country's flagging birth rate. The survey's scope on population changes will focus on urban and rural areas throughout the country, according to state media reports on Tuesday. The plan will help to "accurately and timely monitor China's population developmental changes and provide a basis for the Communist Party and the government to formulate national economic, social development and population related policies," the bureau said. China last conducted its once-in-a-decade census in November 2020 which showed it grew at the slowest pace since the first modern population survey in the 1950s.

Persons: Aly, Farah Master, Kim Coghill Organizations: REUTERS, National Bureau, Statistics, Communist Party, Authorities, Thomson Locations: Shanghai, China, HONG KONG, Beijing, China's

☆ Chinese EV startup WM Motor files for bankruptcy
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

WM Motor's founder and CEO Freeman Shen and Vice President of Strategic Planning, Lobo Lu attend the WM Motor brand launch event in Shanghai, China, December 11, 2017. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING, Oct 10 (Reuters) - Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, according to the national enterprise bankruptcy information disclosure platform. A court in Shanghai is handling the bankruptcy case, according to the disclosure dated Monday. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Freeman Shen, Lobo Lu, Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam Organizations: WM Motor's, Strategic, WM, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights BEIJING

☆ China developer Kaisa tells court creditors will get less than 5% back if liquidated
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Signs the Kaisa Holdings Group are seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. Hong Kong is a special administrative region of China but maintains its own legal system. With $12 billion of offshore debt, Kaisa is China's largest issuer of offshore debt among developers after China Evergrande Group (3333.HK). It had 232.5 billion yuan ($31.91 billion) of total liabilities as of the end of June, including 37.6 billion yuan ($18.88 billion) of total borrowings. ($1 = 7.2872 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Kaisa, James Wood, Linda Chan, Clare Jim, Kim Coghill Organizations: Kaisa Holdings, Shanghai Kaisa Financial, REUTERS, Kaisa, HK, Investment, Hong Kong High Court, China Evergrande, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Shenzhen, Hong Kong . Hong Kong

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