Embattled real estate giant China Evergrande Group, whose total debts are estimated to surpass $300 billion, has announced that it will not meet the March 31 deadline for publishing its audited 2021 financial results. The news comes as one of its units also said on March 22 that unnamed creditors have seized $2 billion of the…
Evergrande to Miss Earnings Deadline, Says Lenders Have Seized $2 Billion in Cash
Fallout From London Nickel Trading Fiasco Will Be Extensive, Expert Says
March 22, 2022
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BusinessCCPChinaChina Business & EconomyFinance & Business TiesSpecial TopicsUnited StatesUS-China relationsWorld
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The London Metal Exchange’s (LME) extraordinary decision on March 8 to halt nickel trading after a short squeeze triggered by a Chinese metal tycoon’s large short position sent commodity prices skyrocketing to more than $100,000 a ton will have far-reaching ramifications for Chinese firms in global markets That’s according to Christopher Balding, an economist and analyst…
Grammarly Continues to Pay Full Salary, Benefits to Ukraine Employees Whogram Joined Army: CEO
Grammarly Inc. is continuing to pay full salaries and benefits to its employees in Ukraine who have joined the army amid Russia’s invasion, the company’s chief executive said on March 21. “The team is, first and foremost, focused on their safety,” CEO Brad Hoover told Bloomberg. He did not specify how many of Grammarly’s staffers have joined…
Grammarly Continues to Pay Full Salary, Benefits to Ukraine Employees Who Joined Army: CEO
Grammarly Inc. is continuing to pay full salaries and benefits to its employees in Ukraine who have joined the army amid Russia’s invasion, the company’s chief executive said on March 21. “The team is, first and foremost, focused on their safety,” CEO Brad Hoover told Bloomberg. He did not specify how many of Grammarly’s staffers have joined…
Companies Should Decouple From Communist China Before It Invades Taiwan: Sen. Rick Scott
Senator Rick Scott (R-Fla.) on March 17 sent an open letter to business leaders praising them for ceasing their operations in Russia in response to its invasion of Ukraine, and urging them to replicate this strategy in the context of China before the latter power invades Taiwan. With the massive sanctions placed on Russia, businesses…
Companies Should Decouple From Communist China Before Its Planned Invasion of Taiwan: Sen. Rick Scott
Senator Rick Scott (R-Fla.) on March 17 sent an open letter to business leaders praising them for ceasing their operations in Russia in response to its invasion of Ukraine, and urging them to replicate this strategy in the context of China before the latter power invades Taiwan. With the massive sanctions placed on Russia, businesses…
FCC Shuts Down Chinese Telecom Firm Pacific Network Over Concern About CCP Influence
March 16, 2022
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BusinessCCPChinaChinese RegimeInfiltrating the WestSpecial TopicstechnologyThreat from Communist ChinaUnited StatesUS-China relations
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The Federal Communications Commission (FCC) has voted to bar Pacific Networks Corp. and its wholly-owned subsidiary ComNet from providing telecommunications services in the United States, citing national security concerns associated with their ties to the Chinese regime. With this 4-0 vote, Pacific Networks join three other Chinese telecom firms banned by the regulator from operating…
China Is the Leading Source of Counterfeit Goods Found at EU Borders, Europol Says
Counterfeit and copyright-infringing goods smuggled into the European Union (E.U.) come primarily from China and Hong Kong, based on the seizures at the E.U.’s borders in 2019 and 2020, according to a recent report (pdf) released jointly by the European Union Intellectual Property Office and the European Union Agency for Law Enforcement Cooperation (Europol). “IP [intellectual…
Berkshire Rejects Shareholder Call to Replace Warren Buffett as Chairman
Berkshire Hathaway Inc. on Friday urged the rejection of four shareholder proposals recommending that it replace Warren Buffett as chairman, report on its plans to handle climate risk and reduce greenhouse gases, and improve diversity. The company, run by Buffett since 1965, also said the 91-year-old received $373,204 in compensation for 2021, down from $380,328…
Japan Business Mood Sinks, Eclipses Household Spending Boost as Ukraine Risks Grow
March 12, 2022
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TOKYO—Japan’s household spending rose in January but the business mood sank in the first quarter as rising raw material costs squeezed corporate margins, leaving the country’s resource-poor economy facing a hard grind ahead. The results add pressure on policymakers to ramp up fiscal stimulus to support Japan’s economy, which is likely to have stalled in…
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