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Goldman Sachs has downgraded its forecast for US economic growth in 2022.

According to Goldman-Sache, the American economy may face a recession next year. The American economy was struggling like the rest of the world when the pandemic hit, sending people out of jobs and increasing inflation.

For the last three months, there has been no growth in any sector in America. The Russia-Ukraine war, as well as the sanctions imposed on Russia by many countries, resulted in a shortage of energy and goods movement across the EU. The American economy will face a slowdown because the income of the middle class and the lower-income group will be spent on food and gas. Gas and oil prices are already going up due to the shortage in the market. There is now a 35% chance of having a recession in America next year. Read more...

Will sanctions against Russia affect Europe?

The war against Ukraine continuing is for more than ten days now, and the major reputed media have already turned their networks, channels, and platforms into a propaganda machine on behalf of their respective governments and have been sending false information damaging their own brand image.

War is not necessary today, and right now the world is licking the deep wounds humanity earned from the COVID-pandemic for more than two years now. The world united to fight against pandemics, from developing vaccines to sharing oxygen plants and extending financial and other logistic support, forgetting their financial and ideological war. That is the time when world leaders and heads of state are working around the clock, burning candles in an attempt to get the economy back on track. Then came this war! Read more

Creditors saved Tsingshan Holding from a liquidity squeeze.

Tsingshan Holding Group Co., based in Wenzhou, China. can finally breathe easier after JPMorgan Chase & Co. and China Construction Bank Corp. promised to help the company extend enough cash to compensate for a billion-dollar loss in a short position in nickel futures. There is an equal amount of collateral the company may have to pledge to get the credit approved. Read more...

SB Energy secured a $600 million fund

Softbank's energy unit, SB Energy, secured a $600 million fund to expand its operation. This company was born in 2019, and in a short span of time, it has started producing and supplying about 1.3 gigawatts of power from solar energy. The ultimate objective of the company is to produce renewable energy and supply it to the customers that it is needed to, whether it is a corporate customer, an individual customer, or a government for public utility. Read more...

Saudi Arabia's PIF expanding its wings to build an international portfolio

Saudi's Public Investment Fund or PIF the sovereign fund of the kingdom is taking the next step to build an international portfolio opening shops in different big cities like London, New York, and Hong Kong. So, deviating from its source of revenue was from oil, now the company seems to have made up a new strategy to find a new avenue of revenue to grow at the global level. The company has invested heavily in Softbank-$45 billion and in Uber Technologies $3.5 billion.

PIF is a 5 billion find today, now looking overseas to find new pastures for its growth touching more than $1 trillion dollars by 2025.

Remote work is becoming a culture!

The COVID days are about to be over. The latest trend in work culture is working from home. It gives work-life balance for the employees, and many of them still prefer to work from home, as they believe they can meet the deadline and save travel time. Many men even want more time with their families, while yesterday's father now becomes the real dad when he is around his kids and a good husband is with their wife spending more time with her. Even then, he is able to fulfill his commitment on a day-to-day basis to his office and his jobs. Read more...click the button below...

Apple's March 4 shareholder meeting is going to be a hot event when the CEO of Apple comes to get approval.

He is going to receive $100 million in compensation for developing Apple iPhones and making the company one of the most valuable companies in the world.

However, one can hear protests in a corner where a rights group called Institutional Shareholder Services (ISS) said they feel such compensation is necessary and should be stopped at any cost. The right activists are asking the shareholders to vote against the proposal and not to ratify the proposal to give such a huge amount to the CEO, Tim.

 Read more ...click the button...

IBT News/ IVT Global News Agency

China Evergrande Group failed to get enough votes to go delisted.

Hong Kong-based China Evergrande Group's proposed delisting by buying the stocks from the minority shareholders failed to get support. The minority stakeholders own 10.8% of the stock, and it is owned by almost 78 stakeholders, out of that 64 of them voted against privatization by buying out the shares.

The family of billionaire Joseph Lau offered HK$4 per share against the adding rate at present HK$2.7, through Solar Bright, a British Virgin Islands company owned by Lau's wife proposed to buy the stakeholders' shares.

The company China Evergrande Group has more than $300 M in debt and on many occasions, it failed to honor the repayment of its bonds. This issue caused speculation of the company may be taken over by Beijing. The company has missed its $85.7 M coupon payment earlier which has fueled the concern among the investors. While reassuring the market giving hope the minority stakeholders allowed the company remains a publicly listed company for the time being.

The company owes more than $19 billion in international bonds and its management is thinking about how to restructure its international debt for a renewed repayment structure to remain in the market. The regulators may help the company by allowing the public sector companies to buy assets of evergreen. The state entities may bail out this company.

EverGrande, the second-largest real estate developer in China was founded in 1996 by Xu Jiayin, headquartered in Shenzhen, China. The company took advantage of the booming housing sector and developed many projects acquiring lands and building 1300 market rates and luxury apartments. Besides it is one of the largest employers in China, 200,000 people, directly and indirectly, are responsible for an estimated 3.8 million jobs annually. The company is very ambitious to expand into new verticals like MNCs into electric vehicles, football, and even bottled water too.

However, like a jolt, the three redlines brought by the government to curb the debt risks of the companies...wrecked the company on its difficult voyage in the housing sector while China and the global economy failed.

A) Lability to assiette the ratio was restricted to 70%.

B) Net debt to equity made 100%.

C) Cash to short-term borrowing ratio of at least one.

This gave pressure to the company to find cash for the development and repay the maturing debts on time by selling some of its assets. Besides, it also owes money to homeowners who pre-paid for close to 1.4 million residential properties that remain undeveloped.

In the meantime, the company approached the government to bail it out from the incoming crisis which was leaked to the media by some naughty internal players or government employees caused panic in the market and the repeated bouncing of the obligation of repayment debt added more fuels.

The only way for the government to save the debt-laden companies is to curb the housing prices but it may affect the homeowners who treat their real estate assets as an investment. China has got 62% debt as household debt, the largest.

Chinese Estates Holdings Ltd. majority shareholders of China Evergrande said it will sell all its shares.

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