Categories
Business World

China’s central bank declares all crypto-currencies illegal, effectively banning Bitcoin, Ether and all other digital tokens

China’s central bank announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. “Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning it “seriously endangers the safety of people’s assets”. China is one of the world’s largest crypto-currency markets. Fluctuations there often impact the […]

Categories
Business World

Evergrande: Shares of troubled Chinese real-estate giant surges after deal with bond holders

The stocks of Chinese troubled real-estate giant Evergrande jumped on Thursday after it struck an agreement with Chinese bond holders on Wednesday. The announcement helped to calm some investor concerns over debts of more than $300 billion. But the world’s most indebted developer is also due to make a $83.5 million interest payment on an […]

Categories
Business World

British government bails out US fertilizer manufacturer to avert food supply crisis

The British government will subsidize a major US fertilizer manufacturer at a cost of several million pounds to taxpayers in order to restart carbon dioxide production vital to Britain’s food supply. The government announced the extraordinary intervention in a statement. The plan should allow Illinois-based CF Industries (CF) to restart one of its two UK […]

Categories
Business World

Donald Trump sues niece Mary Trump, New York Times reporters for ‘no less than $100 million’ over disclosure of tax documents

Former US President Donald Trump filed a lawsuit against his niece Mary Trump, as well as several New York Times journalists, for the disclosure of his tax information. The lawsuit alleges that Mary Trump’s disclosure of the tax information to the Times amounted to an illegal breach of contract, among other claims, because the disclosure […]

Categories
Business World

Boeing to build first foreign production plant to perform final assembly work in Australia

Boeing, an American aircraft manufacturer announced plans on Wednesday for its first foreign production plant to perform final assembly work. The plant, to be built in Toowoomba, Australia, will assemble military drones, not commercial jets, which is Boeing’s primary business. But it is an interesting step away from the United States for the company. Boeing’s […]

Categories
Business World

Evergrande: Chinese real estate giant strikes deal over bond interest payment

Chinese real estate giant Evergrande has said it has struck a deal over a bond interest payment which is due on Thursday. The amount due for the domestic bond is estimated to be nearly $36 million. The announcement will offer some relief to investors concerned over the company’s debt crisis. However, the world’s most indebted developer […]

Categories
Business

Concern over Chinese property group Evergrande jitters global stock markets

Asian stocks showed mixed reaction as concerns persisted over Chinese property group Evergrande and its impact on the global markets. Japan’s Nikkei 225 index closed 2.2% lower, but Hong Kong’s Hang Seng index regained earlier losses to end up 0.5%. Evergrande, a major Chinese property developer is struggling to meet interest payments on more than $300 billion […]

Categories
Business World

Evergrande: Real-estate giant wreaks havoc on Hong Kong’s market; it’s bankruptcy could stall China’s economy

Chinese real-estate giant Evergrande has started to repay investors in its wealth management business with property, as the world’s most indebted developer faces a key test this week. Major banks have reportedly been told that they won’t receive interest payments on loans that are due Monday, while interest payments of $84 million on the firm’s […]

Categories
Business World

Oil companies sue governments $18 billion as climate change action threatens profits

Fossil fuel companies are suing governments across the world for more than $18 billion after action against climate change has threatened their profits, according to research conducted by campaign group Global Justice Now. Five energy companies are using a legal process that allows commercial entities to sue governments under international laws governing trade agreements and […]

Categories
Business World

Swiss-American cigarette giant takes control of UK asthma inhaler company

Cigarette giant Philip Morris International has taken control of UK inhaler maker Vectura despite objections from health care charities. The producer of Marlboro and Parliament cigarettes said in a statement on Thursday that it had secured nearly 75% of Vectura’s shares, making it the majority shareholder. More than 45% of Vectura shareholders accepted the takeover […]

Categories
Business Tech

Australian graphic design platform Canva reaches valuation of $40 billion

Australian graphic design business Canva has reached a valuation of more than $40 billion. The online design platform said it had grown during the pandemic as more customers worked from home. It has revealed a fresh $200 million round of private equity investment more than doubling the company’s value in five months. That makes it […]

Categories
Business

Boeing expects air travel to reach pre-pandemic levels by end of 2023, early 2024

Boeing says it expects that it will take another two and a half years for global aviation to return to pre-pandemic levels. Its vice president of commercial marketing, Darren Hulst, said: “The industry recovers to 2019 levels of traffic by the end of 2023, early 2024” and domestic flying would be at the forefront of […]