Sunac China Holdings canned its $1.2 billion takeover of Kaisa Group Holdings after the two sides failed to agree on terms for bondholders, who own $10.5 billion in Kaisa debt. Kaisa was the first Chinese company to default on overseas debt in April, and the deal’s collapse could signal more pain for China bond holders.
May 28, 2015
More FIFA fallout.
Bank of America, UBS, JP Morgan Chase, Citigroup, HSBC, and Julius Baer in Zurich were named in a US indictment over widespread corruption and bribery in soccer’s global governing body. US officials said that at least $151 million was funneled through “complex” money laundering schemes via Hong Kong, the Cayman Islands, and Switzerland.
3 hours ago
Google is set to unveil its latest operating system.
The company is holding its I/O event in San Fransico over the next two days. The next version of Google’s mobile operating system will probably be on the agenda. Also look out for Android wearables and virtual reality headsets, possibly made of cardboard.
China’s most wanted fugitive is in American custody.
Yang Xiuzhu fled China in 2003, after being accused of embezzeling over $40 million, and entered the US on a fake Dutch passport last year. This is the first confirmation of her whereabouts in a decade.
May 27, 2015
The world’s hungry population drops below 800 million.
The UN’s Food and Agriculture Organization says 72 countries have halved their proportion of the chronically undernourished, meeting Millenium Development goals. Since 1990-1992, the overall number of hungry people dropped by 216 million. Much of the success has been in the developing world, where the percentage that’s undernourished has fallen from 23.3% to 12.9% over a quarter century.
A Russian opposition member is hospitalized with a sudden illness.
After Vladimir Kara-Murza lost consciousness Tuesday night, doctors initially suspected poisoning, a party representative said; but his father has since said the diagnosis is kidney failure. Kara-Murza is a leading member of RPR-Parnas, the political party of the murdered opposition activist Boris Nemtsov, and an ally of former political prisoner Mikhail Khodorkovsky.
3 hours ago
China is chewing more gum, just as the American market stops.