Shares in Evergrande have jumped after the property giant struck a deal with Chinese bondholders
This announcement has calmed investors who are owed debts of more than 300 billion.
The Hong Kong market was closed at the time the deal was made, with Evergrande shares closing 17 percent higher after a volatile day of trading.
As the firm struggles to raise enough money to meet its obligations… its shares have dropped more than 80% of their value so far this year.
The company says in a statement that it will endeavor to pay interest payments for its domestic bonds, estimated to be worth around $35 million U-S dollars.
The statement does not reveal how much interest will be paid, saying the bond “has already been resolved through private negotiations”.
How the man training A-listers has built a fitness empire
He’s the Australian personal trainer who helped Rebel Wilson shred more than 30 kilos of her weight
He’s the coach keeping The Voice judge Rita Ora looking trim and lean, as well as the entrepreneur pioneering the fitness industry in Sydney, Australia.
Jono Castano is working his magic skills on Sir Richard Branson, so what next for the renowned trainer as he takes on the world?
Watch Jono live on-air with ticker’s Holly Stearnes to discuss his success, training the stars, business moves and fitness advice as we emerge from the pandemic.
Your next rental car could be a Tesla, following a major deal with Hertz
Tesla is driving at full speed, with the EV giant striking a major deal with rental car agent, Hertz
Elon Musk owned, Tesla has officially crossed a $1 trillion stock market valuation for the first time in its operating history…and it follows a major order from global rental car agency, Hertz
Hertz plans to order 100,000 new EVs for its fleet.
It is the biggest-ever order from rental car company Hertz, and a deal that has reinforced the electric car leader’s ambitions to top the entire auto industry in sales over the next decade.
But for Tesla and its investors, Hertz’s decision to order 100,000 Tesla vehicles by the end of 2022 showed electric vehicles are no longer a niche product, but will dominate the mass car market in the near future.
Tesla also appeared on Monday to be making progress resolving regulatory problems that threatened its business in China
The company stated that it had opened a new data and research center in Shanghai to comply with government requirements that data collected from vehicles within China, stay in the country.
Tesla now faces the daunting day-to-day challenge of becoming a high-volume automaker growing at a rate not seen since the early 1900s…when demand exploded for Henry Ford’s Model T.
Tesla is also trying to manage an order backlog for its vehicles as it continues to deal with extended supply chain disruptions.
Investors and analysts, for now, are looking past the near-term challenges, with the latest deal struck between Tesla and Hertz set to only create more hype around its share price.
Crown Resorts to keep Melbourne casino license
After being entangled within a corruption scandal, Crown Resorts is set to retain its Melbourne casino license
The Victorian Royal Commission found the resort’s conduct to be “disgraceful” but the final report recommends that Crown Melbourne to receive a two-year grace period.
This is so the company can be under the control of a “special manager” that can rectify an “alarming catalogue of the wrongdoing”, addressing the money laundering that Crown was allegedly involved in.
After this period, the special manager will determine whether they are satisfied with the company and whether they should retain its Victorian casino license.
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