Page 14 - Bob Simison News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Sichuan to Borrow $1.76 Billion to Inject Into 21 Small Banks Sichuan will issue 11.4 billion yuan of 10-year SPBs at a coupon rate of 3.5% to recapitalize 21 banks. Sichuan province joined a line of local governments to issue special-purpose bonds (SPBs) to raise money for recapitalizing cash-strapped small and midsize banks. But how the government will collect repayment was left vague in some cases. The southwestern Chinese province will issue 11.4 billion yuan ($1.76 billion) of 10-year SPBs at a coupon rate of 3.5%, the provincial finance department said. Some small and midsize banks, esp...

Former Top Securities Regulator Urges Revisions to Family Trust Law By the end of June 2020, 9,049 family trusts were set up in China holding property valued at 186 billion yuan ($29 billion), data shows. Xiao Gang, former head of China’s securities regulatory commission, plans to submit a proposal to the annual “Two Sessions” to improve the trust system and promote the development of family trusts, he said Thursday. Family trusts are among the most important institutional arrangements for the protection and inheritance of private enterprise wealth, Xiao said. The former chairman of Ch...

Cover Story: HNA Group’s Final Crisis The final crisis for China’s formerly high-flying HNA Group Co. Ltd. began unfolding two weeks before the Lunar New Year holidays. Creditors of HNA and its three core listed companies petitioned a court to order a bankruptcy restructuring after the giant conglomerate failed to repay trillions of yuan in debts. The reorganization may involve as many as 500 companies in a sprawling enterprise that at its peak tallied 1.2 trillion yuan ($171 billion) of assets. As one of China’s biggest bankruptcy cases, the restructuring will bring to a close the H...

Cover Story: Can the Virus Still Win? At least seven vaccines against the coronavirus that causes Covid-19 have won approval for public or emergency use in several countries One year into a pandemic that has claimed more than 2 million lives and left most parts of the world shuttered, people around the globe are counting on effective Covid-19 vaccines to bring back normal life. At least seven vaccines against the coronavirus that causes Covid-19 have won approval for public or emergency use in several countries, setting off a global race to protect people against the raging virus. About 200 ...

Tesla China Apologizes to China’s State Grid After Charging Accident Tesla Inc. apologized to State Grid Corp. of China after a viral video appeared to show a company employee blaming the power system for damage to a Chinese consumer’s Tesla Model 3, the top-selling electric car in China. The owner of the car in Nanchang in southeast China’s Jiangxi Province told local press that his new Model 3 wouldn’t run after charging the battery at a supercharger station, saying that a series of errors appeared on the power display. In a video secretly recorded and posted online by a reporter,...