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Hui Ka Yan, once one of the world’s richest men, led China Evergrande through its rise and fall. His failures in the aftermath made the property developer’s collapse a bigger problem for the country’s slumping housing market.
from the New York Fed The economic toll of COVID-19 on America's small businesses is acute and ongoing. Uncertainty related to public health protocols, consumer demand, technology adoption, supply chains, and government relief programs has upended the operating environment for small firms that frequently lived on the financial margins even before the pandemic.[ 1] This is especially true for small firms owned by people 45 and older, which saw significant closures in spring 2020 and whose numbers remain well below pre-pandemic levels. Among people of color, the drop was even more stark.[ 2] B...