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FAX, Liverpool (2026)

Name: FAX
Address: Liverpool, GB
Telephone: +447896080

18/11/2021

Crisis-hit Chinese real estate giant Evergrande is selling its entire stake in film and television streaming company HengTen for $273m (£200m).

The move comes as the world's most indebted developer has been struggling to meet interest payments on its loans.

In another sign of the cash crunch in China's property market, another big firm is reportedly raising fresh funds.

Trading in Country Garden Services was suspended on Thursday as it looks set to sell $1bn of new shares.

Evergrande, which is saddled with around $300bn of debt, said it would book a loss of more than $1bn from selling its remaining 18% stake in HengTen.

Last week, Evergrande sold a 5.7% stake in HengTen, which raised around $145m.

The announcement of the deal came just a day before the deadline for overdue interest payments of $148m.

Evergrande has so far avoided defaulting on its debts by making overdue payments just before 30-day grace periods expired.

At the start of this year Evergrande owned a majority stake in HengTen, which has been described as the Netflix of China, but has been selling off shares to raise money to meet its financial commitments.

17/11/2021

JP Morgan Chase is suing Tesla for $162 (£121m) over tweets in 2018 by boss Elon Musk that he could take the electric car maker private.

The bank accused Tesla of "flagrantly" breaching a deal it claims should have triggered payments to JP Morgan.

Mr Musk's notorious tweets that he had funding to take Tesla off the New York stock market sparked volatility in the share price.

He later abandoned the move and was fined by the US financial regulator.

JP Morgan's suit, filed in a Manhattan federal court, says the companies had an agreement signed in 2014 that allowed the bank to buy Tesla shares at a set price and date.

Under the deal, Tesla sold so-called warrants to JP Morgan allowing the bank to purchase shares if the "strike" price was below Tesla's share price when the warrants expired in June and July 2021.

"We have provided Tesla multiple opportunities to fulfil its contractual obligations, so it is unfortunate that they have forced this issue into litigation," a spokesperson for JP Morgan said in a statement.

JP Morgan said the warrants contained standard provisions that allowed it to adjust their price to protect both parties against the economic effects of "significant corporate transactions involving Tesla," such as an announcement the company was going private.

15/11/2021

Japan’s economy continued to wobble in the third quarter of 2021, tipping back into contraction, as the country struggled to find its economic footing in the face of coronavirus restrictions and a supply chain crunch that hit its biggest manufacturers.

In the July-to-September period, the country’s economy, the third largest after the United States and China, shrank by an annualized rate of 3 percent, government data showed on Monday. The result, a quarterly drop of 0.8 percent, followed a slight expansion in the previous three-month period, when economic output grew at a revised annualized rate of 1.5 percent, or a quarterly rate of 0.4 percent.

But brighter days may be ahead, at least in the near term.

Japan now has one of the highest vaccination rates among major nations, and it has lifted virtually all restrictions on its economy as its virus caseload has fallen in recent weeks to one of the lowest levels in the world.

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