Author: Press Room
LewisTsePuiLung/iStock Editorial via Getty Images China Evergrande (OTC:EGRNQ) said on Monday that the court hearing for a liquidation petition has been postponed again, this time to January 29. The ruling was made after the struggling real estate developer requested an adjournment, with no objection from the petitioner’s attorney. This would give Evergrande (OTC:EGRNQ) more time to complete a revised debt restructuring package. Evergrande (OTC:EGRNQ) had proposed transitioning offshore bondholders’ debts into a 30% equity stake in each of its units Evergrande Property Services (OTC:EVGPF) and Evergrande New Energy Vehicle Group (OTC:EVGRF). “If Evergrande (OTC:EGRNQ) fails to deliver an improved restructuring…
New York Democratic Gov. Kathy Hochul confirmed she is dropping an initiative to pass legislation mandating the Empire State expand its housing growth in individual communities as Democrats head into an election season that could prove contentious.”I’ll work with [the Legislature], but I also have so many priorities, I’m not going to head down the same path we did last year with the exact same plan, in a year that is an election year for members,” Hochul said Thursday at an unrelated event, according to City & State. Hochul is readying to release her agenda for 2024, but pursuing legislation that…
Elon Musk said OpenAI needed to be quicker with its work before departing from the company, per NYT.Musk left OpenAI in 2018, citing a conflict of interest with his work at Tesla.He has since become a vocal advocate for a cautious approach toward AI innovation. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Elon Musk had some choice parting words for OpenAI’s staff before he left the company in 2018.The billionaire cofounded the AI company in 2015 but left in 2018, citing a conflict…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Spotify will axe almost a fifth of its workforce after warning that economic growth has slowed and that the group needs to “rightsize” its costs.In a memo to staff on Monday, chief executive Daniel Ek said Spotify would cut about 17 per cent of its global workforce. Spotify employs more than 9,000 people worldwide. “I recognise this will impact a number of individuals who have made valuable contributions,” Ek said. “To be blunt, many smart, talented and hard-working people will be departing…
India’s Goods and Services Tax (GST) collections for November 2023 have reached a new peak, reflecting a significant year-on-year increase of 15%. The total revenue for the month stood at Rs 1.68 lakh crore (US$ 20.15 billion). The rise is attributed to the festive season’s boost to domestic activities, which saw a 20% surge in transactions. The detailed breakdown of the GST revenue includes:Central GST (CGST) at Rs 30,420 croreState GST (SGST) at Rs 38,226 croreIntegrated GST (IGST) at Rs 87,009 crore, which encompasses revenue from importsCess collected amounted to Rs 12,274 croreAfter the necessary adjustments and settlements between the…
© Reuters. The proposed merger between Zee Entertainment Enterprises Limited (ZEEL) and Sony (NYSE:) Pictures Networks India has encountered a legal hurdle as IDBI Trusteeship Services Limited (ITSL) appeals against the National Company Law Tribunal’s (NCLT) approval of the deal. ITSL is contesting on grounds that Subhash Chandra, Zee’s founder, breached a personal guarantee from 2019, seeking over Rs. 500 crore ( Rs 1 crore = $119,982.20) in repayment. The National Company Law Appellate Tribunal (NCLAT) received ITSL’s appeal on Friday, which specifically targets Chandra for not fulfilling a personal guarantee linked to Essel Infraprojects Limited (EIL) debentures amidst the…
Orvana Minerals reports FY results
How much money do you think it will cost to save the world from a climate catastrophe?According to King Charles III, it’s about $5 trillion. Every year.That’s what the British royal told a packed conference of green advocates and state leaders on Friday who flew from all around the world – many on private jets – to meet up at the plush United Nations climate summit in Dubai, known as COP 28. King Charles III in Dubai for the COP 28 summit. (Andrew Matthews/PA Images via Getty Images)US COMMITS TO SHUTTING DOWN ITS COAL PLANTS DURING COP28Warning that the world…
The New York Times list of “who’s who” in AI has been slammed for featuring zero women.The list consists of 12 men, most of them the leaders of AI or tech companies.”Godmother of AI” Fei-Fei Li criticized the list, writing, “It’s not about me, but all of us in AI.” Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app The New York Times’ profile of “who’s who” in AI, published Sunday, has drawn criticism for featuring zero women.The article gives credit to a list of twelve…
This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekdayGood morning. This week’s data releases, culminating with jobs day on Friday, will be closely scrutinised for hints of US economic slowing. The Atlanta Fed’s GDPNow fourth-quarter growth tracker, which will incorporate all this data as it comes in, now stands at a middling 1.2 per cent. As an over-under bet, where will GDPNow end the week? We’ll take the over, but the margin could be slim. All thoughts welcome: robert.armstrong@ft.com and ethan.wu@ft.com.Why gold is at a…