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China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year BEIJING -- China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year. In a notice to the Hong Kong Stock Exchange, Evergrande said it had losses totaling about $81 billion in 2021-2022 and that its revenues plunged by about half in 2021. Chinese leaders are trying to revive economic growth that fell to 3% last year, its second-lowest level since the 1970s. Regulators stepped in to supervise Evergrande’s debt restructuring, but apparently rejected a bailout to avoid sending the wrong message to companies about the need to reduce their debts The continuing troubles for Evergrande, said to be the global real estate indust...

European Union and Latin American leaders are gathering for a major summit of long-lost relatives BRUSSELS -- Leaders from the European Union and Latin America were gathering for a major summit of long-lost relatives starting on Monday. Whether it will be a joyful meeting of long-lost friends remains to be seen. Their last such encounter was eight years ago. Since then, the COVID-19 pandemic and Brazil's three-year departure from the 33-nation Community of Latin American and Caribbean States — or CELAC — had made the Atlantic Ocean separating the two sides seem wider. “The world has certainly changed during that time," said EU Commission President Ursula von der Leyen. “So we need our close friends to be at our side in these uncertain times.” Yet, uncertainty still swirled around the two-day summit , too. Division ranging from Russia's war in Ukraine to trade, deforestation and slavery reparations has given extra spice to a meeting that will now already be considered a s...

A U.S. appeals court has rejected a bid by federal regulators to block Microsoft from closing its $68.7 billion deal to buy video game maker Activision Blizzard A U.S. appeals court on Friday rejected a bid by federal regulators to block Microsoft from closing its $68.7 billion deal to buy video game maker Activision Blizzard, paving the way for the completion of the biggest acquisition in tech history after a legal battle over whether it will undermine competition. In a brief ruling, a three-judge panel on the 9th U.S. Circuit Court of Appeals concluded there were no grounds for issuing an order that would have prevented Microsoft from completing its nearly 18-month-old deal to take over the maker of popular video games such as Call of Duty. The Redmond, Washington, software maker is facing a potential $3 billion termination fee if the deal isn't completed by Tuesday. “This brings us another step closer to the finish line in this marathon of global regulatory reviews,” Microsoft P...

China has criticized a German government call for reducing dependency on Chinese products as a form of protectionism BEIJING -- China on Friday criticized a German government call for reducing dependency on Chinese products and decreasing other potentially unstable factors in bilateral relations, calling it a form of protectionism. Foreign Ministry spokesperson Wang Wenbin said that a long-awaited German government strategy for relations with China that pointed to a “systemic rivalry” went “against the trend of the times, and will only aggravate divisions in the world.” Wang said the two countries were “partners rather than rivals,” a typical ruling Chinese Communist Party formulation for dismissing criticism. “We believe that to engage in com Pet ition and protectionism in the name of de-risking and reducing dependency , and to overstretch the concept of security and politicize normal cooperation will only be counterproductive and create artificial risks,” Wang told reporters at a d...

Experts are warning that rice production across South and Southeast Asia is likely to suffer with the world heading into an El Nino NEW DELHI -- Warmer, drier weather because of an earlier than usual El Nino is expected to hamper rice production across Asia, hitting global food security in a world still reeling from the impacts of the war in Ukraine. An El Nino is a natural, temporary and occasional warming of part of the Pacific that shifts global weather patterns, and climate change is making them stronger. The National Oceanic and Atmospheric Administration announced this one in June, a month or two earlier than it usually does. This gives it time to grow. Scientists say there's a one in four chance it will expand to supersized levels. That's bad news for rice farmers, particularly in Asia where 90% of the world’s rice is grown and eaten , since a strong El Nino typically means less rainfall for the thirsty crop. Past El Ninos have resulted in extreme weather, ranging from ...

Indonesian authorities say they have seized an Iranian tanker and arrested its crew members for illegally transferring oil to another vessel in the country’s exclusive economic zone JAKARTA, Indonesia -- Indonesian authorities said Wednesday they seized an Iranian tanker and arrested its crew members for illegally transferring oil to another vessel in the country’s exclusive economic zone. The Iranian-flagged — MT Arman 114 — transporting 272,569 metric tons (2.3 million barrels) of crude oil worth 4.6 trillion rupiah ($305 million) was seized on Friday while carrying out illegal transshipment of oil to the Cameroon-flagged tanker — MT S Tinos — in Indonesia’s exclusive economic zone near Natuna waters, said Aan Kurnia, Indonesia’s Coast Guard chief. An Indonesian coast guard vessel detected suspicious activities at dawn and tried to approach the two tanker s. The Iranian tanker fled toward Malaysian territorial waters spilling oil as the hose connecting the two tanker s came loose....

Bank of America harmed hundreds of thousands of customers, a federal agency said. Bank of America was ordered to pay more than $100 million to customers for double-charging accounts with insufficient funds, denying reward payments to credit card holders and using personal data to open accounts without a client’s knowledge, the Consumer Financial Protection Bureau said on Tuesday. The second-largest U.S. bank harmed hundreds of thousands of customers over a period of several years and across multiple products, the federal agency said. In addition to the customer payment, the bank must pay $150 million in penalties, the agency added. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” Rohit Chopra, director of the CFPB, said in a statement. “These practices are illegal and undermine customer trust,” Chopra added. “The CFPB will be putting an end to these practices across the banking system.” MORE: US economy 'quite r...

Three Florida men have been charged with making $22 million through illegal insider trading before the public announcement that an acquisition firm was going to take former President Donald Trump's media company public NEW YORK -- Three Florida men were charge d Thursday with making more than $22 million through illegal insider trading before the public announcement that an acquisition firm was going to take former President Donald Trump's media company public . The charges were outlined in an indictment unsealed in New York that did not in any way implicate Trump or Trump Media & Technology Group, which owns his Truth Social platform. The charges make it less likely that Trump Media will be able to pocket the $1.3 billion promised upon completion of a merger with the acquisition firm. The merger is pending the approval of securities regulators. According to the indictment, the men were invited to invest in the special purpose acquisition company, Digital World Acquis...

Today’s college student-athletes have an unprecedented opportunity to monetize their name, image and likeness thanks to a 2021 NCAA rule change that lifted restrictions on such activities When University of Notre Dame sophomore Calyn “KK” Bransford takes the court this upcoming basketball season, she’ll do so with a touch of glam thanks to her false lashes. She wants to look good while hooping, but wearing the lashes is also her job. Bransford is under contract as a brand ambassador for Opulence Lashes and earns money by promoting the company’s products. That’s possible thanks to a sea change in NCAA rules governing college athletes, who can now make money from their “ NIL ” — name, image and likeness. Prompted by a Supreme Court decision that invalidated restrictions on certain payments to student-athletes, the NCAA changed its rules on NIL income in 2021. While student-athletes still can’t be paid to play their sport or attend a specific school, they can receive money for things like...

New York City was ordered by a judge to temporarily delay new minimum pay standards for app-based food delivery workers NEW YORK -- A judge Friday ordered New York City to temporarily delay new minimum pay standards for app-based food delivery workers, a day after being sued by Uber Eats, DoorDash and Grubhub. City officials recently announced plans to substantially increase earnings for those workers in the coming years to provide them with more financial stability. The law was set to take effect July 12 with an initial increased pay rate of $17.96 an hour. But food delivery services DoorDash, Grubhub and Uber, along with New York-based Relay Delivery, sued Thursday in state Supreme Court in Manhattan. The companies claimed the city's rule-making process was flawed and that higher costs would be passed along to consumers. Judge Nicholas Moyne on Friday ordered a temporary delay on enacting the new standard pending a hearing on July 31. The food delivery giants praised the order....

The railroad industry has sued to block a new minimum crew-size requirement that Ohio imposed after a fiery train derailment in East Palestine in February COLUMBUS, Ohio -- The railroad industry has sued to block a new minimum crew-size requirement that Ohio imposed after a fiery train derailment in East Palestine in February. The new rule was part of a $13.5 billion state transportation budget that Republican Ohio Gov. Mike DeWine signed in March. It mandated a two-person crew for freight trains and required that the wayside detectors used to help spot problems be installed in shorter intervals of 10 to 15 miles (16 to 24 kilometers) apart, with oversight from the Ohio Department of Transportation and the Public Utilities Commission of Ohio, among other provisions. The railroad industry said one-person crews “have been used safely for decades,” as well as that Ohio lacks the authority to impose a two-person minimum. In a lawsuit filed in U.S. District Court on June 29, a day before th...

Shares are mostly lower in Asia after Wall Street drifted downward following a rally that had sent it roaring 16% higher for the year so far BANGKOK -- Shares slipped in Asia on Thursday after Wall Street drifted downward following a rally that sent it roaring 16% higher for the year so far. Hong Kong’s Hang Seng index dropped 3% on heavy selling of Chinese banks shares after Goldman Sachs downgraded them citing concerns about the slowing economy and lenders' exposures to debt. Japan’s Nikkei 225 lost 1.7%. U.S. futures declined and oil prices were mixed. Share prices had soared recently amid signs the U.S. economy is stronger than had been feared, fending off recession so far despite high interest rates. Minutes from the Federal Reserve’s latest policy meeting released Wednesday showed that some central bank officials wanted to raise rates in mid-June, though in the end they voted unanimously to keep rates steady. The threat of further rate hikes has been weighing on investor sent...

Sri Lanka’s Parliament as voted to support a proposal to restructure a staggering domestic debt in a special session as the Indian ocean island nation struggles to emerge from an unprecedented economic crisis COLOMBO, Sri Lanka -- Sri Lanka’s Parliament voted to support a proposal to restructure a staggering domestic debt in a special session Saturday as the Indian ocean island nation struggles to emerge from an unprecedented economic crisis . The proposal was approved with 122 lawmakers voting for it and 62 against it, in the 225-member house. The parliament’s approval enables the government to go ahead with the proposed restructuring plan which is part of the prerequisites of a bailout package approved by the International Monterey Fund — which has described Sri Lanka’s debt as unsustainable — to help alleviate the country’s humanitarian crisis . Sri Lanka’s total debt has exceeded $83 billion, of which $41.5 billion is foreign and $42.1 billion is domestic. Under the proposed dome...