Friday Briefing: Evergrande's $1.7 billion Hong Kong headquarters sale flops as buyer withdraws

Friday, October 15, 2021

by Linda Noakes

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Bitcoin tops $60,000, Boeing's problems pile up, and it's arrivederci Alitalia

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The China Evergrande Centre sign is seen in Hong Kong, September 23, 2021. REUTERS/Tyrone Siu

BUSINESS

Chinese state-owned Yuexiu Property has pulled out of a proposed $1.7 billion deal to buy China Evergrande Group's Hong Kong headquarters building over worries about the developer's dire financial situation, two sources said. The collapse of the talks is another setback for cash-strapped Evergrande which has been scrambling to divest some assets to repay creditors knocking on its doors.

Bitcoin hit a six-month high, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.

Boeing said that some titanium 787 Dreamliner parts were improperly manufactured over the past three years, the latest in a series of problems to plague the wide-body aircraft. A former chief technical pilot for Boeing has been charged with fraud for deceiving federal regulators evaluating the company's 737 MAX jet, hindering the ability to protect airline passengers and leaving "pilots in the lurch," the U.S. Justice Department said.

New, state-owned carrier Italia Trasporto Aereo took over from Alitalia, permanently grounding the 75-year old one-time symbol of Italian style and glamor after years of financial losses and failed rescue attempts. Arrivederci Alitalia, you won’t be missed, says Breakingviews Global Editor Rob Cox.

Jerome Powell may still be the clear favorite to get renominated as Federal Reserve Chairman, but some investors are considering the long-shot alternative should there be a surprise change.

Migrants sit in the woods after they crossed the Belarusian-Polish border near Sokolka, Poland, October 11, 2021. REUTERS/Kacper Pempel

WORLD

Poland's parliament passed legislation that human rights advocates say aims to legalize pushbacks of migrants across its borders in breach of the country's commitments under international law. We spoke to migrants fighting for survival in forests on the Poland-Belarus border.

A large explosion tore through a Shi'ite mosque in the southern Afghan city of Kandahar during Friday prayers, killing at least seven people and wounding 13, officials and provincial leaders said.

The U.N. General Assembly elected the United States to the Geneva-based Human Rights Council, more than three years after the Trump administration quit the 47-member body over what it called chronic bias against Israel and a lack of reform.

The Australian city of Sydney will allow the entry of fully vaccinated travelers from overseas from November 1 without the need for quarantine, authorities said, although the easing of strict entry controls will initially benefit only citizens.

Several bags with human remains have been exhumed from a mass grave in Panama amid searches for the victims of the U.S. invasion of Panama in 1989, officials said. The military operation took the lives of some 300 civilians and marked the end of the dictatorship of General Manuel Noriega. For years, families have called for a search for the remains of those who died.

U.S.

A panel of expert advisers to the U.S. Food and Drug Administration unanimously voted to recommend booster shots of Moderna's COVID-19 vaccine for Americans aged 65 and older and those at high risk of severe illness or occupational exposure to the virus.

A U.S. appeals court refused a petition by the Department of Justice to put on hold Texas's restrictive abortion law, which bars the procedure as early as six weeks into pregnancy.

A congressional committee probing the deadly January 6 assault on the Capitol said it would vote next week to hold Steve Bannon, a longtime adviser to former President Donald Trump, in contempt of Congress for refusing to comply with a subpoena.

A group of anti-Trump Republicans will endorse a slate of Democratic lawmakers facing tough races in next year's midterm elections, in a bid to stop the Republican Party from retaking control of Congress.

Former President Bill Clinton is recovering after two days of treatment for an infection in a California hospital, his doctors said. The 75-year-old was admitted to the University of California Irvine Medical Center "for a non-COVID-19 infection".


Quote of the day

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Video of the day

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On an island surrounded by the narrow waterways of the Chebayesh Marshes in southern Iraq, Raad Hamid Hashem rises with the sun to milk his herd of water buffalo. But thanks to drought, this summer has been tough.

And finally…

World's tallest woman says it's OK to stand out

At 2 meters 15 centimeters tall, Rumeysa Gelgi has always stood out. Now officially recognised as the world's tallest woman, she wants to use that record to celebrate differences.

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