The liquidation proceedings of China Evergrande, through a court in Hong Kong after its failure to restructure $300 billion in debt takes the centerstage among all global events which has happened over this week.
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Profit loss
Centerstage events of week 5
A Hong Kong court has ordered the liquidation of China...
A Hong Kong court has ordered the liquidation of China Evergrande, the world's most indebted real estate developer, after its failure to restructure $300 billion in debt. Judge Linda Chan cited the company's insolvency and lack of a viable proposal. Evergrande's collapse is part of a broader crisis among Chinese developers due to government pressure to reduce debt. Liquidators aim to retain and restructure the business, while Evergrande's shares fell nearly 21%.
Monday, 29 January, 2024
Former Pakistani prime minister Imran Khan is sentenced to ten...
Former Pakistani prime minister Imran Khan is sentenced to ten years in prison for leaking state secrets.
Tuesday, 30 January, 2024
Sultan Ibrahim Iskandar of Johor was sworn in as Malaysia’s...
Sultan Ibrahim Iskandar of Johor was sworn in as Malaysia’s new king on Wednesday, under the country’s unique rotating monarchy system. At 65, he took his oath at the palace, witnessed by other royals, Prime Minister Anwar Ibrahim, and Cabinet members. A coronation ceremony will follow. Sultan Ibrahim, one of Malaysia’s wealthiest individuals with a vast business empire, has close ties with Anwar, potentially strengthening Anwar’s unity government against strong Islamic opposition.
Wednesday, 31 January, 2024
Leaders of the 27 European Union countries agreed to provide...
Leaders of the 27 European Union countries agreed to provide Ukraine with 50 billion euros ($54 billion) in support for its war-ravaged economy after Hungary dropped its veto threats. European Council President Charles Michel announced the deal, highlighting its long-term, predictable funding for Ukraine. The aid, comprising two-thirds loans and one-third grants, aims to rebuild the economy and prepare Ukraine for future EU membership, separate from military support efforts.
Thursday, 1 February, 2024
Kenya has announced the discovery of coltan deposits, marking a...
Kenya has announced the discovery of coltan deposits, marking a significant economic opportunity. Coltan, comprising niobium and tantalum, is crucial for producing electronics like smartphones and electric car batteries. Tantalum, derived from coltan, is essential for making capacitors in tech devices. Reserves have been found in at least six counties, with assessments underway. Global demand for coltan is rising, and Kenya must ensure responsible mining to avoid ethical issues seen in other regions.
Friday, 2 February, 2024
At least 64 people have been killed in Chile due...
At least 64 people have been killed in Chile due to intense forest fires in the central region, prompting a state of emergency and extended curfews in the worst-affected areas. The death toll is expected to rise. President Gabriel Boric warned that the number of casualties would grow significantly. The fires, occurring during a heatwave and peak holiday season, are hampering firefighting efforts. Overnight curfews aim to clear roads for emergency vehicles and evacuations.
Saturday, 3 February, 2024
Namibia has a new president, Nangolo Mbumba, following the death...
Namibia has a new president, Nangolo Mbumba, following the death of his predecessor, Hage Geingob, who passed away early Sunday at 82 in a Windhoek hospital. Geingob, a cancer patient and independence struggle veteran, was hailed as a "liberation icon" by Mbumba. Mbumba, previously vice-president, was swiftly sworn in to serve until the upcoming elections. He praised Geingob's leadership and acknowledged the weight of his new responsibilities.
Sunday, 4 February, 2024
