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Economy archivos - Page 23 of 23 - Hop Backstage

Economy

China Evergrande Soared on the Property Boom. Here’s Why It Crashed.
Economy

China Evergrande Soared on the Property Boom. Here’s Why It Crashed.

In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande.Police on watch for protesters stood guard outside the building, and the new team of auditors were issued permits to get in. After six months of work, the auditors reported that Evergrande had lost $81 billion over the prior two years, vastly more than expected.But they still had questions. Some records they had requested from Evergrande were incomplete. Numbers were missing. Important accounting errors or misstatements may have gone undetected. How had things at Evergrande — once one of China...
The Supreme Court Case that Could Rewrite the Tax Code
Economy

The Supreme Court Case that Could Rewrite the Tax Code

A tax fight with big stakes Oral arguments are to begin on Tuesday at the Supreme Court in a tax case with a lot at stake.Moore v. United States may appear to center on a request for a $14,729 tax refund, tied to a law that affected relatively few Americans. But it could redefine what is considered income in America, change how Congress taxes it, and preemptively block future efforts by Democrats to impose levies on billionaires’ wealth.The back story: In 2018, the Trump administration and Congress changed how foreign profits of American companies were taxed, via a one-time levy on earnings from overseas subsidiaries. (Before then, duties were owed only on profit that was brought back to the U.S.)But Charles and Kathleen Moore, a couple from Washington State, sued over the $14,729 they wer...
China’s Rising Debt Spurs Moody’s to Lower Credit Outlook
Economy

China’s Rising Debt Spurs Moody’s to Lower Credit Outlook

In another blow to China’s economy, the credit ratings agency Moody’s said Tuesday that it had issued a negative outlook for the Chinese government’s financial health.Moody’s expressed concern at the potential cost to the national government of bailing out debt-burdened regional and local governments and state-owned businesses. Moody’s, which previously viewed China’s finances as stable, warned that the country’s economy is settling into slower growth while its enormous property sector has begun to shrink.China’s Ministry of Finance immediately pushed back, saying that the Chinese economy is resilient and that local government budgets could withstand their loss of revenue from the country’s real estate downturn.At the same time, Moody’s reaffirmed its overall A1 credit rating for the Chine...
AI-Generated Jimmy Stewart Reads a Bedtime Story for Calm App
Economy

AI-Generated Jimmy Stewart Reads a Bedtime Story for Calm App

You can’t get to sleep. You’re tossing and turning. You want someone to read you a nice, wholesome bedtime story. And you want that someone to be the actor Jimmy Stewart.The sleep and meditation app Calm has released a new story for premium users told by Mr. Stewart, the beloved actor who starred in “It’s a Wonderful Life.” But the voice in their ear lulling them to sleep is not from Mr. Stewart, who died in 1997. It is a version of his signature drawl generated by artificial intelligence.“Well, hello. I’m James Stewart, but, well, you can call me Jimmy. Tonight I’m going to tell you a story,” the clone of Mr. Stewart’s voice begins, telling listeners to make themselves “nice and comfortable.”“It’s a heartwarming story of love, of loss, of hope and of joy,” the voice continues. “But most o...
Bitcoin Soars on Hopes of Investment Fund Approval
Economy

Bitcoin Soars on Hopes of Investment Fund Approval

Bitcoin bulls have brushed off a sweeping legal crackdown against some of the biggest players in the cryptocurrency industry, high interest rates and global recession concerns to push the digital currency’s value close to a 20-month high this week.The digital coin traded at around $41,700 on Tuesday morning, after pushing past $42,000 the day before. It has gained roughly 150 percent this year, far outperforming the Nasdaq composite index, as investors bet that regulators will soon approve the first spot exchange-traded fund that is designed to track the price of Bitcoin.Investment management specialists are swarming. Thirteen firms, including BlackRock, Fidelity and the Swiss-based Pando Asset, have filed paperwork with the Securities and Exchange Commission to create such an E.T.F.An E.T...