Financial News

AP Sports
September 28, 2021
AP-NC Newswatch
September 29, 2021
Financial News

 

Financial News:

 

Markets mixed…Troubled airliner…High profilers losses

 

UNDATED (AP) – Shares are higher in Europe after sharp declines in Asia that tracked a broad slide on Wall Street as investors grew jittery over rising prices and surging U.S. government bond yields. Benchmarks gained in Paris, Frankfurt and Hong Kong but fell in Tokyo and most other Asian markets. On Tuesday, the benchmark S&P fell 2%, its worst drop since May. The Nasdaq fell 2.8%, its worst drop since March. Climbing Treasury yields are causing investors to reassess whether prices have run too high for stocks, particularly the most popular ones. The yield on the 10-year Treasury jumped to 1.54%, its highest level since late June. That’s up from 1.32% a week ago.

 

BEIJING (AP) – HNA Group, a Chinese airline operator that ran into financial trouble after a global acquisition spree, has proposed a plan to settle $61 billion in debts owed to thousands of creditors by paying 40% of the total. The conglomerate warned in a statement that it faces possible liquidation due to “mismanagement and investment disorder.” HNA Group said Friday its chairman and CEO were detained by police on suspicion of unspecified crimes. HNA Group, which operates Hainan Airlines and other carriers, bought hotels, a stake in Deutschebank AG and other assets abroad starting in 2014, financed by bank loans and bond sales.

 

TOKYO (AP) – Japanese prosecutors are demanding two years in prison for former Nissan executive Greg Kelly. They accused him of joining a “conspiracy” to pay his former boss Carlos Ghosn illicitly, as they wrapped up their closing arguments Wednesday in a yearlong trial. Kelly, a 30-year veteran at the Japanese automaker, was arrested in November 2018. He says he is innocent and was just trying to keep Ghosn from leaving Nissan. The charges center around a pay cut of about 1 billion yen ($10 million) a year, starting in 2010. Ghosn fled to Lebanon, which does not have an extradition treaty with Japan.

 

BEIJING (AP) – Beijing says it will block Taiwan’s application to join an 11-member Pacific Rim trade grouping. The Cabinet’s Taiwan Affairs Office on Wednesday said Taiwan’s participation in regional trade cooperation is based on the “one China principle.” It cited as its reason Taiwan’s refusal to agree it is a part of China. A government spokesperson (Zhu Fenglian) said China “opposes the Taiwan region participating in any trade arrangements of an official nature or signing any trade agreements of an official nature.” China claims democratically ruled Taiwan as its own territory.

 

SAN JOSE, Calif. (AP) – Fallen Silicon Valley star Elizabeth Holmes convinced media mogul Rupert Murdoch and other billionaires to invest in her biotechnology startup despite warnings its unconventional blood tests were dangerously unreliable. That evidence emerged Tuesday during a high-profile trial revolving around allegations that Holmes duped investors, customers and unwitting patients as CEO of Theranos, a company she founded when she was 19. Holmes briefly became a Silicon Valley sensation peddling the premise that she had invented a revolutionary blood-testing technology.