CNN BUSINESS | Evergrande stock surges even as debt repayment deadline approaches

Hong Kong (CNN Business) – It’s crunch time for China’s heavily-indebted Evergrande Group. 
 
The sprawling Chinese real estate conglomerate faces a critical test on Thursday: can it meet its obligations to bondholders, or will it slip closer to default? 
 
Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond, according to data from Refinitiv. It’s not clear yet whether the company will make that payment, and it had not commented by the close of trading in Hong Kong. 
 
Investors have already been rattled by the risk that one of China’s biggest developers could collapse, sending shockwaves through the world’s second biggest economy.  —read more—  

CNN style Arts | Inside the Bourse de Commerce, Paris’ new $195 million art museum 

Paris’ former stock exchange, the Bourse de Commerce, will reopen its doors this week having undergone a $195 million transformation into a new landmark museum for contemporary art. 
 
Three years in the making, the redesign was led by Japanese architect Tadao Ando and supported by a team of Parisian architects, including NeM Architects Agency. The expansive space, stretching over 10,000 square meters (more than 100,000 square feet), will house the contemporary art collection of French billionaire François Pinault.  —read more—   

CNN BUSINESS | China’s Evergrande meets crucial debt deadline but another looms

Hong Kong (CNN Business) – China’s Evergrande Group will pay interest due Thursday on one of its bonds, but it’s keeping rattled investors guessing about the fate of second, bigger payment due this week. 
 
The troubled Chinese real estate conglomerate said Wednesday in a filing with the Shenzhen Stock Exchange that issues regarding a payment on a domestic yuan bond have been “settled through negotiations.” 
 
Many questions remain unanswered, though. Evergrande did not elaborate on the terms of the payment. The amount of interest it owes on the bond is about 232 million yuan ($36 million), according to data from Refinitiv. 
 
Interest worth $83.5 million on a dollar-denominated bond is also due Thursday, though the company has not said anything publicly about what will happen to that payment.  —read more—  

CNN BUSINESS | 5 things to know about Evergrande, the Chinese business empire on the brink 

Hong Kong (CNN Business) – The troubles of Chinese conglomerate Evergrande have dominated headlines after it warned once again that it could default on its astronomical debt because of a cash crunch. 
 
Experts have characterized the firm’s struggles as a major test for Beijing that risks turning into China’s Lehman Brothers moment, sending shockwaves across the world’s second biggest economy. 
 
This week could be critical for the company. It was supposed to repay interest on some bank loans on Monday, according to Bloomberg. The news outlet recently reported that Chinese authorities have told major banks that they won’t receive those payments. 
 
Evergrande did not immediately respond to a request from CNN Business for comment about those payments.—read more—

CNN BUSINESS | China’s Evergrande puts on a brave face. But will Beijing bail it out?

Hong Kong (CNN Business) – Evergrande’s chairman promised his employees Tuesday that they will “walk out of the darkness” caused by the embattled Chinese conglomerate’s historic debt crisis. 
 
But what happens next for the company is still anyone’s guess, and the lack of guidance from the company and authorities in Beijing about how the crisis will be resolved is creating uncertainty for investors worldwide amid fears that a collapse could slam China’s vast property sector and the global economy. 
 
Xu Jiayin, the chairman of Evergrande Group, acknowledged in a letter to employees that the cash-strapped real estate developer “has encountered unprecedented difficulties.” The letter was published in the Paper, a state-owned Chinese media outlet, and confirmed to be genuine by an Evergrande representative.  —read more—  

The Race | The major F1 engine news that makes a Red Bull/Volkswagen tie-up likely

Formula 1 is set to abandon the MGU-H and delay its new engine ruleset to 2026 in a move that sets up a likely Red Bull/Volkswagen engine collaboration. In this video Scott Mitchell explains why Volkswagen appears more interested in F1 than it has in the past, and what could have convinced the existing manufacturers to agree to get rid of a key part of F1’s engines since 2014.   —watch video—   

CNN entertainment | Red carpet photos from the 2021 Emmy Awards

Celebrities showed off their red-carpet fashion before Sunday night’s Emmy Awards in Los Angeles. 
 
Cedric the Entertainer hosted the event, which recognizes the best in television programming. 
 
“The Crown” won the most awards on the night. The Netflix show finished with seven Emmys, including outstanding drama series. “Ted Lasso” was another big winner, taking home four Emmys, including the award for outstanding comedy series.  —read more—  

CNN BUSINESS | FDIC teams with Discovery, Microsoft for $120 million minority-owned bank fund

New York (CNN Business) – The Federal Deposit Insurance Corporation on Thursday unveiled a new fund to increase investments made with the nation’s minority-owned and mission-driven banks, helping them expand economic opportunities in the communities they serve. 
 
The FDIC said the Mission-Driven Bank Fund has raised at least $120 million since 2019 from a number of investors, including founding investor Discovery Inc (DISCA). and anchor investors Microsoft (MSFT) and Truist Financial Corp (TFC). Discovery is in the process of merging with CNN’s parent company, WarnerMedia. 
 
Minority-owned banks — also known as minority depository institutions, or MDIs — and community development financial institutions, known as CDFIs, tend to operate in low-to-moderate income communities. They are often better positioned than mainstream consumer banks to fund projects and lend to the people who live there, according to the FDIC.  —read more— 

CNN travel | Officials wrap the world’s largest tree in protective foil to guard it against California wildfires

(CNN) — The world’s largest tree has been wrapped in foil to protect it against flames from a fire raging in California’s scenic Sequoia National Park.

The base of the General Sherman Tree has been wrapped in aluminum-based burn-resistant material, according to Sequoia and Kings National Parks.The tree is 275 feet tall, and over 36 feet in diameter at the base, making it taller than the Statue of Liberty from its base to the torch.  —read more—