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— 

CNN Sports | How Muhammad Ali stayed true to himself on his path to becoming an icon

(CNN) – Muhammad Ali scoops up his baby daughter Maryum and explains a concept that she couldn’t possibly understand at such a tender young age: “Your daddy is fighting for you,” he is reported as saying in 1968. “Someday, you’re going to be able to walk with your head high and not beg for a job. And you don’t even know it.”

Between 1960 and 1981, Ali fought 61 professional heavyweight bouts in a glittering career that made him a global icon, but arguably his biggest fights were outside of the ring. His remarkable life story is once again in the spotlight, the subject of “Muhammad Ali” — an expansive, four-part, eight-hour documentary by the renowned filmmaker Ken Burns, airing on PBS.  —read more—

CNN BUSINESS | Mega mansion once worth $500 million defaults on $100 million in debt, forcing a sale

A gargantuan residence in Los Angeles dubbed “The One” by its developer is now on track to be sold after the owner defaulted on more than $100 million in loans and debt, according to court documents.

In an Instagram post last summer, Nile Niami, the project’s developer, pitched the 105,000-square-foot home as having seven pools, a 50-car garage, a 10,000-bottle wine cellar and even its own nightclub. Promoted as being the largest and most expensive urban property in the world, “The One” was expected to come to market for $500 million, according to the video Niami posted on Instagram. But it suffered many delays and complications and now faces a court-ordered sale to pay debts.  —read more—