Fitch has become the first rating agency to declare that China Evergrande’s overseas bonds are in default after the world’s most indebted developer failed to make a crucial interest payment this week.

The announcement marked the most significant moment yet in the developer’s marathon liquidity crisis that has spread to other businesses across the country’s vast real estate sector and fuelled global concerns about the potential impact on China’s economy.

Evergrande, which has liabilities exceeding $300bn, missed a Monday deadline to repay bond coupons totalling $82.5m. The group had still not transferred the funds as of Wednesday in New York,

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Trafigura is handing more than $1bn to its top executives and staff after the global commodities trader recorded the biggest profit in its 28-year history on the back of rising demand for oil and metals.

The results underscored the huge fortunes that can be made from moving raw materials around the globe and showed how the world’s biggest commodity traders continue to profit from supply chain dislocations created by the coronavirus pandemic.

Jeremy Weir, chief executive, said 2021 had been a year in which the “underlying fragilities in global supply chains were laid bare” as demand rebounded with the

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SoftBank Group shares fell 8 per cent on Monday, their seventh consecutive day of losses, as mounting problems at its portfolio companies Didi Chuxing and Arm revived concerns over the Japanese technology conglomerate’s business model.

SoftBank’s share losses were part of a broader regional sell-off of tech-related shares in Asia on Monday. Alibaba, the ecommerce company founded by Jack Ma and the most valuable of SoftBank’s investments, dropped as much as 8 per cent.

SoftBank shares fell as low as ¥5,062 ($45) in Tokyo, touching their lowest level since June 2020. Investors said that last week’s announcement by Chinese ride-hailing

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Several of Toshiba’s biggest shareholders are accusing the Japanese conglomerate of failing to fully pursue talks with private equity buyers, and say they will ratchet up pressure on the board to revive discussions on a full buyout of the company.

The investors said that despite Toshiba’s claim it had not received convincing indications of a buyout, they believed that at least two private equity buyers had discussed valuations at least 25 per cent higher than the company’s current price of ¥4,743 ($42) a share.

As a measure of their concerns, shareholders who collectively hold more than 30 per cent of

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A friend treats me to an insider’s tour of LA’s Atwater Village. As with eye contact across a bar, it is possible to see a neighbourhood for a brief moment and just know. Craftsman bungalows, omakase chefs of unsmiling excellence, a Santiago-like backcloth of mountains: within hours, I arrange a month-long Airbnb here. I will see which enclave of Southern California I fancy after that. There is a magazine subscription to reroute, some bags to lug, but no spouse or child to inform, much less square.

It is not for everyone, this untethered life, or even for a large

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New stock listings in Hong Kong have slid this year, making it an exception across global markets as concerns persist over the outlook for China’s tech sector after Beijing slammed the brakes on offshore share sales.

Initial public offerings in Hong Kong have raised less than $26bn this year, down 10 per cent compared with 12 months ago and more than a fifth lower than 2020’s total, according to data from Dealogic. By comparison, global IPO fundraising has jumped 75 per cent from last year’s total, with deals in New York alone rising to about $300bn.

Bankers had expected Hong

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