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Calista241's JournalChina Evergrande ordered to liquidate, owing $300 bln
Source: Reuters
HONG KONG, Jan 29 (Reuters) - A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group (3333.HK), opens new tab, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain a deepening crisis.
The decision to liquidate the world's most indebted developer with more than $300 billion of total liabilities was made by Hong Kong Justice Linda Chan, who noted Evergrande had been unable to offer a concrete restructuring plan despite months of delays.
"It is time for the court to say enough is enough," she said.
Chan will deliver her reasons for granting the liquidation at 2:30 pm (0630 GMT). It is expected a provisional liquidator will be appointed to oversee Evergrande ahead of a permanent appointment.
Evergrande, which has $240 billion of assets, sent a struggling property sector into a tailspin when it defaulted on its debt in 2021 and the liquidation ruling will likely further jolt already fragile Chinese capital and property markets.
Read more: https://www.reuters.com/business/embattled-china-evergrande-back-court-liquidation-hearing-2024-01-28/
This is the first step in what could easily be a global economic catastrophe.
Unionization rate dropped to new low in 2023
Source: Axios
The share of American workers who are members of a union hit a new low in 2023 — it's now 1 in 10 — though the total number of unionized employees rose slightly.
Why it matters: Advocates say unions are a needed proponent of worker rights and compensation, while critics say unions throttle progress in the workplace.
Driving the news: 10% of the workforce was part of a union in 2023, down from 10.1% in 2022 and a high of 20.1% in 1983, the first year the Bureau of Labor Statistics reported comparable figures.
14.4 million workers were union members in 2023, up from 14.3 million in 2022 — but the percentage fell because the workforce grew at a faster rate than union membership.
Read more: https://www.axios.com/2024/01/23/unions-big-labor-uaw-teamsters-strikes
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