The super PAC backing former U.N. Ambassador Nikki Haley entered the election year in January with just $3.5 million in cash, according to new Federal Election Commission records. The relatively small sum raises new questions about whether Haley can finance a viable presidential primary campaign over the coming months.
The new report Wednesday from SFA Fund Inc. covers the period from July 1 through Dec. 31, 2023. It reveals the committee raised just over $50 million but spent nearly $63 million to back Haley. The super PAC entered the reporting period in July with around $17 million but finished with a paltry $3.5 million war chest after it spent heavily on ads.
Some of Haley’s wealthiest donors are considering whether to continue helping, especially after she suffered bruising defeats to the GOP front-runner, former President Donald Trump, in the Iowa caucuses and the New Hampshire primary.
The next major primary is in Haley’s home state, South Carolina, where she was governor, on Feb. 24.
The leading pro-Trump super PAC, MAGA Inc., also filed its six-month disclosure report Wednesday, revealing that it entered January with just over $23 million in cash on hand.
In addition to raising concerns about Haley’s ability to compete in coming primary states, SFA’s $3.5 million cash on hand raises questions about how it was able to finance $14 million worth of advertisements backing Haley since Jan. 1, according to data from the tracking firm AdImpact.
Mark Harris, a representative for SFA Fund, told CNBC the ad spending in January did not come out of the previous fall’s totals. Instead, he said, the additional $10.5 million minimum needed to fund the ad campaign came from “robust” fundraising just this month, he said. Harris declined to say how much the super PAC raised in total this month or who its top donors were.
The lion’s share of the $14 million was spent in Iowa and New Hampshire, with just $200,000 having been spent on TV spots airing in South Carolina so far.
Wednesday’s filing revealed that the super PAC’s fundraising success last fall came on the backs of big-money donors.
Ken Griffin, the CEO of Citadel, gave $5 million to the super PAC in December, according to the FEC records. Griffin made news this week when his spokesman told media outlets, including CNBC, that he donated $5 million to the pro-Haley super PAC in January.
Griffin’s spokesman later confirmed that the $5 million had, in fact, been donated to SFA Fund in December, not January, when the spokesman had originally said the donation was made.
Ken Langone, a co-founder of Home Depot, gave just over $500,000, and David Tepper, a veteran investor and the owner of the Carolina Panthers, gave north of $1 million. Overall, nine donors gave at least $1 million to SFA Fund in the last six months of 2023.
Oil tycoon Harold Hamm contributed around $100,000.
February 01, 2024 at 09:14AM
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Nikki Haley's super PAC spent big to fuel her rise. It started 2024 with little left. - NBC News
Sometimes you have to wonder whether politicians live in the same world as us. Breathe the same air, talk the same language. Almost as if election is immediately followed by a spell at idiot school. To implant that sense of effortless superiority that places their own experience on a higher plane to the rest of us. Their punishment is to be perpetually misunderstood. Take George Freeman. A former Tory minister unable to get by on £120,000 a year. It’s only the Just Giving fundraiser I started this week that’s keeping him off the streets. Pray for George.
But Freeman is far from the only one. On Wednesday, it was hard to find any minister or former minister not hellbent on taking the public for mugs. Maybe they just had spare capacity in their condescension quota for the month. Start again afresh on the first day of February. Or could it be almost everyone has given up. They know change is coming and have given up even pretending to take the job seriously.
Up in Scotland we had the former first minister giving evidence to the Covid inquiry. Since Nicola Sturgeon resigned from the top job in March she has spent more time than she would have wanted being questioned by police about the SNP’s finances. No one still seems to know how a luxury motorhome came to be parked outside her mother-in-law’s house in Dunfermline. But at the very least, it’s given Nicola some practice in answering awkward questions.
The lead counsel for the inquiry, Jamie Dawson, began with Sturgeon’s missing WhatsApp messages. What was it about Covid that led so many senior politicians to delete all their WhatsApps? That was a side-effect Chris Whitty never warned the rest of us about. Specifically, Dawson wanted to know why the former first minister had told Channel 4 in 2021 that she would hand over all her messages to any inquiry when she knew that she had already deleted them.
“Ah that,” said Nicola. She was sorry if there had been any misunderstanding, but she had only wanted to keep things simple for the little people. Because all that had happened was that she had saved the messages she thought would be relevant. Not that everything else had been deleted. It had merely not been retained in a way that could be retrieved.
Basically, she had been doing everyone a favour. Saving people the effort of going through messages asking people to amend her Tesco shopping order. In other words, Nicola had merely been doing the inquiry’s job for it. Because who better to decide what was relevant than Sturgeon herself? Really, she should have been made chair of the Scottish leg of the inquiry and let Lady Hallett take a few weeks off. So nothing to see here, then … Er, no. Nicola. Back in 2021 you lied to a TV journalist.
Nicola looked shocked. Her sentences became longer and more inarticulate. Openness and transparency had always been her guiding principles. If anything she had overshared with the Scottish people as first minister. “I knew I had operated in line with a policy I had operated in line with,” she said. No one was any the wiser.
We moved on to a surviving WhatsApp from a civil servant describing a culture of plausible deniability. Sturgeon shrugged. She could plausibly deny any plausible deniability. She certainly couldn’t recall any instructions to destroy evidence. That would be abhorrent. Someone might have said it as a joke. That was it, a joke. Ha ha. Then she had misremembered stuff in the past.
“I make no apology for saying that Boris Johnson was the wrong person to be prime minister,” she said. Many of us could agree on that. But there had also been times when she wished she hadn’t been first minister. She had just tried to be the best version of herself. Her voice caught and she dabbed her eyes as she recalled the responsibility. This was the human Nicola. The one she normally reserves for private consumption only.
The rest of the evidence could be filed alongside plausible deniability. She had always wanted to be inclusive in her decision-making. Couldn’t understand why the details of what was discussed were missing. Had definitely never tried to use the pandemic to her personal advantage. That would be the last thing she would do. Had merely tried to stop Scotland making the same mistakes as England. Believable? Barely. Then she hadn’t had countless piss-ups, she hadn’t ignored the scientific evidence and she hadn’t lost billions in PPE fraud to mates. So there was that.
Back in London, James Cleverly was also struggling with language during an appearance before the home affairs select committee. Jimmy Dimly’s command of language often leaves a lot to be desired. His natural speech is pure bollocks. There was no backlog of migrants to be processed, he insisted. To suggest otherwise was a lie. There was just an orderly queue. A bit like at a supermarket checkout. He also said that sending one person to Rwanda would prove the whole scheme was worthwhile. He thinks we’re all as dim as him.
Rishi Sunak was also reduced to talking nonsense at prime minister’s questions. Mostly because there’s nothing sensible left for him to say. Other than, “I give up. Let’s have an election.” Rish! has run out of road and no longer bothers to disguise his impotence. The only reason the Northern Ireland deal is going through is thanks to a £3bn bung and the belief that the Tories won’t be in power in a year’s time. So no one’s kicking up a fuss over alignment with the EU. That’s now priced in.
It was almost as if Keir Starmer had also got fed up with the one-sidedness of his exchanges with Sunak. His performance was no better than phoned in. Still enough to win easily, but nothing very inspirational. Trading on your opponent’s uselessness doesn’t win hearts and minds.
Rishi had nothing. No answer to inevitable pleas for distressed Tory ministers. No answer to people’s mortgage payments going up. Other than everyone should just sod off, stop bothering him and extend their mortgage into retirement. Great, we can all carry on working till we die. Thanks Rish!. Thanks Liz. Sunak shrugged. Phil from Iceland could also do one. Taking the piss out of a member of the public is bad politics. A sure sign the game is up. The Tory benches were half empty long before the end. Send for the whisky and barbiturates.
There was one sign of life. A very primitive form of life. Barely sentient. Someone who makes Jimmy Dimly look like an intellectual giant. The one, the only Andrea Leadsom. No one lowers the stupidity bar further than her. She was out on the airwaves celebrating the four-year anniversary of Brexit. Luckily, her short-term memory is shot, so she can’t remember what she said last year. Now she was insisting we should be cheering on rising food prices as a symbol of our liberation. We’re going to miss her when she’s gone. A Brexit giant …
February 01, 2024 at 01:51AM
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Don’t worry, little people. Nicola Sturgeon can run this Covid inquiry for you - The Guardian
The bar's second location will be on Davis Lane, near Slaughter Lane and Manchaca Road.
AUSTIN, Texas — Lala's Little Nugget is getting ready to bring year-round Christmas cheer to South Austin, according to a report from Community Impact.
The bar, located on Justin Lane in Austin's Brentwood neighborhood, is expanding with a second location at 3008 Davis Lane, near Slaughter Lane and Manchaca Road.
Community Impact reports that the new location, called Lala's South Pole, is expected to open this spring and will include a full-service kitchen, a large patio and, of course, year-round Christmas decorations.
Founded in 1972, Lala's is known for its kitschy year-round yuletide vibes and winter-themed drinks. The bar is led by FBR Management, the hospitality team behind Lavaca Street Bar, Sign Bar, Gibson Street Bar, Mean Eyed Cat, Midnight Cowboy and more.
January 31, 2024 at 10:06PM
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Year-round Christmas bar Lala's Little Nugget opening South Austin location - KVUE.com
Minneapolis Police have begun removing camp residents from the relocated Camp Nenookaasi about a month after the previous site had been cleared.
Camp organizer Christine Crabtree told MPR News that around 9:15 a.m. Tuesday, unmarked police cars began forming a perimeter around the encampment at 26th Street and 14th Avenue in Minneapolis.
Crabtree said there is a significant police presence on Bloomington Avenue where it intersects 27th Avenue, 26th Avenue and 25th Avenue.
Ward 9 council member Jason Chavez is escorted by Minneapolis police to a perimeter away from Camp Nenookaasi on Tuesday.
Ben Hovland | MPR News
This follows an apparent shooting of a 29-year-old man at the camp Monday night. Crabtree said the person involved in the shooting had been a source of conflict for the past several weeks and that people at the camp called 911 for help removing the individual.
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At a press conference after evictions began, Minneapolis Community Safety Commissioner Toddrick Barnette said the shooting was one factor in the city’s decision to close the camp. Another was the outbreak of a stomach virus there last week, Barnette said.
“We cannot ignore the public safety concerns at these large encampments or the health concerns associated with the large encampments.”
Director of Public Works Margaret Anderson Kelliher said the city will not permit another large encampment from forming. She said it will cite anyone who returns to the site for trespassing and is working with community partners to find shelter and housing placements for residents.
Kelliher said there have routinely been 80 to 90 shelter beds available since the camp formed in January. She said about 25 people have been staying overnight at the camp.
When news of the eviction spread, community members arrived on the scene to help residents of the camp to move belongings, though significantly fewer are available compared to when the previous eviction occurred on Jan. 4, according to MPR News staff on the scene.
Crabtree says city officials told organizers on Jan. 5 that an eviction was imminent but the city would provide a notice. A later conversation with the city also led them to believe an eviction would happen.
The city says crews will wait until people at the encampment have had ample time to gather their things. As of 11:00 a.m., three residents had left the camp.
This is a developing story. Check back at mprnews.org.
Minneapolis police surround Camp Nenookaasi at 26th Street and 14th Avenue in Minneapolis on Tuesday.
January 31, 2024 at 12:05AM
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Police begin eviction of Camp Nenookaasi, residents say they had little notice - MPR News
Olema Oncology could be a standout player in developing therapies for women's cancers, particularly in breast cancer, according to Citi Research. Analyst Yigal Nochomovitz initiated the clinical-stage biotech company at a buy/high risk rating, saying it has potential in developing a "next-gen endocrine therapy." His price target of $20 implies shares could surge more than 72% over the next 12 months. The stock was flat in trading on Tuesday, but has fallen more than 16% so far this year. Last year, Olema shares soared more than 470% as the company released a series of positive updates, particularly about its lead investigational oncology drug palezastrant , Nochomovitz said. Palazestrant is a complete estrogen receptor antagonist, or CERAN, and selective ER degrader, or SERD, that is currently under development for the treatment of metastatic ER+/HER2- breast cancer. The drug, which has been granted FDA "fast track," is an oral compound, meaning it is taken in the form of a tablet or pill. "We believe palazestrant has emerged as a highly promising CERAN/SERD with opportunities across multiple lines of ER+ breast cancer," Nochomovitz wrote in a Tuesday note. "While the SERD space remains competitive and Olema is trailing the competition, we view palazestrant's ESR1 wild-type activity, favorable combinability with CDK4/6i's, and strategy to combine with ribociclib for pivotal 1L development as possible angles for differentiation to materialize," the analyst added. CDK4/6 inhibitors are drugs that are used to treat metastatic breast cancer, or advanced stage IV breast cancer, which has spread to other organs in the body far from the breast. Palazestrant has already proven it can be safely combined with the CDK 4/6 inhibitors, ribociclib and palbociclib, in a Phase 1/2 study . The company is looking to partner for its phase 3 studies and Nochomovitz anticipates that shares could react once such a relationship is announced in the near to mid-term.
January 30, 2024 at 11:52PM
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This little-known oncology stock could jump more than 70%, Citi says - CNBC
Available with or without carbide studs pre-installed, all versions of the Bailiff are 4.5" wide and feature 312 stud pockets. (Learn more.)
Pace Cycles New 2024 RC529
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Handup's Adventure-Ready MTB Jeans
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YT Industries; Capra Core 5
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OneUp's V3 Dropper Post
Post Only: $269.99 USD / $364.99 CAD | Post & Remote: $299.99 USD / $399.99 CAD
V3 is significantly lighter with a ton of other claimed improvements. V2 is one of our favourite posts, so we're interested to see how V3 stacks up. (Learn more.)
Hope's XCR Pro Brake Options
XCR PRO X2: £200.00 / €250.00 / $253.00 USD | XCR PRO E4: £225.00 / €285.00 / $285.00 USD
Hope's lightest brakes now come in more colors, and can be configured with the E4 caliper for more power. (Learn more.)
Wolf Tooth's 8 Colours for The ReMote Pro Lever
ReMote Pro Colors in 22.2 Clamp Fitments are $69.95 USD
You can now choose from 8 different colours. (Learn more.)
Ibis Ripmo AF & Ripley AF Receive UDH Hangers, New Colors, & New Price
Complete builds start at $2,999 USD
Both the Ripmo AF and Ripley AF models now feature SRAM’s Universal Derailleur Hanger. (Learn more.)
E*thirteen Components' New MTB Wheels for 2024
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The new line of MTB wheels includes the Optimus Trail, Sylvan All Mountain, and Grappler Gravity lines. (Learn more.)
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The Alberta-built Tonton was tested by the legendary Reg Mullet. (Learn more.)
January 31, 2024 at 12:10AM
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Tech Briefing: Clever Little Gadgets, MTB Jeans, Colourful Brakes & More - Pinkbike.com
January 30, 2024 at 05:28PM
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Evergrande Liquidation to Leave Little for Creditors to Claim - Bloomberg
COBB COUNTY, Ga. — Some residents of a Cobb County apartment complex were recently told their apartments are unsafe and they were given just a few days to move into different units.
Signs are posted on Rosemont Vinings Ridge apartments, warning residents of the danger.
The property management tells Channel 2′s Cobb County Bureau Chief Michele Newell that the issue is with the building’s foundation.
Cobb County officials say an insurance adjustor noticed problems on the property last week and contacted the County Development and Inspection Division.
Newell spoke with families who are moving into another building on the property.
But with the move comes higher costs and longer leases.
“We’re supposed to be out by five today. Today. And we were notified by 5 on Friday,” resident Donna B. said.
“They increased our rent. It’s a longer-term lease,” resident Maria Juliao said.
A representative for the property owner told Newell there was a water intrusion issue with the building.
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Some of the residents were told to move out by 5 p.m. on Monday.
Others who live on the other side of the complex say they have until Thursday.
“They are penalizing us. We’re getting a new apartment in the same complex but it’s more expensive,” resident Iban Ariza said.
“This side of the building was just told today. They were told originally that they didn’t have to leave. Now they are being told today that they have to leave,” Donna B. said.
A representative from Buckingham Company said in a statement: “There was a water intrusion issue that resulted in the county asking us to move residents out of the building within 72 hours in which we responded and communicated to our residents immediately. We have the ability to relocate every resident affected to another building and have offered a transfer to a like apartment for no additional charge, fees, or change to their lease terms.”
However, some tenants have said that is not the case.
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January 30, 2024 at 04:41AM
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Tenants given little time to move as Cobb Co. apartments are deemed unsafe - WSB Atlanta
A Hong Kong court has ordered the liquidation of China Evergrande.
But experts say there may be little to recover.
One of China's top developers, Evergrande has been in a liquidity crisis since 2021.
China Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts.
The order came more than two years after Evergrande sent the country's property sector into a tailspin.
Liquidators will now take control of the company's assets and prepare to sell them in order to repay the company's debts, which total $300 billion.
An offshore investor named Top Shine Global brought the winding-up lawsuit against Evergrande in 2022. Its proceedings were adjourned multiple times as Evergrande sought more time to restructure its debts.
On Monday, Evergrande applied for another adjournment. But Judge Linda Chan said Evergrande had been unable to offer a concrete restructuring plan and ordered its liquidation.
"It is time for the court to say enough is enough," said Chan, according to Reuters.
Trading in the shares of Evergrande and its subsidiaries was halted on Monday following news of the order. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing.
Evergrande did not immediately respond to a request for comment from BI.
Evergrande has been mired in a liquidity crisis since 2021. It first defaulted on an offshore dollar bond in December of that year. The company filed for bankruptcy protection in the US in August and scraped a restructuring plan in October due to worse-than-expected property sales.
'There are only losers in the collapse of Evergrande'
Siu Shawn, Evergrande's CEO, told local media in China that the real-estate company will still ensure the delivery of homes in China, state-owned Securities Times reported on Monday.
But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging.
It's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI.
"Given its scale, a liquidation of Evergrande would be a challenging process and the likely return to creditors would be expected to be low," said Ng.
That's particularly since the Chinese property sector is in the dumps amid sluggish demand and falling home prices — which means any sale of Evergrande's assets is likely to be at fire-sale prices, John Bringardner, the head of Debtwire, a fixed-income data and news provider, told BI in November.
"At this point in the process, there are only losers in the collapse of Evergrande," Bringardner added.
In July, Evergrande cited an analysis by Deloitte that estimated a recovery rate of 3.4% on its debt if the company is liquidated, per Reuters. Creditors now expect the recovery rate at less than 3%, according to the news agency.
Investors also appear to be out of luck, particularly if they're outside of China, and the process of getting their investments may take years.
"Onshore stakeholders are busy working to ensure home purchasers will eventually receive the homes they have paid for one way or another, but retail 'mom and pop' investors in the company's offshore securities will be facing even further uncertainty and delay which would likely continue for years," Daniel Margulies, a partner at Dechert, a law firm that specializes in restructuring in Asia, told BI.
The court order to liquidate Evergrande also signals that problems of this size in China "seemingly cannot be restructured and will likely end up in some form of liquidation, whether onshore or offshore," said Margulies.
Evergrande's liquidation comes as China's economy continues to struggle
Market sentiment over China's economy is so bad that the country's stock markets sold down massively last week as investors made a dash for the exit door.
Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.
"Evergrande's liquidation is a sign that China is willing to go to extreme ends to quell the property bubble," Andrew Collier, a managing director at Orient Capital Research, told Reuters.
"This is good for the economy in the long term but very difficult in the short term," he added.
January 29, 2024 at 03:22PM
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China property crisis: Little to recover from Evergrande's collapse - Business Insider
Iran is obviously bracing itself for the US reaction, although few people believe that the US may react by attacking targets on Iranian soil.
That would be ratcheting up the tensions in the region to a new and very dangerous level that could perhaps extend war to the whole region.
Iran's leader, Ayatollah Ali Khamenei, and the revolutionary guard, who are directly managing Iran's Middle Eastern policies, have been quiet so far.
The last time Iran and the US came to blows directly was in the 1980s when the US and Iran were involved in military action against each other in the waters of the Persian Gulf, where Iran's ships and oil platforms were targeted.
EPACopyright: EPA
For the moment, the most obvious sign of a change in Iran is sudden depreciation of the value of the Iranian rial by more than 6% on the news of the killing of three US servicemen at a US base in Jordan - an attack the US has blamed on Iranian-backed militias.
The depreciation shows that the market in Iran foresees a turbulent time ahead. Iran's foreign ministry spokesman has said the attack on the US servicemen has nothing to do with Iran, and the militias of what it describes as the Axis of Resistance do not receive their orders from Iran.
But this denial is not going to convince many people, and certainly not the US which has witnessed more than eighty attacks on its bases in the region in the past three-and-a-half months alone - since the Israel-Gaza war.
Iran has hoped this plausible deniability will keep it out of trouble, but it is realising that this strategy can only work for a time, and sooner or later, few people come to believe that it has been an innocent bystander.
An Evergrande Real Estate community in China's Jiangsu province.Costfoto/NurPhoto/Getty Images
A Hong Kong court has ordered the liquidation of China Evergrande.
But experts say there may be little to recover.
One of China's top developers, Evergrande has been in a liquidity crisis since 2021.
China Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts.
The order came more than two years after Evergrande sent the country's property sector into a tailspin.
Liquidators will now take control of the company's assets and prepare to sell them in order to repay the company's debts, which total $300 billion.
An offshore investor named Top Shine Global brought the winding-up lawsuit against Evergrande in 2022. Its proceedings were adjourned multiple times as Evergrande sought more time to restructure its debts.
On Monday, Evergrande applied for another adjournment. But Judge Linda Chan said Evergrande had been unable to offer a concrete restructuring plan and ordered its liquidation.
"It is time for the court to say enough is enough," said Chan, according to Reuters.
Trading in the shares of Evergrande and its subsidiaries was halted on Monday following news of the order. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing.
Evergrande did not immediately respond to a request for comment from BI.
Evergrande has been mired in a liquidity crisis since 2021. It first defaulted on an offshore dollar bond in December of that year. The company filed for bankruptcy protection in the US in August and scraped a restructuring plan in October due to worse-than-expected property sales.
'There are only losers in the collapse of Evergrande'
Siu Shawn, Evergrande's CEO, told local media in China that the real-estate company will still ensure the delivery of homes in China, state-owned Securities Times reported on Monday.
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But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging.
It's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI.
"Given its scale, a liquidation of Evergrande would be a challenging process and the likely return to creditors would be expected to be low," said Ng.
That's particularly since the Chinese property sector is in the dumps amid sluggish demand and falling home prices — which means any sale of Evergrande's assets is likely to be at fire-sale prices, John Bringardner, the head of Debtwire, a fixed-income data and news provider, told BI in November.
"At this point in the process, there are only losers in the collapse of Evergrande," Bringardner added.
In July, Evergrande cited an analysis by Deloitte that estimated a recovery rate of 3.4% on its debt if the company is liquidated, per Reuters. Creditors now expect the recovery rate at less than 3%, according go the news agency.
Investors also appear to be out of luck, particularly if they're outside of China, and the process of getting their investments may take years.
"Onshore stakeholders are busy working to ensure home purchasers will eventually receive the homes they have paid for one way or another, but retail 'mom and pop' investors in the company's offshore securities will be facing even further uncertainty and delay which would likely continue for years," Daniel Margulies, a partner at Dechert, a law firm that specializes in restructuring in Asia, told BI.
The court order to liquidate Evergrande also signals that problems of this size in China "seemingly cannot be restructured and will likely end up in some form of liquidation, whether onshore or offshore," said Margulies.
Evergrande's liquidation comes as China's economy continues to struggle
Market sentiment over China's economy is so bad that the country's stock markets sold down massively last week as investors made a dash for the exit door.
Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.
"Evergrande's liquidation is a sign that China is willing to go to extreme ends to quell the property bubble," Andrew Collier, a managing director at Orient Capital Research, told Reuters.
"This is good for the economy in the long term but very difficult in the short term," he added.
January 29, 2024 at 03:22PM
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China Property Crisis: Little to Recover From Evergrande's Collapse - Business Insider
When it comes to growing your wealth, sticking to some hard-and-fast rules can go a long way.
Michela Allocca would know. She's a former financial analyst who managed to accumulate a net worth of more than $500,000 by age 28, according to documents reviewed by CNBC Make It.
In 2022, she left her corporate job to pursue her side hustle as a personal finance consultant full-time. In a recent TikTok post with nearly a million views, the "Break Your Budget" author shared practical tips on how to grow your wealth, drawing from her own experience.
These are five common money habits she avoids.
1. Shopping sales
While most people think of sales as a way to save money, they can also be an excuse to splurge on things you normally wouldn't have purchased, Allocca says.
"Sales are designed to create FOMO," Allocca says on TikTok, referring to the fear of missing out. "They're designed to prompt you to purchase."
Buying something you don't need for 50% off is still spending money you weren't planning to spend in the first place, she says.
Allocca still buys things she needs when they're on sale, but she's mindful to avoid unnecessary spending on anything else.
2. Impulse spending
Nearly all American adults say they spend impulsively, with 64% saying they've regretted the impulse purchases they've made, according to a 2023 study.
Since it's so easy to make regrettable purchases, Allocca tries to avoid impulse shopping altogether. Instead, whenever she feels the urge to buy something, she adds the item to a list on her phone, which creates space between her and "an immediate urge and desire to buy something," she says.
As a rule, she recommends giving yourself four or five days to consider the purchase. At that point, "you're probably going to have forgotten about it," she says.
"We as a culture are very uncomfortable denying ourselves what we all like to call 'little treats,' but everything can't be a little treat," Allocca says.
3. Using traditional savings accounts
Allocca favors high-yield savings accounts over the traditional savings accounts typically offered by large banks, as they offer better annual interest rates.
Currently, you can find high-yield savings accounts offering APYs of around 5%, while traditional accounts offer interest rates closer to 0.6%, per Bankrate's most recent data. Many online banks and credit unions offer high-yield savings accounts, so they're not hard to come by.
"All of my cash savings are in a high-yield savings account," says Allocca. "If you aren't using a high-yield savings account, make 2024 the year you open one. There's no catch, and there's no downside — it's literally just a space for your cash to earn a little bit of extra interest."
4. Putting off investing
It can be easy to skip out on investing, especially in your 20s when retirement seems far off and you haven't set up any dedicated accounts yet.
"There were probably two years post-grad where I didn't invest really, because I was nervous, I was scared, I didn't feel like I knew what I was doing," says Allocca.
That said, "not knowing what you're doing when it comes to investing is no longer an excuse because there is so much information floating around," she says.
Allocca doesn't use a debit card. Instead, she makes almost all of her purchases with travel rewards credit cards.
By doing so, she collects rewards points that can be used to purchase things like flights or hotels. However, since credit cards charge high interest rates that can quickly lead to more debt, she pays off the balance on her cards every two weeks.
"I never buy anything that I can't pay off," she says.
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January 27, 2024 at 09:00PM
https://news.google.com/rss/articles/CBMiaGh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjQvMDEvMjcvMjgteWVhci1vbGQtd2l0aC1hLTUwMGstbmV0LXdvcnRoLTUtdGhpbmdzLWktbmV2ZXItZG8td2l0aC1teS1tb25leS5odG1s0gFsaHR0cHM6Ly93d3cuY25iYy5jb20vYW1wLzIwMjQvMDEvMjcvMjgteWVhci1vbGQtd2l0aC1hLTUwMGstbmV0LXdvcnRoLTUtdGhpbmdzLWktbmV2ZXItZG8td2l0aC1teS1tb25leS5odG1s?oc=5
28-year-old with a net worth over $500,000 shares 5 money habits she avoids: 'Everything can't be a little treat' - CNBC
Speaking to an audience in Maudlin, South Carolina, Haley spoke positively of Tuesday's New Hampshire primaries, where she gained nine delegates versus Trump's 12.
"It became a two-person race in New Hampshire, and we got to 43%," she explained. "And what happened after that was a sight to see because on election night, we were super excited. We had moved 25 points in the three weeks leading up to the election."
Republican presidential candidate former UN Ambassador Nikki Haley holds up two fingers as she speaks during a campaign stop in New Hampshire last week.(AP Photo/Matt Rourke)
"Donald Trump was totally unhinged on this," the Republican contender said.
"Seriously, [he] threw a total temper tantrum and was talking about revenge," Haley added. "So, after he talked about revenge and had a little something to say about me. That's fine. We raised $1,000,000 online right after he did that."
Haley, who served as U.S. ambassador to the United Nations under Trump, said that she was able to raise an additional $3 million for her campaign from more comments that Trump made this week.
"The next day, unhinged again, [Trump] says, 'For anybody that supports Nikki Haley, you will barred from MAGA.' So we had a little fun with that. We started selling t-shirts that said 'Barred Permanently.'"
"[Donald Trump] can't bully his way to the White House," It's not going to work," she continued. "And after he did that, we raised another $1.4 million."
The former South Carolina governor has been strategically questioning Trump's credibility. On Friday, Haley took aim at the former president's "confused" mental state after he reportedly said that E. Jean Carroll was running for office.
"Wait a second, did Trump just say the person suing him is 'running for office?' Is he confused again?" Haley wrote on X. "I was not in a New York City courtroom yesterday, any more than I was in charge of security at the Capitol on January 6. I was in South Carolina meeting with voters. They’d like to see a debate between me and Trump."
Fox News Digital's Brandon Gillespie contributed to this report.
January 28, 2024 at 07:14AM
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Nikki Haley raises $4 million over 'unhinged' Trump comments leveled at her: 'We had a little fun' - Fox News
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