Road King Infrastructure suspended US$22.6 million in interest payments and will defer distributions of US$56.5 million on perpetual securities, making it the first Hong Kong-based developer to default on bond payments since China’s property crisis began in 2021. The firm failed to win enough creditor consent for debt amendments aimed at easing short-term cash strain…
A US federal judge set a March trial in Elon Musk’s challenge to Sam Altman’s plans to overhaul OpenAI’s business structure, setting the stage for a high-stakes clash between the two billionaires. US District Judge Yvonne Gonzalez Rogers in Oakland, California, put the trial on her calendar for March 16 during a hearing on Friday…
A Warren Buffet company engaged in international oil trading is shutting down, Reuters has reported, noting that from now on, Pilot Co will focus on fuel retail. Citing several unnamed sources the report said Pilot Co had let almost all of its employees go and refocus on its original business in the United States. Warren…
The Musk-Ramaswamy duet is gearing up for one of the most ambitious reform projects in US political history. Appointed to president-elect Donald Trump’s proposed Department of Government Efficiency, their mission is to overhaul the government, make it smaller, streamline bureaucracy and ultimately transform the way America operates. It’s a grand vision to tackle some of…
DETROIT (AP) — The poor performance of General Motors’ Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of this year. The Detroit automaker said in a regulatory filing Wednesday that it will cut the value of its equity…