Tesla, Microsoft, Boeing, Texas | Stock Market News Today


Stock futures are rising, with technology shares on track to lead gains ahead of a policy decision from the Federal Reserve. Here’s what we’re watching in Wednesday’s trading:

A Texas Instruments office in San Diego, Calif., April 24, 2018.



Photo:

mike blake/Reuters

Chart of the Day
  • A mania in clean-energy stocks holds lessons for ESG investors, writes James Mackintosh. This is the third in a series of Streetwise columns taking a critical look at sustainable investing.

Write to James Willhite at [email protected]

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Motorola ‘Frontier 22’ Flagship – Latest news headlines


Motorola is reportedly working on a new flagship smartphone codenamed ‘Frontier 22’. The handset is yet to be officially confirmed by the Lenovo-owned company, but some renders along with specifications of the phone have now surfaced online. The leaked renders of the rumoured Motorola phone show a hole-punch display and triple rear camera unit. Motorola Frontier 22 is tipped to debut in July 2022. The handset is said to feature a 144Hz refresh rate display and a fingerprint scanner for authentication. It is also expected to sport a 4,500mAh battery with 125W wired charging and 50W wireless charging support.

German publication WinFuture.de has leaked the renders, and specifications of rumoured Motorola smartphone. As mentioned, the renders show a centrally placed hole-punch cutout on the display. Further, the handset is seen carrying a triple rear camera unit along with the LED flash.

Motorola Frontier 22 specifications (rumoured)

As per the leak, the anticipated Motorola Frontier 22 dual-SIM (Nano) smartphone will run on Android 12 out-of-the-box. It is said to feature a 6.67-inch full-HD+ OLED display with a 144Hz refresh rate, and DCI-P3 colour gamut. The display could have HDR10 support as well.

The upcoming Motorola handset is said to feature Qualcomm’s Snapdragon SM8475 processor under the hood. According to the report, the chipset could be Snapdragon 8 Gen 1 “Plus” SoC. The device is expected to pack up to 12GB of LPDDR5 RAM and up to 256GB of UFS 3.1 storage. The handset could be available in three RAM and storage configurations — 8GB RAM + 128GB storage, 8GB RAM+256GB storage, 12GB RAM +256GB storage.

For optics, Motorola Frontier 22 is tipped to carry a triple rear camera unit that includes a 200-megapixel main sensor with optical image stabilisation (OIS), 50-megapixel wide-angle sensor, and a 12-megapixel telephoto shooter. For selfies, Motorola is said to provide a 60-megapixel camera on the upcoming smartphone.

Connectivity options in the handset reportedly include Wi-Fi 6E, USB Type-C port, NFC, GPS and Bluetooth v5.2. It is expected to include stereo speakers and three microphone arrays.

Motorola Frontier 22 is tipped to come with a fingerprint sensor as well. Motorola could pack a 4,500mAh battery with 125W wired charging and 50W wireless charging support in the latest handset.




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Oil, Global Stocks Fall as Investors Cut | Stock Market News Today


Global stocks, oil and cryptocurrencies fell, as investors grappled with the prospect of higher interest rates and disappointing results from popular consumer tech stocks.

Futures tied to the S&P 500 fell 0.4%, pointing to an extension of Thursday’s drop, when the index closed down 1.1%. Nasdaq-100 futures declined 0.7%, suggesting more losses for technology stocks. Dow Jones Industrial Average futures ticked down 0.1%. 

Shares in Asia-Pacific and Europe broadly retreated. The pan-continental Stoxx Europe 600 fell 1.2%, while China’s Shanghai Composite Index and Japan’s Nikkei 225 declined 0.9%. 

Japan’s Nikkei 225 index shed 0.9% Friday.



Photo:

behrouz mehri/Agence France-Presse/Getty Images

In off-hours trading,

Netflix

shares plunged over 20% after the company said it expected a slowdown in subscriber growth. Peloton rose 7.5%, recouping some losses after the stock tumbled nearly 24% Thursday on reports that the connected-fitness company was halting production. Its chief executive refuted these claims in a statement. 

“As we return to a more normal world, names like Peloton and Netflix being weaker or disappointing isn’t a surprise,” said Arun Sai, a multiasset strategist at Pictet Asset Management. “I think when the dust settles, we’ll have a reasonable set of numbers in Q4 earnings. Peloton and Netflix are more of a distraction than anything else.”

Investors’ increasing conviction that the Federal Reserve will have to raise interest rates several times this year to combat inflation has pressured stocks. Last week, Fed Chairman Jerome Powell called rapid inflation a “severe threat” to a full economy recovery, and data showed consumer prices soaring 7% on the year in December

This has hit growth stocks and put the Nasdaq in correction territory, as investors are dumping shares of unprofitable companies. Tensions between Russia and NATO are also weighing on market sentiment, investors said. The S&P 500 is down 3.9% this week, on track for the worst performance since Oct. 2020. 

“Geopolitical risk plays a role, repricing of [central bank] policy plays a role and the inflation mix in the sense of cost pressures. You put all those together and there is actually quite a change,” said Georgina Taylor, a multiasset fund manager at Invesco. “Risk premium for equities needs to go up.”

President Biden said on Wednesday that the U.S. is ready to unleash sanctions against Russia if President Vladimir Putin makes a move against Ukraine. Biden also laid out a possible diplomatic resolution. Photo: Susan Walsh/Associated Press

Investors’ bets on faster rate rises have driven up inflation-linked bond yields, seen as a benchmark for financing costs. The yield on the 10-year Treasury inflation-protected security rose as high as minus 0.526% Friday, the highest level since June 2020, before easing slightly to minus 0.536%. The yield on the benchmark 10-year Treasury note edged down to 1.792% from 1.833% Thursday.   

Cryptocurrencies tumbled, with bitcoin losing nearly 6.5% compared with its level at 5 p.m. ET Thursday. It traded below $38,300, the lowest level since August, before rising slightly to around $38,700. Ether fell 6.8%. 

Oil prices also declined. Global benchmark Brent crude fell 1.5%, trading at $87.03 a barrel, weighed down by a surprise increase in U.S. crude stockpiles, according to analysts at RBC Capital Markets. 

Data provider

IHS Markit,

oil services company

Schlumberger

and financial firms

Huntington Bancshares

and

Ally Financial

are set to report earnings Friday. 

Overseas, wind-power company

Siemens Gamesa Renewable Energy

fell 10% after it posted an operating loss and lowered its guidance, citing supply-chain constraints. Shares of some Chinese drugmakers surged after they were selected to help make cheaper versions of Merck’s Covid-19 pill.

BrightGene Bio-Medical Technology

rose 20% and Viva Biotech advanced 14%. 

Write to Dave Sebastian at [email protected] and Anna Hirtenstein at [email protected]

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Adani Wilmar Sets IPO Price Band At Rs – Latest news headlines


The firm has cut the IPO size to Rs 3,600 crorefrom Rs 4,500 croreannounced in 2021.

Mumbai:

India’s leading edible oil refiner Adani Wilmar has set the indicative price band for its initial public offering (IPO) of shares at between Rs 218 and Rs 230 apiece, according to a marketing term sheet for the offering reviewed by Reuters.

The IPO, which will open for bidding on January 27, will value the 50-50 joint venture between Singapore agribusiness Wilmar International and Indian conglomerate Adani Group at Rs 29,900 crore ($4.01 billion) at the top end of the price range.

The firm has cut the IPO size to Rs 3,600 crore from Rs 4,500 crore announced in 2021.

Adani Wilmar sells kitchen commodities such as edible oil and wheat in India under a diverse range of brands.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Dow Closes Lower as Bank Stocks Fall | Stock Market News Today


The stock market’s winter selloff deepened this week, pushing all three major indexes further into the red for 2022.

The S&P 500 and Dow Jones Industrial Average both fell a second straight week, while the Nasdaq Composite has been down the last three. Investors continued to sell bonds, pushing the yield on the benchmark 10-year U.S. Treasury note up for a fourth straight week, notching its biggest rise over that stretch since mid-March.

Investors were still assessing the outlook for interest rates and how fast the Federal Reserve will move to tame inflation, roiling the stock and bond markets. At the same time, a rise in Covid-19 cases has weighed on sentiment, although there are signs that infections may be nearing a peak.

The week started on shaky footing, with stocks broadly falling and the Nasdaq nearing a correction before closing slightly higher. On Tuesday, Fed Chairman

Jerome Powell

reaffirmed the central bank’s view that inflation will likely peak by the middle of the year, while also suggesting interest rates will remain low. That helped halt a streak of declines for the S&P 500 and Dow industrials. 

Stocks, especially hard-hit sectors such as tech, appeared to regain some ground. But new pricing data released Wednesday and Thursday showed inflation remained hot last month, complicating the outlook. Stocks dropped Thursday, led by a 2.5% slide in the Nasdaq.

Lackluster earnings from some big U.S. banks, along with weak retail sales and manufacturing data, sent most of the market lower again on Friday until a late-session buying rush pushed the S&P 500 and Nasdaq back into positive territory. The S&P 500 added 3.82 points, or less than 0.1%, to 4662.85, and the Nasdaq gained 86.94 points, or 0.6%, to 14893.75. The Dow fell 201.81 points, or 0.6%, to 35911.81.

“We expect a more volatile environment, with big up days and big down days. Perception of inflation will be a driving force in the direction of the market,” said

David Donabedian,

chief investment officer of CIBC Private Wealth US. “It will be a bumpy ride.”

The late Friday turnaround wasn’t enough to avert another down week. The S&P 500 and Nasdaq ended up falling 0.3% over the last five trading days, while the Dow shed 0.9%. Markets are closed Monday for Martin Luther King Jr. Day, shortening next week’s trading schedule.

The U.S. dollar last year saw its largest increase in value since 2015. That is good for many American consumers, but it could also put a dent in stocks and the U.S. economy. WSJ’s Dion Rabouin explains. Photo illustration: Sebastian Vega/WSJ

On Friday, the first dose of fourth-quarter corporate earnings reports gave investors a sobering outlook on corporate growth this year. Quarterly profits fell by double-digit percentages at

JPMorgan Chase

and

Citigroup,

ending a hot streak of big gains for most of 2021.

Shares of

JPMorgan Chase

slid $10.34, or 6.1%, to $157.89, and

Citigroup

dropped 85 cents, or 1.3%, to $66.93.

Wells Fargo

bucked the trend, adding $2.06, or 3.7%, to $58.06, after the bank reported that profit soared 86% in the final three months of 2021.

BlackRock

posted higher quarterly profit, and market gains lifted the investment firm’s assets under management above $10 trillion. Despite that, its shares declined $18.98, or 2.2%, to $848.60.

Still, analysts remain upbeat on corporate profits, predicting growth across the S&P 500.

Mark Haefele,

chief investment officer at UBS Global Wealth Management, said he expects another positive quarter, with earnings growth of 30% over the prior year.

Manufacturers, material firms and consumer discretionary stocks were also down following the economic data. Besides that,

Sherwin-Williams

declined $8.93, or 2.8%, to $308.46 after the paint maker lowered its guidance, citing a shortage of raw materials amid supply-chain and labor constraints.

Rising yields have motivated investors to rotate out of technology stocks.



Photo:

Courtney Crow/Associated Press

Some buying of large-cap growth stocks gave the market, and the Nasdaq, some support, as investors returned to a trade that tends to work well during periods of economic uncertainty.

Facebook

parent

Meta Platforms,

Microsoft,

Tesla

and

Netflix

all gained more than 1%.

Energy stocks jumped 2.4%, getting a boost from a climb in oil prices.

Casino stocks including

Las Vegas Sands

and

Wynn Resorts

jumped after Macau released a draft law that would cut the tenure for new casino licenses in half, but wouldn’t reduce the number of licenses. Las Vegas Sands added $5.33, or 14%, to $42.99, and Wynn Resorts gained $7.24, or 8.6%, to $91.47. 

Meanwhile, bond yields resumed their climb. Expectations for an interest-rate rise as soon as March have caused some investors to sell government bonds, pushing up yields. The yield on the benchmark 10-year Treasury note ticked up to 1.771% Friday, from 1.708% Thursday.

“Equity markets will continue to take their cues from the bond market,” said

Hugh Gimber,

a strategist at J.P. Morgan Asset Management. “What’s becoming clear is the Fed is realizing that inflationary pressures are larger and more broad-based than they previously expected.”

Cryptocurrency dogecoin jumped 12% from its 5 p.m. ET level Thursday after Elon Musk said Tesla was accepting payment for some merchandise with the currency, which was originally started as a joke. Bitcoin was recently down less than 1%.

Overseas, the pan-continental Stoxx Europe 600 fell 1%.

South Korea’s central bank raised interest rates to pre-pandemic levels to fight inflation, and signaled that more increases could come this year. The country’s benchmark Kospi index declined 1.4%. Other major Asian stock indexes also closed lower. China’s Shanghai Composite fell 1%, and Japan’s Nikkei 225 shed 1.3%.

Write to Caitlin Ostroff at [email protected] and Michael Wursthorn at [email protected]

Corrections & Amplifications
For the week, the Dow Jones Industrial Average fell 0.9%, and the Nasdaq Composite fell 0.3%. An earlier version of this article incorrectly said it was the Dow that fell 0.3% and the Nasdaq that declined 0.9%. (Corrected on Jan. 14)

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Anushka Sharma’s Emotional Post For – Latest news headlines


A day after Virat Kohli stepped down as India Test captain, Anushka Sharma took to social media and shared an emotional post for her husband, recalling his journey as the national team’s red-ball skipper. Taking to Instagram, she posted two photos. The Bollywood actor also opened up about the day when Kohli had first informed her that he would be taking up Test captaincy after MS Dhoni’s decision to retire from the format. “I remember the day in 2014 when you told me that you have been made the captain as MS had decided to retire from test cricket. I remember MS, you & I having a chat later that day & him joking about how quickly your beard will start turning grey. We all had a good laugh about it”, she wrote.

The actress went on to talk about Kohli’s growth as national team captain and as a human being, saying “I’m more proud of the growth you achieved within you”.

“Since that day, I’ve seen more than just your beard turning grey. I’ve seen growth. Immense growth. Around you & within you. And yes, I am very proud of your growth as the captain of the Indian National Cricket team & what achievements the team had under your leadership. But I’m more proud of the growth you achieved within you. In 2014 we were so young & naive. Thinking that just good intentions, positive drive & motives can take you ahead in life. They definitely do but, not without challenges. A lot of these challenges that you faced were not always on the field.”

“But then, this is life right? It tests you in places where you least expect it to but where you need it the most. And my love, I am so proud of you for not letting anything come in the way of your good intentions. You led by example & gave winning on field every ounce of your energy to the extent that after some losses I’ve sat next to you with tears in your eyes, while you wondered if there’s still something more you could have done.”

“This is who you are & this is what you expected from everyone. You’ve been unconventional & straightforward. Pretence is your foe & this is what makes you great in my eyes & the eyes of your admirers. Because underneath all this were your pure, unadulterated intentions always. And not everyone will be able to truly understand that.”

“Like I’ve said, truly blessed are those who tried to get to know you beneath what meets the eye. You are not perfect & have your flaws but then again when did you ever try to conceal that? What you did was to always stand up for doing the right thing, the harder thing, always! You held on to nothing with greed, not even this position & I know that. Because when one holds on to something so tightly they limit themselves & you, my love, are limitless. Our daughter will see the learning of these 7 years in the father that you are to her. You did good”.

Promoted

Here is the post, which she shared on Instagram:

Kohli quit as Test captain on Saturday, a day after India’s 1-2 defeat to South Africa in a three-match red-ball series.

Kohli had earlier stepped down as India’s T20I captain after the T20 World Cup last year and was soon also removed from the ODI captaincy with BCCI appointing Rohit Sharma as full-time white-ball skipper in December.

Topics mentioned in this article





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Vodafone Idea’s Debt to Equity – Latest news headlines


The Government of India is set to become the largest shareholder of Vodafone Idea with 35.8 percent stake as the company’s board has approved conversion of interest on deferred spectrum and Adjusted Gross Revenue (AGR) dues into equity, Vodafone Idea said on Tuesday.

The debt-laden Vodafone Idea, a joint venture of UK-based Vodafone Group and Kumar Mangalam Birla-led Aditya Birla Group, has opted for conversion of interest on deferred spectrum and Adjusted Gross Revenue (AGR) liabilities into equity.

The conversion will result in dilution to all the existing shareholders of the Company, including the Promoters.

Following conversion, it is expected that the Government will hold around 35.8 percent of the total outstanding shares of the Company, and that the Promoter shareholders would hold around 28.5 percent (Vodafone Group) and around 17.8 percent (Aditya Birla Group), respectively, Vodafone Idea said in a statement.

The share price of Vodafone Idea slumped following the announcement. Trading in Vodafone Idea started sharply down at Rs. 13.40 at the Bombay Stock Exchange (BSE) on Tuesday against the previous day’s close at Rs. 14.85. The company’s share price plummeted to a low of Rs. 12.05 in the morning trade, which is 18.85 percent lower from its previous day’s close.

The company’s share price recovered later in the day. At 11.10am at the Bombay Stock Exchange (BSE) Vodafone Idea share was trading at Rs. 13.

The Board of Directors of Vodafone Idea, at its meeting held on 10th January 2022, approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR Dues into equity.

“The Net Present Value (NPV) of this interest is expected to be about Rs. 16,000 crore as per the Company’s best estimates, subject to confirmation by the DoT. Since the average price of the Company’s shares at the relevant date of 14.08.2021 was below par value, the equity shares will be issued to the Government at par value of Rs. 10 per share, subject to final confirmation by the DoT,” Vodafone Idea said in a regulatory filing to the stock exchanges.

Union cabinet on September 15 approved a slew of measures to support the cash-strapped telecom firms. The relief measures include a four-year moratorium on payment of spectrum and AGR dues. The telecom firms have also been given the option to pay the interest amount arising due to the deferment of payments by way of issuing equity to the government.

Following the government’s announcement Bharti Airtel and Vodafone Idea opted for the four-year moratorium.

However, Bharti Airtel recently decided to pay the interest amount to the government instead of issuing the equity.

After the conversion of the dues into equity, the Government of India will become the largest shareholder of Vodafone Idea. This will require changes in the company’s Articles of Association.

“The governance and other rights of the Promoter shareholders are governed by a Shareholders Agreement (SHA) to which the Company is a party and are also incorporated in the Articles of Association of the Company,” Vodafone Idea said.

The rights are subject to a minimum Qualifying Threshold of 21 percent for each Promoter group, and in light of the conversion of interest into equity, the Promoters have mutually agreed to amend the existing SHA for reducing the minimum Qualifying Threshold from 21 percent to 13 percent for the purpose of exercising certain governing rights e.g. appointment of directors and relating to appointment of certain key officials, etc.

Vodafone Idea said its Board has also taken note of the proposed changes to the existing Shareholders Agreement (SHA), and accordingly authorised execution of the same and also recommended changes in the Articles of Association (AoA) to give effect to the changes in the SHA.

The amendment to the AoA shall be subject to the approval of shareholders in general meeting, for which the Board has authorised officials of the Company to decide the date of shareholders meeting in accordance with the terms of the amendment to the existing SHA as approved by the Board, the company said.


Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.



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Reliance Retail To Invest $200 Million – Latest news headlines


Reliance Retail has acquired 25.8 per cent stake in online delivery platform Dunzo

Reliance Industries Limited’s (RIL) retail arm has invested $200 million in online delivery platform Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery.

Reliance Retail has acquired a 25.8 per cent stake in Dunzo for $200 million (around Rs 1,488 crore).

Dunzo raised $240 million in its latest funding round that was led by Reliance Retail Ventures Limited.

Existing investors Lightbox, Ligthrock, 3L Capital and Alteria Capital had also participated in the funding round.

“This round is a reinstatement of confidence of existing and new investors in Dunzo’s potential and success in creating an exceptional user experience. The capital will be used to further Dunzo’s vision to be the largest quick commerce business in the country, enabling instant delivery of essentials from a network of micro warehouses while also expanding its B2B business vertical to enable logistics for local merchants in Indian cities,” the two entities said in a statement.



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4 Killed In Landslide, Several Feared – Latest news headlines


The workers were reportedly travelling to another site when the landslide took place.

Chandigarh:

At least four people have died and several others are feared trapped following a landslide in a mining zone in Haryana’s Bhiwani district on Saturday. The district administration has launched a rescue operation at the Dadam mining zone in Tosham block.

Chief Minister Manohar Lal Khattar tweeted to say that he is in constant touch with the local administration to ensure swift rescue operations and immediate assistance to the injured.

The workers were reportedly travelling to another site when the landslide took place and they got trapped in their vehicles.

“I am deeply saddened by the accident at the mining site in Bhiwani district of Haryana. The administration is conducting a rescue operation. A SDRF team has been called from Madhuban and  a NDRF team from Ghaziabad. An army unit has been called from Hisar. So far four people have died,” said Haryana minister Anil Vij.

Agriculture Minister JP Dalal has reached the site to oversee the rescue operation. “A few people have lost their lives and three persons have been taken to a hospital. According to the mining contractor here, there could be three-four more people trapped inside,” he said.

Union Home Minister Amit Shah has expressed grief over the unit and said he has spoken to the chief minister.

“The accident due to a landslide at a mining site in Bhiwani district of Haryana is very sad. I have spoken to Chief Minister @mlkhattar. The local administration is engaged in rescue work, and our priority is to save as many lives as possible. I wish the injured a speedy recovery (sic),” he said in a tweet.

Mining activities have been taking place on a large scale in Dadam mining area and Khanak Pahari after the National Green Tribunal lifted its ban on mining work in the area. The two-month ban, imposed by the green court due to pollution, was lifted on Thursday and the mining work resumed only on Friday.



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China Evergrande Says Construction Has | Stock Market News Today


Troubled property developer

China Evergrande Group


EGRNF -10.55%

said construction work has resumed at more than 90% of its stalled residential projects, adding that it has picked up the pace of delivering apartments promised to home buyers across the country.

Evergrande,


EGRNF -10.55%

in a statement Sunday night, said more than 80% of its suppliers of materials and decorative services have “resumed cooperation,” and that it has signed thousands of new contracts with various suppliers. At the end of August, the developer disclosed that construction had been suspended at some projects after it fell behind on payments. And by October, hundreds of Evergrande’s unfinished developments were affected by work stoppages.

With just a few days to go before the end of 2021, Evergrande said it intends to deliver 39,000 homes in 115 projects to buyers across China in December. It compared that to its completion of fewer than 10,000 units in each of the preceding three months.

The world’s most indebted real-estate firm Evergrande has embarked on a social media campaign to show construction has resumed and says it’s doing whatever it takes to deliver homes. WSJ compares these posts with ones from upset buyers. Photo Composite: Emily Siu

In a post on social media Monday, Evergrande said apartment projects have been handed over in batches in 18 provinces and it released photos of completed buildings adorned with bright red decorations and people signing papers to take ownership of their homes.

Despite this, Evergrande still has many more commitments to fulfill and its debt crisis remains unresolved. The 25-year-old developer used to be one of the country’s largest by contracted sales and is on the hook to deliver units to more than one million people. Many buyers made large down payments on unfinished flats, expecting to take ownership of them in a few years.

Hui Ka Yan,

Evergrande’s founder and chairman, said that “under the care and guidance of governments at all levels,” as well as support from partners, financial institutions and other constituents, the developer has made progress in its commitments to homeowners.

He added that Evergrande would do whatever it takes to resume work and deliver homes and predicted that the firm will eventually be able to “resume sales, resume operations, and pay off debts.”

Hui Ka Yan, China Evergrande’s chairman, in Hong Kong in 2019.



Photo:

Paul Yeung/Bloomberg News

The company’s statement followed comments over the weekend from two Chinese regulators which said they would safeguard the rights of homeowners and keep the property sector stable. Beijing has been trying to prevent Evergrande’s debt crisis from hurting the many small businesses and ordinary citizens that the developer owes money and apartments to.

Wang Menghui,

head of China’s Ministry of Housing and Urban-Rural Development, said in an interview with the state-run Xinhua News Agency that the regulator will address the risks of some leading developers that fail to deliver projects on time, with the goal of “guaranteeing home deliveries, protecting people’s livelihoods and maintaining social stability.”

The People’s Bank of China separately said—as part of a wide-ranging statement on the economy—that it would protect the rights and interests of homeowners and promote the healthy development of the country’s real-estate market.

Evergrande, the world’s most indebted developer, has been struggling under the weight of roughly $300 billion in liabilities, including around $20 billion in international bonds. The developer has missed payment deadlines on some of its dollar bonds, setting the stage for a massive and complex restructuring. Major credit raters have declared it to be in default.

Earlier this month, the conglomerate sought help from the government of its home province, Guangdong. It has since set up a risk-management committee that includes representatives from several state-backed entities.

Evergrande recently said the committee is working to help contain its risks and will engage with its creditors. Some international bondholders, however, have said there has been little communication from the company so far, the Journal reported last week.

The company’s Hong Kong-listed shares have plunged in value this year to historic lows and its dollar bonds are trading at deeply distressed levels. Markets in Hong Kong were closed Monday for a public holiday.

Write to Anniek Bao at [email protected]

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