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China’s Evergrande labelled defaulter by S&P for failed coupon payments

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China’s Evergrande labelled defaulter by S&P for failed coupon payments

China Evergrande Group was listed as a defaulter by Standard & Poor’s Global Ratings, which is the second credit risk assessment agency to do so.

Since Evergrande failed to pay the coupon before the end of the grace period earlier this month, Standard & Poor’s Global downgraded it to “selective default,” a move that may trigger a cross default of developers’ $19.2 billion debt. S&P Global also revoked the rating of the group at the request of Evergrande.

Fitch Ratings took the lead in announcing the default of the real estate developer on December 9. For a long time, Evergrande has been considered by many investors to be too large to fail, becoming the biggest victim of Chinese President Xi Jinping’s control of the country’s debt-laden conglomerate and the overheated real estate market. As liquidity pressures intensify, concerns have spread to Shimao Group holdings and other companies with higher ratings.

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Earlier this month, the governor of the People’s Bank of China stated that Evergrande’s situation must be dealt with by the market, indicating that Beijing will not bail out the world’s most indebted developer because it is struggling with more than $300 billion in debt. Evergrande has stated that it plans to “actively engage” with overseas creditors regarding the restructuring plan. People familiar with the matter said separately that the company intends to include all of its offshore public bonds and private debt. Holders of Evergrande bonds, including Marathon Asset Management, said they expect offshore creditors to be close to the bottom of the repayment queue. According to people familiar with the matter, Evergrande is giving priority to payments to migrant workers and suppliers because the regulator urges the funding-strapped developer to avoid any risk of social unrest.

As the group’s stocks and bonds plummeted, founder Xu Jiayan’s wealth has shrunk by $17.2 billion this year. The second richest man in Asia, who once had a fortune of 42 billion US dollars, is now worth 6.1 billion US dollars.

Complete News Source : Hindustan Times

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US vice president JD Vance, wife Usha and kids visit Jaipur’s iconic Amber Fort | Pics

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US vice president JD Vance, wife Usha and kids visit Jaipur’s iconic Amber Fort | Pics

US Vice President JD Vance, his wife Usha Vance, and their children visited the historical Amer Fort in Jaipur on April 22, 2025. The Vance family received a warm welcome at the Fort, where they were greeted with a traditional Rajasthani dance performance and elegantly decorated elephants. Second Lady Usha Vance, the wife of US vice president JD Vance, carries her daughter Mirabel as they watch a cultural performance at the Amber Fort in Jaipur.

Rajasthan CM Bhajanlal Sharma welcomed the Vance family as they visited the historic Amer Fort in Jaipur. The Vance family will depart for the US early Thursday morning. In related news, JD Vance and wife Usha attended Good Friday service at St. Peter’s Basilica in Vatican City. Vance also visited the Taj Mahal in Agra on April 23, 2025. Vance said that “good progress.

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In other news, Pope Francis’ funeral is set to start on Wednesday, and the J&K tourist hub has been completely shut today. On 4/20, celebrations across the US highlight cannabis culture and calls for legalization had been made towards a trade deal with India after meeting with “tough negotiator” Prime Minister Narendra Modi in New Delhi. The Vance family visited.

On April 22, 2025, US Vice President JD Vance, accompanied by his wife Usha Vance, and their three children, visited Jaipur’s historic Amber Fort. The family received a warm welcome, highlighted by traditional Rajasthani folk performances and a red carpet reception. As they entered the fort’s main courtyard, Jaleb Chowk, they were greeted by two elegantly decorated elephants named Chanda and Mala, raising their trunks in greeting. ​

During their visit, the Vances were joined by Rajasthan Chief Minister Bhajanlal Sharma and Deputy Chief Minister Diya Kumari, who guided them through the fort’s rich history and architectural marvels. The family also enjoyed cultural performances featuring traditional dances such as Kacchi Ghodi, Ghoomar, and Kalbeliya, offering a glimpse into the vibrant.

Usha Vance, dressed in a chic white shirt and patterned skirt, explored the fort alongside her family and dignitaries, embracing the cultural experience culture of Rajasthan This visit was part of Vice President Vance’s four-day official trip to India, aimed at strengthening bilateral relations between the United States and India. The Vance family departed for Washington.

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Bhajanlal Sharma welcomed the Vance family as they visited the historic Amer from Jaipur on April 24, concluding their cultural tour of India Upon their arrival at Amber Fort, the Vance family was greeted with traditional Rajasthani hospitality. Two elegantly decorated elephants, Chanda and Pushpa, adorned with silver ornaments, were stationed at the entrance welcome.

The family was also treated to a cultural performance featuring folk artists dressed in traditional Rajputi and Kalbelia attire, accompanied by musicians playing regional instruments. The vibrant rangolis and the overall festive atmosphere highlighted the rich cultural tapestry of Rajasthan The fort’s impressive courtyards and majestic structures.

Exploring the Fort’s Historical Significance

During their tour of Amber Fort, the Vance family explored various architectural marvels, including the Sheesh Mahal (Mirror Palace), known for its intricate mirror work and stunning design. They were accompanied by Rajasthan Chief Minister Bhajanlal Sharma and Deputy Chief Minister Diya Kumari, who provided insights into the fort’s history and significance.​

Engaging with Local Culture

Throughout their visit, Vice President Vance demonstrated a keen interest in engaging with The Vance family’s visit to Amber Fort was part local culture. He interacted with the folk artists and expressed appreciation for the traditional performances, reflecting a genuine curiosity and respect for India’s diverse cultural heritage.​

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