The world economy became more interconnected in the 1990s and 2000s, delivering immediate pain to rich countries, along with benefits that only now are starting to be more apparent.
Supported by Business Day China Says Anbang’s Founder Defrauded Investors of $10 Billion 查看简体中文版 查看繁體中文版 Photo Wu Xiaohui, founder of Anbang Insurance Group, could face life imprisonment if convicted. Credit Thomas Peter/Reuters BEIJING — China accused the deal maker who bought the Waldorf Astoria hotel in New York of bilking investors of more than $10 billion.
The vast amount of money that officials said the deal maker, Wu Xiaohui, had obtained illegally raised the stakes in a prosecution meant to show Beijing’s resolve to crack down on the titanic borrowing binge of recent years. The Chinese government last month seized Mr. Wu’s company, Anbang Insurance Group, in a move seen as making an example of a firm that piled on too much debt too fast and added risks to the country’s already creaky financial system.
The $10.3 billion that prosecutors allege that Mr. Wu and Anbang raised illegally would make the case one of China’s biggest financial crimes trials.
Mr. Wu pleaded guilty to..
Supported by Sports The Pro Football Hall of Fame Expansion Project Hits the Skids The Pro Football Hall of Fame in Canton, Ohio, is supposed to become a Disney-esque, multiple-day destination with a four-star hotel, a state-of-the-art stadium, a water park, a youth sports complex, a retail promenade, a convention space, a 143-bed assisted living facility for retired Hall of Famers and a small hospital.
At the moment, however, it is a project with a skyrocketing budget, stalled progress, a developer with a checkered performance history in the region who has been accused of misusing $25 million in funds from a federal program, and contractors who recently went months without being paid. Financing problems have necessitated an emergency bank loan, and elected officials in Stark County have discussed a special ballot measure for a sales tax increase to subsidize the project known as Hall of Fame Village.
“You have to watch the warning signs when you are working with any developer,” s..
Budget Deal in Congress Includes Help for Affordable Housing Photo An affordable-housing complex under construction in the Tenderloin neighborhood of San Francisco in January. The low-income housing tax credit has been a major lever in financing residential construction for the poor. Credit Jim Wilson/The New York Times When Congress voted last year to sharply reduce corporate income taxes, it undermined the nation’s largest subsidized housing program. This week’s federal spending compromise may help shore it up.
The program, called the low-income housing tax credit, enables corporations to lower their taxes by helping to finance low-cost housing. Lower corporate tax rates made the credit less useful, alarming developers and agencies that provide housing for the poor in rural America and large cities.
Senator Maria Cantwell, Democrat of Washington, negotiated a provision in the spending bill to increase the number of affordable-housing credits for the first time in a decade. Developers..
Supported by Business Day Anbang Was Seized by China. Now, It Has a Deal for You. Photo Anbang offices in Beijing. In recent years, investors have poured money into wealth management products offered by companies like Anbang that enabled the companies to go on buying binges around the world. Credit Jason Lee/Reuters BEIJING — Less than a month after it was seized by the Chinese government, Anbang Insurance Group, the giant conglomerate, is once again offering small investors “you snooze, you lose” investment opportunities — your money back, guaranteed.
Sold like stocks or bonds in bank branches around China, the products carry names like Anbang Abundant Stability No. 10, suggesting the investments are conservative. They are anything but.
In the past, Anbang has used the money it raised from those products to help pay for risky deals like the purchase of the Waldorf Astoria hotel in New York and other flashy properties around the world. The approach saddled the company with big deb..
The Last Great Clothing Store
Open since 1938, Boyds fights back against e-commerce and the rise of the Supreme hoodie, with extra-personal service and fancy new designer labels.
PHILADELPHIA — In the 1950s, ’60s and ’70s here, as in many big cities, there were dozens of independent men’s clothing stores selling tailored suits, sport coats, dress shirts and “furnishings” (socks, ties, pocket squares) to dapper professionals. Among these were the Arrow Store, Morevilles, Diamonds, Irving’s and Jacob Reed’s Sons. Today, professionals no longer need be dapper, and only one store from that period remains in business: Boyds. Like the Liberty Bell and the stone Rocky Steps, Boyds is a local landmark, and one equally impervious to the shifting seasons.
For 80 years, the family-owned business has outfitted lawyers, bankers, doctors, politicians and famous athletes, with all-American brands like Hickey-Freeman, groovy European labels like Pierre Cardin and Tiger of Sweden and lately high-end ..
Tariff Battle: Where the U.S. and Chinese Moves May Lead Photo As Beijing absorbed the news about American tariffs, China responded Friday with tariffs of its own. Markets around the world tumbled on the trade restrictions, but the measures are likely to barely dent the Chinese economy. Credit Roman Pilipey/EPA, via Shutterstock President Trump pushed forward with a two-pronged trade offensive this week, enacting tariffs on imported aluminum and steel on Friday, a day after announcing levies on up to $60 billion in Chinese goods. The target of both actions is China, a country that Mr. Trump has called “an economic enemy” of the United States.
For now, the administration has given exemptions from the first set of tariffs to multiple nations, making it clear that the main point is to curb the influx of cheap Chinese metals.
Beijing’s initial response has been muted, setting the stage for what could be a methodical escalation of retaliatory measures. The Chinese government announced Frida..
More than 18 million watched ABC’s reboot of a show that has more than nostalgic appeal.
Supported by Style What Can an Online Dating Coach Do for You? Photo Photo illustration by Tracy Ma/The New York Times Over video, chat and text — though rarely IRL — digital dating coaches help you create a more attractive online profile, decipher your date’s cryptic text message and boost your confidence after an unsuccessful Tinder fling.
These are not substitutes for a licensed therapist, but they’re convenient. “We strive for instant gratification,” said Liron Shapira, 30, the co-founder of a chat-based Silicon Valley start-up called Relationship Hero. “We give 24-7 service. If you want advice at 4 a.m., you can get it.”
Like Virtual BrunchOnline dating coaches have been around practically since online dating began, but their focus has shifted. In 2009, when Laurie Davis Edwards started a company called eFlirt Expert, her most popular offering was a dating “concierge” who would write client profiles, suggest potential matches and even respond to messages for the client, like ..
How Trade Wars Begin
The Trump administration this week raised fears of a trade war after it authorized a series of tariffs explicitly — and implicitly — aimed at China.
Tariffs, and the specter of trade wars, are nothing new.
The United States and the European Union spent much of the 1990s fighting over bananas. Threats and tariffs flew back and forth across the Atlantic. What had started with a call for free trade in bananas by Costa Rica, in 1991, escalated into an all-out battle between two of the world’s economic superpowers.
At the time, the so-called banana wars were seen as a test of the sustainability of the newly formed World Trade Organization, as Europe and the United States fought over whether Europe could give preferential treatment to bananas imported from former colonies in Africa, the Caribbean and Pacific regions.
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