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Evergrande Founder Hui Ka Yan Sentenced to Life in Prison Over Financial Crimes

August 20, 2026 sac-1209

The founder of Chinese property giant Evergrande, Hui Ka Yan, has been sentenced to life in prison after being found guilty of multiple financial crimes linked to the company’s collapse. The Shenzhen Intermediate People’s Court also ordered the confiscation of Hui’s personal property. His sentencing marks a major development in the fallout from Evergrande’s financial crisis, which became one of the most significant corporate failures in China’s property sector. Hui, also known as Xu Jiayin, pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery. Evergrande…

Natural Disaster Losses Hit $100 Billion Globally in 2026, Swiss Re Says

August 11, 2026 Nadeem Ali

Economic losses caused by natural disasters worldwide reached an estimated $100 billion in the first six months of 2026, according to reinsurance giant Swiss Re, although the figure was significantly lower than the losses recorded during the same period last year. Swiss Re said the estimated losses were down from approximately $152 billion in the first half of 2025 and were also around 10% below the average recorded over the past decade. Despite the decline, the reinsurer warned that the lower figure should not be interpreted as a sign that…

Trump Media Reports $238 Million Loss as Crypto Bets Hit Earnings

August 11, 2026 sac-1209

Trump Media and Technology Group (TMTG), the company behind President Donald Trump’s Truth Social platform, reported a $238 million loss between April and June, as losses from its cryptocurrency investments weighed heavily on its financial performance. The quarterly loss was more than 10 times higher than the loss recorded during the same period a year earlier, highlighting the financial challenges facing the company as it expands beyond social media into cryptocurrency and other businesses. Despite the sharp increase in losses, TMTG reported $1.7 million in revenue for the quarter, an…

Pakistan Approves Rs10 Billion Package to Support Textile and Export Industries

August 9, 2026 sac-1209

ISLAMABAD: Pakistan’s Ministry of Commerce has approved Rs10 billion in funding for the textile, apparel and other export-oriented sectors under duty drawback and technology upgradation schemes, in a move aimed at improving industrial liquidity and boosting exports. Commerce Minister Jam Kamal Khan announced the decision, saying the approved funds would help ease financial pressures on industries and enable exporters to expand their presence in international markets. The minister said the Ministry of Commerce had sanctioned Rs10,000 million for textiles, apparel and other export sectors under the two schemes. He expressed…

Canadian Dollar Hits Eight-Week High on Strong Jobs Data

August 8, 2026August 8, 2026 sac-1209

TORONTO: The Canadian dollar strengthened to an eight-week high against the US dollar on Friday after stronger-than-expected domestic employment data boosted expectations for Canada’s economic outlook and narrowed the yield gap between Canadian and US bonds. The loonie rose 0.6% to C$1.3935 per US dollar, equivalent to 71.76 US cents, reaching its strongest intraday level since June 11. The currency was on track for a weekly gain of around 0.6%. Canada added 75,100 jobs in July, far exceeding economists’ expectations for a gain of 16,500. The unemployment rate also declined…