Here. The company in question is called china evergrand group. Its hong kongs second largest developer. You put out a report in 2012, i have it here, some 61 pages or so in which you say the company was insolvent, used bad accounting and said it was a ponzi scream ay mong other allegations. In rendering its decision last week, this hong kong tribunal said, i quote, mr. Left consciously disregarded the risk his report was false and misleading as to material facts, reckless in conduct. Whats your reaction today . I dont think it was reckless in my conduct at all. Scott, look at that report. Its extremely well sourced. Its well documented. Everything is right there. Their accounting, in my opinion, was ponzilike accounting, taking from one person to pay back the person beforehand. And right now looking backwards, it probably wasnt the best idea to write an article on, i think its the largest Property Developer in china. That being said, you cant take away the truth. Hong kong has made con
All the viral affect that those plays have, but theres a huge inf infrastrushlgt play thats almost impossible to beat. This is the classic example that if someone gave you money, you would probably have to return it because its almost impossible to compete with them. To put it in perspective, you talk about 150 global fulfillment centers. Thats just building those. The land alone would take a competitor a decade. Its going to be difficult for traditional retailers to regear how theyve been distributing their products. Let alone, to tap into that what we believe 65 million prime users. One last thought is that theyre going to be adding on to their products. They now have 40 cities that are offering same hour and same day. That number will continue to increase, which is going to chippewa at traditional brick and mortar. Then theres aws. What role does that have in your call today . Thats less of the call today. Its an important part of the story because its a faster growing segment. Its
Putting the brakes on investment bankers. Makers. Market and Erik Schatzker. Stephanie ruhle is on assignment. The top stories at this time. Stocks selling off around the world. T started in china the shanghai composite suffered its biggest oneday drop since 2009. Index lost 5 after chinese regulators took steps to limit access. Loss in 27 years. In the u. S. , stocks opened down. They are still down about. 7 . A change at the top of Abercrombie Fitch. The retailers ceo and founder of Mike Jeffries is stepping down immediately. Hes been under fire. Abercrombie lost relevance with teenage shoppers and profit has tumbled. The board is looking for a new ceo. Investors like the move. Abercrombie is trading up more than 6 in a down market. Google is telling App Developers to think bigger. According to an executive, developers should focus on apps that would be useful to one billion people. Google is trying to make ontware work more like apps mobile devices. Amazon is testing deliveries by u
Sanctions against moscow despite reported push back from the greek government. Russias finance minister says cnbc his country could consider giving Financial Aid. You cant ignore some of the countries that raised this issue. Prices for the euro zone due in the next hour. European markets on the flat line ahead of that data. Flying west and snapping up a 10 stake of iag as they look to strengthen commercial ties. Youre watching Worldwide Exchange. Bringing you Business News from around the globe. Welcome to the show. Breaking news from italy, some long awaited positive news. Inflation has fallen. December jobless to 12. 9 . Thats the lowest since august. Novembers reading was 13. 4 . 0. 5 for the month of december has come to 12. 9 . Lets look at the youth number. Italys december youth Unemployment Rate falling to 42 . So not as big of a drop as some were expethctexpecting. Youth unemployment which has been a big concern for italy and one of the reasons for implementing the labor market
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