IMF warns of global recession

Pipsyä on suurin jälkeen. Täällä pekkaa palvikiinkkun. Tänään tukkitaan uuden luonan ravintola meninkijan. Katsotaan sitä ainakinan varmasti täysi kaus. O, ei oo kauka tupa on täynnä. No sitten keitti jo varmasti järkyttävät. Järjestyksessä. Näin on. Onnistuminen syntyy kun kaikki ainekset ovat kohtallaan. Minä olen aimo. Rua kaalan ammat tilaisten kumpani. Ja mukana siellä missä onnistuminen. Valijo aimo. Onnistumisen ainekset. Köhlekyll. Kyl on aimo. Kyl on aimo. Onnistuminen syntyy kun on kyl. Biggest Chinese property developer. One of the biggest in the world. It was founded by Huikai Jan, who really was born into poverty in rural China, worked his way up. But in the early 2020s, it ran into serious financial trouble, like a lot of Chinese property companies. Companies were basically building property like there was no tomorrow. So they were borrowing vast sums of money to build new housing projects, which people were pouring their money into. People were making a lot of money. There was a real boom in construction. The Chinese government saw what was happening, and it thought it smelled the ingredients of a property bubble. So to try and nip this in the bud, it brought in these new rules about how much, and in what ways Chinese property companies could borrow. It really cut off a lot of credit lines to companies like Evergrande and all of a sudden, they found themselves in enormous amounts of debt that they couldn't pay back at one point ever grand. Oed $300 billion. And in 2021, it started defaulting on some debts. And in the end, it collapsed and was liquidated in 2024. Shortly before that liquidation, Huikai Jan, the founder, was placed under police control. He was charged with a series of fees. So things like embezzlement, bribery. He already admitted to and was fined for inflating the company's assets. And now, in a court in Shen Zhen, in Guangdong Province, where it all began, he has pleaded guilty to these offenses. And the verdict will be made public a bit later this week, we think. And you would assume that he would spend quite a lot of time behind bars. Nick Marsh there. And finally, a gold pocket watch owned by a hero of the sinking of the Titanic could fetch up to $135,000 at auction. At least that's what sellers are hoping. The watch, which is going on to the hammer in England later this month, was awarded to an engineer on a passing steamship that helped rescue more than 700 passengers. The disaster itself claimed around 1,500 lives. And that's it from World Business Express from the BBC World Service. Please subscribe to us, get the latest just search for World Business Express, wherever you get your podcasts. I'm Leanna Burn. Have a great day. And thanks so much for listening. [Music] Available now on the documentary from the BBC World Service, Mardi Savage explores why Sweden's schools are stepping back from screens. Sweden is one of the most tech savvy countries on the planet. I'll be sharing the story of how Sweden's school system became part of that digital trend. And why the country's government is now unraveling its education policies back to books. Sweden's digital backlash. Listen now by searching for the documentary wherever you get to your BBC podcasts. On big lives we take a single cultural icon. People like Jane Fonda, George Michael, Little Richard. And we pull apart the story behind the image. And we do this by digging through the BBC's vast archives. Discovering, forgotten interviews that change exactly how we see these giants of our culture. We're here for the messy, the brilliant, the human version of our heroes. I'm Emmanuel Jochi. And Kai Wright. And this is Big Lives. Listen to Big Lives wherever you get your podcasts. And why the country's government is now unraveling its education policies. Back to books. [Music]