Connect with us

Business

Moody’s affiliate responds to reports of lay-offs and office closures in Beijing, Shanghai and Shenzhen by vowing to maintain ‘strong presence in China’

News Agencies

Published

on

The lay-offs come as China’s economy struggles to cope with Beijing’s strict Covid-19 policies and a property market in turmoil. Chinese home builders accounted for more than half of Asia’s high-yield corporate bond issuers before a record number of defaults in 2022, and were major clients of international rating agencies such as Moody’s in the region.

Covid lockdowns spark rare protest in southern Chinese city of Guangzhou

01:27

Covid lockdowns spark rare protest in southern Chinese city of Guangzhou

Advertisement

China’s property market has been in crisis since mid last year, with private developers such as China Evergrande Group and state-backed firms such as CIFI Holdings struggling for cash flow and to reduce debt. Beijing’s “three red lines” policy, introduced to stem systemic risk, has forced developers to default on more than US$20 billion in offshore debt.

Moody’s had been acquiring risk management firms and consulting companies, including San Francisco-based KMV and assets of the software products group of Crowe, Chizek and Company since 2000, and established Moody’s Analytics as a separate and independent entity in 2008.

The unit, which provides decision solutions, research and insights, and data and information services, generated US$2.06 billion in revenue globally in the first nine months of 2022, 18 per cent more than the same period last year.

Moody’s Investors Service, the main business, US$2.25 billion in the first three quarters of this year, a year-on-year decline of 27 per cent. Moody’s rating business in China has not been impacted and will continue to operate as usual, Bloomberg said.

Advertisement

The firm did not provide further information about compensation or working solutions for other mainland Chinese staff following the office closures.

The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

Continue Reading
Advertisement

Advertisement

Breaking News

Editor Pick’s

Latest Entertainment

Entertainment2 hours ago

‘A Thousand and One’ wins Sundance grand jury prize

“A Thousand and One,” a drama about an impoverished single mother and her son in New York City, won the...

Entertainment3 hours ago

T.J. Holmes and Amy Robach will depart ‘GMA3’ amid romance: sources

ABC is looking to cut ties with Amy Robach and T.J. Holmes amid their headline-making romance. (Photos: Getty Images) After...

Entertainment3 hours ago

‘Infinity Pool’ stars Mia Goth and Alexander Skarsgård on the bonkers X-rated scenes that shocked Sundance

Mia Goth takes aim in Brandon Cronenberg’s dark horror satire Infinity Pool. (Photo: Neon/Courtesy Everett Collection) Like father, like son....

Entertainment4 hours ago

The Last of Us officially renewed for season 2, and gamers know what that means

We haven’t heard the last of The Last of Us. HBO has officially renewed the post-apocalyptic drama starring Pedro Pascal...

Entertainment4 hours ago

Jay Leno’s very bad week: He breaks several bones in motorcycle crash as CNBC cancels ‘Jay Leno’s Garage’

Jay Leno broke his ribs in a motorcycle accident; days later, CNBC announced it canceled the late night legend’s show...

Entertainment5 hours ago

‘Shrinking’ star Jason Segel never thought mental illness was stigmatized: ‘I’ve asked for help so many times in my life’

Jason Segel in Shrinking (Photo: Apple TV+) Jason Segel readily admits he gets typecast for a very specific role: “Your...

Entertainment6 hours ago

Taylor Swift casts trans model in ‘Lavender Haze’ music video: ‘Thank you for being an ally’

We met her at midnight, and she didn’t disappoint. Taylor Swift released a music video for “Lavender Haze” on Friday,...

Entertainment7 hours ago

Harrison Ford Would ‘Love’ to Do a Project with Wife Calista Flockhart — But They ‘Haven’t Found One Yet’

Harrison Ford and Calista Flockhart attend the “1923” LA Premiere Screening & After Party Alberto E. Rodriguez/Getty Images Harrison Ford...

Advertisement

Latest Sports

Sports48 mins ago

Kyle Shanahan’s Brock Purdy anecdote sums up 49ers’ rookie philosophy

Brock Purdy is the 49ers' perfect example of how rookies should approach their first year in the NFL.

Sports1 hour ago

Statement from Steve Wilks’ lawyer is also a warning to the Cardinals on Brian Flores

The statement came swiftly from lawyer Doug Wigdor. And it should be regarded by Cardinals owner Michael Bidwill as a...

Sports2 hours ago

NFL Conference Championship Stats Notebook: One key matchup will determine the winner of 49ers-Eagles

Fantasy football analyst Matt Harmon breaks down four noteworthy numbers ahead of the NFL championship round.

Sports2 hours ago

Warren Sapp says Bears are trading Justin Fields to draft Bryce Young

How on earth would Warren Sapp know if the Chicago Bears are trading Justin Fields?

Sports3 hours ago

NBA second generation: Boozer twins, Bronny James and others carving their own paths

Yahoo Sports takes a look at 10 current high school players who come from an NBA family and how they're...

Sports3 hours ago

Report: Warriors could lose GM Bob Myers; add front office uncertainty to growing list of woes

The Wizards, Suns, Knicks and Clippers are reportedly teams worth monitoring as the former NBA Executive of the Year explores...

Sports3 hours ago

NFL betting: Two quarter bets to make for Bengals vs. Chiefs

Here are two ways to bet the Bengals vs. Chiefs matchup.

Sports4 hours ago

Rodgers to Jets starting to make too much sense

It’s all just another beautiful Aaron Rodgers mystery, these stars that are aligning between the veteran QB and the extremely...

Technology Hot News

Technology1 week ago

Led by "Amazon" and "Microsoft" .. the technology giants are planning to lay off 64,000 employees

After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology1 week ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology1 week ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology1 week ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology1 week ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology1 week ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology2 weeks ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology2 weeks ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

Advertisement