SRN NEWS

BEIJING (AP) — The Shenzhen Intermediate People’s Court sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison Thursday for large-scale fraud. It also fined Evergrande Group 8.82 billion yuan ($1.31 billion) and Evergrande Real Estate 7 billion yuan ($1.04 billion), according to a statement issued by the court. Hui Ka Yan, also known as Xu Jiayin, pleaded guilty in April to a series of charges, including illegal absorption of public deposits, fraud and corporate bribery. Evergrande was the world’s most heavily indebted real estate developer with more than $300 billion in liabilities before it was ordered to liquidate. Its downfall, which came as Chinese government officials cracked down on excessive borrowing in 2020, tipped the entire Chinese real estate market into crisis. Brought to you by www.srnnews.com

HONG KONG (AP) — Asian shares advanced Thursday, tracking Wall Street gains, and South Korea’s benchmark Kospi jumped more than 6%. U.S. futures edged higher after the U.S. Treasury Department said it would at least double the size of planned purchases of longer-term government debt. That could ease pressure on share prices emanating from the bond market since the purchases would push bond prices higher, helping to bring down yields. The Kospi surged 6.1% to 6,858.91 after sinking 5.8% on Wednesday on renewed selling of shares related to artificial intelligence. Samsung Electronics jumped 9.7%, while memory chipmaker SK Hynix surged 14.1% after the company announced a significant share buyback plan. Japan’s Nikkei 225 gained 1.3% to 66,178.26, reversing declines earlier in the week. Japan reported it logged a trade deficit for a third straight month in July, as both imports and exports hit record highs. Shares of OpenAI investor SoftBank Group, a Japanese multinational investment holding firm, added 3.8%. Hong Kong’s Hang Seng gained 1.1% to 25,786.32, while the Shanghai Composite index rose 0.3% to 3,905.23. Australia’s S&P/ASX 200 was up 0.3% to 9,066.40. Taiwan’s Taiex was nearly unchanged and India’s Sensex climbed 0.7%. Yields on U.S. government bonds fell after the U.S. Treasury Department’s announcement on its expanded plans in government debt buybacks. Bond yields fall when bond prices rise in an inverse relation. The move appeared to mollify investors worried over rising yields. On Wednesday, the benchmark S&P 500 climbed 0.2% for its first gain in four days. The Dow Jones Industrial Average added 0.2% and the technology-heavy Nasdaq composite also rose 0.2%. Yields have risen in recent months over growing concerns about inflation stemming from the monthslong war in Iran and ballooning government debt, among other factors. The yield on the U.S. 10-year Treasury fell to nearly 4.64% from 4.71% on Tuesday, although it’s still well above its levels from before the start of the war in Iran. The 30-year Treasury yield fell to 5.18% on Thursday, from 5.28% on Tuesday. In Asia, bond yields also eased after the U.S. Treasury’s announcement. Japan’s 10-year government bond yield fell to around 2.83% from more than 2.89% on Wednesday. It had been trading near 30-year highs. Oil prices rose slightly early Thursday as there was little progress made in U.S.-Iran negotiations over the war. Brent crude, the international standard, gained 0.3% to $91.90 a barrel. It was trading at roughly $72 per barrel before the war. U.S. benchmark crude edged 0.2% higher to $84.57 a barrel. The U.S. dollar rose to 158.60 Japanese yen from 158.16 yen. The euro was trading at $1.1676, down from $1.1677. ___ AP Business Writer Stan Choe contributed to this report. Brought to you by www.srnnews.com

HAUTVILLERS, France (AP) — Champagne producers are racing to pick their grapes as the region’s earliest harvest on record gets underway, after extreme heat and drought accelerated ripening, leaving growers a narrow window to preserve the quality of the region’s world-famous sparkling wine. On the hillsides of Hautvillers, teams of grape pickers start work at 6:30 a.m. among rows of vines that were recognized as a UNESCO World Heritage site in 2015. For Alexandre Gobillard, production director at the Gobillard & Fils Champagne house, beginning the harvest in mid-August was once almost unthinkable. “It’s historic in Champagne,” he said. “I’ve been working at the estate for 30 years, and when I started, my father used to tell me: ‘On Aug. 15, go on vacation.’ Today, it’s Aug. 18 and we’re in full harvest. We’ve never seen anything like it.” At 50, Gobillard represents the fourth generation to work the family vineyards. Gobillard & Fils grows 40 hectares (about 100 acres) of vines and produces about 1.5 million bottles a year. Champagne’s official harvest opened between Aug. 12 and Aug. 17 this year, depending on the area and grape variety — roughly a month earlier than what was once common in the region. A late-March frost hit vines after mild temperatures triggered early budburst, reducing the potential crop. It was followed by four heat waves, which never happened before, Gobillard said. Sun-scorched grapes turned partially brown, something Gobillard said he had rarely seen. He explained that losing roughly 10% of the grapes would mean a loss in volume rather than affect the quality of the wine. Earlier harvests have become increasingly common in Champagne and other French wine regions as temperatures rise. In neighboring Italy, extreme heat has also prompted sparkling-wine producers to harvest sooner and pick grapes at night. David Chatillon, president of the Union of Champagne Houses, acknowledged weather conditions this year will lead to a clear decrease in yields. “But it’s not just because of the drought,” he said. “We lost 43% of the potential production to the spring frosts, and the drought has clearly made the problem of lower yields even worse.” Chatillon said climate change has been a focus of the industry for the past 25 years, prompting investment in research and innovation to adapt to evolving conditions, including developing grape varieties that are more disease-resistant and ripen later. Gobillard has seen the shift unfold across generations of his family. “My grandfather’s generation harvested 100 days after flowering, my father’s 90 days, and today we’re down to 80,” he said. “We’re going to have to change our habits.” This summer’s record temperatures compressed the ripening period even further. In June, temperatures reached 40 degrees Celsius (104 degrees Fahrenheit) in parts of Champagne. “The vine needs water to live,” Gobillard said. “The water was drawn out of the grapes to keep the vine alive, and as a result we had a much higher concentration of sugar. That’s why it happened so much faster.” As his daughter operated the wine press, Gobillard watched the year’s first juice flow with a mix of excitement and anxiety. He quickly took a sample to measure its sugar level — a key indicator of potential alcohol content and of whether the grapes have been picked at the right moment. “Champagne shouldn’t be too alcoholic. … We’re looking for delicacy,” he said. The early harvest also poses logistical challenges in a region where grapes are traditionally picked by hand, with some workers still on summer vacation and others facing transportation delays. Gobillard hopes to complete the harvest at the estate in about nine days, a job requiring around 120 workers recruited mostly from across France and Poland. “It really changes how we look at Champagne’s traditional methods,” said Geoffrey Bonnet-Gobillard, 30, commercial director of the family Champagne house. “Hand harvesting comes with a lot of constraints — housing people, feeding them, recruiting them. It’s very difficult, especially with early harvests in August.” Those pressures could eventually force producers to reconsider some long-established practices as agricultural machinery becomes more sophisticated, he said. The house sells most of its Champagne in European markets, including Britain, Belgium, Italy and Spain, as well as in West Africa, with smaller volumes going to the United States and Asia, Bonnet-Gobillard said. According to Comité Champagne’s 2026 industry report, 266.1 million bottles of Champagne were shipped in France and abroad last year, generating 5.7 billion euros ($6.6 billion) in sales. Exports accounted for 56.5% of shipments. Champagne represented about 8% of global sparkling wine consumption by volume but 31% by value. The sector supports around 30,000 direct jobs and requires roughly 100,000 seasonal workers for the harvest, according to Comité Champagne. Despite this year’s difficult conditions, Gobillard said the grapes he inspected were encouraging. “I’m very happy with what I’m seeing,” he said. “We were worried that the drought would leave us with very light bunches, but in these plots we’re really pleased. The quantity should be sufficient and the quality will be there.” But there is little time to spare. “It’s time to cut them. We’re going to have to move quickly,” he said. Brought to you by www.srnnews.com

LONDON (AP) — Prince Harry and his wife, Meghan, will return to the United Kingdom, seemingly marking the end to a yearslong rift between them and the royal family. The Daily Telegraph reported the couple won’t resume their roles as working members of the royal family, but returning to Britain means King Charles III, who is being treated for an undisclosed form of cancer, will get to spend more time with his grandchildren. Harry and Meghan quit royal duties in 2020 and moved to the United States, alleging hostility and racist attitudes by the press and royal establishment. But in recent months, there had been signs that the tumultuous relationship was beginning to thaw. Here is a timeline of recent events involving Harry and the British royal family. Prince Harry and American actor Meghan Markle meet on a blind date set up by a mutual friend. Harry confirms Markle is his girlfriend and condemns press coverage of her. He says he fears for her safety and says press coverage crossed the line and used “racial undertones” in its stories. His comments remind many that his mother, Princess Diana, had died in a car crash while being pursued by photographers. Harry and Meghan announce their engagement. Meghan and Harry get married in a grand ceremony at Windsor Castle. Harry launches lawsuits against three newspaper groups — Rupert Murdoch’s News Group, the Mirror Group and Associated Newspapers. He claims stories about his school days, teenage shenanigans and relationships with girlfriends were obtained by hacking, bugging, deception or other forms of illegal intrusion. Harry and Meghan’s son Archie is born. Harry and Meghan announce they plan to “step back” as senior royals and become financially independent. The decision soon becomes a major rift, and the couple moves to Meghan’s native California. The committee that oversees royal security decides Harry will not receive the same level of taxpayer-funded protection as he did when he was a full-time royal. Harry later launches legal action against the U.K. government over the security decision. Meghan wins an invasion of privacy lawsuit against Daily Mail publisher Associated Newspapers over publication of a letter she wrote in 2018 to her estranged father. Meghan and Harry’s daughter Lilibet is born. Queen Elizabeth II dies, aged 96, after 70 years on the throne. Her eldest son becomes King Charles III. Harry’s ghostwritten memoir “Spare” is published and becomes a bestseller. It recounts Harry’s grief at the death of his mother when he was 12, his frustrations in his royal role and anger at his father, brother, stepmother and the media, among others. King Charles is crowned at Westminster Abbey. Harry attends without Meghan or the children. Harry testifies in his case against the Mirror Group, becoming the first British royal in more than a century to appear in the witness box. A three-day court hearing begins on Harry’s claim over his security. Lawyers for the prince argue the decision to downgrade his protection was “unlawful and unfair.” Harry wins his case against the Mirror Group when a judge rules that Mirror newspapers had hired private investigators to snoop for personal information and engaged in illegal phone hacking for well over a decade. He is awarded legal costs and 140,000 pounds ($190,000) in damages. Buckingham Palace announces that King Charles has cancer and will receive treatment. Officials don’t say what form of cancer the king has. Prince Harry arrives in the U.K. from California to visit his father. He departs the next day. The High Court dismisses Harry’s security claim. He appeals the decision. The publisher of tabloid newspaper The Sun settles a lawsuit, offering Harry “a full and unequivocal apology” for intruding on his private life between 1996 and 2011, including incidents of unlawful activities. Three Court of Appeal judges dismiss Harry’s case, saying the security decision was “sensible.” Harry responds in an interview, saying the decision means he can’t bring his wife and children to his home country. In a long and at times emotional television interview, Harry says he wants reconciliation but also re-airs grievances against the royal family, the U.K. government and the media. Harry arrives in the U.K. to visit his charities amid signs of a thaw in the frigid relationship between him and the rest of the royal family. The trip corresponds with the third anniversary of the death of Queen Elizabeth II. Harry joins King Charles for tea in London, marking the first time they’ve met in more than a year. Prince Andrew announces that he is giving up his royal title of the Duke of York and other honors after his friendship with sex offender Jeffrey Epstein returned to the headlines. King Charles hosts Harry and meets with his family for the first time in years as they try to repair the rift. Harry, Meghan and their two children met with the king and Queen Camilla at Highgrove House, a country estate west of London. Plans are revealed that Harry and Meghan will return to the UK, but they won’t resume their roles as working members of the royal family. ___ This is an updated version of a story that first ran on May 3, 2025. Brought to you by www.srnnews.com

HONG KONG (AP) — Hong Kong conglomerate CK Hutchison said Thursday it was seeking more than $1.5 billion in damages from Panama after the country seized two canal ports caught in the crosshairs of U.S.-China tensions. CK Hutchison said in the statement that it had begun new arbitration proceedings against Panama and alleged that the Central American country had breached an investment protection treaty through “sovereign acts that targeted a decades-old ports concession” in a “state attack campaign” on the company’s assets in the Central American country. Panama’s government in February seized the Balboa and Cristobal ports, located on each end of the Panama Canal, after its Supreme Court that a concession held by CK Hutchison’s subsidiary to run the two ports was unconstitutional. The two ports at each end of the Panama Canal became part of U.S.-China tensions since Donald Trump’s return to the White House last year after he alleged China of “running” the canal. The Panama Canal is managed and owned by Panama. But CK Hutchison’s subsidiary Panama Ports Company had run the two ports on the canal from 1997 and had renewed its concession for 25 years in 2021. Beijing and Hong Kong had hit back at Panama over its takeover of the ports. CK Hutchison, controlled by the family of Hong Kong’s richest man Li Ka-shing, last year announced an initial $23 billion deal to sell its global ports business, including the two Panama ports, to a consortium involving U.S. investment firm BlackRock. But the deal had made little progress under geopolitical tensions and legal challenges among China, the U.S. and Panama. In March, Panama Ports Company had separately sought at least $2 billion in compensation from Panama over its takeover of the ports which it said was unlawful under international arbitration proceedings. CK Hutchison said the actions were making progress. CK Hutchison added that Thursday’s new proceedings were focused on its treaty rights, which were distinct from Panama Ports Company’s contract rights in the earlier arbitration proceedings. In April, the subsidiary also launched arbitration proceedings against Danish shipping and logistics group Maersk after it took over some of its port operations in Panama. Maersk said at the time that it did not believe it was liable for the claims. Brought to you by www.srnnews.com