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Evergrande

Evergrande has defaulted on its debt, Fitch Ratings says

By Laura He, CNN Business Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to

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Cream shortage meant Junior Cheesecake had to pause cheesecake production in its Burlington

The cream cheese shortage hits Junior’s

By Danielle Wiener-Bronner, CNN Business Junior’s Cheesecake has a big problem: Not enough cream cheese. The company’s cheesecake is made from about 85% cream cheese, making it impossible to prepare without that key ingredient. The shortage meant the company had to pause cheesecake production on Friday in its Burlington, New Jersey, baking facility because it

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