Evergrande debt troubles seem particular to China: US Fed chief

WASHINGTON (REUTERS, BLOOMBERG) – United States Federal Reserve chair Jerome Powell said on Wednesday (Sept 22) that the debt problems of property developer Evergrande seem particular to China and that he did not see a parallel with the US corporate sector. A potential default by Evergrande, Asia’s biggest junk bond issuer, drove a steep sell-off on Wall Street and widened […]

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US Fed says may 'soon' be time to remove stimulus

WASHINGTON (AFP) – The Federal Reserve said on Wednesday (Sept 22) that increasing Covid-19 cases have slowed the US economic recovery, but it may nonetheless be ready to “soon” begin to remove stimulus. The economy has healed to the point that the central bank may slow the pace of its massive monthly bond purchases “if progress continues broadly as expected,” […]

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Macau officials to meet gaming industry after stocks roiled

MACAU (BLOOMBERG) – Macau government officials will meet gaming industry players on Monday afternoon (Sept 20) to consult operators on proposed revisions to casino law revision that last week sent stocks in the world’s largest gambling hub into freefall. The meeting will be the first – and only – such gathering between the two sides during a 45-day consultation period […]

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China's nightmare Evergrande scenario is an uncontrolled crash

SHANGHAI (BLOOMBERG) – Protests intensify at China Evergrande Group offices across the country as the developer falls further behind on promises to more than 70,000 investors. Construction of unfinished properties with enough floor space to cover three-fourths of Manhattan grinds to a halt, leaving more than a million homebuyers in limbo. Fire sales pummel an already shaky real estate market, […]

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Macau's future in doubt as China crackdown spurs global casino sell-off

MACAU (BLOOMBERG) – When investors started calling early Wednesday morning (Sept 15) after China moved to tighten its grip on the world’s biggest gambling hub, the junket operator had just one thing to say: Sell. “There is no hope in Macau,” the executive said in an interview, declining to be named on concern there could be fallout for their business, […]

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China factory output, retail sales growth slow significantly in August

BEIJING (REUTERS) – China’s industrial output rose 5.3 per cent last month from a year earlier, the weakest pace since July last year, while growth of retail sales also slowed significantly and missed expectations, official data showed on Wednesday (Sept 15). The growth of factory output was slower than a 5.8 per cent year-on-year increase tipped by a Reuters poll […]

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South Korea's unemployment drops to record low as job seekers stay home

SEOUL (BLOOMBERG) – South Korean unemployment unexpectedly dropped to a record low last month as restrictions to combat the nation’s worst Covid-19 outbreak prevented job seekers from searching for work. The jobless rate tumbled to 2.8 per cent from 3.3 per cent in July as the economic participation rate declined, the statistics office said on Wednesday (Sept 15). Economists had […]

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Singapore business sentiment improves slightly for Q4 but construction, transportation stay gloomy: Survey

SINGAPORE – Local companies’ business confidence improved further for the fourth quarter amid resilient demand and a positive outlook for manufacturing and the financial services sectors, according to a survey out on Tuesday (Sept 14). However, the outlook for the construction and transportation sectors remained downbeat. The overall Business Optimism Index (BOI) rose to +5.78 percentage points for the October […]

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Oil climbs to one-week high on US supply concerns

SINGAPORE (REUTERS) – Oil prices climbed on Monday (Sept 13) to a one-week high in a second straight session of gains as concerns over United States supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude rose 48 US cents, or 0.7 per cent, to US$73.40 a barrel, and US West Texas Intermediate (WTI) […]

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World's shippers are earning the most money since 2008

LONDON (BLOOMBERG) – The global shipping industry is getting its biggest payday since 2008 as the combination of booming demand for goods and a global supply chain that is collapsing under the weight of Covid-19 drives freight prices ever higher. Whether its giant container ships stacked high with 40-foot steel boxes, bulk carriers whose cavernous holds house thousands of tons of […]

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