New Jersey has huge, possibly dangerous, levels of debt, a new report says, but most state officials won’t discuss it. Each Garden State taxpayer owes tens of thousands of dollars and is in a tax “sinkhole,” but so are many other Americans, according to the report. That is because New Jersey leaders of both parties…
New Jersey Taxpayers ‘On the Hook’ for Massive Debt: Report
December 8, 2021
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Business & Economydebteconomic policiesGarden StateNew JerseyPolicies & ImpactsRegional NewsRegional-Local NewsTruth-in-AccountingUSUS News
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China’s Belt and Road: Unfinished Projects and Huge Debt
December 7, 2021
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AnalysisBRIChinaChina Business & EconomydebtGlobal ExpansionOpinionSpecial TopicsThinking About ChinaXi Jinping
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News Analysis China’s Belt and Road Initiative (BRI) is a “debt trap” and “data trap,” warned British MI6 chief, Richard Moore. Eight years in, the BRI is littered with half-built bridges, unfinished projects, overbudget railways, roads to nowhere, lots of debt, and angry people. “The ancient silk routes embody the spirit of peace and cooperation,…
Evergrande Moves Toward Restructuring; State Swoops in to Contain Risk
HONG KONG—China Evergrande Group has set up a risk management committee as the cash-strapped property developer inches closer to a debt restructuring that has loomed for months over global markets and the world’s second-largest economy. The real estate giant, which is grappling with over $300 billion in liabilities and is at risk of becoming China’s…
Evergrande Again Nears Default as China Moves to Reassure Markets
HONG KONG—China Evergrande Group shares slumped to a record low on Monday as authorities intervened to reassure markets after the heavily-indebted property developer warned on a coupon payment, pushing it closer to default. China’s central bank said it would cut reserve requirements for banks while the politburo vowed to promote healthy development of the property…
US Government Could Miss Payments as Soon as Dec. 21: Think Tank
WASHINGTON—A bipartisan think tank warned on Friday the U.S. government could start missing payments on its bills as soon as Dec. 21 if Congress fails to raise the debt limit, as top Democrats and Republicans sought a path around such a financial calamity. The Bipartisan Policy Center’s projection, based on updated official data on tax…
Debt Collectors Can Now Text, Email, and Send Direct Messages to Borrowers on Social Media
Debt collectors can now text, email, and send direct messages to borrowers on social media after new rules approved by the Consumer Financial Protection Bureau (CFPB) took effect on Tuesday. The new rules clarify how debt collectors can use email, text messages, social media, and other contemporary methods to communicate with consumers. It also enables borrowers to limit…
Developing Nations Need to Take Steps to Limit Hit From Local Debt Overhauls: IMF
LONDON—Restructuring local sovereign debt burdens will likely play an increasingly important part in emerging markets, according to the International Monetary Fund (IMF), though governments need to take measures to limit the hit on local banks and investors. The share of debt issued by developing nations in their local markets has risen from 31 percent to…
Evergrande Founder Sells 9 Percent Stake for $344 Million Amid Debt Crunch
November 26, 2021
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ArchivedBusiness & EconomyChinaChina Business & EconomyCompaniesdebteconomyevergrandefounderHui Ka YanMarketsNewsstake
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HONG KONG—The chairman of China Evergrande Group Hui Ka Yan sold 1.2 billion shares in the company at an average price of HK$2.23 each on Thursday, Hong Kong Stock Exchange filings show. The share sale, which is worth a total of HK$2.68 billion ($344 million), lowers Hui’s stake in the Shenzhen-based real estate company to…
US Debt Ceiling Deadline Could Extend to January: Wrightson ICAP
WASHINGTON—The U.S. Treasury could be able to fund government operations into the first half of January without a debt ceiling increase, according to a new estimate by money market research firm Wrightson ICAP on Monday. Wrightson said in a note to clients that based on the Treasury’s debt issuance plans, the department should be able…
‘Well Above Parity’: Australian State’s Debt to Double Its Annual Revenue by 2024-25
Victoria’s bank balance appears to be heading further into the red with gross debt levels predicted to exceed the state’s consolidated revenue by at least double in three years time, Victoria’s Auditor-General has found. But state treasurer Tim Pallas maintains that “delivering responsible financial management” by prioritising employment, business and consumer confidence in the short-term…
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