World shares and U.S. futures advanced Wednesday after Chinese developer Evergrande said it intends to make an interest payment on its debt that is due Thursday. Shares rose in Paris, Frankfurt and Shanghai but fell in Tokyo. Markets have been rattled by Evergrande’s struggle to meet debt payments and uncertainty over what if anything the…
Shares Gain as Evergrande Says It Will Make Interest Payment
September 22, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesEconomieseconomyEuropeevergrandeGainIndiainterestInternationalMarketspaymentshareUKUSWorld
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Taliban Expand Economic Team as Afghan Crisis Deepens
Afghanistan’s ruling Taliban terrorist group bolstered its economic team on Tuesday, naming a commerce minister and two deputies as the group tries to revive a financial system in shock from the abrupt end to billions of dollars in foreign aid. Nooruddin Azizi, a businessman from Panjshir province north of Kabul, was named as acting minister…
US Sues to Stop Deal Between American Airlines and JetBlue
The Justice Department and officials in six states have filed a lawsuit to block a partnership formed by American Airlines and JetBlue, claiming that it will reduce competition and lead to higher fares. The Justice Department said Tuesday that the agreement will eliminate important competition in New York and Boston and reduce JetBlue’s incentive to…
China Evergrande’s Rising Default Risks Shift Focus to Possible Beijing Rescue
September 22, 2021
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BeijingBusiness & EconomyChinaChina Business & EconomyChina Evergrande GroupcollapseEconomieseconomyInternationalMarket WatchMarketsUSWorld
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HONG KONG/NEW YORK—Persistent default fears eclipsed efforts by China Evergrande Group’s chairman to lift confidence in the embattled firm on Tuesday, as Beijing showed no signs it would intervene to stem any domino effects across the global economy. Analysts played down the threat of Evergrande’s troubles becoming the country’s “Lehman moment,” though concerns about the…
Swedish Riksbank Holds Course, No Rush to Exit Pandemic Policies
STOCKHOLM—Sweden’s central bank kept key policy unchanged on Tuesday and forecast the benchmark repo rate would remain at zero in coming years, showing little sign of being in a hurry to tighten monetary conditions despite a rapid recovery from the pandemic. Sweden’s gross domestic product is back to its pre-pandemic size, inflation has topped the…
Bank of America Cuts China Growth Forecast Under Evergrande Shadow
September 21, 2021
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Bank of AmericaBusiness & EconomyChinaChina Business & Economychina evergrandeEconomiesMarket WatchMarkets
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Bank of America (BofA) cut its China growth forecast on Tuesday in response to intensifying troubles at property giant Evergrande, a fresh COVID-19 outbreak, and a widespread regulatory squeeze, going beyond warnings issued by other investment banks. While BofA trimmed its real gross domestic product (GDP) growth forecast for China for this year to 8.0…
Macau Casino and Junket Operators Seek Clarity Over New Gambling Laws
HONG KONG—Senior Macau casino and junket executives met with authorities in the world’s biggest gambling hub on Monday seeking details on proposed regulatory changes but received little in the way of clarity. The 70-minute meeting, shown online, highlighted the uncertainty hanging over the industry since the government kicked off a regulatory overhaul on Sept. 14….
Japan’s MUFG to Exit US Retail Banking in $8 Billion Deal With US Bancorp
September 21, 2021
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Asia & PacificbankingBusiness & EconomyCompaniesdigital technologyEconomiesInternationalMitsubishiMUFGWorld
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TOKYO—Mitsubishi UFJ Financial Group (MUFG) is pulling back from U.S. retail banking with the $8 billion sales of MUFG Union Bank (MUB) to U.S. Bancorp as digital technology and industry consolidation squeeze out smaller lenders. The deal includes $5.5 billion in cash and $2.5 billion worth of shares that will give Japan’s biggest lender a…
Investors Grappling With Evergrande Fallout Weigh Risk of Wider Pain
September 21, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesEconomiesevergrandefalloutInvestmentinvestorsMarket WatchMarketsrisk
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NEW YORK—Investors unnerved by the fallout from heavily indebted Chinese real estate company Evergrande were gauging the potential for a wider shakeout after a selloff hit stocks around the world. For now, many U.S.-based investors believe there is little chance that the woes of Evergande, China’s second-largest property developer, could morph into a systemic crisis…
Beijing Unleashes Sweeping Bid to Remold Society
September 21, 2021
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Asia & PacificBeijingBusiness & EconomyChinaChinese RegimecrackdownCultural RevolutionEconomiessocial controlSpecial TopicsWorld
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China’s tech behemoths are handing months of profits to Beijing to demonstrate loyalty to the communist party. Popular actors have been erased from internet history with their devoted online fan groups disbanded. Young gamers are now allowed no more than three hours of playtime per week. Across Chinese classrooms, 147,000 newly-minted inspectors have been deployed…
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