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Fed Rate Moves Squeeze a Key U.S. Ally
  + stars: | 2023-10-23 | by ( Frances Yoon | ) www.wsj.com   time to read: 1 min
Currency traders at KEB Hana Bank’s headquarters in Seoul. Photo: Ahn Young-joon/Associated PressSouth Korea’s alliance with the U.S. has strengthened during the Biden presidency. But the country’s economy has fallen victim to the rapid rise in U.S. interest rates, showing how Federal Reserve decisions—and the uncertainty around them—can send ripples around the world. The Fed has embarked on a historic spree of interest-rate rises since early 2022, an attempt to rein in inflation that peaked at 9.1% in the middle of last year. Central banks across the globe have followed these moves, partly out of a desire to protect their currencies, which can suffer as rising Treasury yields encourage international investors to dump overseas assets and buy U.S. bonds.
Persons: Hana Bank’s, Ahn Young Organizations: Associated Press, U.S, Biden, Fed Locations: Seoul
Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaChinese property giant Country Garden has missed a final deadline to pay interest on a dollar bond, capping a remarkable fall from grace for a company that was once considered among the safest developers in the country. The company hasn’t made a $15.4 million interest payment on an outstanding dollar bond, according to two investors who hold the bond. Country Garden had around $15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures.
Persons: Adam Adada, hasn’t Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/deals/evergrande-investors-warn-of-uncontrollable-collapse-e163fe48
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/stocks/indias-booming-stock-market-is-leaving-china-in-the-dust-5e4e3213
Persons: Dow Jones Locations: indias
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/companies-find-a-fundraising-sweet-spot-with-convertible-bonds-755ebac1
Persons: Dow Jones
Hong Kong Flooded by Heaviest Rains in Over a Century
  + stars: | 2023-09-08 | by ( Frances Yoon | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/asia/hong-kong-flooded-by-heaviest-rains-in-over-a-century-9b26f9bf
Persons: Dow Jones Locations: asia, hong, kong
Everyone Is Bearish on China—Except Bond Investors
  + stars: | 2023-09-06 | by ( Frances Yoon | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/everyone-is-bearish-on-chinaexcept-bond-investors-5bfefc84
Persons: Dow Jones, 5bfefc84
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Persons: Dow Jones Locations: beijing
Weilun SoonWeilun Soon is a Singapore-based reporter for The Wall Street Journal, covering Asia’s financial markets with a focus on cryptocurrencies, commodities and fiat currencies. He most recently led Business Insider’s coverage of Asia’s technology sector. Before that, he was a reporter covering economics, business, technology, politics and defense for Singapore-based news outlets. Weilun also spent four years in the financial sector, managing investment content strategies for some of Wall Street’s largest firms, based in Hong Kong and Singapore. Weilun is a graduate of Columbia University's Journalism School and Peking University in Beijing, China.
Persons: Weilun Organizations: Wall Street, Business, Columbia University's Journalism School, Peking University Locations: Singapore, Wall, Hong Kong, Weilun, Beijing, China
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Persons: Dow Jones Locations: beijing
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/how-the-bank-of-japans-shift-could-play-out-in-u-s-markets-b5d7acf5
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-rate-rises-have-hit-the-yen-hard-but-now-its-staging-a-comeback-4bed7ded
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-rate-rises-have-hit-the-yen-hard-but-now-its-staging-a-comeback-4bed7ded
Persons: Dow Jones
SVB Depositors Who Lost Their Money Win Court Victory
  + stars: | 2023-06-30 | by ( Frances Yoon | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/these-svb-depositors-got-burnednow-theyre-fighting-back-ee43553
Persons: Dow Jones
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/global-stocks-markets-dow-news-05-29-2023-3f4173a1
Korea’s Stock Market Shines Even as Economy Dims
  + stars: | 2023-04-26 | by ( Frances Yoon | ) www.wsj.com   time to read: 1 min
Inside a dealing room at Hana Bank in Seoul on April 25. Photo: yonhap/ShutterstockShould a slowing economy lead to a weak stock market? Not judging by the performance of South Korea’s benchmark index this year. The country’s stock market is the best performer in Asia and one of the top indexes in the world so far this year. The Kospi Composite Index has risen more than 11% since Jan. 1, fueled by a rally in the shares of big technology companies like Samsung Electronics Co. and SK Hynix Inc., which together account for a fifth of the index.
Why Korea Is Beating Other Asian Stock Markets
  + stars: | 2023-04-26 | by ( Frances Yoon | ) www.wsj.com   time to read: 1 min
South Korea’s stock market is the best performer in Asia and one of the top indexes in the world so far this year. Photo: yonhap/ShutterstockShould a slowing economy lead to a weak stock market? Not judging by the performance of South Korea’s benchmark index this year. The country’s stock market is the best performer in Asia and one of the top indexes in the world so far this year. The Kospi Composite Index has risen more than 11% since Jan. 1, fueled by a rally in the shares of big technology companies such as Samsung Electronics Co. and SK Hynix Inc., which together account for a fifth of the index.
TAIPEI—China’s military launched exercises around Taiwan in an apparent escalation of its response to an international tour by the self-governing island’s president that included highly scrutinized stops in the U.S. Hours after President Tsai Ing-wen returned to Taiwan on Friday night, Chinese maritime safety authorities said the country’s navy planned to conduct seven live-fire exercises over the course of 12 days off the coast of Fujian province, which faces Taiwan, starting Saturday morning.
The Evergrande Mingdu residential complex in Jiangsu province, China, is one of the many properties owned by Evergrande Group. China Evergrande Group, the giant property developer that defaulted on its U.S. dollar bonds more than a year ago, has struck a crucial deal with a group of bondholders, bringing its prolonged debt negotiations close to the finish line. The Guangzhou-based developer became the highest profile victim of the Chinese government’s deleveraging campaign more than two years ago, which fueled a sharp slowdown in the property sector and ultimately led to dozens of dollar bond defaults. Its negotiation with bondholders—which investors said often appeared close to faltering—covered more than $19 billion of bonds.
China Evergrande is close to reaching a debt restructuring deal with foreign investors. China Evergrande Group , the giant property company that defaulted on its U.S. dollar bonds more than a year ago, is close to striking a debt restructuring deal with foreign bond investors, according to people familiar with the matter. The Guangzhou-based developer, the most indebted property company in the world, has agreed on the outlines of a deal that will give it breathing room by extending its debt maturities while allowing it to defer some coupon payments, the people said.
China Evergrande has twice missed deadlines to come up with a restructuring plan for its foreign debt. Chinese property developers are making little progress in negotiations with foreign bond investors, creating a $30 billion headache for an industry that is trying to return to health. Dozens of the country’s developers defaulted on their dollar bonds last year, amid a sharp slowdown in China’s property sector. That has led to a series of difficult—and protracted—negotiations with overseas fund managers.
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