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5 mentions found


☆ Beijing is unlikely to rescue Evergrande's offshore creditors because it could make things worse at home
  + stars: | 2024-01-30 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +5 min
Read previewOn Monday, Chinese real-estate giant Evergrande was ordered by a Hong Kong court to liquidate after two years in a debt crisis. The court has appointed Alvarez and Marsal as liquidator to manage the company, Evergrande said in a filing to the Hong Kong Stock Exchange. So, protecting Evergrande's offshore investors probably isn't in Beijing's favor, because it could spur further speculation in the market, Møller added. Offshore creditors are owed $25 billion, the Hong Kong court document showed, per CNN. This is because liquidators appointed by Hong Kong's courts are unlikely to have much power over Evergrande's mainland assets, Hong added.
Persons: —, Evergrande, Alvarez, Marsal, Emil Møller, Møller, there's, Xi Jinping's, Fern Wang, Wang, Hao Hong, liquidators, Hong, Siu Shawn Organizations: Service, Business, Hong Kong Stock Exchange, Steno Research, Lombard, KT Capital Group, CNN, Grow Investment, China Evergrande Group, Reuters, Century Business Herald, Hengda Real Locations: Hong Kong, Beijing, China, Denmark, Beijing's, homebuyers, Swiss, People's Republic of China, Hengda
☆ Column: Market strikes it right on peak Fed ... finally
  + stars: | 2023-08-11 | by ( Jamie Mcgeever | Thomson Reuters | Jamie Mcgeever Has Been A Financial Journalist Since | ) www.reuters.com   time to read: +3 min
If housing cost pressures start to ease more in the coming months, as many economists expect, then the Federal Reserve is almost certainly done. Headline annual consumer price inflation rose a little less than expected last month to 3.2%, and annual core inflation cooled slightly to 4.7%, as forecast. Reuters ImageReuters ImageShelter inflation is running at a 7.7% annual rate and has been far stickier than policymakers would have liked. But Parsons reckons lag effects will soon be bringing shelter inflation down more quickly. Reuters ImageReuters ImageReuters Image(The opinions expressed here are those of the author, a columnist for Reuters)Reporting by Jamie McGeever; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
Persons: Jerome Powell, Brendan McDermid, Jay Parsons, Parsons, Jerome Powell's, Phil Suttle, Julia Coronado, Andreas Steno Larsen, Powell, Jamie McGeever, Jonathan Oatis Organizations: Federal Reserve, New York Stock Exchange, REUTERS, Federal, Fed, Traders, Reuters, CPI, Suttle, Steno Research, Thomson Locations: New York City, U.S, ORLANDO, Florida, materializing
☆ Sanctions against Russia could hurt the US dollar as countries like Iran and China seek alternative currencies for trade: Treasury Secretary Janet Yellen
  + stars: | 2023-04-17 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +4 min
US sanctions on Russia could threaten the dollar's hegemony, Treasury Secretary Janet Yellen told CNN. The Chinese yuan is a competitor to the US dollar, amid Beijing's big ambitions for the currency. "There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar," Yellen told CNN's Fareed Zakaria in an interview. Of course, it does create a desire on the part of China, of Russia, of Iran to find an alternative," Yelled said. In January, the US dollar dominated global trade, accounting for about 85% of trade finance, according to a February report from global payments system Swift.
☆ India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too
  + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +4 min
Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January. Even Modi has been dragged into the kerfuffle — since both he and Adani are from the western Indian state of Gujarat. The prime minister's political opponents say that the leader favors Adani — a claim the Modi government has rejected, per Reuters. "The Hindenburg scandal is the perfect weapon for the Indian political opposition against PM Modi. On its part, the Adani Group has been troubleshooting hard.
☆ India Vs China: Adani Selloff Clouds India Just As China Reopens
  + stars: | 2023-02-03 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +4 min
A crisis at the Adani Group is clouding over India just as China reopens. A US short seller report alleging market manipulation and fraud at the Adani Group has caused a market rout. The Adani Group has been defending itself vigorously, but Hindenburg has also doubled down on its initial report. Still, the development has rattled investor confidence, causing a market rout with listed companies under the Adani Group losing over $100 billion in market value so far this year. But, the Hang Seng and Shanghai Composite have recovered somewhat this year after China emerged from on-off pandemic lockdowns.
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