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☆ UK GDP growth: Country exits recession as services bounce back
▼ + stars: | 2024-05-10 | by ( Hanna Ziady | Anna Cooban | ) edition.cnn.com time to read: +2 min

The increase follows falls of 0.3% in the fourth quarter and 0.1% in the third quarter of last year. The Bank of England now expects UK GDP to expand by 0.5% this year, double the pace forecast in February, according to projections published Thursday. A growing economy could, however, delay the interest rate cuts widely expected this year. “Stronger GDP growth raises the risk of stronger demand pressures on inflation,” analysts at Nomura wrote in a note, adding that Friday’s GDP release “casts doubt” over a cut in June. Annual UK inflation came in at 3.2% last month, a sharp slowdown from a rate above 10% about a year ago.

Persons: Rishi Sunak, Sunak, Nomura, ”, Andrew Bailey, Bailey Organizations: London CNN, Gross, Office, National Statistics, Conservative Party, Labour Party, The Bank of England, P Global . Service, Bank of England Locations: United Kingdom

☆ Tourism in China surges during May Day holiday but travelers turn frugal
▼ + stars: | 2024-05-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has reported a surge in tourism during the just concluded Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish. That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days. This year’s Labor Day tourism revenue was 166.89 billion yuan ($23.6 billion), only 13.5% higher than the 2019 level. Passengers at Nanjing Railway Station in East China's Jiangsu province on May 5, the last day of the Labor Day holiday. On Monday, a private sector survey showed that the Caixin/S&P Global services PMI fell to 52.5 in April from 52.7 in the previous month.

Organizations: Hong Kong CNN, Labor, Tourists, Ministry of Culture, Tourism, Passengers, Nanjing Railway, PMI, TD Securities, P Global, National Bureau, Statistics Locations: China, Hong Kong, Nanjing, East China's Jiangsu

☆ Hong Kong stocks are back from the dead. Here’s why
▼ + stars: | 2024-04-30 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Hong Kong’s benchmark Hang Seng Index surged more than 7% in April as the best-performing major index in the world. The valuation of Hong Kong stocks has also become more “compelling” relative to the rest of the Asian region after the pullback last year, said Zhikai Chen, head of Asian equities at BNP Paribas Asset Management. He added that there is a shift in investors’ sentiments as Chinese economic data turned more positive. Innes said global investors are currently “underweight” in Chinese markets, including Hong Kong, because of geopolitical tensions and concerns surrounding potential fallout from the upcoming US elections. Stock exchange data showed that southbound investors (meaning investment from mainland China into Hong Kong) have bought nearly $20 billion of Hong Kong-listed stocks in March and the first three weeks of April on a net basis.

Persons: ”, Kelly Chung, Zhikai Chen, Stephen Innes, David Chao, Nomura, Xiaomei Chen, Angelina Lai, Innes, Kong, BNP Paribus Organizations: Hong Kong CNN, Hong, Value Partners, BNP, Management, P Global, PMI, Kong's, Reuters, US, People’s Bank of, HK, “ Locations: China, Hong Kong, United States, Beijing, India, James’s, People’s Bank of China

☆ Gold prices rise, Asian markets fall after Tehran’s attack on Israel
▼ + stars: | 2024-04-14 | by ( Laura He | ) edition.cnn.com time to read: +2 min

It had hit an all-time high of $2,431 per ounce on Friday because of fears of a potential attack by Iran on Israel. US gold futures also added 0.1% on Monday. The Middle East was plunged into uncharted waters after Iran launched scores of missiles toward Israel late Saturday. Before Iran’s attack, US stocks ended Friday sharply lower, as Wall Street worried about escalating tension in the Middle East. Dow futures rose 80 points, or 0.2%, in Asian hours on Monday.

Persons: Kospi, Brent, Joe Biden Organizations: Hong Kong CNN —, Nikkei, ANZ, Dow, Nasdaq Locations: Hong Kong, Iran, Israel, Shanghai, Syria, East

☆ NYCB shares tumble after regional lender swaps out CEO, says it identified ‘material weakness’ in internal controls
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Shares of New York Community Bank (NYCB) fell by as much as 20% in after-hours trading on Thursday after the beleaguered regional lender said in a filing it had identified “material weakness” in the company’s controls. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. The bank also announced that Alessandro DiNello, its recently appointed executive chairman, will be the new president and CEO, effective immediately. In the same filing, NYCB disclosed Hanif (Wally) Dahya resigned from serving as director of the board. In his February 25 resignation letter, he said he “did not support the proposed appointment” of DiNello to president and CEO.

Persons: NYCB, Alessandro DiNello, Thomas Cangemi, Hanif, Wally, Dahya, “, DiNello, Marshall Lux, Chase Organizations: New, New York CNN, New York Community Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, Securities and Exchange Commission Locations: New York, Silicon

☆ Drugs like Ozempic and Wegovy could strengthen the US economy, Goldman Sachs predicts
▼ + stars: | 2024-02-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy is set to reap considerable benefits from Americans taking popular medications used for weight loss, including Ozempic and Wegovy, Goldman Sachs analysts wrote in a recent research report. Originally developed to treat type 2 diabetes, they proved to be highly effective at helping people shed weight in clinical trials. (Ozempic has not been approved for weight loss by regulators, though Wegovy, a similar drug, has.) Goldman Sachs argues that since poor health unambiguously weighs on the economy, improving health outcomes due to GLP-1s could lower costs and boost productivity, shoring up economic output. For some Americans who are obese but don’t have diabetes, obtaining those drugs has become difficult, if not impossible.

Persons: Goldman Sachs, Eli Lilly, Jody Dushay, Beth, Doug Langa, they’ve Organizations: DC CNN, Government, Novo Nordisk, Beth Israel Deaconess Medical, CNN Locations: Washington, United States, North America, Novo

☆ LPR: China makes biggest-ever cut to key mortgage rate to support housing market
▼ + stars: | 2024-02-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s central bank has cut its key mortgage reference rate by a record amount, as it ramps up efforts to stem a prolonged property crisis. The People’s Bank of China (PBOC) announced Tuesday that it would cut its five-year loan prime rate (LPR) from 4.2% to 3.95%, while keeping the one-year LPR unchanged at 3.45%. The 25 basis point cut to the five-year LPR is the biggest reduction the central bank has made since it revamped its LPR system in 2019. The latest cut was also the first reduction to the five-year LPR since June 2023. “Today’s 25 (basis point) cut to the five-year LPR is clearly aimed at supporting the housing market,” analysts from Capital Economics said in a note on Tuesday.

Persons: “, ” Organizations: Hong Kong CNN, People’s Bank of China, Capital Economics, Zhongrong Trust, State Administration of Foreign Exchange Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen

BANGKOK (AP) — Share were mostly higher in Asia on Thursday after the S&P 500 neared the 5,000 level for the first time. Hong Kong’s benchmark fell while Shanghai advanced after China replaced its top stock market regulator. Late Wednesday, China's top stock regulator was replaced by a former chairman of the Shanghai Stock Exchange as part of those efforts. On Thursday, the Shanghai Composite index gained 1.3% to 2,865.90 and the Shenzhen Components index in China's smaller main market also added 1.3%. The S&P 500 gained 0.8%, coming within a fraction of a point of the 5,000 level before ending the day at 4,995.06.

Persons: Wu Qing, Yi Huiman, Hang Seng, Australia's, SET, Snapchat Organizations: Shanghai Stock Exchange, China Securities Regulatory Commission, Communist Party, Nikkei, Ford, Dow Jones, Nasdaq, . New York Community Bancorp, Signature Bank, Ford Motor, Enphase Energy, CVS Health, Corp, Vans, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, China, Tokyo, Beijing, Shenzhen, Seoul, India, Wall

☆ January Jobs Report U.S. Job Growth Expected to Be Solid
▼ + stars: | 2024-02-02 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

PinnedThe labor market is looking more like 2019 every month, and that’s not a bad place to be. The share of people quitting their jobs, which surged during the pandemic, is back to 2019 levels. A broad measure of wages, salaries and benefits known as the Employment Cost Index has been falling since early 2022. Employment growth has been narrowing, with sectors like education, health care and government, which vary less with economic cycles, powering most of the gains. Most of those displaced workers have shifted to positions where their skills are still needed, keeping joblessness in check — so far.

Persons: that’s, “, ”, Satyam Panday Organizations: Labor Department, Bureau of Labor Statistics

☆ Premarket stocks: The world is a mess and Wall Street isn’t paying attention
▼ + stars: | 2024-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But geopolitical tensions are growing and Wall Street appears to be underestimating their potential impact on the global economy and markets. The United States and China are squabbling about trade, particularly high-powered AI chips that both believe carry consequences for national security. Less trade could mean lower supplies to meet demand — and that could be bad news for inflation around the world. Bank of America also gave geopolitical risk a top spot on its list of surprises that could affect markets in 2024. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015.

Persons: ”, “, Jamie Dimon, dory, he’s, Anna Cooban, Laura He, Hong, Premier Li Qiang, Ken Cheung, Catherine Thorbecke Organizations: New, New York CNN, Dow Jones, Federal Reserve, BlackRock, Shipping, CNBC, Economic, Bank of America, Center for Strategic, International Studies, Apple, Google, Microsoft, Meta, Nvidia, “, Shenzhen Component, Premier, Mizuho Bank, MIT’s Computer, Artificial Intelligence Locations: New York, Russia, Ukraine, United States, China, Taiwan, Suez, Iranian, Pakistan, Iran, Europe, Asia, Drewry, Yemen, Davos, Switzerland, Wall, Shanghai, Shenzhen

LOS ANGELES (AP) — Uber's stock is set to join the S&P 500 index later this month, the latest sign that the ride-hailing and delivery company is turning its business around after struggling through much of the pandemic. Inclusion in the S&P 500 can be a big boost for a stock because the index is widely tracked by many funds designed to mirror the holdings of the S&P 500, which is at the heart of many 401(k) accounts. Political Cartoons View All 1277 ImagesThe pandemic severely stymied Uber’s ride-hailing business as government lockdowns kept most people at home. Uber’s ride-hailing service, meanwhile, has since gradually bounced back. It wasn't until the third quarter when Uber qualified for inclusion in the S&P 500, with a trailing 12-month net income of $1.05 billion.

Persons: Dow, That’s, Uber’s, lockdowns, Uber, Wedbush Organizations: ANGELES, Dow Jones Indices, Uber Technologies Inc Locations: San Francisco

Maybe I won’t set up that factory. These companies — the small, private enterprises that are responsible for roughly half the private-sector employment in the country — are already having to pay much more for debt. They fund their operations using cash from sales, business credit cards and private loans — all of which are generally more expensive options for financing payrolls and operations. Now, they’re paying 10 percent interest on short-term loans. Hiring within these firms has slowed, and their credit card balances are higher than they were before the pandemic, even as spending has slowed.

Persons: Ms, Sheth Organizations: National Federation of Independent Business, Bank of America Locations: ”

☆ Stocks are headed nowhere fast with high rates likely to weigh on the S&P 500 for all of 2024, Wells Fargo says
▼ + stars: | 2023-11-28 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Stocks won't bring much joy in 2024, according to Wells Fargo. The bank expects the benchmark S&P 500 to trade within a narrow range the whole year. AdvertisementInvestors shouldn't count on the stocks' stellar run lasting much longer with higher interest rates likely to weigh on the market for all of 2024, according to Wells Fargo. In a research note published Monday, strategists at the bank said they expected the S&P 500 to be trading at between 4,600 and 4,800 points by the end of 2024. Wells Fargo's latest outlook puts it on the more bearish side of Wall Street, with many analysts saying the S&P 500 could have another strong year with the US economy looking likely to avoid a long-predicted recession.

Persons: —, Austin Pickle, Wells, Chris Harvey –, they're Organizations: “ Equity, Service, Fargo Investment Institute, Fed, CNBC, Bank of America, Deutsche Bank, RBC Capital Markets Locations: Wells Fargo, Fargo, Wall

☆ With Raids Across Dnipro River, Ukraine May Be Seeking New Front in War
▼ + stars: | 2023-10-20 | by ( Marc Santora | More About Marc Santora | ) www.nytimes.com time to read: +1 min

Ukrainian forces have stepped up assaults across the Dnipro river near the southern city of Kherson, carrying out raids into Russian-controlled territory on the eastern bank. The increased activity has prompted speculation among analysts and in Russian military circles that Kyiv might be planning a more ambitious effort to open a new front in the war. In recent days, Western military analysts have cited geolocated video footage that shows Ukrainian forces operating in a number of locations deeper behind enemy lines than previously witnessed. “Ukrainian actions appear to be larger than previously observed tactical raids,” analysts at the Institute for the Study of War, a Washington-based research institute, said on Thursday night. The Ukrainian military has remained largely silent on the amphibious operations into Russian-held territory near Kherson, and the extent of its ambitions with the river crossings are unknown.

Organizations: Institute for, Ukrainian Locations: Dnipro, Kherson, Russian, Washington

☆ New Zealand's economy poses challenge for election victor
▼ + stars: | 2023-10-11 | by ( Lucy Craymer | ) www.reuters.com time to read: +5 min

[1/2] Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government. ($1 = 1.6551 New Zealand dollars)Reporting by Lucy Craymer Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Christopher Luxon, David Rowland, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: National Party, New Zealand National, REUTERS, Rights, Labour Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand, Thomson Locations: Auckland , New Zealand, Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ New Zealand's Economy Poses Challenge for Election Victor
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. “The Reserve Bank will need the government to do its bit if it is to cap the cash rate at the 5.5% it currently suggests,” analysts at Bank of New Zealand said in a note. DEBT, AND MORE DEBTThe biggest challenge for many New Zealanders is mortgage rates. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government.

Persons: Lucy Craymer WELLINGTON, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: Reuters, Labour Party, National Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand Locations: Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ China’s economy will be hobbled for years by the real estate crisis
▼ + stars: | 2023-10-06 | by ( Laura He | ) edition.cnn.com time to read: +10 min

Absorbing this “excess capacity” in the property sector will inevitably hurt China’s economic growth, according to Garcia-Herrero. The money from the sales funded their breakneck expansion, making real estate moguls some of the country’s richest people. The strategy largely worked until about three years ago when the Chinese government cracked down on excessive borrowing by the real estate industry because it was worried about the risk of financial instability. But overall, the property sector has contracted severely as it adjusts to a collapse in demand. “A fundamental rewiring of China’s economy will necessitate a focus on developing new industries, improving productivity, and bolstering rental markets,” said analysts from Stanford University and the ASPI.

Persons: ”, Alicia Garcia, Herrero, Garcia, they’re, Evergrande, Xu Jiayin, Xi Jinping, ” Mark Williams, Sheana Yue, Zichuan Huang, “, — Michelle Toh Organizations: Hong Kong CNN, Investment, Asia Pacific, Getty, Bank, International Monetary Fund, IMF, Regulators, Capital Economics, People’s Bank of China, Oxford Economics, Stanford University, Asia Society Policy Institute, Oxford Locations: China, Hong Kong, Beijing, Natixis, Wuhan, China's, Hubei, Japan

☆ NZ central bank holds rates, signals higher hurdle to further hikes; kiwi tumbles
▼ + stars: | 2023-10-04 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

View of an entrance to the Reserve Bank of New Zealand in Wellington, New Zealand November 10, 2022. “Interest rates are constraining economic activity and reducing inflationary pressure as required,” the central bank said in a statement. The past RBNZ rate hikes have sharply slowed New Zealand’s economy but recent data showed it was tracking above central bank expectations at 0.9% quarterly growth. The central bank releases a comprehensive update of economic indicators and the forecast official cash rate track when it publishes its quarterly Monetary Policy Statement (MPS), which is due on Nov. 29. “The Bank appears content to wait for restrictive policy settings to fully feed through to the real economy,” analysts at Capital Economics in a note.

Persons: Lucy Craymer, ”, Kelly Eckhold, “ Organizations: WELLINGTON, Reuters, Reserve Bank of New, REUTERS, Bank of New Zealand, New Zealand, Westpac NZ, U.S . Federal Reserve, Capital Economics Locations: Reserve Bank of New Zealand, Wellington , New Zealand, Global, New Zealand

☆ Government bonds are in a rout worldwide. Here's why you should care
▼ + stars: | 2023-10-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

When official interest rates rise, so do investors’ expectations for returns on bonds, known as yields. In the United Kingdom, the yield on 30-year bonds also reached 5% this week, the highest level in more than two decades. Yields on Italy’s 10-year bonds hit 5% on Wednesday, the highest level since 2012, when that crisis was in full swing. Mortgage rates riseThe yields on local government bonds are usually used by banks to price mortgages. High official interest rates in America and Europe have also raised the cost of borrowing for businesses.

Persons: Saul Loeb, Liz Truss, —, Matt Cardy, Freddie Mac, Andrew Sheets, Morgan Stanley, Stocks, ” Russ Mould, AJ Bell, we’ve, ”, “, That’s, ” Susannah Streeter, Hargreaves Lansdown Organizations: London CNN, US Treasury Department, Getty, UK, CNN, Nasdaq, Federal Reserve, BlackRock, Hargreaves Locations: Washington ,, United Kingdom, Bath, England, United States, Europe, America

☆ London is suffering an office market 'recession.' Meta just paid $181 million to dump a lease
▼ + stars: | 2023-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —London’s office market has plunged into a “rental recession,” with the share of empty space hitting its highest level in three decades, investment bank Jefferies said in a note Wednesday. Packing upOn Monday, British Land said Meta had agreed to pay £149 million ($181 million) to break its lease on a 310,000-square-foot office near London’s Regent’s Park. More bankers are reportedly leaving the area as UBS (UBS) begins relocating staff working for Credit Suisse to its main London office in the City. Regulators have been watching the commercial real estate market closely for any sign that spiraling vacancy rates and falling rents could become the source of the next financial crisis. The downturn in office rentals stands in stark contrast to London’s residential rental market where demand is high and supply chronically low.

Persons: London CNN —, Jefferies, Michael Prew, Meta, Clifford Chance, Banks Organizations: London CNN, The, City of, Jefferies, CNN, Derwent London, “, HSBC, UBS, Credit Suisse, City . Credit Suisse, Regulators, Investment, Hamptons Locations: The New York, City, City of London, London, Canary Wharf, London’s, Canary

☆ Analysis: Sizzling rally in US energy stocks has room to run, bulls say
▼ + stars: | 2023-09-21 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some believe a tight oil market and resilient U.S. growth will keep energy stocks rising for the rest of 2023. Bullish investors argue that energy stocks are still cheap by historical standards - and far less richly valued than other areas of the market. The energy sector currently trades at a forward price to earnings ratio of 12.2, well below its historical median forward P/E of 15.3, according to LSEG Datastream. Parts of the market appear skeptical energy stocks have much further to run. "That should result in a ... smoother ride for energy stocks than we’ve been accustomed to."

Persons: Bing Guan, LSEG, Charles Lemonides, Baker Hughes, Savita Subramanian, Brent, Bjarne Schieldrop, Rodney Clayton, we’ve, David Randall, Ira Iosebashvili, Marguerita Choy Organizations: Exxon, Mobil, REUTERS, Energy, West Texas, Federal, drillers, U.S . Energy, Administration, Global, Citi, Brent, SEB Research, Macquarie, Duff, Phelps Investment Management, Thomson Locations: Beaumont , Texas, U.S, Saudi Arabia, Russia, China

☆ US says it has no evidence that Huawei can make advanced smartphones ‘at scale’
▼ + stars: | 2023-09-20 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Commerce Secretary Gina Raimondo says the US government has no evidence that Huawei can produce smartphones with advanced chips “at scale,” as it continues to investigate how the sanctioned Chinese manufacturer made an apparent breakthrough with its latest flagship device. On Tuesday, Raimondo told US lawmakers that she was “upset” by news of the launch of Huawei’s Mate 60 Pro during her visit to China last month. “The only good news, if there is any, is we don’t have any evidence that they can manufacture 7-nanometer [chips] at scale,” she told a US House of Representatives hearing. That surprised many because SMIC, a partially state-owned Chinese company, has also been subject to US export restrictions for years. The following year, the US government expanded on those curbs by seeking to cut Huawei off from chip suppliers that use US technology.

Persons: Gina Raimondo, Raimondo, China’s, TechInsights, Ivan Lam, Kevin Frayer, Toby Zhu, Zhu, Lam, — Rashard Rose, Mengchen Zhang Organizations: Hong Kong CNN —, Huawei, Kirin, Semiconductor Manufacturing International Corporation, CNN, SK Hynix, Huawei ”, Research, IT, Eurasia Group Locations: China, Hong Kong, Korean, Beijing, Shenzhen, Apple’s

☆ Oil could hit $107 due to Saudi Arabia’s and Russia’s supply cuts, Goldman Sachs warns
▼ + stars: | 2023-09-06 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their aggressive supply cuts, Goldman Sachs warned its clients. Goldman Sachs had forecast Brent oil to be $86 in December and $93 at the end of 2024. First, Goldman Sachs expects Saudi oil supply to be 500,000 barrels per day smaller than previously anticipated. Secondly, Goldman Sachs warned that some of its assumptions for oil production may be incorrect if the OPEC+ cut extensions continue. In that scenario, Brent oil prices would likely climb to $107 a barrel in December 2024, the bank said.

Persons: Saudi Arabia don’t, Goldman Sachs, Brent, don’t, Jake Sullivan, Joe Biden, ” Sullivan Organizations: New, New York CNN, Brent, Saudi, Goldman, US National Security Locations: New York, Russia, Saudi Arabia, North, OPEC, Saudi

☆ Country Garden stocks surge after bondholders agree to extend debt payment
▼ + stars: | 2023-09-04 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The deal was significant, as it was the first debt extension the firm has secured since its liquidity crisis became public last month. According to the agreement with creditors, which was reported by multiple state-owned media outlets on Saturday, Country Garden will now be able to stretch its payment of the outstanding principal of $540 million into 2026. This particular bond had the largest outstanding balance that the company needed to pay out among its onshore debt in the coming year, they added. Country Garden, which was China’s largest residential developer by sales last year, is battling a cash crunch. It has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody’s.

Persons: hasn’t, ’, Yeap Jun Rong Organizations: Hong Kong CNN — Investors, CNN, China Overseas, Southern Media Group, Huatai Securities, IG Locations: China, Hong Kong

☆ China just played a trump card in the chip war. Are more export curbs coming?
▼ + stars: | 2023-07-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Beijing hit back Monday by playing a trump card: It imposed export controls on two strategic raw materials, gallium and germanium, that are critical to the global chipmaking industry. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. Beyond China, Australian rare earths producers also advanced, as investors expected Beijing might extend export curbs to that group of strategically important minerals. “If this action doesn’t change the US-China dynamics, more rare earth export controls should be expected,” Jefferies analysts said. China cut its rare earths export quota in 2010 amid tensions with the United States.

Persons: ”, Biden, China’s, Janet Yellen, Jefferies, ” Jefferies, CNN’s Hanna Ziady, Xiaofei Xu Organizations: Hong Kong CNN, Jefferies, Micron Technology, Micron, China, Geological Survey, Eurasia Group, Group, United, Analysts Locations: Hong Kong, China, United States, Beijing, Washington, Netherlands, Japan, Australian, States, United Kingdom, Germany, Belgium

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