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☆ Evergrande's liquidation crisis won’t be China’s ‘Lehman moment,’ China Beige Book CEO says
▼ + stars: | 2024-01-31 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty ImagesA liquidation order to property giant China Evergrande liquidation crisis this week deepened concerns about China's struggling real estate sector — but analysts say the spillover will likely be contained, with one saying it might actually be "good news." On Monday, a Hong Kong court issued a liquidation order to the embattled property developer after it failed to reach a restructuring deal with creditors. In other words, no massive credit event," Qazi told CNBC. China Evergrande, once among the country's largest property developers, is the world's most indebted company — with more than $300 billion in liabilities.

Persons: Jakub Porzycki, Shehzad Qazi, Lehman, Qazi, CNBC's, It's, China Evergrande, Evergrande, Linda Chan, Charlene Chu Organizations: Nurphoto, CNBC, Lehman Brothers, Hong, Hong Kong Stock Exchange, China macrofinancial, Autonomous Research Locations: China, Hong Kong

☆ Dollar eyes monthly gain as markets look to Fed
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

A Japanese 10,000 yen and a U.S. 100 dollar banknote juxtaposed against each other in Tokyo, Japan, on Monday, June 20, 2016. Later, the Federal Reserve is expected to hold U.S. interest rates steady but flag cuts are coming by dropping language indicating it is weighing further hikes. Interest rate futures price a roughly 43% chance of a Fed rate cut in March, down from 73% at the start of the year. "A 100% probability of a rate cut would point to euro/dollar at $1.1080, while a rate cut that is fully ruled out for March would point the way to euro/dollar at $1.0660," he said. Expectations of interest rate cuts in China have driven a strong rally in the bond market this month while the yuan has been squeezed by flight from China's crumbling equity markets.

Persons: Sterling, Alan Ruskin Organizations: Bank of Japan's, Federal Reserve, New Zealand Locations: U.S, Tokyo, Japan, Asia, China

☆ Evergrande's liquidation crisis won’t be China’s ‘Lehman moment,’ China Beige Book COO says
▼ + stars: | 2024-01-31 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty ImagesA liquidation order to property giant China Evergrande liquidation crisis this week deepened concerns about China's struggling real estate sector — but analysts say the spillover will likely be contained, with one saying it might actually be "good news." On Monday, a Hong Kong court issued a liquidation order to the embattled property developer after it failed to reach a restructuring deal with creditors. China Evergrande, once among the country's largest property developers, is the world's most indebted company — with more than $300 billion in liabilities. Still, questions remain on whether China will recognize the Hong Kong court order for Evergrande's liquidation — since most of the company's assets are in the mainland.

Persons: Jakub Porzycki, Shehzad Qazi, Lehman, Qazi, CNBC's, It's, China Evergrande, Evergrande, Linda Chan, Charlene Chu, we've, Chu Organizations: Nurphoto, CNBC, Lehman Brothers, Hong, Hong Kong Stock Exchange, China macrofinancial, Autonomous Research Locations: China, Hong Kong, Commerzbank

The Palestinian Health Ministry said Israeli forces opened fire inside the wards of the Ibn Sina Hospital in the town of Jenin. Most were killed in confrontations with Israeli forces during arrest raids or violent protests. The Israeli military says it has arrested nearly 3,000 Palestinians in the West Bank over the past four months. The military said Tuesday that forces killed Mohammed Jalamneh, 27, who it said was planning an imminent attack. Hospital spokesperson Tawfiq al-Shobaki said there was no exchange of fire and the three were killed by Israeli forces in a targeted killing.

Persons: Ibn, Mohammed Jalamneh, Basel, Mohammed Ghazawi, Jalamneh, Tawfiq, Shobaki, ”, Basel Ghazawi, Israel, Osama Hamdan, Sheikh Mohammed bin Abdulrahman Al Thani, ___ Lidman Organizations: West Bank, —, Palestinian Health Ministry, Ibn Sina, Muslim, Israel, Health Ministry, Hamas, United Nations, Basel, hemiplegia, Palestinian Authority, Gaza, Atlantic Council, Palestinian Locations: JENIN, West, Gaza, Jenin, Israel, Jerusalem, Egypt, Qatar, United States, Beirut, Washington, Gaza City, israel

☆ The Red Sea crisis tests China’s global ambitions
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China’s responseThe Houthi rebels in Yemen started firing missiles and drones at ships in the Red Sea in mid-November, in what they say is an act of solidarity with Palestinians. Chinese officials repeatedly stressed that the Red Sea crisis is a “spillover” from the conflict in Gaza, citing an immediate ceasefire between Israel and Hamas as the top priority. Beijing’s reluctance to wade into the Red Sea crisis reflects these geopolitical calculations. The Chinese government readout of the meeting between Wang and Sullivan did not mention the Red Sea. Egypt is losing millions of dollars per day from the reduced traffic at the Suez Canal at the northern end of the Red Sea.

Persons: Houthi, “, ”, Mordechai Chaziza, Xi Jinping, Israel, ” Chaziza, Wang Yi, Jake Sullivan, Iran ”, we’re, Wang, Sullivan, Ebrahim Raisi, Yan Yan, OOCL, Kuehne + Nagel, Jonathan Fulton, “ can’t, ” Fulton, William Figueroa, Xi Organizations: Hong Kong CNN, Ashkelon Academic College, Beijing, Iran, People’s Liberation Army Navy, Britain, United Nations Security Council, Global, Western, Chinese Foreign, White House, Reuters, Chinese Foreign Ministry, China, Shanghai Shipping Exchange, Atlantic Council, University of Groningen, Xi’s Global Security Initiative, GSI, Hamas Locations: Hong Kong, Red, Israel, Ashkelon, United States, China, Europe, Yemen, Gulf, Aden, Djibouti, Beijing, Gaza, Bangkok, Iran, Tehran, Africa, Switzerland, Francisco, Shanghai, Abu Dhabi, Egypt, Suez, Sea, Saudi Arabia, Netherlands

☆ CosMc’s first location had twice as much traffic last month than a typical McDonald’s
▼ + stars: | 2024-01-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —McDonald’s new trendy beverage-led spinoff CosMc’s is pulling in younger customers at a faster clip than a typical Mickey D’s with Big Macs and fries, according to one early traffic estimate. McDonald’s unveiled its CosMc’s specialty drinks cafe spinoff in December, with the first location opened in Bolingbrook, Illinois. That first CosMc’s location saw more than double the number of visits that a typical McDonald’s saw chainwide in the same month, despite only being open since Dec.7, according to a report from Placer.ai, which uses location data from mobile devices to estimate visits to specific locations. CosMc’s generated triple the number of visits per square foot than an average McDonald’s restaurant (CosMc’s has a roughly 2,500 square feet footprint compared to 4,000 to 4,500 square feet for the average McDonald’s location), the firm said. RJ Hottovy, head of analytical research with Placer.ai, said that the one CosMc’s location sometimes has to accommodate spillover traffic in a separate parking lot because the drive-thru lanes were often at full capacity.

Persons: New York CNN —, D’s, Big, McDonald’s, it’s, It’s, RJ Hottovy, ”, ” McDonald’s, Danielle Wiener, Bronner Organizations: New, New York CNN, Starbucks Locations: New York, Bolingbrook , Illinois, Placer.ai, McDonald’s

☆ U.S. Strikes 3 Sites in Iraq Linked to Militias Blamed for Base Attack
▼ + stars: | 2024-01-23 | by ( Eric Schmitt | More About Eric Schmitt | ) www.nytimes.com time to read: +3 min

The United States on Tuesday carried out military strikes against three facilities in western Iraq associated with Iran-linked militias that American officials say attacked a major base in Iraq on Saturday, according to the Pentagon’s Central Command, injuring at least four U.S. service members. “These precision strikes are in direct response to a series of escalatory attacks against U.S. and coalition personnel in Iraq and Syria by Iranian-sponsored militias,” Defense Secretary Lloyd J. Austin III said in a statement. The attack against Al Asad Air Base in Iraq on Saturday was the latest and the most serious of about 151 such rocket and missile strikes directed at U.S. troops based in Iraq and Syria since Israel’s war against Hamas in Gaza started. Al Asad Air Base, in Iraq’s western desert, is now primarily used by Iraqi forces but still has a U.S. contingent. At least 83 U.S. personnel have suffered injuries in the attacks by militias in Syria and Iraq, including traumatic brain injuries.

Persons: Lloyd J, Austin III, Biden, Austin, Biden “ Organizations: Pentagon’s, Command, Central Command, U.S, ”, Al Asad, Al Asad Air Base, Pentagon, Houthi Locations: States, Iraq, Iran, Iraq’s, Syria, Iranian, Al Asad Air, Gaza, United States, Britain, Yemen, Al, U.S, Kurdish Syrian, Islamic State

stressing that the war could end tomorrow if Moscow withdrew hundreds of thousands of troops in Ukraine’s internationally recognized territory. Russia called the council meeting to again sharply criticize Western military aid to Ukraine. Ambassador Sergiy Kyslytsya who read a joint statement underscoring Russia’s “hypocrisy” in criticizing lawful arms transfers to help Ukraine defend itself. But the Chinese ambassador criticized Ukraine for seeking to join NATO and warned Kyiv, without naming Russia, that this would deepen Moscow’s security concerns. “The negative impacts of the Ukraine crisis and the Palestinian-Israeli conflict have added snow to the icy cold global economy,” Zhang said.

Persons: —, Sergey Lavrov, ”, Robert Wood, Lavrov's, Vladimir Putin, that's, ” Wood, Sergiy Kyslytsya, underscoring, Ukraine’s, “, U.N, Zhang Jun, ” Zhang, Zhang, Lavrov, Wood, Malta's, Vanessa Frazier, ” Frazier Organizations: UNITED NATIONS, Kyiv, . Security Council, North Korea —, NATO, Russia, Palestinian Locations: United States, Moscow, China, Russia’s, Russia, Ukraine, Washington, London, Paris, Brussels, Ukraine’s, Iran, North Korea, Belarus, Israel, Gaza, Palestinian, U.S

☆ France's Farmer Lobby Turns up Heat on Government Before Talks
▼ + stars: | 2024-01-22 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

Farmers cite a government tax on tractor fuel, cheap imports, water storage issues, price pressures from retailers and red tape among their grievances. France's largest farm union FNSEA has said it is considering nationwide protests in the coming weeks. Farming policy has always been a sensitive issue in France, the European Union's biggest agricultural producer, with thousands of independent producers of wine, meat and dairy. President Emmanuel Macron is wary of farmers' growing support for the far-right ahead of the European Parliament elections in June. Fearing a spillover from farmer protests in Germany, Poland and Romania, the government has withdrawn a draft farming law planned for debate this week and invited farming representatives for talks, starting on Monday afternoon.

Persons: Nicolas Delame PARIS, Arnaud Gaillot, I'd, FNSEA, Arnaud Rousseau, Emmanuel Macron, Gaillot, Rousseau, Gabriel Attal, Marc Fesneau, Fesneau, Nicolas Delam, Diana Mandia, Tassilo Hummel, Ros Russell Organizations: Young Farmers, France, Farmers, France Inter, Farming, Midi Libre Locations: Europe, France, Germany, Poland, Romania

The alleged strike targeted the Mazzeh neighborhood in Syria’s capital, home to several diplomatic missions including the Iranian embassy, according to Syrian authorities. The Islamic Revolutionary Guard Corps (IRGC) identified the four others killed as military advisors Ali Aghazadeh, Hossein Mohammadi, Saeed Karimi and Mohammad Amin Samadi. Their presence in Syria had been “at the official invitation of the Syrian government,” Iranian foreign ministry spokesperson, Nasser Kanaani, noted in a statement on social media. Louai Beshara/AFP/Getty ImagesRegional spillover fearsThe attack in Damascus comes amid concerns that Israel’s war with Hamas in Gaza is spiraling into a regional war. Iranian president Ebrahim Raisi on Saturday vowed to “punish” Israel for the Damascus missile strike.

Persons: Israel “, “, Hojjatollah Omidvar, Iran’s, Ali Aghazadeh, Hossein Mohammadi, Saeed Karimi, Mohammad Amin Samadi, Nasser Kanaani, Louai Beshara, Tehran’s, Hossein Amir, Abdollahian, CNN’s Fareed Zakaria, Matt Miller, ” Miller, Ebrahim Raisi, ” Israel, ”, CNN’s Kareem Khadder Organizations: CNN, Hamas, Syrian Ministry of Defense, Israel Defense Forces, Network, Quds Force, Revolutionary Guards, Islamic Revolutionary Guard Corps, Security, Getty, Economic, Israel, Palestinian Ministry of Health, State Locations: Damascus, Syria’s, Iranian, Mazzeh, Syria, AFP, Gaza, Iraq, Tehran, Lebanon, Yemen, Red, Davos, Palestinian, Ramallah, The, Israel

☆ China's economic growth is set to slow in 2024. Here's what Wall Street is predicting
▼ + stars: | 2024-01-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China was due Wednesday to release GDP figures for 2023, and previously announced an official target of around 5% growth for the year. Despite significant growth in sectors such as tourism and electric cars, China's economy last year did not rebound from the pandemic as quickly as many banks had initially expected. watch nowThe International Monetary Fund in November also cited China's policy announcements as a reason for its decision to raise the 2023 growth forecast to 5.4%, from 5% previously. However, the IMF said it still expected China's growth to slow in 2024 to 4.6% "amid continuing weakness in the property market and subdued external demand." In the long term, analysts generally expect China's economy to slow further from a high base.

Persons: Pan Jianyong, Goldman Sachs, Morgan Stanley, Li Qiang, Haibin Zhu, Li Organizations: Co, Getty, Visual China, BEIJING —, Economic, Tuesday, UBS, Citi, JPMorgan, CNBC, China, China Economic, Monetary Fund Locations: MEISHAN, CHINA, Sichuan, Meishan, Sichuan Province, China, Davos, Beijing, decelerating

☆ Insurers shun many ships carrying goods through the Red Sea as attacks continue
▼ + stars: | 2024-01-17 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The crisis in the Red Sea threatens to damage the economy by increasing prices on consumers and delaying the shipment of goods. A Houthi official vowed on Wednesday that attacks on “Israeli-linked” vessels in the Red Sea as well as the Arabian Sea will continue. Ikea also does not foresee any product shortages from the Red Sea problems. “Shippers are now much better at using alternative ways of moving their goods around the world,” Zandi said. “We have not seen the situation in the Red Sea translate into material movements in prices in the US such as consumer goods and gasoline prices,” Schwartz said.

Persons: ”, Marcus Baker, Marsh McLennan, Baker, Vicent Clerc, ” Clerc, CNN’s Richard Quest, Mark Zandi, Zandi, Kristalina Georgieva, Quest, ” Zandi, Stephen Schwartz, ” Schwartz Organizations: CNN, US, US Central Command, Maersk, International Monetary Fund, Oxford University . Shipping, P, Moody’s, Global, IMF, Economic, Wednesday, Ikea, Wells, Wells Fargo Global Receivables, Trade Finance Locations: Israel, Marsh, Suez, Africa, China, Davos, Switzerland, “, Asia, Europe, Germany, Wells Fargo, Iran

☆ Qatar Pauses Red Sea Tankers After Western Strikes on Houthis
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

In the latest shift by a major firm, state-owned QatarEnergy has held at least four LNG tankers back from the Red Sea, a senior source said, adding that production continues. On Monday, carmaker Suzuki said production would halt at its Esztergom plant in Hungary from Jan. 15-21 as the Red Sea attacks had delayed the arrival of Japanese-made engines. U.S. ally Britain said it had no desire to be involved in a Red Sea conflict but was committed to protecting the right of free navigation. The Al Rekayyat, which was sailing back to Qatar, stopped along its route on Jan. 13 in the Red Sea. "It is a pause to get security advice, if passing (through the) Red Sea remains unsafe we will go via the Cape," the source told Reuters on Monday about QatarEnergy.

Persons: Andrew Mills, Maha, Maha El Dahan, QatarEnergy, carmaker Suzuki, Britain, Grant Shapps, Qatar's Al Ghariya, Al Huwaila, Al, Ras Laffan, Al Rekayyat, Maha El, Emily Chow, Sachin Ravikumar, Chandni Shah, Andrew Cawthorne, Catherine Evans Organizations: Houthi, Reuters, Qatari Locations: Maha El, Maha El Dahan DOHA, WASHINGTON, Yemen, Gaza, Saudi, Israel, The U.S, U.S, Esztergom, Hungary, Ras, Suez, Oman, Jan, Qatar, Red, Europe, Asia, Aden, Djibouti, Davos, Singapore, Doha, London, Bengaluru

☆ China Calls for Larger-Scale Peace Conference on Gaza Crisis -Wang Yi
▼ + stars: | 2024-01-14 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - China Foreign Minister Wang Yi said the war in Gaza continues to escalate and China is calling for a larger-scale, more authoritative and effective international peace conference and a concrete timetable to implement a two-state solution. Wang made the comments to reporters after talks with the Egyptian Foreign Minister Sameh Shoukry in Cairo, sharing his views on the Israel-Hamas war, according to a statement from the Chinese foreign ministry late on Sunday. Wang, China's top diplomat, is currently travelling through Egypt, Tunisia, Togo and the Ivory Coast until Thursday. Wang said the infrastructure of the Gaza Strip has been completely destroyed, with millions struggling to survive. He said China has decided to provide a third tranche of emergency humanitarian assistance.

Persons: Wang Yi, Wang, Sameh Shoukry, Ahmed Aboul Gheit, Bernard Orr, Sonali Paul, Michael Perry Organizations: China Foreign, Egyptian Foreign, League of, Xinhua, West Bank Locations: BEIJING, Gaza, China, Cairo, Israel, Egypt, Tunisia, Togo, Ivory Coast, League of Arab, East Jerusalem

☆ China investors will be asking these 3 questions in 2024
▼ + stars: | 2024-01-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CHONGQING, CHINA - JANUARY 02: People visit the 2nd International Light and Shadow Art Festival at the Fine Arts Park on January 2, 2024 in Chongqing, China. For all the geopolitical risks, the attraction of China as a fast-growing market has waned as the economy matures. Many were disappointed when China's economy did not rebound as quickly as expected after the end of Covid-19 controls in December 2022. Real estate is a clear example of a debt-fueled sector, one that has accounted for about a quarter of China's economy. Machinery, electronics, transport equipment and batteries combined contributed to 17.2% of China's economy in 2020, Citi analysts said.

Persons: it's, Jason Hsu, They're, Liqian Ren, Goldman Sachs, Ding Wenjie, Ding Organizations: Fine Arts, Art, Getty, Visual China, U.S, Citi, People's Bank of, Rayliant, Rayliant Global Advisors, National Bureau, China Asset Management Co, CNBC, Machinery Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Covid, People's Bank of China, Beijing, WisdomTree

☆ Blinken to meet with leaders of Saudi Arabia, UAE with aim to avert larger Middle East war
▼ + stars: | 2024-01-08 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

U.S. Secretary of State Antony Blinken waves as he boards an aircraft during his departure from Washington to travel to the Middle East, amid the Israel-Hamas conflict, at Joint Base Andrews, Maryland, U.S., January 4, 2024. This is a conflict that could easily metastasize, causing even more insecurity and suffering," Blinken told reporters in Doha after meeting with Qatar's leadership on Sunday. The Middle East trip follows the assassination by drone of deputy Hamas chief Saleh al-Arouri in Beirut, which Hamas has blamed on Israel. Many U.S. officials now fear that the fighting will draw Hezbollah and Lebanon into the war, a shift that could see Iran up its involvement as well. Hezbollah, the most powerful militant and political organization in Lebanon, has been described by analysts as having 10 times the power and military capabilities as Hamas.

Persons: Antony Blinken, Blinken, Saleh al Organizations: Joint Base Andrews, United Arab Emirates — U.S, United Arab, Sunday, Hamas, Palestinian, Many U.S Locations: Washington, Israel, Joint Base Andrews , Maryland, U.S, DUBAI, United Arab, United Arab Emirates, Saudi Arabia, Doha, Arouri, Beirut, Iran, Lebanon, Many

☆ A slew of new conflicts could erupt in 2024, analysts say — while the world is watching Gaza and Ukraine
▼ + stars: | 2023-12-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

- | Afp | Getty ImagesWith the eyes of the world on the ongoing wars in Ukraine and Gaza, an unprecedented number of potentially "catastrophic" conflicts are going under the radar, analysts have warned. The U.N. estimated in October that more than 114 million people were displaced by war and conflict worldwide. There is good reason for that — it is currently the most dangerous place in the world to be a civilian." The political turbulence comes amid ongoing armed conflict in eastern DRC and widespread poverty, and precedes further regional elections early next year. If you look at Myanmar, of course you've got this huge population in Bangladesh of displaced Rohingyas, and also displaced within Myanmar itself," she said.

Persons: Abdel Fattah al, Burhan, David Miliband, Miliband, Isabelle Arradon, Rapid Support Forces —, Gen, Mohammed Hamdan Dagalo, Khalifa Haftar —, Arradon, Félix Tshisekedi, U.N, Antonio Guterres, you've, We've, It's Organizations: Afp, Getty, Rescue, Crisis, CNBC, Rapid Support Forces, UAE, IOM, UN's, Organization for Migration, Sudanese Armed Forces, Democratic, Government Locations: Red Sea, Port Sudan, Ukraine, Gaza, Sudan, Saudi Arabia, Libyan, Khartoum, Darfur, METEMA, Ethiopia, Metema, AFP, South Sudan, Democratic Republic of the Congo, Rwanda, Democratic Republic of, Congo, DRC, Goma, North Kivu, Kigali, Kinshasa, Myanmar, Bangladesh, Shan, Sagaing, Kayah, Rakhine State, Burkina Faso, Cameroon, Chad, Gambia, Guinea, Mali, Mauritania, Niger, Nigeria, Senegal

☆ Iran vows revenge after Israel kills top military commander in Syria
▼ + stars: | 2023-12-26 | by ( Jacob Shamsian | Associated Press | ) www.businessinsider.com time to read: +5 min

Israel killed Iranian general Seyed Razi Mousavi in Syria, where he coordinated Iran-backed forces. Iran's President Ebrahim Raisi vowed revenge on Israel. Iran-backed groups in Yemen, Lebanon, Syria, and Iraq have launched attacks on Israel and its allies in support of Hamas. Hossein Akbari, Iran's ambassador to Syria, condemned the killing, saying that Mousavi was in Syria as a "formal military advisor." Israel has carried out hundreds of strikes on targets inside government-controlled parts of war-torn Syria in recent years.

Persons: Israel, Seyed Razi Mousavi, Ebrahim Raisi, —, Daniel Hagari, Mousavi, Bashar Assad's, Qassim Soleimani, Houthi, IRNA, Hossein Akbari, Akbari, IRNA didn't Organizations: Service, Iranian, Revolutionary Guard, Reuters, Quds Force, Hamas, Monday, Human Rights, Syrian Locations: Syria, Iran, Israel, Damascus, Iraq, Afghanistan, Pakistan, Yemen, Lebanon, Irbil, U.S, Britain, Lebanese, Russia

☆ Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble
▼ + stars: | 2023-12-05 | by ( Laura He | ) edition.cnn.com time to read: +4 min

A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, ”, Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou

☆ The forever labor shortage is pitting parents and their childfree coworkers against each other
▼ + stars: | 2023-12-03 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +12 min

Childfree workers told Business Insider they often feel pressured to cover for parents at work. Benson's not alone in experiencing the tension of splitting work between childfree workers and those with kids. For childfree workers, it may lead to resentment, or feeling like their time isn't as valuable. And that might, in turn, lead to childfree workers being asked to take on more. But the childfree workers, parents, and experts that Business Insider spoke with say that making it a worker-to-worker dispute takes the onus off of companies and policy.

Persons: —, Kira Benson, Benson, Benson's, isn't, tenable, It's, aren't, Amanda Pericles, JessieMay Reed, they've, I'm, Benson doesn't, Arindrajit Dube, Claudia Goldin, Dube, " Dube, Evi, Nardi, Pericles, Pericles isn't, Reed, Kitty Richards, Richards, Betsy Cardenas, She's, Cardenas, we're Organizations: Business, Service, Bloomberg Law, University of Massachusetts Amherst, Treasury Department, of Labor Statistics, monopsony Locations: Seattle, —

WASHINGTON (AP) — Anthony Fauci, former chief White House medical adviser, is expected to testify before Congress early next year as part of Republicans' yearslong investigation into the origins of COVID-19 and the U.S. response to the disease. Fauci, who served as the nation's top infectious disease expert before retiring last year, will sit for transcribed interviews in early January and a public hearing at a later date. House Republicans have investigated whether Fauci or other U.S. government officials took part in any sort of cover-up about the origin of the deadly virus. Fauci, who served under both Republican and Democratic presidents, has repeatedly called the GOP criticism nonsense. Political Cartoons View All 1273 ImagesWenstrup, who is also a longtime member of the House Intelligence Committee, has accused Fauci and U.S. intelligence of withholding key facts about its investigation into the coronavirus.

Persons: — Anthony Fauci, Fauci, Brad Wenstrup, Sen, Ted Cruz, Merrick Garland, Amanda Seitz, Nomaan Merchant Organizations: WASHINGTON, White, Republicans, Republican, Fauci, Democratic, House Intelligence, Wuhan, of Virology, National Institutes of Health, Associated Press Locations: U.S, Wuhan, Texas

☆ China economy: PBOC governor says focus will be on ‘high-quality, sustainable’ growth
▼ + stars: | 2023-11-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“High-quality, sustainable growth is far more important.”The country is moving away from manufacturing and real estate, its traditional drivers of growth, towards a newer economic model driven by consumption and services, he added. “I’m confident China will enjoy healthy and sustainable growth in 2024 and beyond.”His remarks come at a time when China is battling a protracted recession in its vast real estate sector. But the country’s real estate sector is still struggling with sluggish sales and falling home prices. “China’s real estate market is experiencing some adjustments,” he said. The regulators have also introduced a raft of measures to stabilise the real estate industry, including reducing mortgage rates for home buyers.

Persons: Pan Gongsheng, “, Pan, “ I’m, ”, Stringer Organizations: Hong Kong CNN, People’s Bank of, “, Getty Locations: Hong Kong, “ China, People’s Bank of China, China, “, Fuyang, China's, Anhui, AFP, Wuhan, Hubei

Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them, according to the deal prospectuses. DEEPER IN DEBTThe intensified efforts to support smaller banks also come amid growing worries about the impact of ballooning local government debt on the economy. While policymakers are highly concerned over rising debt levels, Beijing has little option but to support smaller banks to contain spillover risks, analysts said. It was not immediately clear if the central authorities had given any guidance to the local governments on recapitalising smaller banks, and who were the buyers of these special-purpose bonds. "Local governments are a likely the first line of defense whenever regional banks become stressed," they said.

Persons: Kim Kyung, Gavekal, Zhang Xiaoxi, Pan Gongsheng, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, China Electronic Local Government Bond, Authorities, National Financial Regulatory Administration, International Monetary Fund, Beijing, Thomson Locations: Beijing, Rights BEIJING, China, Henan, China's, Liaoning, Yunnan, Inner Mongolia

☆ German government unveils budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +5 min

The government said the spillover effects from the energy crisis that hit in 2022 after Russia's invasion of Ukraine and caused rocketing prices had created an emergency situation that justified suspending the debt brake. The leader of Scholz's SPD urged the government to consider suspending the debt brake next year, a move rejected in particular by the fiscally hawkish Free Democrats (FDP). "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-2009, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, which have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Scholz's, Christian Duerr, Bijan Djir, Christian Kraemer, Riham Alkousaa, Amir Orusov, Rachel More, Matthias Williams, Thomas Escritt, Alison Williams, Tomasz Janowski Organizations: Finance, Climate, REUTERS, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, BERLIN, Ukraine, Sarai, East Germany

☆ Vietnam to Extend Anti-Graft Drive as Police Reveal Real Estate Fraud Worth 3% of GDP
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Khanh Vu and Francesco GuarascioHANOI (Reuters) - Vietnam's top leader vowed to extend "for the long-term" an anti-corruption campaign that has had a chilling effect on the economy, after police revealed financial scandals in the real estate sector worth more than 3% of gross domestic product. Trong's remarks came after the police announced the outcome of months-long investigations into two financial scandals, revealing for the first time the scale of the fraud, worth a combined $12.8 billion, or 3.2% of the economy. The case had been widely publicised when My Lan was arrested in October last year and led to a crisis in the real estate sector and the market for corporate bonds, which she has been accused of issuing illegally in large amounts. The huge scale of the fraud had not been known until this week and has raised concern among financial experts about the impact on the banking sector. In September, the Asian Development Bank warned of potential spillover into banking from the crisis in the real estate sector as the ratio of non-performing loans increased.

Persons: Khanh Vu, Francesco Guarascio HANOI, Nguyen Phu Trong, Trong's, Truong My Lan, Van Thinh, Lan, Morgan, Moody's, Tan, Francesco Guarascio, Robert Birsel Organizations: Communist Party's, Van Thinh Phat Holdings Group, Stock Commercial Bank, Morgan Research, Asian Development Bank, Group Locations: Communist, Saigon, China

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