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REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsSept 17 (Reuters) - Most stock markets in the Gulf ended lower on Sunday as profit-taking continued, but the Egyptian index bucked the trend to trade at a record high. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 1.1% fall in Al Rajhi Bank (1120.SE) and a 1.7% decrease in Alinma Bank (1150.SE). In Qatar, the index (.QSI) extended losses for a third session. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, hitting its record high, led by a 5.5% rise in Beltone Financial Holding (BTFH.CA). Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Biden, Hamad I Mohammed, ADES, Ateeq, Christina Fincher Organizations: Bahrain Bourse, U.S, REUTERS, Saudi, Al Rajhi Bank, Alinma Bank, Beltone Financial, UAE's Global Investment Holding, Eastern Co, Thomson Locations: Bahrain, Manama, Al Rajhi, Qatar, Eastern, Ateeq Shariff, Bengaluru
Record-high monthly mortgage payments and low home inventory have made the housing market historically unaffordable. Below are 6 charts illustrate how difficult the current housing market is for buyers. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementThe housing market has never before been this unaffordable for Americans. These six charts from real estate group Redfin show just how brutal it is for people navigating the current market. AdvertisementAdvertisementSeparate National Association of Realtors' data published last month showed that home prices saw a record increase in over half of the US housing market over the past quarter.
Persons: it's Organizations: Service, Federal Reserve, Redfin, metros, Association of Realtors Locations: Wall, Silicon, San Jose, Milwaukee, Atlanta, Las Vegas, Newark , NJ, Seattle, San Antonio ,, San Jose ,
CNN —A winemaker in Italy has died while trying to save his colleague who had passed out in wine vat, according to Italy’s fire brigade. Authorities responded to the emergency call on Thursday at the Ca’di Rajo winery in San Polo di Piave, in the city of Treviso in northern Italy. According to the fire brigade, the man in his forties was trying to save his colleague who had fainted from carbon monoxide fumes while carrying out maintenance work. The two men were working in a processing tank that had just been emptied of wine for bottling when they were overcome by fumes from the fermentation process. Neither men were wearing breathing apparatuses or safety harnesses, according to the fire brigade.
Persons: Simone Cecchetto, , , Sergio Mattarella, ” Massimiliano Paglini Organizations: CNN, Authorities, CISL Belluno Locations: Italy, San Polo di Piave, Treviso, CISL Belluno Treviso
Gavin Newsom's office, also creates a nine-person council that will decide on future wage hikes for the fast-food industry in California through 2029. The deal will mean a wage floor of $20 for California workers at fast-food chains with at least 60 locations nationwide, starting April 1. The council will include four representatives from the fast-food industry, four from the workers' side and one neutral party who will serve as chair. But the fast-food industry was attacking the bill before it even made its way to Newsom's desk. Fast-food workers employed by affected restaurants will see pay increases of as much as 25% hit their paychecks starting in April.
Persons: Mario Tama, Gavin Newsom's, Mark Kalinowski, Newsom, Joe Erlinger, Erlinger, Jan, What's, Joe Pawlak, Technomic, they'll, Joe Pawlak Technomic, Pawlak, Mary Kay Henry, it's, Sean Kennedy, Burger Organizations: Getty, Gov, Equity Research, Democrat, FAST, Yum Brands, Restaurant Brands, McDonald's, Citi Research, Service Employees International Union, SEIU, California State, CNBC, Walmart, Target, Food, National Restaurant Association, Delta Airlines, Los Angeles International Airport Locations: Boyle, Los Angeles , California, California, McDonald's U.S, Minnesota, New York,
While the tour has already begun, we can show you how to buy Aerosmith tickets for all the remaining shows. If you're looking to buy Aerosmith's Peace Out: Farewell Tour tickets, we've got you covered. Aerosmith 2023/2024 tour scheduleAerosmith's Peace Out: Farewell Tour has 37 concert dates remaining across 2023 and 2024. While the Farewell Tour will include two stops in Canada, all other shows will be held in the United States. At the time of writing, it seems Aerosmith will not be embarking on an international leg for their Peace Out: Farewell Tour.
Persons: Aerosmith, Steven Tyler's, Steven Tyler, Joe Perry, Tom Hamilton, Brad Whitford, Buck Johnson, John Douglas, we've, Saint, Dever, Aerosmith's Organizations: Washington DC, Kansas City, UT, AZ, KY, Ticketmaster, StubHub, Boston, Aerosmith's San, Aerosmith Locations: North America, Philadelphia, StubHub, Detroit, Chicago, Washington, Toronto, Raleigh, Cleveland, Canada, United States, Tampa, Atlanta, Charlotte, NC, Austin, Louis, Indianapolis, Antonio, Tulsa, Dallas, Omaha, Saint Paul, Kansas, Salt Lake City, Portland, Seattle, WA, San Francisco, San Jose, Inglewood, CA, Phoenix, Newark, NJ, Boston, Cincinnati, Louisville, Nashville, TN, Knoxville, Buffalo, NY, York City, Columbus, Montreal, MI, ON, Aerosmith's Raleigh, North Carolina, Aerosmith's, Aerosmith's San Jose
Moody's cuts China property sector's outlook to negative
  + stars: | 2023-09-14 | by ( ) www.reuters.com   time to read: +1 min
A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSept 14 (Reuters) - Moody's on Thursday cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support. China Evergrande Group (3333.HK), the world's most indebted property developer, is at the centre of the crisis. The crisis has also engulfed China's largest private property developer Country Garden Holdings Co (2007.HK), which has been battling to avoid a default, having won approval from its creditors this week to extend the maturity of several onshore bonds. Credit stress at Country Garden, which Moody's rates as Ca with a negative outlook, has amplified investors' risk aversion, Cedric Lai, an analyst at the agency said in a statement.
Persons: Tingshu Wang, Moody's, Cedric Lai, Dimpal Gulwani, Jacqueline Wong, Jamie Freed Organizations: REUTERS, China Evergrande, HK, Garden Holdings, Thomson Locations: Tianjin, China, China's
"What Kevin just said right now ... to that point: 'If somebody wants to file a motion to vacate, file the fucking motion to vacate,' and that's it. I've been here," McCarthy told reporters. House Minority Leader Kevin McCarthy (R-CA) speaks to the media on Capitol Hill in Washington, D.C., U.S., May 2, 2019. While a fight among Republicans on spending was holding up action in the House, the Senate on Thursday in an overwhelming 91-7 vote advanced its first package of spending bills. They believe the House will pass compromise legislation at the $1.59 trillion level set by McCarthy and Biden.
Persons: Kevin McCarthy profanely, McCarthy, Joe Biden, Kevin, Brian Mast, we're, I've, Kevin McCarthy, Clodagh, Ralph Norman, Biden, Don Bacon, David Morgan, Rami Ayyub, Scott Malone, Mark Porter, Lisa Shumaker Organizations: Democratic, California Republican, Capitol, Washington , D.C, REUTERS, Republican, Caucus, Biden, AAA, Thomson Locations: California, Washington ,
PRETORIA, Sept 14 (Reuters) - Australia’s wicketkeeper-batsman Josh Inglis says he will have no problem wearing a neck protector on his helmet from next month despite not using them previously. Governing body Cricket Australia (CA) announced on Thursday that all their players will have to wear neck protectors on helmets when facing fast or medium pace bowling from October. Inglis said he would have to get used to a piece of equipment he had previously disliked. CA had recommended the use of neck protectors since the death of Phillip Hughes in 2014 but a number of top batsmen, including David Warner and Steve Smith, have resisted wearing them. CA's Head of Cricket Operations & Scheduling Peter Roach said in a statement earlier that protecting the head and neck was extremely important.
Persons: Josh Inglis, Inglis, I'm, , Phillip Hughes, David Warner, Steve Smith, CA's, Peter Roach, Roach, Cameron Green, Green, Mitchell Marsh, Mark Gleeson, Toby Davis Organizations: Cricket Australia, South, of Cricket Operations, Thomson Locations: PRETORIA, South Africa, Pretoria, Australia, Cape Town
Biden previously had mocked Republicans over a possible impeachment and the White House said they have no basis to do so. [1/4]U.S. House Speaker Kevin McCarthy (R-CA) calls for an impeachment inquiry into U.S. President Joe Biden while delivering a statement on allegations surrounding President Biden and his son Hunter Biden, on Capitol Hill in Washington, U.S., September 12, 2023. Senate Democratic Leader Chuck Schumer called the impeachment inquiry "absurd." Richard Nixon resigned in 1974 as he faced an impeachment vote. Public opinion polling has shown many Americans believe Hunter Biden has received special treatment.
Persons: Kevin McCarthy, Joe Biden, Donald Trump, Trump, Biden, Hunter, McCarthy, Ian Sams, Trump's, Hunter Biden, Elizabeth Frantz, Mitt Romney, coddled Hunter Biden, Romney, Kevin McCarthy’s, Pramila Jayapal, Ken Buck, Chuck Schumer, Bill Clinton, Andrew Johnson, Richard Nixon, Lisa Murkowski, Moira Warburton, Jason Lange, David Morgan, Andy Sullivan, Will Dunham, Scott Malone, Daniel Wallis Organizations: Republican U.S, Democratic, House, Republicans, White, U.S, Biden, OF HUNTER Republicans, ., Capitol, REUTERS, GOP, Senate, Trump, Reuters, Thomson Locations: Ukraine, McCarthy's, America, Washington , U.S
U.S. House Speaker Kevin McCarthy (R-CA) calls for an impeachment inquiry into U.S. President Joe Biden while delivering a statement on allegations surrounding President Biden and his son Hunter Biden, on Capitol Hill in Washington, U.S., September 12, 2023. REUTERS/Elizabeth Frantz Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters) - U.S. House Speaker Kevin McCarthy will confront a fractured caucus on Wednesday, with his role as the top Republican in Congress under threat from the far right, despite giving hardline conservatives the impeachment inquiry they wanted. McCarthy conceded to weeks of pressure from hardliners and allies of former President Donald Trump by launching a formal probe of Democratic President Joe Biden. "We cannot use impeachment as a political weapon against every president," Republican Representative Don Bacon, a Nebraska centrist, said in a statement. '," Republican Representative Bob Good said at a news conference.
Persons: Kevin McCarthy, Joe Biden, Biden, Hunter Biden, Elizabeth Frantz, McCarthy, Donald Trump, Don Bacon, Matt Gaetz, Gaetz, Chip Roy, Roy, Texas Republican shrugged, Clay Higgins, Higgins, Bob Good, Ralph Norman, David Morgan, Makini Brice, Scott Malone, Stephen Coates Organizations: Capitol, REUTERS, Rights, ., Republican, Democratic, Republicans, Texas Republican, House Democrats, Caucus, America, Thomson Locations: Washington , U.S, Nebraska, Texas, Mexico
[1/2] U.S. House Speaker Kevin McCarthy (R-CA) calls for an impeachment inquiry into U.S. President Joe Biden while delivering a statement on allegations surrounding President Biden and his son Hunter Biden, on Capitol Hill in Washington, U.S., September 12, 2023. Some lawmakers on the Republican right flank have said they would try to remove McCarthy as the leader of the House if he did not move ahead with an impeachment effort against Biden. "I am directing our House committees to open a formal impeachment inquiry into President Joe Biden," McCarthy told reporters. The White House has said there is no basis for an investigation and Biden has mocked Republicans over a possible impeachment. Any Biden impeachment effort would be unlikely to succeed.
Persons: Kevin McCarthy, Joe Biden, Biden, Hunter Biden, Elizabeth Frantz, Donald Trump, McCarthy, Hunter, substantiation, Trump, Richard Cowan, Makini Brice, David Morgan, Andy Sullivan, Will Dunham, Scott Malone Organizations: ., Capitol, REUTERS, Rights, Republican U.S . House, Democratic, Democrats, Republican, Trump, Republicans, Constitution, U.S, Thomson Locations: Washington , U.S, McCarthy's, U.S, Ukraine
U.S. House Speaker Kevin McCarthy (R-CA) arrives at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, May 31, 2023. "There's no reason for a government shutdown," White House Press Secretary Karine Jean-Pierre said Wednesday at a briefing. WASHINGTON — Concerns over a potential government shutdown have reached a fever pitch as the House of Representatives returns to session this week with little progress to show on budget negotiations. Freedom Caucus Republicans have said they oppose even passing the continuing resolution without concessions on border funding and if it includes money for Ukraine. The speaker warned his caucus that a government shutdown would have negative effects on the impeachment process as well.
Persons: Kevin McCarthy, Karine Jean, Pierre, Joe Biden, Biden, Mitch McConnell, McConnell, McCarthy, Marjorie Taylor Greene, Ken Buck, Biden —, Buck, we're Organizations: U.S, Capitol, U.S . House, Democratic, House Press, Republican, Caucus, Republican Party, White, Freedom Caucus Republicans, Republicans, Fox News, Freedom Caucus, MSNBC Locations: U.S, Washington, WASHINGTON, Ukraine
House Speaker Kevin McCarthy, R-Calif., plans to endorse an impeachment inquiry into President Joe Biden in an effort to seek bank records and other documents from the president and his son Hunter Biden, two Republican sources familiar with the speaker's intentions told NBC News. McCarthy has signaled for weeks that the House could take up an impeachment inquiry, which would provide additional legal power to the House's investigations into the Biden family. It is unclear whether there are sufficient votes within the GOP conference to open an impeachment inquiry into the president. The White House is ramping up a war room to lead a response to a Republican impeachment inquiry, NBC News previously reported. McCarthy's move to endorse an impeachment inquiry into Biden comes amid pressure from right-wing Republicans,who are pushing back against a short-term funding bill to avert a government shutdown at the end of the month.
Persons: Kevin McCarthy, Joe Biden, McCarthy, Hunter Biden, Jim Jordan, James Comer, Biden, Hunter, we're, we've, Devon Archer, Ken Buck, Buck, Jen Psaki, McCarthy's, Matt Gaetz, , Kevin, Gaetz, Eric Swalwell, Marjorie Taylor Greene, he's, Matt Organizations: NBC News, GOP, House Republican Conference, Punchbowl News, American, Republicans, Freedom Caucus, NBC, Monday, Sunday Locations: Washington , DC, Ohio, Ky
BEIRUT (AP) — The U.S. Treasury on Tuesday slapped terrorism sanctions on a family network of seven individuals and businesses in Lebanon and South America accused of financing the militant group Hezbollah, including a Lebanese man who officials say was involved in two deadly attacks in Argentina in the 1990s. The Iran-backed group is designated a “foreign terrorist organization," and Washington also claims that the group has been involved in drug trafficking in Latin America to generate revenue. Rada, according to the Treasury, spent over a decade in South America before relocating to Lebanon. Political Cartoons View All 1154 ImagesRada's brother, Samer, was also sanctioned and accused of being involved in various drug trafficking and money laundering operations across Latin America. The Treasury also slapped sanctions on Lebanon-based company Black Diamond SARL and owner Ali Ismail Ajrouch.
Persons: Amer Mohamed Akil Rada, , , Brian Nelson, Mehdi Akil Helbawi, Diamond SARL, Ali Ismail Ajrouch Organizations: Treasury, Argentine, Israelite Mutual Association, Embassy, Rada, BCI Technologies Locations: BEIRUT, U.S, Lebanon, South America, Lebanese, Argentina, Buenos Aires, Iran, Washington, America, Colombia, Latin America, Belize, El Salvador, Venezuelan
Surf City USA —for a financial conference. A financial conference on a beach? Reinventing the financial conferenceWelcome to FutureProof, billed as "the largest gathering of top-tier wealth management professionals, CEOs, CTOs, COOs, and fast-growing financial advisors." It's the brainchild of Barry Ritholtz, co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, and CEO Josh Brown. "Coming out of the pandemic, it was obvious to us that the traditional financial conference was past its sell-by date," Ritholtz told me.
Persons: Tang, Redman, They're, Jeremy Siegel, Jeff Kleintop, Charles Schwab, Emily Roland, John Hancock, Cliff Asness, Jeff Gundlach, maven Jan van Eck, Barry Ritholtz, Josh Brown, Ritholtz, FutureProof, You'll, Goldman, Goldman Sachs, Morgan Stanley, JP Morgan, RIAs, Dan Ives, Scott Wapner, Siegel, Morningstar, Christine Benz, Jeffrey Ptak, Ben Johnson, podcasters Michael Batnick, Ben Carlson, Wu, Tang Clan Organizations: Wharton, Ritholtz Wealth Management, Chiropractic, Health, Investment Advisors, CNBC, Financial Locations: Huntington Beach , CA, Huntington Beach , California, Surf, Huntington Beach, AQR, DoubleLine, FutureProof, COOs, Wells, Wedbush, Young
Australia adds Neser to bolster pace attack in South Africa
  + stars: | 2023-09-09 | by ( ) www.reuters.com   time to read: +1 min
BLOEMFONTEIN, Sept 9 (Reuters) - Fast bowler Michael Neser will return to the country of his birth to shore up Australia's pace attack in the one day international series in South Africa after more injuries hit the team. Left hand quick Spencer Johnson, who was added to the ODI squad, has now sustained a hamstring injury, Cricket Australia (CA) said on Saturday. Johnson will remain in South Africa and travel with rest of the white-ball squad to India later this month, added the CA statement. South Africa on Saturday added all-rounder Andile Phehlukwayo to their squad as cover for Sisanda Magala, who is recovering from an acute knee injury. Magala has made positive progress in his recovery and will continue his build-up towards contention for selection during this series, said a statement from Cricket South Africa.
Persons: Michael Neser, Ness, Tony Dodemaide, Neser, Pat Cummins, paceman Mitchell Starc, Spencer Johnson, Cameron Green, Johnson, Phehlukwayo, Sisanda Magala, Magala, Amlan Chakraborty, Mark Gleeson, Michael Perry, Pritha Organizations: Bloemfontein, Australia, Cricket Australia, Cricket South, Thomson Locations: BLOEMFONTEIN, South Africa, Pretoria, Potchefstroom, India, Africa, Cricket South Africa, New Delhi, Cape Town
New York CNN —The Queen, better known as Beyoncé, had a dress code in mind for Renaissance tour concert goers attending her “House of Chrome,” as she described her concerts. Unprecedented salesAt a pivotal moment during each concert, Beyoncé flicks her wrist and pans out her black handheld fan. A group of fans pose for a portrait before entering Beyoncé's Renaissance World Tour on Friday, Sept. 1, 2023 in Inglewood, CA. “I did not see them becoming my best seller, much less my by-far-best-seller, because of something as random as a concert tour,” Fritts said. That demand was quickly replaced with silver bedazzled shades earlier this month after Beyoncé’s silver announcement.
Persons: Etsy, Taylor, , ” VenuezNVibez, , Beyoncé, Erin Fritts, she’s, Taylor Swift, it’s, ” Fritts, Jason Armond, Fritts, Sydney Baloue, ” Baloue, Tracy Swank, Swank, DaKeitha Bennett, I’ve, ” Bennett Organizations: New, New York CNN, Chrome, New York Times, CNN, Los Angeles Times Locations: New York, , Charlotte , North Carolina, Inglewood , CA, Florida, California, Baltimore, Etsy, Flint , Michigan
Reception room at the Ritz-Carlton Hotel in New York City, ca. Photo: Museum of the City of New York/Bridgeman ImagesIn one of his epigraphs to this compact book on F. Scott Fitzgerald, Arthur Krystal invokes Lytton Strachey’s advice to the successful biographer: Instead of the “direct method of a scrupulous narration,” the biographer must “attack his subject in unexpected places; he will fall upon the flank or the rear; he will shoot a sudden, revealing searchlight into obscure recesses, hitherto undivined.” The evocation of Strachey in connection with Fitzgerald is surprising since they seem an unlikely pair, but Mr. Krystal quotes him in order to distinguish “Some Unfinished Chaos: The Lives of F. Scott Fitzgerald” from the always-growing list of Fitzgerald biographies that began in 1951, with Arthur Mizener’s “The Far Side of Paradise.” In choosing the plural “Lives,” Mr. Krystal wants to open up his subject to multiple interpretations rather than opting for the “direct method” of settling on the singular explanatory one. His other epigraph is from Fitzgerald himself: “There never was a good biography of a good novelist. There couldn’t be. He’s too many people if he’s any good.”
Persons: Scott Fitzgerald, Arthur Krystal, Lytton, Strachey, Fitzgerald, Krystal, Scott Fitzgerald ”, Arthur Mizener’s “, ” Mr, couldn’t, Organizations: Ritz, Carlton Locations: New York City, City of New York
CNN —Chinese property giant Country Garden has twice narrowly avoided defaulting on its debt in a matter of days. Here’s what to know about Country Garden, and the future it faces. That was down significantly from revenue of about 523 billion yuan ($71.6 billion) and net profit of approximately 41 billion yuan ($5.6 billion) in 2021. Investors have since been bracing for a potential default by Country Garden, which has openly admitted this could happen soon. Country Garden shares in Hong Kong have plunged 55% so far this year as investors dumped the stock.
Persons: it’s, , Evergrande, Yang Huiyan, Yang, , Fitch Organizations: CNN, Getty, Garden, Hong Kong Locations: China, Hong Kong, Foshan, Guangdong, Zhenjiang, China's, Jiangsu, United States, Evergrande, Beijing, Fuyang, Anhui
RBC has raised its bets on convenience store operator Alimentation Couche-Tard , doubling the weighting of the stock in its "Focus List: Fall 2023" bucket to 5%. The company, along with 26 other stocks, were also on RBC's "Summer 2023" list. Although the bank's stock list has underperformed over the past six months, it has historically and consistently beaten its benchmark S & P/TSX Index . The RBC Strategy Canadian Focus List returned 11.3% in compounded annual growth over the past five years. ATD-CA 5Y mountain Waste Connections RBC also doubled its weighting of U.S.-firm Waste Connections to 5% in its "Focus List: Fall 2023" bucket.
Persons: Irene Nattel, that's Organizations: RBC, RBC Strategy, Canadian, Capital Markets, TSX, Consumer Staples Locations: ATD
CNN —Thousands of Burning Man attendees finally made their mass exodus after intense rain over the weekend flooded camp sites and filled them with thick, ankle-deep mud, stranding more than 70,000 free-spirited revelers as they waited for the Nevada desert city to dry out. Thousands of people waited hours Monday to leave Burning Man in Nevada's Black Rock City. But that’s not unusual: It’s taken between six to nine hours during peak travel times in past years, according to a Burning Man website. Trevor Hughes/USA TODAY/ReutersWhy did the rain have such an impact on Burning Man? ” The heaviest rain fell in far eastern Churchill & Pershing counties, with totals close to 2.5”!”Pershing County is where Burning Man takes place.
Persons: festivalgoers, Matt Mills McKnight, RVs, ” Kaz Qamruddin, CNN’s Brianna Keilar, , , Cindy Crawford, DJ Diplo, Chris Rock, Kaia Gerber, Austin Butler, Qamruddin, “ I’m, “ We’ve, Trevor Hughes, Van Dam Organizations: CNN, Rock City, Reuters, Twitter, Burning Man, USA, National Weather Service Locations: Nevada, Rock, BRC, Reno, , CA, Churchill, Pershing
The sale will reduce Chemical Industries' stake to 20.95%, giving impetus to Egypt's floundering privatisation programme. Global Investment will provide $150 million to buy the tobacco necessary for production as part of the agreement. The deal "is an affirmation of the government's determination to ... encourage direct private investment in various sectors," the cabinet statement said. Egypt's government sold 4.5% of Eastern Co. on the stock exchange in 2019, leaving the holding company with a majority stake. Egypt desperately needs foreign currency after the COVID pandemic and Ukraine crisis exposed vulnerabilities in its economy.
Persons: Mostafa Madbouly, Momen Saeed Atallah, Adam Makary, Hatem Maher, Patrick Werr, Ros Russell Organizations: Global Investment Holding, Eastern Co, Holding Company, Chemical Industries, Global Investment, International Monetary, Thomson Locations: CAIRO, Eastern, Egypt, Ukraine
Major Gulf bourses fall amid China gloom
  + stars: | 2023-09-03 | by ( Md Manzer Hussain | ) www.reuters.com   time to read: +1 min
FILE PHOTO-Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. The Qatari index (.QSI) fell for a third consecutive session, ending 0.1% lower, with most sectors in the red. Saudi Arabia's benchmark index (.TASI) was down 0.3%, with a 1.3% slump in oil giant Saudi Aramco (2222.SE). The world's biggest oil company is considering selling a stake worth as much as $50 billion, the Wall Street Journal reported on Friday. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.8%, snapping its winning streak from the six previous sessions, with most sectors in the red.
Persons: Joe Biden, Hamad I Mohammed, Md Manzer Hussain, Hugh Lawson Organizations: Bahrain Bourse, U.S, REUTERS, Qatar National Bank, Commercial Bank, Saudi Aramco, Wall Street, Saudi Basic Industries, Saudi Iron and Steel Company, Public Investment Fund, International Bank, Thomson Locations: Bahrain, Manama, China, Saudi, El
An unprecedented liquidity crisis in China's vast property sector is a major risk to a sputtering post-COVID recovery in the world's second-biggest economy, which has rattled global markets. Country Garden debt payment extension buys time for China's largest private developer to avoid default, and is good news for financial markets and the Chinese government, which has announced a raft of measures to support the property sector. In Friday's vote, 56.08% of participating Country Garden onshore creditors approved the extension, 43.64% opposed and 0.28% abstained, an official document shared with bondholders showed. Country Garden did not immediately respond to a request for comment. A default by Country Garden would have exacerbated the real estate crisis and put more strain on its onshore lenders.
Persons: spiralled, Junan, Zhou Hao, Moody's, Xie Yu, Kevin Huang, Li Gu, Sumeet Chatterjee, William Mallard Organizations: Reuters, HK, China Evergrande, Thomson Locations: HONG KONG, Beijing, China, Caa1, Hong Kong, Shanghai
A view of closed shops in a mall at Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. Who is Country Garden and why do people care about its debt woes? How bad is Country Garden's financial situation? It faces 108.7 billion yuan ($14.9 billion) worth of debts due within 12 months, while its cash levels are around 101.1 billion yuan. It said Country Garden was facing tight liquidity and recovery prospects for bondholders could be weak.
Persons: Edgar Su, Will, Moody's, Xie Yu, Sumeet Chatterjee, David Holmes, Gerry Doyle Organizations: REUTERS, HK, China Evergrande, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Evergrande, Will Beijing, Beijing, Guangdong, Caa1
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