SHANGHAI (Reuters) -A growing number of Chinese construction and decoration companies are writing off assets or issuing profit warnings as debt woes at China Evergrande Group and other property developers debilitate their suppliers. More such disclosures are expected during the upcoming earnings season, putting pressure on Chinese authorities to do more to limit the contagion…
By Tom Polansek CHICAGO (Reuters) – The U.S. Department of Agriculture said on Sunday it will help fund a new container yard for agricultural exports at California’s Port of Oakland, as the government, ports and food companies scramble to ease costly shipping delays. The multimillion-dollar project is set to open in March, and officials said…
ROME (Reuters) – Italy’s Treasury is pushing for a change at the helm of Monte dei Paschi (MPS) of which it owns 64%, as the bailed-out lender gears up to tap markets for cash, three sources close to the matter said. The Treasury late last year refused to meet terms set by Italy’s second-biggest bank…
LAGOS (Reuters) – Binance, the world’s largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing a need to comply with international money laundering laws, its CEO said. Changpeng Zhao said in a letter to Nigerian customers dated Jan. 29 that the decision to restrict some personal accounts was to ensure user…
BERLIN (Reuters) – Some employees of Deutsche Bank’s Postbank will stage a strike on Monday to raise pressure on management to meet their demands for higher wages in the face of rising inflation, a union official said on Sunday. The strikes at branches in Berlin, Dortmund and Cologne as well as at the bank’s call…
HELSINKI (AP) — A powerful winter storm swept through northern Europe over the weekend, killing at least four people, destroying houses and cars, closing bridges and causing flooding and halting transport while leaving thousands of households without electricity. Storm Malik was advancing in the Nordic region on Sunday, bringing strong gusts of wind, and extensive…
HONG KONG (Reuters) – China Evergrande Group said on Sunday that recievers have been appointed for a plot of undeveloped land in Hong Kong’s rural Yuen Long district, in the latest development to hit the debt-laden developer. A source with direct knowledge said the creditor is Oaktree. However Evergrande did not mention the name in…
PARIS (AP) — The French left is running divided and weakened in this year’s presidential race as at least five mainstream presidential candidates have rejected any alliances with each other — and an online vote meant to pick a leader appears doomed to fail. An icon of the French left, Christiane Taubira, a staunch feminist…
LISBON, Portugal (AP) — Portugal’s center-left Socialist Party won a third straight general election Sunday, returning it to power as the country prepares to deploy billions of euros (dollars) of European Union aid for the economy after the COVID-19 pandemic. In a ballot that took place amid a surge of coronavirus cases blamed on the…
BEIJING (AP) — Manufacturing activity in the world’s second largest economy grew at a slower pace in January compared to the previous month, according to an official government measure, as the country’s strict “zero-tolerance” COVID-19 measures put a dampener on economic activity. The purchasing manager’s index, tracked by China’s National Bureau of Statistics, slipped to…
