BEIJING/SHANGHAI (Reuters) – A liquidity crisis at one of China’s top asset managers Zhongzhi Enterprise Group has fuelled worries that the country’s deepening property sector crisis is spilling over into its $57 trillion financial industry, even as the economy is weakening. The group will conduct a debt restructuring, investors sources told Reuters after being briefed…
BEIJING (Reuters) – Chinese commercial banks need to maintain a proper level of profit and net interest margins to ensure sustainability in supporting the real economy, China’s central bank said in a monetary policy implementation report on Thursday. Banks’ net interest margins and rate of return on total assets are in a downward trend due…
ABUJA (Reuters) – A Nigerian court in the capital Abuja adjourned a hearing on Thursday for suspended central bank governor Godwin Emefiele, who is facing a 20-count fraud charge, due to the absence of a second defendant on the case, a government lawyer said. The matter was adjourned to Aug 23 after a co-defendant on…
By Josh Ye HONG KONG (Reuters) -China’s Lenovo Group on Thursday posted a worse-than-expected 24% fall in revenue for the April-June quarter, hit by a prolonged slump in global demand for personal computers. The world’s largest PC maker has now suffered four consecutive quarters of sales declines. The result comes after it reported a 14%…
By Kanishka Singh WASHINGTON (Reuters) – New York City on Wednesday banned TikTok on government-owned devices, citing security concerns, joining a number of U.S. cities and states that have put such restrictions on the short video sharing app. TikTok, which is used by more than 150 million Americans and is owned by Chinese tech giant…
By Jesus Calero and Marie Mannes STOCKHOLM (Reuters) -Swedish games developer Embracer on Thursday reported slightly weaker than expected operating profit for the April to June period but reiterated its full-year guidance, saying its restructuring programme was on track. Adjusted operating profit for the fiscal first quarter stood at 1.67 billion Swedish crowns ($152.75 million),…
(Reuters) – Bankruptcy declarations in the European Union reached the highest level since 2015 in the second quarter of this year, driven by increases in the accommodation and food services sectors, the bloc’s statistics agency Eurostat said on Thursday. The number of wound up companies in the April-June period was 8% higher than the previous…
By Laurie Chen and Yew Lun Tian BEIJING (Reuters) – With China at risk of tipping into prolonged stagnation and a spiralling property crisis threatening financial stability, there is growing unease over why its leaders are not rushing to revive the world’s second-largest economy. Even in a country known for opaque and drawn-out decision making,…
By Alexander Marrow and Elena Fabrichnaya (Reuters) – The Russian rouble strengthened to 93 against the dollar on Thursday, in a volatile week filled with speculation over how the authorities might stabilise the currency after a 350-basis-point rate hike appeared to have only a limited effect. The Bank of Russia increased its key rate to…
BRUSSELS (Reuters) – The euro zone swung back into a large trade surplus in June from a similar size deficit 12 months earlier, as imports from both Russia and China fell sharply, data showed on Thursday. The European Union’s statistics office, Eurostat, said the unadjusted external trade surplus of the 20 countries sharing the euro…
