LONDON (Reuters) – Credit distress at Chinese private developer Country Garden is likely to spill over to the country’s property and financial markets, weakening sentiment and delaying the recovery of the property sector, Moody’s Investors Service said on Friday. Country Garden on Tuesday said it had not paid two dollar bond coupons due on Aug….
By Guy Faulconbridge MOSCOW (Reuters) – (Please note strong language in paragraph four) Jailed Russian opposition leader Alexei Navalny admonished the Russian elite on Friday for its venality, expressing hatred for those who squandered a historic opportunity to reform after the 1991 fall of the Soviet Union. In an impassioned 2,000-word essay in response to…
By Noele Illien ZURICH (Reuters) – Swiss taxpayers are no longer on the hook over the rescue of Credit Suisse after UBS said on Friday it would not need the 9 billion francs ($10.3 billion) of state guarantees provided to smooth the takeover of its failing rival. UBS also said it no longer needed a…
(Reuters) – A look at the day ahead in U.S. and global markets by Naomi Rovnick. Positive economic data tends to move stock markets, either by fueling rallies, or prompting a temporary sell-off as traders take profits. So this week’s lackluster reaction to cheering U.S. inflation figures looks unusual. Data on Thursday showed core U.S….
(Reuters) – A patriotic call by China’s bestselling automaker to band the industry together and “demolish the old legends” of the global market has gone viral, drawing both raves and a rebuke from a rival. BYD used an event this week to mark a production milestone to celebrate a bigger purpose: the emergence of China…
By Twinnie Siu and Donny Kwok HONG KONG (Reuters) -Hong Kong’s economy grew 1.5% in the second quarter from a year ago, slowing from 2.9% in the first quarter as demand for exports weakened and investment spending fell, official seasonally-adjusted data showed on Friday. The second quarter figure was the same as preliminary estimate made…
MOSCOW (Reuters) – Russian air defences on Friday downed a Ukrainian drone as it flew towards an unspecified target in Moscow, the defence ministry said, the latest in a flurry of drone attacks on the Russian capital. Earlier, Moscow’s Vnukovo airport and Kaluga airport, some 150 km (95 miles) southwest of the capital, were temporarily…
JOHANNESBURG (Reuters) -South Africa’s former president Jacob Zuma, who spent only two months of a 15-month sentence in prison in 2021, was granted a remission approved by President Cyril Ramaphosa on Friday, avoiding a decision that could have sent him back to jail. Zuma was jailed in July 2021 for defying a court order to…
By Greg Bensinger SAN FRANCISCO (Reuters) -California just supercharged the self-driving car industry. Following a contentious state agency vote, Alphabet Inc’s Waymo and General Motors’ Cruise are allowed to take paying passengers day or night throughout San Francisco, solidifying the tech hub as the center of the autonomous vehicle (AV) industry. It marks a significant…
BEIJING (Reuters) -China will let local governments raise about 1 trillion yuan ($140 billion) through bond sales to repay the debt of local-government financing vehicles (LGFVs) and other off-balance-sheet issuers, Bloomberg News reported on Friday. Debt-laden municipalities represent a major risk to China’s economy and financial stability, economists say, after years of over-investment in infrastructure,…
