By Nell Mackenzie LONDON (Reuters – Hedge fund EDL Capital is betting on further falls for China’s offshore currency and says the yuan’s slide could be the next “black swan event” to rattle world markets, according to an investor presentation this month seen by Reuters. The U.S. dollar has strengthened roughly 6% against the offshore…
BEIJING (Reuters) – China’s central bank said on Thursday it would keep liquidity reasonably ample and keep its policy “precise and forceful” to support the country’s economic recovery, amid rising headwinds. Data for July has highlighted the intensifying pressure on the economy on a number of fronts, including a property downturn and deflationary pressure, prompting…
By Mubasher Bukhari and Asif Shahzad LAHORE, Pakistan (Reuters) -Paramilitary troops have cordoned off a Christian settlement in eastern Pakistan where a Muslim mob vandalised and torched several churches and scores of houses after two men living there were accused of desecrating the Koran, police and witnesses said on Thursday. The attack took place in…
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…
