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    How some school districts are trying to keep kids out of quarantine A London police officer handcuffed a woman in a fake arrest before raping and killing her, prosecutors say Embattled property developer Evergrande on Wednesday said it will sell a $1.5 billion stake in a regional Chinese bank to raise much-needed capital, as it struggles to make interest payments while being choked by debts and ratings downgrades. © Hector RETAMAL There are fears that the collapse of Evergrande could send shockwaves through the Chinese economy and beyond The stake sale to a state-owned group is Evergrande's first major asset disposal as it attempts to claw its way back from the brink of collapse. Load Error Experts fear a chaotic implosion of the company, which is saddled with more than $300 billion in debts, could reverberate through China's banking and property sectors, and possibly into the global economy. The Shenzhen-based conglomerate agreed to sell 1.7 billion non-public shares in northeastern China's Shengjing Bank to Shenyang Shengjing Finance Investment Group, Evergrande said in a Hong Kong exchange filing.  "The...
    Hong Kong (CNN Business)Evergrande has raised $1.5 billion in much needed cash. But that may do little to help it meet a new bond interest payment due Wednesday.The Chinese real estate developer has agreed to sell off part of its stake in a local bank for nearly 10 billion yuan (about $1.5 billion). Evergrande made the announcement Wednesday, sending its shares up nearly 16% in Hong Kong.The company will be selling a nearly 20% stake in Shengjing Bank to state-owned Shenyang Shengjing Finance Investment Group.In recent days, speculation has been mounting that officials may ask state-owned businesses to support Evergrande.Over a third of Shengjing Bank is owned by the property giant, and the lender has already been hurt by Evergrande's troubles.Read MoreIn a stock exchange filing, Evergrande said that its "liquidity issue has adversely affected Shengjing Bank in a material way," and that the lender has demanded that all proceeds from the sale be used for resolving "financial liabilities" between the two parties. The conglomerate will still hang on to a 14.75% stake after the deal closes.5 things to know...
    Residences at China Evergrande Group's Life in Venice real estate and tourism development in Qidong, Jiangsu province, China, on Tuesday, Sept. 21, 2021.Qilai Shen | Bloomberg | Getty Images Ahead of another interest payment deadline, Chinese developer Evergrande announced it will be selling off a $1.5 billion (9.99 billion yuan) stake in Shengjing Bank to a state-owned asset management firm. The property giant, which is buckling under the weight of more than $300 billion in debt, has been struggling to raise funds as it faces a $47.5 million bond interest payment deadline on Wednesday. The embattled real estate giant owes payments to banks and suppliers. In a filing to the Hong Kong exchange on Wednesday morning, Evergrande said that it has entered an agreement to sell the 1.75 billion shares it owns in Shengjing Bank to the Shenyang Shengjing Finance Investment Group, at 5.70 yuan per share. Those shares amount to 19.93% of the issued share capital of the bank. Evergrande had earlier already disposed of 1 billion yuan worth of shares in Shengjing Bank. In the statement, Evergrande said that its liquidity problems have...
    TOKYO (AP) — Asian shares mostly fell Tuesday as concerns about China chipped away at investor optimism following a mixed finish on Wall Street. Japan’s benchmark Nikkei 225 lost 0.2% to finish at 30,183.96. Australia’s S&P/ASX 200 slipped 1.5% to 7,275.60. South Korea’s Kospi declined 1.1% to 3,100.60. Hong Kong’s Hang Seng added 1.5% to 24,575.92. The Shanghai Composite index climbed 0.5% to 3,601.91. A power crunch in some parts of China has shut down factories and left some households without electricity under an effort to meet official energy use targets. That could have global repercussions, including on supplies needed for manufacturing throughout Asia, coming right ahead of the year-end shopping season. That’s on top of parts and raw material shortages that already ail regional manufacturing because of supply disruptions caused by the coronavirus pandemic. Analysts say the power shortage in China could become prolonged as the demand for coal and natural gas surges during the winter. Another lingering market worry resonating from China is the possible collapse of one of China’s biggest real estate developers,...
    Hong Kong (CNN Business)An electric car company owned by China's Evergrande is having trouble paying suppliers and has called off plans to sell new shares as the group's woes spread beyond its core real estate business. Shares in China Evergrande New Energy Vehicle Group fell more than 9% in Hong Kong on Monday following announcements that it would no longer pursue a secondary listing in Shanghai, and that it was having trouble paying suppliers. The stock was down as much as 30% earlier in the day.Concerns have been swirling for some time: shares of the EV firm have suffered several single-day drops of more than 20% in recent weeks, and have crashed more than 90% so far this year.The carmaker's latest warnings mirrored those of its owner, which has rattled global investors and sparked fears among some analysts of a potential Lehman Brothers moment in the world's second biggest economy. Evergrande Group has in recent weeks warned that it could default on its enormous debts, which run up to more than $300 billion. Evergrande New Energy Vehicle, which is known...
    The world is still waiting to find out what will happen to troubled Chinese conglomerate Evergrande and its enormous mountain of debt. The property developer’s debt crisis is a major test for Beijing. Some analysts fear it could even turn into China’s Lehman Brothers moment, sending shockwaves across the world’s second biggest economy. Real estate — and related industries — account for as much as 30% of Chinese GDP. This week, investors experienced whiplash as the firm met one crucial debt deadline, but then failed to address another. Shares shot up one day, and down the next. The coming days and weeks will be critical. While Evergrande has a grace period of up to 30 days on an interest payment of nearly $84 million that was due Thursday, it’s supposed to make a payment on another bond next week. That’s fueling speculation over what could happen next, with potential outcomes including a Beijing-backed bailout, restructuring or default. Here’s what you need to know about Evergrande, and how it got to where it is now. What is Evergrande? Evergrande is one...
    Three dismembered bodies, including a child, found in burning Texas dumpster California to replace alien with noncitizen, immigrant in state laws JAKARTA (Reuters) - Indonesian authorities are monitoring the financial market situation in China, finance minister Sri Mulyani Indrawati said on Thursday, and warned that property firm China Evergrande's debt woes could affect the world's economy. © Reuters/WILLY KURNIAWAN FILE PHOTO: Indonesian Finance Minister Sri Mulyani wearing a protective mask reacts during an interview with Reuters at the Presidential Palace in Jakarta "We see a new risk to the financial system stability in China," she told a news conference. Video: Explainer-How China Evergrande's debt troubles pose a systemic risk (Reuters) Explainer-How China Evergrandes debt troubles pose a systemic risk Reuters See more videos SHARE SHARE TWEET SHARE EMAIL What to watch next Wall Street closes rollercoaster week sharply lower Reuters Online purchases boost U.S. retail sales; labor market recovering Reuters S&P ends slightly lower as rising Treasury yields offset robust retail data Reuters Billions blown as Macau casino investors fold amid...
    VIDEO11:5511:55Believe the bounce? Markets erase last week's losses as energy, financials leadFast Money The S&P 500 and the Dow Jones Industrial Average eked out gains on Friday, wrapping up a volatile week on Wall Street. A move by China to ban cryptocurrencies weighed on the technology sector and Nike shares fell as supply chain issues stemming from the pandemic hit the sneaker giant. The Dow Jones Industrial Average gained 33.18 points, or 0.10%, to 34,798.00. The S&P 500 edged 0.15% higher to 4,455.48 and the Nasdaq Composite ticked down 0.03% to 15,047.70. "As bad as things started off on Monday for stocks, a mid-week bounce and calm on Friday isn't so bad," said Ryan Detrick, chief market strategist for LPL Financial. "Still, many of the worries over Evergrande, a slowing economy, and continued supply chain issues are still out there." The Nasdaq trailed the other major averages on a week-to-date basis, and the tech-heavy index added 0.02% for the week. The Dow finished the week 0.6% higher, while the S&P 500 ended it 0.5% higher.CNBCA crackdown on bitcoin by China...
    A man drives a cart past apartment buildings at China Evergrande Group's Life in Venice real estate and tourism development in Qidong, Jiangsu province, China, on Tuesday, Sept. 21, 2021.Qilai Shen | Bloomberg | Getty Images Chinese property developer Evergrande has not said whether it will fulfil its interest payments on its U.S.-dollar bond – a key milestone investors have been keeping their eyes on. The interest payment due Thursday amounted to $83 million. It was for a $2 billion dollar-denominated bond that's due to mature in March 2022. Dollar bonds are typically held by foreign investors. As of Friday morning during Asia hours, the company had not made any announcement, or any filing to the Hong Kong exchange, leaving investors in limbo. One portfolio manager with a private bank told CNBC that no interest payments for the March 2022 bond had flowed into his clients' accounts as of the end of Thursday. His clients are mostly wealthy individuals, said the portfolio manager, who has been in Asian fixed income for 15 years. He did not wish to be identified...
    Hong Kong (CNN Business)It's crunch time for China's heavily-indebted Evergrande Group.The sprawling Chinese real estate conglomerate faces a critical test on Thursday: can it meet its obligations to bondholders, or will it slip closer to default?Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond on Thursday, according to data from Refinitiv. It's not clear yet whether the company will make that payment. Investors have already been rattled by the risk that one of China's biggest developers could collapse, sending shockwaves through the world's second biggest economy. Chinas Evergrande meets crucial debt deadline but another loomsThe company is also scheduled to pay interest on a yuan bond due the same day, though it has already reached an agreement with bondholders on that payment, according to a stock exchange filing from Evergrande on Wednesday.Even if Evergrande doesn't make the $83.5 million payment immediately, it may still have some time. The company has a 30-day grace period before "officially defaulting," wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a research note this week.Read MoreBut...
    Signs that a struggling Chinese real estate firm will make a promised payment to bondholders buoyed investors, with U.S. financial markets set to continue rebounding after a steep fall earlier this week.  Evergrande Group said it will pay interest due Thursday to bondholders in China, which would help the property developer avoid defaulting on billions of dollars in debt. Concerns that the company's collapse could slam Chinese banks and rattle the country's vast real estate market have roiled global financial markets.  Evergrande's billionaire founder, Xu Jiayin, expressed confidence in a letter to employees this week that the company will quickly resolve its debt problems. Economists say Beijing can prevent a Chinese credit crunch but wants to avoid appearing to arrange a bailout while it tries to force other companies to reduce reliance on debt. For now, the Chinese government has remained silent about whether it might intervene to restructure Evergrande Group's $310 billion debt. Evergrande appears to be trying to buy time for "an orderly default rather than a shocking implosion" by paying bondholders in China on time while...
    Chinese real estate giant Evergrande has struck a deal to settle interest payments, calming fears the firm could default leading to global financial chaos. The crisis-hit company had debts of more than $300billion but it has negotiated an agreement with bondholders, while China's central bank has pumped more money into the banking system. The indebted firm is heavily linked to China's broader economy and fears of contagion have kept global stock and bond markets on tenterhooks, similar to the Lehman Brothers collapse in 2008. The announcement caused global markets to rally, with the FTSE 100 up 0.9 per cent and the Shanghai market up 0.4 per cent, although there remain doubts about the long-term health of the company.  Evergrande has admitted facing 'tremendous pressure' as it tackles its mammoth debt pile, and has warned that it may not be able to meet its liabilities. Chinese real estate giant Evergrande has struck a deal to settle interest payments, calming fears the firm could default, sparking global financial chaos Yet founder Xu Jiayin, a billionaire once counted as Asia's richest man,...
    London (CNN Business)Six weeks ago, the Federal Reserve was sending signals that it was time to start backing away from crisis-era support for the US economy."It's not clear to me that we're really doing anything useful here," St. Louis Federal Reserve Bank President James Bullard said on Aug. 10 of the Fed's $120 billion in monthly bond purchases.Dallas Fed President Robert Kaplan agreed. "What I don't want to do is keeping running at this speed for too long, and then we're going to have to take more aggressive action down the road," he told CNBC around the same time. Heres why the Fed wont announce tapering this weekBut the picture has changed since then, and when the Fed makes its latest policy announcement on Wednesday, it's expected to reiterate that for now, at least, it's sitting tight."A no change decision at the upcoming [Fed] meeting looks a foregone conclusion," ING strategists wrote in a recent note to clients, pointing to Chair Jerome Powell's remarks at the Jackson Hole symposium last month, which indicated that the central bank is not in...
    VIDEO6:0306:03Tom Lee says get ready for 'everything rally'Fast Money U.S. stock futures were higher on Wednesday ahead of the Federal Reserve's decision on monetary policy as stocks try to snap out of their September slump. Futures on the Dow Jones Industrial Average futures rose 200 points, or 0.6%. S&P 500 futures added 0.5% and Nasdaq 100 futures gained 0.3%. The S&P 500 is down 3.7% so far in September, including a 1.7% drop on Monday for its worst day since May. Major averages attempted to rebound on Tuesday but failed with the Dow and S&P 500 finishing in the red for the fourth day in a row. The Dow is down 4% in September. At the center of investor concerns is embattled Chinese property developer Evergrande, which is facing a possible default if it can't make millions of dollars in debt payments on U.S. dollar-denominated bonds this week. Evergrande's shares in Hong Kong are down nearly 90% since July 2020 as China cracks down on real estate speculation. Investors worry about a step down in global economic growth if China...
    The Evergrande headquarters is seen in Shenzhen, southeastern China on September 14, 2021, as the Chinese property giant said it is facing "unprecedented difficulties" but denied rumours that it is about to go under.Noel Celis | AFP | Getty Images BEIJING — Property developer China Evergrande's debt woes are not likely to cause the same fallout as the collapse of U.S. investment bank Lehman Brothers in 2008, analysts said. Evergrande's Hong Kong-listed shares have tumbled nearly 90% since July 2020, as the Chinese government cracked down on speculation in the real estate market. The stock has lost more than 20% in the last five trading days and investors are watching to see if the highly indebted real estate giant will be able to make millions of dollars in interest payments on U.S. dollar-denominated bonds in the coming days. The jitters have contributed to global stock market declines this week.Evergrande holds physical assetsHowever, when it comes to the scale of potential impact on international financial markets, analysts point to a major difference between the Evergrande crisis and the Lehman collapse: Evergrande...
    Hong Kong (CNN Business)China's Evergrande Group will pay interest due Thursday on one of its bonds, but it's keeping rattled investors guessing about the fate of second payment due this week. The troubled Chinese real estate conglomerate said Wednesday in a filing with the Shenzhen Stock Exchange that issues regarding a payment on a domestic yuan bond have been "settled through negotiations." Many questions remain unanswered, though. Evergrande did not elaborate on the terms of the payment. The amount of interest it owes on the bond is about 232 million yuan ($36 million), according to data from Refinitiv.Interest worth $83.5 million on a dollar-demoninated bond is also due Thursday, though the company has not said anything publicly about what will happen to that payment. Chinas Evergrande puts on a brave face. But will Beijing bail it out?Evergrande is stumbling under $300 billion worth of debt, which is widely held by Chinese financial institutions, retail investors, home buyers and its suppliers in construction, materials and design industries. Foreign investors also hold some of its debt. Over the last few weeks, the...
    Shares were mixed in Asia on Wednesday as investors awaited the Federal Reserve’s latest assessment on the U.S. economy. Tokyo fell but other major regional benchmarks were mostly higher on Wednesday, trimming early losses. The Bank of Japan kept its ultra-supportive monetary policy unchanged, as expected. Investors also are keeping a wary eye on troubled Chinese developer Evergrande, which is struggling to meet debt payments. The company said it plans to make an interest payment Thursday. Tokyo’s Nikkei 225 index lost 0.5% to 29,690.31, while the Shanghai Composite index gained 0.3% to 3,625.32. Australia’s S&P/ASX 200 gained 0.6% to 7,319.40. Shares fell 2% in Taiwan and also declined in Singapore. But benchmarks rose in India, Indonesia and Malaysia. Markets in South Korea and Hong Kong were closed for holidays. U.S. futures rose and the yield on the 10-year Treasury edged higher to 1.33% from 1.32% late Tuesday. The Federal Reserve is expected this week to send its clearest signal yet that it will start reining in its ultra-low-interest rate policies later this year, the first step...
    BEIJING (AP) — A Chinese real estate developer that is struggling to avoid defaulting on billions of dollars of debt reassured jittery global markets at least briefly Wednesday by announcing it will make an interest payment due this week. The Chinese government, meanwhile, kept investors guessing about whether it might intervene. Evergrande Group’s struggle to comply with financial limits regulators imposed to curb rising debt levels has prompted fears a default might cause global shockwaves. Economists say banks and bondholders are likely to lose money if Evergrande restructures its $310 billion debt but Beijing has the resources to prevent a Chinese credit crunch. The government wants to avoid appearing to arrange a bailout as it tries to force private companies to cut their debt loads but probably will try to protect families that paid for apartments that are yet to be built, economists say. That would cause bigger losses for other creditors. Evergrande, one of China’s biggest private sector conglomerates, said it will make a payment due Thursday on a 4 billion yuan ($620 million) bond denominated in Chinese...
    In this article 3333-HK Evergrande's debt crisis will slow down China's economic growth, but will likely have minimal spillover on the country's financial system, according to a former advisor to China's central bank. Evergrande is the world's most indebted property developer with total liabilities of around $300 billion. The company has been struggling to pay its suppliers and warned investors it could default on its debts, with one key payment due as soon as this week. "The impact is on the real economy because with the default of Evergrande, there'll be [a] slowdown in developments of many projects," Li Daokui, formerly an advisor to the People's Bank of China, told CNBC "Squawk Box Asia" on Wednesday.Loading chart... "So the real property market will have an impact on the GDP growth rate for the coming year because of slower finance for the whole sector," said Li, now a professor at Tsinghua University's School of Economics and Management.   He added that a default by Evergrande will have minimal effect on the Chinese financial system because there aren't derivative instruments built on...
    SINGAPORE — Markets in mainland China tumbled on Wednesday, after returning to trade from a two-day holiday, falling more than 1% amid the ongoing Evergrande crisis. With global markets selling off earlier this week, investors will be keeping a close watch on the China markets for any fallout surrounding the embattled developer. The Shanghai composite fell 1.44% in early trade while the Shenzhen component dropped 1.606%. Elsewhere in Asia, the Nikkei 225 in Japan hovered above the flatline while the Topix index shed 0.26%. The Taiex in Taiwan dropped 1.69% In Australia, the S&P/ASX 200 edged 0.33% higher. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.3% lower. Markets in Hong Kong and South Korea are closed on Wednesday for holidays.Stock picks and investing trends from CNBC Pro:Goldman predicts a surging semiconductor market, picks its top U.S. chip stocks These are the stocks Cathie Wood bought during Monday’s rout Algorithms drove the sell-off in some of the hardest-hit stocks on Monday, Oppenheimer analyst says Overnight stateside, the Dow Jones Industrial Average dipped 50.63 points to 33,919,84 while the...
    In this article BTC.CB= BTC.BS=-USS CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Kate Rooney explains why Chinese property developer Evergrande Group's debt crisis could be trouble for Tether. Plus, Johnson & Johnson finds a second shot of its Covid vaccine to be 94% effective against infection. The global economy could feel the effects of China’s Evergrande crisis. Here’s what investors should know A liquidity crisis at a large Chinese property developer has shaken global markets, and strategists say it could send ripples across the global economy. But they also say the issue will likely be contained by the Chinese government before it wreaks damage in the banking system, and it is not expected to lead to a broader global financial contagion. The critical question for investors is how and when do leaders in Beijing handle the situation and whether they launch a restructuring of China Evergrande Group, as many market pros expect. Investors have worried that Beijing is likely to let the company fail, wounding stockholders and domestic bondholders. Evergrande faces...
    In this article ASHR VWIGX VIDEO2:2202:22ETF Edge: Chaos in the Chinese marketsHalftime ReportActive management may be one of the only ways to generate alpha from the turbulent China trade, one investor says. Chinese stocks have whipsawed this week amid concerns that one of the country's largest property developers, Evergrande, could default on billions of dollars in debt. Considering China's growing litany of risks — not just Evergrande, but also the regulatory crackdowns targeting the nation's technology, gaming and education companies — it's imperative to stay nimble in that market, Adviser Investment Management Chairman Daniel Wiener told CNBC's "ETF Edge" on Monday. "I don't think you can index China right now," said Wiener, who manages $7 billion in assets. "You need to work with investment managers, portfolio managers with boots on the ground. That means using actively managed funds, not ETFs." One such option exists at Vanguard, where Wiener is editor of The Independent Adviser, a monthly newsletter. The Vanguard International Growth Fund, an open-ended mutual fund with a nearly 14% position in China, has outperformed Vanguard's Total China Index...
    US stocks surged on the opening bell Tuesday - one day after Chinese real estate giant Evergrande sent Wall Street into turmoil after its more than $300 billion debts sparked fears of a Lehman Brothers-style collapse. The Dow Jones was up by more than 200 points and .61 percent on Tuesday at 34,179.03, having closed at 33,970.47 on Monday afternoon.  S&P 500 rose by 16.77 points or .4 percent from 4,357.73 on the previous close to 4,374.5 opening Tuesday. Nasdaq opened at 14,803.36 - up by 89.49 points or .6 percent from 14,713.9 closing Monday.    All three indexes plunged Monday, with the Dow Jones down a staggering 489 points from Friday's close of 34,459.72.   This came after Evergrande, China's second largest property developer, looked poised to default on its multi-billion dollar debt burden.  The firm has warned for months it does not have enough case to pay off its and its share price has plummeted 80 percent this year. Construction materials industries have also started to see their share prices drop amid fears the implosion of Evergrande would lead to a collapse in...
    One of China's biggest property developers is at risk of buckling under billions of dollars in debt, raising concerns among investors around the globe that China could face a "Lehman Brothers moment" if the firm collapses and triggers financial contagion. Here's why Evergrande Group is suddenly rattling financial markets from Hong Kong to Wall Street. What is Evergrande Group?Based in the southern Chinese city of Shenzhen, Evergrande invests in, builds and manages thousands of residential properties. It is among the country's largest real estate firms, with total assets listed at $356 billion and reported annual sales of more than $108 billion. How might Evergrande collapse?Over the years, Evergrande has borrowed heavily to build apartments, office buildings and shopping malls. Now analysts worry the company may not be able to repay the $103 billion it owes to banks, construction firms and other creditors. Adding to the pressure is a push by Chinese financial authorities to cool the country's overheated property sector while also reining in borrowers and investors. Stocks slump as investors fret about Fed and China's Evergrande Group "The struggles of...
    New York (CNN Business)US stocks are rebounding Tuesday, after concerns about potential contagion from Chinese real estate giant Evergrande's debt crisis led to the worst session for the market in months.After weeks without a clear driver for markets, Evergrande's trouble came at just the right time to trigger a massive selloff. Analysts have long said a correction of prices was necessary given how long the recovery rally has been going on.But after Monday's steep drop, investors are already taking a breather and Wall Street opened with green arrows across the board. The Dow (INDU) rose 0.4%, or 144 points, at the opening bell. The S&P 500 (SPX) opened 0.4% higher and the Nasdaq Composite (COMP) climbed 0.5%.Elsewhere, the 10-year US Treasury bond yield is flat. Yields fell and prices rose Monday as investors rushed into the safety of Treasuries.Read MoreBitcoin, which sold off Monday, still traded lower, down about 1%.What's next for EvergrandeEvergrande is stumbling under its $300 billion debt burden ahead of a $100 million interest payment on two of its bonds later this week. Should the conglomerate actually...
    London (CNN Business)Global markets are rebounding from a sharp selloff on Monday, when the S&P 500 and the Nasdaq Composite logged their worst performances since May.But to keep advancing, stocks will need to surmount a lengthening list of anxieties simmering under the surface that threaten to curtail the year's spectacular run."We've been in the camp that we're overdue for a correction, something in the 5-10% range that is a buyable pullback," said Cliff Hodge, chief investment officer at Cornerstone Wealth. This may not be the week. Bespoke Investment Group has highlighted the prevalence of "turnaround Tuesdays," observing that after Monday losses of 1.5% or more, the following trading session has "much more frequently led to gains of more than 1% than losses of more than 1%."Still, investors are keeping a watchlist of concerns. The CNN Business Fear & Greed Index was last showing a reading of "extreme fear."Read MoreEvergrande: Attention on Monday focused on Evergrande, the Chinese conglomerate battling a debt crisis. Should the company default on its massive liabilities, there are fears it could spark a "Lehman moment," in...
    Global demand for cryptocurrencies has plunged as the possible collapse of China's second biggest apartment developer, Evergrande, frightens investors. Bitcoin, the benchmark blockchain denomination, plummeted overnight from $AUD64,700 to four-month low levels below $56,000.  A glut of 'ghost city' apartment towers in China is stirring fears about major economic problems should the conglomerate collapse.  Australia's share market and the big miners aren't the only ones being affected by the fall with the global cryptocurrency market collectively losing $344billion since Monday night, with Ethereum, Tether and Cardano also affected. Scroll down for video  Global demand for cryptocurrencies has plunged as the possible collapse of China's second biggest apartment developer scares investors (pictured is a stock image of a Bitcoin) BTC Markets chief executive Caroline Bowler said like traditional share market investors, cryptocurrency buyers were also worried about a slowdown in global economic growth. 'What's happening in China and that sense of contagion is perhaps impacting on to Bitcoin prices,' she told Daily Mail Australia. 'In turn, when Bitcoin goes south, the rest of the cryptocurrencies tend to follow suit with...
    (CNN)President Biden is due to speak today before the UN General Assembly. It's one of the biggest moments in the spotlight for any head of state, and Biden will try to rally allies to address emerging global challenges -- and leave old conflicts behind. Here's what you need to know to Get Up to Speed and On with Your Day. (You can also get "5 Things You Need to Know Today" delivered to your inbox daily. Sign up here.)1. ImmigrationThe White House says it's seeking more information about video that appears to show mounted US Border Patrol agents aggressively confronting Haitian migrants at the southern US border. About 10,000 people, many of them Haitian refugees, are still crowded near the Del Rio International Bridge in Texas after the Department of Homeland Security moved some 3,000 people to other processing facilities yesterday. Homeland Security Secretary Alejandro Mayorkas said his agency is facilitating one to three deportation flights to Haiti and other locations daily. Only refugees from Haiti who arrived in the US before July 29 are eligible for temporary protected status,...
    Hong Kong (CNN Business)Evergrande's chairman promised his employees Tuesday that they will "walk out of the darkness" caused by the embattled Chinese conglomerate's historic debt crisis. But what happens next for the company is still anyone's guess, and the lack of guidance from the company and authorities in Beijing about how the crisis will be resolved is creating uncertainty for investors worldwide amid fears that a collapse could slam China's vast property sector and the global economy. Xu Jiayin, the chairman of Evergrande Group, acknowledged in a letter to employees that the cash-strapped real estate developer "has encountered unprecedented difficulties." The letter was published in the Paper, a state-owned Chinese media outlet, and confirmed to be genuine by an Evergrande representative. Stocks tumble as Wall Streets fears turn to China"I am convinced that through the joint efforts and hard work of leaders and employees at all levels, Evergrande will surely walk out of the darkness as soon as possible," he wrote. Xu added that he thinks the company will "surely be able to speed up the full resumption of work...
    BEIJING (AP) — Global investors are watching nervously as one of China’s biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the financial system. Chinese regulators have yet to say what they might do about Evergrande Group. Economists expect Beijing to intervene if Evergrande and lenders can’t agree on how to handle its debts. But any official resolution is expected to involve losses for banks and bondholders. The government “doesn’t want to be seen as engineering a bail out” but is likely to organize a debt restructuring to “reduce systemic risk and contain economic disruption,” Tommy Wu of Oxford Economics said in a report. Evergrande is the biggest casualty yet from the ruling Communist Party’s effort to rein in surging debt levels Beijing sees as a possible threat to the economy. Investors are watching how the developer headquartered in the southern city of Shenzhen near Hong Kong handles an interest payment due Thursday on one of its bonds. A look at Evergrande and anxiety about...
    Hong Kong (CNN Business)Bitcoin is falling as fears of the Evergrande crisis sweep through global markets.The digital currency has dropped 5.7% in the last 24 hours, and was trading at $42,955 per coin as of 2:43 am ET on Tuesday, according to cryptocurrency tracker Coindesk. Earlier, it was down as much as 12%.Other cryptocurrencies are tumbling, too. Ethereum and dogecoin have each declined 4.4% and about 6%, respectively, in the past 24 hours. The fall followed a major drop in US stocks on Monday, as Wall Street's fears turned to China. Investors have been uneasy over the deepening crisis of Evergrande, a massive Chinese property conglomerate that's at risk of defaulting.Read MoreIt was the worst performance since May for the S&P (SPX) and the Nasdaq (COMP), while the Dow (INDU) logged its worst day since July. Stocks tumble as Wall Streets fears turn to ChinaExperts have characterized Evergrande's struggles as a major test for Beijing, with some worrying about whether the company risks creating China's Lehman Brothers moment. While other analysts have said it's far from certain that Evergrande's crisis...
    Vehicles drive near unfinished residential buildings from the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 16, 2021.Carlos Garcia Rawlins | Reuters The first test for Evergrande's debt crisis comes this week — investors will be watching to see if the embattled Chinese property developer is able to pay out its interest due on a bond, or default on it. The firm is due to pay interest worth $83 million on Thursday, according to data from S&P Global Ratings. Evergrande's 5-year, U.S.-dollar denominated bond, had an initial issue size of around $2 billion, according to market data provider Refinitiv Eikon – although the price has plummeted now. Yields on this bond have skyrocketed to 560%, from just over 10% earlier this year, according to Refinitiv Eikon. The bond is due to mature in March 2022. Another interest payment on a 7-year U.S. dollar bond is due next Wednesday. "What happens on Thursday promises to be a seminal event for markets, one way or the other, bigger perhaps than the FOMC outcome which will have occurred...
    In this article 3333-HK .HSI Outside the China Evergrande Group Royal Mansion residential development under construction in Beijing, China, on Friday, Sept. 17, 2021.Gilles Sabrie | Bloomberg via Getty ImagesThe Chinese government is not likely to step in to give direct support to debt-ridden developer China Evergrande Group, according to S&P Global Ratings. "We do not expect the government to provide any direct support to Evergrande," said the S&P credit analysts in a Monday report. "We believe Beijing would only be compelled to step in if there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy." "Evergrande failing alone would unlikely result in such a scenario," they added.Even in Evergrande's home province, the developer is insignificant to Guangdong's vast local economy — it is not too big to fail.S&P Global RatingsFears over a potential contagion from Evergrande into the broader Chinese economy and beyond dragged down the Hang Seng index in Hong Kong by more than 3% on Monday. The sell-off continued across the globe. "We believe the Chinese banking sector...
    Global markets were in turmoil yesterday amid fears that a debt crunch at one of China’s largest property firms could trigger a ‘Lehman moment’, tipping the world economy into crisis. Shares in Evergrande, a builder of upmarket flats for the Chinese upper and middle class, crashed to an 11-year low on the Hong Kong Stock Exchange amid concerns that the group could default on its loans, with a key payment deadline due this Thursday. The company’s shares have declined by around 48 per cent since the end of August, when it first warned of a possible default. High rise: An Evergrande housing complex in Huaian in China's eastern Jiangsu province. The builder's saw shares crash to an 11-year low amid concerns it could default on its loans Evergrande is one of the world’s most indebted property developers, with debts totalling £217billion.  RELATED ARTICLES Previous 1 Next The return of instability: Turmoil in the energy market... Plumber to the stars Charlie Mullins set for £100m windfall... 'Stagflation' threat puts the heat on Bank...
    A man walks in front of unfinished residential buildings at the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 15, 2021. Picture taken September 15, 2021.Carlos Garcia Rawlins | Reuters A liquidity crisis at a large Chinese property developer has shaken global markets, and strategists say it could send ripples across the global economy. But they also say the issue will likely be contained by the Chinese government before it wreaks damage in the banking system and it is not expected to lead to a broader global financial contagion. The critical question for investors is how and when do leaders in Beijing handle the situation, and whether they launch a restructuring of China Evergrande Group as many market pros expect. Investors have worried that Beijing is likely to let the company fail, wounding stockholders and domestic bondholders. Evergrande faces a debt payment on its offshore bonds this coming Thursday, after it said last week it was facing unprecedented difficulties. "Everyone was expecting the government would have some kind of resolution given that Evergrande is a...
    U.S. stocks fell sharply on Monday as investors worried about contagion from China. The Dow Jones Industrial Average fell by 840 points, around 2.4 percent. The S&P 500 fell 2.5 percent. The Nasdaq Composite dropped by 2.9 percent. The small-cap Russell 2000 declined 2.7 percent. The concerns are over financial and economic contagion from the potential collapse of a giant Chinese property developer—rather than viral contagion from coronavirus. These are the biggest declines in the major indexes in several months. The sell-off was broad-based, with all 11 sectors of the S&P in the red. The energy sector was off by a steep 4.2 percent. Financials fell 3.3 percent, dragged down by a 4.2 percent decline in bank stocks. The automobile sector fell 4.7 percent. Homebuilder stocks also saw a steep sell-off despite a better than expected report from the National Home Builders Association. Shares of D.R. Horton fell 4.2 percent after the company said ongoing supply chain disruptions were forcing it to lower its guidance for sales this year. The broader construction sector fell 2.7 percent. Many on Wall Street...
    (CNN Business) — El Dow y el mercado de valores de Estados Unidos en general cayeron fuertemente este lunes mientras la crisis de deuda del conglomerado inmobiliario chino Evergrande inquietó a los inversores estadounidenses. Las acciones se desplomaron en la campana de apertura. Al mediodía, el S&P 500, la medida más amplia de Wall Street, bajaba un 2,4%, mientras que el Dow bajaba más de 820 puntos, o un 2,4%. El Nasdaq Composite cotizó un enorme 2,8% a la baja. Se perfila como el peor día desde mayo para el S&P y el Nasdaq. El Dow está encaminado a su peor día desde julio. Se suponía que Evergrande, que está luchando por administrar su enorme deuda de US$ 300.000 millones, pagaría los intereses de algunos de sus préstamos bancarios este lunes, según Bloomberg. La compañía también tendrá que pagar intereses sobre dos de sus bonos por valor de más de US$ 100 millones a finales de esta semana, según Refinitiv. Las acciones de Evergrande cayeron más del 10% en Hong Kong. The-CNN-Wire™ & © 2021 Cable News Network, Inc., a...
    Benchmark U.S. stock indexes opened sharply lower on Monday as investors assessed a bevy of risks, including a possible shift in Federal Reserve guidance this week that could hurt corporate profits.  The Dow Jones Industrial Average was down 512 points, or 1.5%, as of 11:21 a.m. Eastern time, while the broader S&P 500-stock index fell 1.6% and the technology-heavy Nasdaq composite sank 2%. The declines extend a slide for Wall Street this month, with the S&P 500 losing nearly 1% last week alone. Although September is historically a weak month for stocks, a range of factors is weighing on market sentiment. Investors remain concerned that the latest COVID-19 wave could slow economic growth, while also keeping a close eye on a push by congressional Democrats to raise taxes on wealthy Americans and big corporations as well as pushback from Republicans on raising the U.S. debt ceiling. Fear is also mounting that Evergrande Group, a massive Chinese property developer, could default on its hundreds of billions in debt and trigger a financial crisis beyond China. "The Delta variant outbreak and its impact...
    China’s second-largest property developer may end up defaulting, a prospect that is sending shockwaves across global markets . Evergrande is $300 billion in debt and warned investors that it may collapse if it can’t raise capital quickly. Shares of Evergrande’s stock plummeted on Monday by about 10% after falling by about 80% over the past six months. There are concerns that a collapse of Evergrande, which holds 6.5% of China’s total property sector debt, could spell economic catastrophe similar to when U.S. investing giant Lehman Brothers declared bankruptcy in 2008. While Evergrande was supposed to repay interest payments on some loans on Monday, officials in China have reportedly told the major banks they won’t be paid. A collapse could ricochet across the Chinese economy given how many firms Evergrande is tied to. ‘GODZILLIA': TOP GOP TAX WRITER SAYS BIDEN SPENDING PACKAGE 'MOST DANGEROUS' HE HAS SEEN Evergrande owes money to more than 170 Chinese banks and 121 other financial firms, and the financial fallout from Evergrande defaulting would be “far-reaching ,” Mattie Bekink of...
    Global stock markets plunged on Monday as Chinese real estate giant Evergrande teetered on the brink of collapse with debts of more than $300 billion. Shares in the once-mighty property firm plunged 12 per cent in Hong Kong ahead of debt repayment deadlines later this week, sparking contagion fears across the world.  Damaging reports of chaos within Evergrande prompted bosses to vow 'severe punishment' for six top execs after they were found to have redeemed their investment products ahead of maturity dates. Now, as default appears all but inevitable, trading floors across the world are gripped by fears that the bloodbath could cross China's borders, with investors already on red alert over spiking wholesale gas costs.  Wall Street joined the global sell-off this morning, with the Dow Jones shedding 1.7 per cent after London tanked earlier with a 1.5 per cent drop. Throughout last week, the concourse outside Evergrande's mirrored offices in the southeastern city of Shenzhen was occupied by unpaid contractors, angry sales agents and investors.   This aerial photo taken on September 17, 2021 shows the halted under-construction Evergrande Cultural Tourism City, a...
    New York (CNN Business)The Dow and the broader US stock market fell sharply early Monday as Chinese real estate conglomerate Evergrande's debt crisis made American investors uneasy.The S&P 500 (SPX), the broadest measure of Wall Street, opened 1.5% lower, while the Dow (INDU) fell 550, or 1.5%. The Nasdaq Composite (COMP) dropped 1.7% at the opening bell.Evergrande, which is struggling to manage its $300 billion mountain of debt, was supposed to pay the interest on some of its bank loans Monday, according to Bloomberg. The company will also have to pay interest on two of its bonds worth more than $100 million later this week on two of its bonds, according to Refinitiv.Shares of Evergrande fell more than 10% in Hong Kong.Why are global investors so worried about something that's happening in the Far East?Read MoreEverything is connected in the world of financial markets and the massive amount of money borrowed by Chinese companies has long been considered a looming threat to market stability. Now investors fear the exposure that banks might have to Evergrande and companies like it. Adding...
    London (CNN Business)Global investors have been paying more and more attention to Evergrande, the sprawling Chinese real estate business on the brink. They're increasingly worried about what they see.What's happening: Stocks in Europe tumbled Monday morning after Hong Kong's Hang Seng dropped 3.3%, suffering its worst decline in nearly two months. Chinese banks, insurers and other real estate companies were slammed. US futures are also sharply lower.Shares of Evergrande Group (EGRNF) plummeted 10% in Hong Kong, hitting just 2.28 Hong Kong dollars ($0.29) per share. The stock has shed 84% so far this year. Step back: Fear is growing about how the crisis at Evergrande will reverberate through the financial system. Over the last few weeks, China's most indebted developer — which has more than $300 billion in liabilities — has warned investors of cash flow issues, saying that it could default if it's unable to raise money quickly.Evergrande now faces critical deadlines. It was supposed to repay interest on some bank loans on Monday, according to Bloomberg. The news outlet recently reported that Chinese authorities have told major banks...
    Hong Kong (CNN Business)Evergrande's debt crisis is continuing to unsettle investors in Asia and raising concerns about whether a potential default by the troubled Chinese conglomerate could spill over to other parts of the economy.Shares of Evergrande Group plummeted 10% in Hong Kong on Monday, hitting just 2.28 Hong Kong dollars ($0.29) per share. The stock has shed 84% so far this year, plunging below its 2009 IPO price of 3.5 Hong Kong dollars ($0.45).The Hang Seng Index (HSI) on Monday dropped 3.3%, suffering its worst decline in nearly two months, as Chinese banks, insurers and other real estate companies were slammed. Evergrande is facing a few critical deadlines this week. It was supposed to repay interest on some bank loans on Monday, according to Bloomberg. The news outlet recently reported that Chinese authorities have told major banks that they won't receive those payments.And interest payments totaling more than $100 million are due later this week on two of the company's bonds, according to data provider Refinitiv.Read MoreBut it's not clear how much — if any — of those debt...
    In this article 3333-HKVIDEO1:3401:34Evergrande's debt crunch is just another reason to avoid China: Ed YardeniTrading NationA debt crunch involving China's second largest properly developer has caught investors' attention in the past week. Evergrande, the Shenzhen-based company, is facing a default on its debt burden of roughly $300 billion. The crisis has echoes to the Lehman Brothers bankruptcy, which marked its 13-year anniversary last week, a development that at the time sent shockwaves through global markets. Ed Yardeni, president of Yardeni Research, says it's unlikely Evergrande will have a fallout quite as severe as the Lehman bankruptcy when the global economy and credit markets collapsed. Instead, he sees it as analogous to a different event a decade even earlier. "If it's similar to anything,  it's similar to Long-Term Capital Management, which is the calamity that occurred in 1998 but that was dealt with very quickly by the Federal Reserve and the major banks and it didn't have any global implications," Yardeni told CNBC's "Trading Nation" on Friday. Like with hedge fund Long-Term Capital Management, Yardeni sees government intervention in Evergrande preventing...
    SINGAPORE — Hong Kong's Hang Seng index led losses among Asia-Pacific markets in Monday trade, with shares of embattled Chinese developer China Evergrande Group continuing to drop. The Hang Seng index dropped 3.87% by Monday afternoon in the city. Shares of China Evergrande Group in the city plummeted almost 17%. The Hang Seng Properties index dropped to a 52-week low, last trading nearly 7% lower. Shares of insurers listed in the city also plunged. AIA dropped about 6% while Ping An Insurance fell 7.52%. The S&P/ASX 200 in Australia fell 2.2%, with shares of major miners declining: Rio Tinto dropped 4.16%, Fortescue Metals Group declined 4.94% while BHP slipped 4.9%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.85%. Markets in mainland China, Japan and South Korea are closed on Monday for holidays.Stock picks and investing trends from CNBC Pro:If the 2014 Fed taper is any guide, it's time for investors to get defensive Goldman says buy these stocks with expanding margins as higher costs hit most companies Wall Street analysts pick the global green energy stocks to buy...
    The Evergrande Group or Evergrande Real Estate Group logo of a Chinese real estate company is seen on a smartphone and a PC screen.SOPA Images | LightRocket | Getty Images China's "highly distressed" real estate companies are at risk of collapse as the country's highly indebted developer Evergrande is on the brink of default, warns AllianceBernstein's Jenny Zeng. Speaking with CNBC's "Street Signs Asia" on Friday, the co-head of Asia fixed income at AllianceBernstein warned of a "domino effect" from a potential Evergrande collapse. "In the offshore dollar market, there is a considerable large portion of developers (who) are implied to be highly distressed," Zeng said. These developers "can't survive much longer" if the refinancing channel remains shut for a prolonged period, she added. Evergrande, the world's most indebted property developer, is crumbling under the weight of more than $300 billion of debt and warned more than once it could default. Banks have reportedly declined to extend new loans to buyers of uncompleted Evergrande residential projects, while ratings agencies have repeatedly downgraded the firm, citing its liquidity crunch. The financial...
    Hong Kong (CNN Business) — Los problemas del conglomerado chino Evergrande han dominado los titulares en los últimos días después de que advirtiera una vez más que podría incumplir su deuda astronómica debido a una escasez de efectivo. Los expertos han caracterizado las luchas de la empresa como una prueba importante para Beijing, que corre el riesgo de convertirse en el momento Lehman Brothers de China, provocando ondas de choque en la segunda economía más grande del mundo. Esto es lo que debes saber sobre el conglomerado chino Evergrande y cómo llegó a la situación en la que está ahora. ¿Qué es Evergrande? Evergrande es uno de los desarrolladores inmobiliarios más grandes de China. La compañía es parte de Global 500, lo que significa que también es una de las empresas más grandes del mundo por ingresos. Cotiza en Hong Kong y tiene su sede en la ciudad de Shenzhen, en el sur de China, y emplea a unas 200.000 personas. También ayuda indirectamente a mantener más de 3,8 millones de puestos de trabajo cada año. El grupo fue fundado...
    London (CNN Business)"Delta? What Delta?"That was the take from Ian Shepherdson, chief economist at Pantheon Macroeconomics, after seeing the data on US retail sales for August.What's happening: Contrary to expectations, US retail sales increased last month as consumers continued to shell out on clothing, furniture and groceries. Shoppers are still spending despite the Delta variantIt's a promising sign heading into the crucial holiday shopping season, and indicates that the US economy is demonstrating resilience despite a spike in coronavirus cases triggered by the Delta variant."We see only very modest evidence that the spread of the Delta variant is having an impact on demand," Citi's Veronica Clark and Andrew Hollenhorst said in a note to clients.Read MoreAnother signal: There were 332,000 initial jobless claims in the United States last week. That's only a slight uptick from the week prior, when claims hit a pandemic low.The four-week moving average has now dropped to 335,800 claims, its best level in the Covid-19 era, according to Jim Reid of Deutsche Bank.That's not to say the Delta variant isn't having any impact. Seatings at...