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Chinese Markets Uneasy After Huge Sell-Off

Instability continued to roil China’s stock markets on Tuesday in spite of new pledges of support from the government, the International New York Times reported. Coming off its biggest one-day decline since 2007, Shanghai’s main share index seesawed ...

Daily Headline - global.abi.org - 07/28/2015 - 20:20 - 0 comments

China Stocks Tumble 8.5%, Calling Into Question Beijing’s Market-Rescue Effort

The Chinese government is struggling to contain the collapse of a stock-market rally it helped engineer, announcing late Monday that it will step up its purchases of shares to prop up sagging indexes, The Wall Street Journal reported. Chinese shares ...

Daily Headline - global.abi.org - 07/27/2015 - 23:09 - 0 comments

Cost To Complete Baha Mar Mega-Resort Has Risen To $400 Million

The cost of completing the stalled $3.5 billion Baha Mar mega-resort in the Bahamas has risen to $400 million, according to a letter from the project's developer. Baha Mar Ltd, run by Sarkis Izmirlian, has offered to invest $200 million in the proje ...

Daily Headline - global.abi.org - 07/27/2015 - 23:12 - 0 comments

The Meaning of China’s Stock Market Intervention

The spectacle of the stock market meltdown in China has led many analysts and investors to see an upside to the downturn, Bloomberg News reported. The slump is “the most serious crisis” facing President Xi Jinping “since he came to power,” China commenta ...

Daily Headline - global.abi.org - 07/23/2015 - 23:38 - 0 comments

Chinese Firm Seeks To Dismiss Baha Mar Resort Bankruptcy Case

The Chinese company building the $3.5 billion Baha Mar resort in the Bahamas plans to file a motion to dismiss the bankruptcy case related to the project, which is nearly complete and seen as vital to the former British colony's fragile economy, Reu ...

Daily Headline - global.abi.org - 07/20/2015 - 20:36 - 0 comments

China’s Biggest State Banks Recruited Into Stock Market Rescue

The huge scale of Chinese government intervention to staunch a stock market sell-off has been revealed by reports showing the country’s biggest state-owned banks have provided the equivalent of more than $200bn to help prop up equities, the Financial T ...

Daily Headline - global.abi.org - 07/19/2015 - 09:47 - 0 comments

Bahamas PM Plans To Seize Unfinished $3.5 Billion Baha Mar Resort

Bahamas Prime Minister Perry Christie plans to take control of an unfinished $3.5 billion mega resort, currently tied up in a corporate bankruptcy process, and push it through to completion to help bolster his country's fragile economy, Reuters repo ...

Daily Headline - global.abi.org - 07/19/2015 - 09:49 - 0 comments

Costly Spanish ‘Ghost Airport’ Receives Only One Bid at Auction

One of Spain’s “ghost airports”—expensive projects that were virtually unused—received just one bid in a bankruptcy auction after costing about €1.1 billion ($1.2 billion) to build, The Wall Street Journal reported. The buyer’s offer: €10,000. Ciudad ...

Daily Headline - global.abi.org - 07/19/2015 - 09:50 - 0 comments

Chinese Bank Could Force Incomplete Bahamas Resort To Cut 2,000 Jobs

The troubled $3.5 billion Baha Mar resort project in the Bahamas is preparing to wind down operations and cut more than 2,000 jobs if the developer fails to strike a deal quickly with its main lender, China's Export Import Bank, according to U.S. ba ...

Daily Headline - global.abi.org - 07/16/2015 - 21:14 - 0 comments

Short-Term Fixes May Impede China’s Long-Term Goals

China’s feat in keeping growth from slipping below 7% and averting a stock-market collapse eases short-term pressure on policy makers but is likely to make Beijing’s long-term goals harder to reach, The Wall Street Journal reported. Since November, B ...

Daily Headline - global.abi.org - 07/15/2015 - 22:38 - 0 comments

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