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Chinese investors roughly doubled the number of applications they made last year seeking U.S. regulatory clearance for proposed stakes in American companies, according to a report the government plans to release on Tuesday, Reuters reported. The Treasury Department report seen by Reuters shows that Chinese investors filed 44 so-called "covered notices" seeking greenlights for their deals in U.S. President Joe Biden's first year in office compared to 17 such filings in 2020.
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Asia crypto exchange Zipmex Pte plans to allow users to withdraw some tokens from their trading accounts, Bloomberg News reported. The exchange set a timeline for withdrawals of Solana’s SOL, Ripple’s XRP and Cardano’s ADA, from Zipmex’s Z Wallet. Larger coins including Bitcoin and Ether remain locked up, the company said in a statement.
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Australia’s central bank gave itself wriggle room to adjust the pace of interest-rate increases if the economic outlook deteriorates after delivering the sharpest policy tightening in a generation, Bloomberg News reported. “The board expects to take further steps in the process of normalizing monetary conditions over the months ahead, but it is not on a pre-set path,” Governor Philip Lowe said after hiking by 50 basis-points for a third straight month to 1.85%.
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Economists downgraded their forecasts for Hong Kong’s economy, predicting it could contract for the third time in four years, after data Monday showed growth is being weighed down by Covid restrictions and a slump in trade, Bloomberg News reported. Goldman Sachs Group Inc. expects gross domestic product to decline 0.5% in 2022, down from an earlier prediction of 0.3% growth. Bloomberg Economics now sees GDP shrinking 0.6% compared with a previous projection of 0.7% expansion.
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India’s trade deficit ballooned to a record high in July, as elevated commodity prices and a weak rupee inflated the country’s import bill, Bloomberg News reported. The gap between exports and imports widened to $31.02 billion in July, from $26.18 billion in June, B.V.R Subrahmanyam, India’s trade secretary, told reporters at a briefing in New Delhi Tuesday, citing preliminary data. The trade deficit in June was a record before the latest numbers were released. Imports jumped 43.59% in July from a year ago, while exports dropped 0.76%.
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Embattled property developer China Evergrande Group said one of its units has been told to honor a $1.1 billion guarantee, revealing yet another large financial obligation that wasn’t previously disclosed, the Wall Street Journal reported. Evergrande, in a regulatory filing on Sunday, said one of its subsidiaries in China had provided counter guarantees to an unnamed entity by pledging its shares in Shengjing Bank Co., a regional lender based in the city of Shenyang, the capital of northeastern Liaoning province.
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A deal to sell a majority stake in Thailand’s largest crypto exchange to the nation’s oldest bank remains stuck in due diligence more than eight months after the plan was unveiled, according to the platform’s co-founder, Bloomberg News reported. The proposal with SCB X Pcl that helped propel Bitkub Online Co. into a so-called unicorn has yet to be wrapped up, according to Jirayut Srupsrisopa, chief executive officer of Bitkub Capital Group Holdings.
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Sri Lanka’s new president said the country has experienced the worst of its economic crisis and that restoring political stability will allow it to begin turning a corner, starting with finalizing negotiations for an International Monetary Fund bailout that had stalled due to recent turmoil, the Wall Street Journal reported. “I think we’ve already hit the bottom,” Ranil Wickremesinghe said in an interview Sunday with The Wall Street Journal.
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Pakistan sees a way out of its current economic crisis without descending into default, thanks to progress on a stalled International Monetary Fund loan as well as spending cuts, Finance Minister Miftah Ismail said, Bloomberg News reported. “With the commodity super cycle and Russia-Ukraine war, oil prices skyrocketing and gas going as high as ever been in history, Pakistan and other emerging countries have been facing the worst crisis,” he said in a phone interview.
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Crypto lender Vauld, which halted withdrawals earlier this month, is facing hostile action from multiple creditors, according to a new affidavit reviewed by Moneycontrol. As per the affidavit, Vauld has received two demand letters and two civil claims from four creditors. One of the letters demanded $340,000 in payment plus interest from Vauld, while the claim amounts of the other creditors were not mentioned in the affidavit. The lender owes $402 million to creditors, of which, $363 million belongs to individual retail investors.
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