Britain and South Korea have agreed to extend a period of low or zero tariffs on bilateral trade of products with parts from the European Union, the British government said on Monday, in a boost for the car industry, Reuters reported. Without the two-year extension, British businesses would have faced high tariffs from Jan. 1 on exports of products made using EU components, under so-called rules of origin, and on products shipped via the EU.
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Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Bhutan
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Micronesia
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Turkmenistan
- Uzbekistan
- Vanuatu
- Vietnam
China’s local authorities are finding it more expensive to sell bonds, the latest sign of rising stress as policymakers ramp up borrowings to stimulate growth and defuse short-term payment risks, Bloomberg News reported. Of the local government yuan bonds sold so far this year, 50 carry coupons with a premium of more than 25 basis points with comparable sovereign debt, according to Bloomberg-compiled data. That’s the most since 2020.
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Kazakhstan's ecology ministry has appealed after a court failed to uphold its $5 billion lawsuit against the operator of the giant Kashagan oilfield, Ecology and Natural Resources Minister Yerlan Nysanbayev said on Monday, Reuters reported. The ministry in March sued the field's operator - a group which includes Shell, Eni, TotalEnergies and Exxon Mobil, over what it said were excessive deposits of sulphur and other environmental issues.
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Kenya’s President William Ruto sought $1 billion more in loans from China Monday, despite rising public debt that has now reached $70 billion in the Eastern African country, according to National Treasury figures for 2022/2023, the Associated Press reported. President Ruto was was one of a number of global leaders in Beijing to attend the tenth anniversary meeting of China’s Belt and Road Initiative, the ambitious plan that aims to connect Africa, Asia and Europe through massive infrastructure and energy projects.
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The founding family of Country Garden recently loaned the embattled Chinese property developer $300 million interest free, and the family was also trying to sell its private jet, a Chinese online news outlet,The Paper, reported on Friday. Citing insiders, The Paper said the family was seeking to support liquidity for China's largest private property developer, which has missed coupon payments on some dollar bonds since last month, but has not defaulted.
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Big banks in Britain are preparing for any future escalation of Western sanctions on China and have shared their "scenario planning" with the British and U.S. governments, a senior banking official has told Reuters. The project involves sharing lessons learned from other sanctions frameworks, including those on Russia, and discussions about the effect any measures imposed on China might have, Neil Whiley, director of sanctions at lobby group UK Finance, said.
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Lackluster inflation and declining trade numbers in China have stoked concerns that the world’s second-largest economy is still on shaky footing, despite recent signs of stabilization, the Wall Street Journal reported. Consumer prices unexpectedly flatlined in September after rebounding in August, pointing to weak demand and suggesting only a limited effect from Beijing’s recent efforts to put a floor under the economy. Outbound shipments also continued to contract last month, though at a less steep pace than August, according to official data released on Friday.
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Crypto exchanges in Australia will soon be required to hold a financial-services license issued by the markets regulator as the country seeks to support the growth of digital assets while protecting consumers, Bloomberg News reported. A government proposal that builds on existing laws will mean digital-asset platforms that hold more than A$5 million ($3.2 million), or A$1,500 for an individual, must get a permit from the Australian Securities and Investments Commission or ASIC, according to a Treasury department document Monday.
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Grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power Ltd, two banking sources and two people aware of the development told Reuters. An EoI is the first step in the bidding process and may not result in a financial bid. "Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank that has exposure to Go First.
The largest private Chinese property developer still standing is likely to be on its knees soon, the Wall Street Journal reported.That in itself won’t be enough to spark a broader Chinese debt crisis. But it could certainly undermine Beijing’s halting attempts to put a floor under the housing market. Mounting damage to banks’ balance sheets from the property meltdown could also make stabilizing other parts of the economy more difficult.