U.S. stock markets opened higher on Tuesday, rebounding from their worst day in months on Monday as nerves about the Chinese real estate debt crisis eased, Investing.com reported. Better-than-expected data from the housing market also supported the sentiment. Housing starts and building permits for August both came in above expectations, albeit not by enough to cause any acceleration in the Federal Reserve's timeline for running down its asset purchases or raising interest rates. The Fed's latest two-day policy meeting started Tuesday. By 9:45 a.m.

Visitors to Byton Ltd.’s website are greeted with color-saturated images of shiny electric cars gliding along manicured streets. Those paying a visit to the automaker’s factory in Nanjing, eastern China may be less impressed. The plant is modern and huge, gleaming under the hot summer sun. But there’s total silence. Production has been suspended since the pandemic began, and there’s no one around except for a lone security guard, Bloomberg News reported. It’s a similar situation across town at Bordrin Motors.

China’s energy industry is caught between a rock and a hard place, OilPrice.com reported. As the world’s second-largest economy has surged back to life in the wake of the novel coronavirus pandemic, energy demand has skyrocketed, leading to soaring fuel prices and unprecedented decisions out of Beijing to compromise some of the country’s energy security in the interest of keeping the lights on in the immediate term. What’s more, all of this is taking place as the Chinese economy enters a slowdown and inflation rates are on the rise.

Philippine Airlines, Inc. (PAL) said on Tuesday that it has filed a petition before a Pasay City court seeking recognition of the proceedings and decisions of a U.S. bankruptcy court hearing its chapter 11 case, BusinessWorld reported. “The recognition petition filed by PAL before a local court is a petition which aims to ensure that the Philippine legal system recognizes all proceedings and decisions rendered by the foreign court handling the Chapter 11 case,” PAL Spokesperson Cielo C. Villaluna said in a statement sent to BusinessWorld.

Amazon has begun an investigation into allegations of corruption by its legal representatives in India and has placed a senior member of the team on leave, The Morning Context reported. The company later issued a statement, saying it does not tolerate corruption and will investigate all such allegations fully. The statement came in response to a report by The Morning Context, which said, citing three sources, that Amazon has begun an internal investigation into allegations that its legal representatives in India used legal fees paid by the company to pay bribes.

Cryptocurrency prices were sliding Monday as China Evergrande Group's bond-payment problems rattled international markers, TheStreet reported. Bitcoin, the world's largest cryptocurrency, fell 7.4% to $43,780 at last check, according to CoinDesk. Ethereum was down 9.4% to $3,034, and Dogecoin sank 11% to 21 cents. Evergrande, China's second-largest property developer, has more than $310 billion in debt. The company has held urgent talks with many of its creditors in hopes of delaying payment on two separate bond obligations due later this week.

Chinese President Xi Jinping’s campaign against private enterprise, it is increasingly clear, is far more ambitious than meets the eye, the Wall Street Journal reported. President Jinping is not just trying to rein in a few big tech and other companies and show who is boss in China. He is trying to roll back China’s decades-long evolution toward Western-style capitalism and put the country on a different path entirely, a close examination of his writings and discussions with party officials, as well as interviews with people involved in policy-making, shows.

According to Teikoku Databank, the number of bankruptcies in Japan resulting from COVID-19 (including companies with liabilities of less than ¥10 million and individually run businesses) reached 2,000 as of noon on Sept. 3, 2021, nippon.com reported. Liabilities from the bankruptcies totaled ¥620.6 billion, with 58.2% (1,163 bankruptcies) involving liabilities of less than ¥100 million. The first bankruptcy related to the pandemic was confirmed on Feb. 26, 2020. Following that, 500 bankruptcies were confirmed as of Sept. 8 of that year; 1,000 as of Feb.

HNA Group, one of China’s largest global asset buyers spawned from the country’s largest privately owned airline, will be divided into four parts, with each unit operating independently, according to a restructuring blueprint unveiled over the weekend, South China Morning Post reported. The development pushed the share price of its listed unit higher in Hong Kong.

Philippine Airlines has pledged 15 aircraft, replacement engines and frequent flyer miles as collateral to secure loans needed as part of its ongoing restructuring process, ch-aviation.com reported. This is according to a Sept. 17, 2021, notice of filings of additional restructuring support agreements (RSA) between Philippine Airlines and various counterparties with the U.S. Bankruptcy Court in the Southern District of New York, where the airline is in voluntary chapter 11 bankruptcy proceedings aimed at paring off USD2.1 billion of its USD6 billion in debts.