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Three banks in China's central Henan province have frozen at least $178 million of deposits, offering scant information on why or for how long, leaving firms unable to pay workers and individuals locked out of savings, depositors told Reuters. Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin Country Bank and Zhecheng Huanghuai Community Bank froze all deposits on April 18, with all three telling customers they were upgrading internal systems. The banks have not issued any communication on the matter since, depositors said.
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European businesses in China are awaiting the next wave of disruption from COVID-19 outbreaks and see little chance of improvement until the country increases vaccination rates, the European Chamber of Commerce in China said on Monday, Reuters reported. Shanghai has set out plans to end its COVID lockdown that has lasted more than six weeks, hitting China's economy, where industrial output and retail sales fell in April at the fastest in more than two years, missing expectations.
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Before Bill Hwang sent a slate of stocks on a manic climb last year, he had already started bleeding billions of dollars on a bearish bet after seeking Morgan Stanley’s help, Bloomberg News reported. It’s an untold chapter that played out just before Hwang’s famously bullish trades came tumbling down in early 2021, wiping out his Archegos Capital Management and leading to criminal charges.
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Sri Lanka’s new government plans to sell its national airline to stem losses, part of efforts to stabilize the nation’s finances even as authorities are forced to print money to pay government salaries, Bloomberg News reported. The new administration plans to privatize Sri Lankan Airlines, Prime Minister Ranil Wickremesinghe said in a televised address to the nation Monday. The carrier lost 45 billion rupees ($124 million) in the year ending March 2021, he said just days before the nation is set to formally default on foreign debt.
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China’s economy is paying the price for the nation’s Covid Zero policy, with industrial output and consumer spending sliding to the worst levels since the pandemic began and analysts warning of no quick recovery, Bloomberg News reported. Industrial output unexpectedly fell 2.9% in April from a year ago, while retail sales contracted 11.1% in the period, weaker than a projected 6.6% drop. The unemployment rate climbed to 6.1% and the youth jobless rate hit a record. Investors responded by selling everything from Chinese shares to US index futures and oil.
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Chinese financial authorities on Sunday allowed a further cut in mortgage loan interest rates for some home buyers, in another push to prop up its property market and revive a flagging engine of the world's second-largest economy, Reuters reported. For purchases of first homes, commercial banks can reduce the lower limit of interest rates on home loans by 20 basis points, based on the corresponding tenor of benchmark Loan Prime Rates (LPRs), the People's Bank of China (PBOC) and China's Banking and Insurance Regulatory Commission said in a statement.
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Non-banking finance company Indiabulls Housing Finance Ltd NSE 0.93 % has approached the dedicated bankruptcy court on Friday a plea to admit Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The realty firm owes over Rs 798 crore to Indiabulls Housing Finance. This is the second such plea filed against the realty development company, which is also facing insolvency proceedings in a petition filed by SBICAP Trustee Company Ltd.
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Japan's wholesale prices in April jumped 10% from the same month a year earlier, data showed on Monday, rising at a record rate as the Ukraine crisis and a weak yen pushed up the cost of energy and raw materials, Reuters reported. The surge in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, marked the fastest year-on-year rise in a single month since comparable data became available in 1981. The gain followed a revised 9.7% increase in March, and was higher than a median market forecast for a 9.4% increase.
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Japanese audio equipment maker Onkyo Home Entertainment Corp. has filed for bankruptcy, with some 3.1 billion yen (about $24 million) in total liabilities, the company announced on May 13, the Mainichi Japan reported. The firm, based in the Osaka Prefecture city of Higashiosaka, filed for the commencement of bankruptcy proceedings with the Osaka District Court and its petition was accepted, the company said. Besides its Onkyo brand, the firm also has the "Pioneer" brand under its umbrella. Due to a decline in earnings, Onkyo had been struggling with cash management.
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Exiled Chinese businessman Guo Wengui has said that he will drop his personal bankruptcy case because he says he does not have the money to cover the associated legal costs, Reuters reported. Guo, the former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges, said in court papers filed on Wednesday that he would not contest a call for his chapter 11 case to be thrown out by a fund that loaned money to Guo's companies.
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