Headlines

China’s long-running battle to stabilize its shaky real-estate market appears to be entering a troubling new phase, with data showing waning demand as a wave of home listings hits the market, the Wall Street Journal reported. Shoring up the market is crucial for Beijing: Real estate accounts for as much as a quarter of economic activity in China. It is also the primary source of wealth for everyday Chinese.

The value of Chinese debt relief decreased by over 50% between 2021 and 2022, a report from Rhodium Group showed, with Angola alone receiving two thirds of deferrals despite China backing multilateral efforts to standardise support for poor countries, Reuters reported. As the world's largest bilateral creditor, China is central to talks on making tangible progress in providing debt relief to emerging and frontier markets through the Group of 20-led "Common Framework" as well as the World Bank and International Monetary Fund (IMF).

Bank of Japan (BOJ) Deputy Governor Ryozo Himino said recent price rises were stronger than previously projected and inflation expectations were moving up, a sign the economy is getting closer to achieving the bank's 2% inflation target, Reuters reported. While stressing the need to keep ultra-loose monetary policy for now, Himino said the economy was beginning to see a mix of cost-push inflation and price gains driven by domestic demand. "The pass-through of rising imported goods prices is broadening with a lag.

The Bank of Canada's move to come off the sidelines after a five-month pause has sent a signal that some economic pain will be needed to tame stubborn inflation, leading investors to raise bets on a hard landing for the economy, Reuters reported. The central bank is worried that the Canadian economy is running too hot for inflation to return to its 2% target and that if it waits to act, inflation expectations could rise, making matters worse. Immigration, a key source of strength for the economy, is growing at a record pace.

Brazil’s upcoming decision on future inflation targets is likely to define whether the central bank may start cutting interest rates at its next policy meeting, Bloomberg News reported. Central bank President Roberto Campos Neto, Finance Minister Fernando Haddad and Planning Minister Simone Tebet will meet on Thursday to review the current 3% target for the next couple years and set a new one for 2026. They may also tweak the system, getting rid of specific objectives for each calendar year and introducing a constant, medium-term inflation goal.

On a quiet back street sandwiched between Mayfair’s Grosvenor and Berkeley Squares in London’s West End, the door to 11 Mount Row bore signs of forced entry, its black paint pierced by a battering ram. Temporary padlocks had been installed to secure it. Wednesday morning, the building had been targeted as part of a vast police operation spanning seven countries and almost two dozen addresses, Bloomberg News reported. The sweep focused on Adler Group SA, formerly one of Germany’s largest landlords, and the man accused of pulling the strings behind it.

Inflation re-accelerated in Germany and drastically slowed in Spain, evidence of uneven progress that’s keeping the European Central Bank focused on further monetary tightening, Bloomberg News reported. The comparison effect from last year, when the Berlin government offered citizens ultra-cheap rail tickets, pushed up consumer-price growth there to 6.8% in June. In Spain, meanwhile, inflation weakened noticeably below the 2% goal targeted by policymakers.

German regulators have told Binance they will not grant it a cryptocurrency custody license, a person with direct knowledge of the matter said on Thursday, the latest in a string of setbacks for the world's biggest cryptocurrency exchange, Reuters reported. Binance has come under pressure from regulators around the world. The U.S. Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a "web of deception" to evade U.S. laws. Binance denies the charges.

Go First, the low-cost carrier currently under bankruptcy protection, has received approval for interim funding of Rs 450 crore from its lenders, the Times of India reported. The funding, approved during a joint lenders’ meeting over the weekend, is crucial for revival after the company’s aircraft were grounded in May following insolvency proceedings. The decision to grant in-principle approval for the interim funds was made during the meeting, subject to the respective boards of the banks providing their final approval.

Britain’s biggest water supplier, Thames Water, is in talks with officials over contingency plans including a temporary nationalization as concerns grow over its more than £13 billion ($16.5 billion) debt pile, Bloomberg News reported. Thames’ bonds tumbled on Wednesday morning, with one falling 35 pence on the pound. Chief Executive Officer Sarah Bentley suddenly stepped down with immediate effect the previous day amid concerns over the financial stability of the firm, forcing the issue on to the government’s agenda.