
Global Business Is Enduring a Synchronized Slowdown: Eco Week
Days after global finance chiefs described the widespread economic fallout inflicted by Russia’s war in Ukraine, business surveys may show an increasingly synchronized slowdown.
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Days after global finance chiefs described the widespread economic fallout inflicted by Russia’s war in Ukraine, business surveys may show an increasingly synchronized slowdown.
After a violent rally in bonds, Treasury traders are debating whether recent tough talk from the Federal Reserve on its commitment to cooling prices is enough to reverse the trend.
HSBC Holdings Plc Chief Executive Officer Noel Quinn said an executive’s remarks playing down the risk of climate change are “inconsistent” with the bank’s strategy and don’t reflect views of senior management.
(Bloomberg) -- Amazon.com Inc., stuck with too much warehouse capacity now that the surge in pandemic-era shopping has faded, is looking to sublet at least 10 million square feet of space and could vacate even more by ending leases with landlords, according to people familiar with the situation.
(Bloomberg) -- The world’s richest nation is waking up to an unpleasant and unfamiliar sensation: It’s getting poorer.
Jan 24, 2022
Bloomberg News
,(Bloomberg) -- China’s Evergrande Group urged offshore bondholders not to adopt aggressive legal action over repayments, after an ad-hoc group of its overseas creditors threatened to take enforcement measures.
The developer seeks more time from overseas investors to fully consider uncertainties and risks in order to make a debt risk disposal plan that will protect the interests of various parties, the company said in a statement. Evergrande is drafting a detailed and effective debt restructuring plan and is actively maintaining dialogue with offshore creditors, it said.
Evergrande’s ad-hoc group of offshore bondholders said last week that the Chinese developer failed to substantively engage with it about restructuring efforts, and will “seriously consider enforcement actions” to protect investor’s interests. The company’s offshore investors seek to be consulted before any further assets are sold, with the group saying Evergrande’s “lack of engagement and opaque decision-making to date is contrary to well-established international standards in restructuring processes of this magnitude.”
Evergrande’s restructuring is currently being led by the Chinese government. The developer has started to identify bondholders, Bloomberg reported last week and Evergrande said that it will hire more financial advisors. Evergrande, saddled with $305 billion of liabilities as of mid-2021, was deemed to be in default in December after missing dollar-bond payments.
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