
Long, Moderate and Painful: What Next US Recession May Look Like
Recessions, like unhappy families, are each painful in their own way.
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Recessions, like unhappy families, are each painful in their own way.
Chinese developer Shimao Group Holdings Ltd. said it failed to pay a $1 billion dollar bond that matured Sunday, the latest missed payment in the struggling sector.
Treasury holders reeling from the most brutal first half on record are starting to bet that a worsening economy will deliver some relief from the relentless selloff even as they brace for the risk of more weakness.
Eyewear billionaire Leonardo Del Vecchio divided his fortune equally among his wife, his six children, and the son of his wife from a previous marriage, according to his will.
Manufacturing from the US to Asia is very much in a slowdown as factories continue to struggle with supply snarls, labor shortages and elevated materials costs.
Aug 19, 2021
Bloomberg News
,Canadians are piling into mortgages at more than double the historical pace as the housing market appears to moderate after a pandemic boom.
The total value of residential mortgages rose by 1.2 per cent to $1.73 trillion (US$1.4 trillion) in June, according to data released Thursday by Statistics Canada. That’s the fastest monthly increase in loans borrowed for real-estate purchases since 2007.
The spike in mortgages is evidence of Canadians’ demand for more living space during the COVID-19 pandemic, which sent sales and prices to record highs. Driven by lower interest rates, the total amount of real estate-related debt outstanding in the country has risen 9.2 per cent in the past year, the largest increase since 2008.
Still, the heightened level of borrowing activity is likely to slow alongside Canada’s cooling housing market, where sales volumes have fallen for the past four months. “There is normally a time lag between the sale of a home and the actual receipt of mortgage funds,” the statistics agency said in the release.